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Description
This video contains information related to special assessments for 2021 City of Minneapolis street reconstruction projects.
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This
slide
shows
the
topics
we
will
be
covering
in
the
presentation,
which
include
how
assessments
are
calculated:
interest
rates
and
the
term
of
the
assessment,
payment
options
and
information
about
the
public
hearing.
We
will
also
list
resources
and
contact
information.
If
you
have
any
questions
about
your
assessment,
there
are
two
components
that
are
used
to
calculate
special
assessments
for
street
improvement
projects
in
minneapolis.
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The
first
component
is
the
influence
area
or,
more
specifically,
the
square
footage
of
your
property,
which
is
within
the
influence
area
of
the
project.
The
second
component
is
the
uniform
assessment
rate
for
the
proposed
improvement
assessments
are
calculated
by
multiplying
the
influence
area
square
footage
by
the
uniform
assessment
rate.
We
will
explain
both
of
these
assessment
components
in
more
detail
in
the
following
slides.
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Doing
this
creates
four
triangular
influence
areas
in
a
typical
downtown
block
like
the
example
on
this
slide
and
trapezoidal
and
triangular
shapes
in
a
typical
residential
block.
Like
the
example
on
this
side,
this
slide
illustrates
what
an
influence
area
might
look
like
for
a
typical
residential
street.
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If
you
look
at
the
typical
residential
block
example,
if
avenue
b
was
being
reconstructed,
the
property
area
within
the
pink
trapezoid
would
be
within
the
influence
area
of
the
project
and
subject
to
assessment.
The
influence
area
method
is
a
way
to
uniformly
assess
properties
based
on
square
footage
that
is
fair
to
corner
properties.
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In
the
example
of
the
rectangular
corner
property
animated.
In
this
slide,
only
the
relatively
small
pink
area
will
factor
into
their
assessment
for
avenue
b.
However,
they
will
be
assessed
based
on
the
white
area
when
street
q
is
improved,
uniform
assessment
rates
are
reviewed
and
updated
annually
and
approved
by
city
council.
The
uniform
assessment
rate
is
the
same
for
each
type
of
improvement
for
all
similar
projects
throughout
the
city.
The
2021
uniform
assessment
rate
for
street
reconstruction
projects
is
2.66
cents
per
square
foot
for
non-residential
properties
and
88
cents
per
square
foot
for
residential
properties.
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This
slide
illustrates
how
your
assessment
is
calculated,
using
the
dimensions
of
a
standard
residential
lot,
where
all
the
parcel
is
within
the
influence
area
of
the
project.
So
for
our
example,
our
sample
lot
is
40
feet
wide
by
125
feet
long.
The
total
square
footage
is
determined
by
multiplying
the
length
by
the
width
so
for
our
sample
lot
that
comes
out
to
5
000
square
feet.
This
number
is
then
multiplied
by
the
uniform
assessment
rate,
which
is
88
cents
per
square
foot
for
a
total
of
4
400.
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Assessments
of
over
150
dollars
will
be
collected
in
20,
annual
installments
assessments
of
150
or
less
will
be
collected
in
one
installment
to
pay
the
assessment
on
these
terms.
You
do
not
need
to
take
any
action
in
advance.
They
will
be
collected
through
hennepin
county
property
taxes
after
they
are
levied
which
is
typically
the
year
after
construction
once
they
are
levied.
Simple
interest
is
added
to
the
assessments
at
a
rate
that
is
tied
to
the
sale
of
municipal
bonds
used
to
fund
the
project.
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The
interest
rate
is
calculated
by
the
minneapolis
finance
department.
The
current
interest
rate
for
assessments
to
be
levied
in
2022
is
not
yet
known.
We
anticipate
getting
that
information
in
december
of
this
year
for
reference,
the
rate
for
assessments
levied
in
2021
was
4.2
percent
for
20-year
and
3.6
for
one
year.
The
interest
is
calculated
based
on
the
unpaid
balance,
so
the
interest
amount
decreases
slightly
each
year.
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Let's
return
to
the
example,
we
saw
in
an
earlier
slide.
Our
sample
assessment
amount
was
four
thousand
four
hundred
dollars
divided
up
over
twenty
years.
This
would
result
in
an
annual
principal
payment
of
two
hundred
twenty
dollars,
adding
in
simple
interest
using
the
example
rates
from
twenty
twenty
one
would
bring
the
annual
payment
to
approximately
four
hundred
dollars.
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Please
note
that
this
only
defers
the
payment
until
some
point
in
the
future.
It
does
not
reduce
or
eliminate
the
assessment.
The
amount
is
added
to
your
property
taxes
and
continues
to
accrue
interest
until
the
property
is
sold
or
changes
homestead
status
for
more
information
on
this
program.
Please
contact
paul
keating
in
the
special
assessment
office.
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If
you
wish
to
object
to
the
assessment,
you
may
write
a
letter
and
send
it
to
the
city,
clerk's
office
or
email.
The
city
clerk
at
the
email
address
listed
on
this
slide
and
in
your
public
hearing
notice,
your
written
objection
must
be
received
no
later
than
the
date
and
time
of
the
public
hearing.
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You
also
have
the
option
of
objecting
by
providing
live
comments
by
phone.
Anyone
interested
should
fill
out
a
form
found
under
the
participate
by
phone
in
the
meeting
heading
once
submitted,
a
phone
number
and
conference
code
will
be
emailed
to
you
contesting
using
any
of
these
options
preserves
your
right
to
appeal
to
district
court.
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Thank
you
for
taking
the
time
to
view
this
presentation.
Additional
information
is
located
on
the
special
assessment
website
listed
on
this
slide.
There's
also
a
frequently
asked
questions
sheet
that
can
hopefully
answer
any
questions
you
might
have,
or
you
can
email
the
special
assessment
office
for
more
information.