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City reviews options to manage $152,227 USDA LID obligation
Summary
Council discussed the city's outstanding 1998 Local Improvement District debt to the USDA — $152,227.25 — and a USDA proposal to reamortize the loan into $24,000 payments each March for eight years. The City Attorney will review legal options.
Councilors reviewed the city's outstanding Local Improvement District (LID) debt originating in 1998 and discussed repayment options proposed by the U.S. Department of Agriculture.
The minutes state that the city currently owes the USDA $152,227.25 and that the annual payment has been $54,854. Because collected LID revenue has fallen short (in part due to earlier exemptions of some properties), USDA has proposed reamortizing the loan so the city would make $24,000 payments each March for the next eight years, contingent on city agreement. The City Attorney will examine the city's legal options before the council takes a formal position.
