02-19-1991 - Laserfiche WebLink

Comm. Minutes--February 19, 1991 629 11. 12. He also said Community Homes overpaid $29,000 in real estate taxes last year because the full and true value assigned to the property did not take into consideration the controlled rent feature of the mortgage on the property. Chairman Shannon asked Mr. Cuffe if he submitted an appraisal along with the credentials of the appraiser, Mr, Cuffe said Community Homes relied on the appraisal of the Fargo City Assessor. Kenneth R. Johnston, supervising architect of Community Homes, verified that the original cost to build is actually the original mortgage amount. Community Homes received 102% financing on this project (100% of the loan, plus 2% to the mortgage banker). Mr. Klein said he received the original cost to build figures from Mr. Cuffe when he did the investigation. Mr. Cuffe had said. the figures were probably on the high side because of incentives for a contractor to save on costs. Mr, Klein and the Fargo Assessor used a cost approach to value, They looked at replacement cost to build, less the depreciation on the property and this was how the value was determined, The Fargo Assessor initially presented an income approach recommendation on the property to the City Commission. The City Assessor would not have used this approach had they known about the favorable financing on this property, MOTION, passed Mr. Wieland moved and Mr. Risher seconded that abatement #3936, #3937 and #3938 be reduced to $1,258,000; that abatement ~3940, #3941 and #3942 be reduced to $1,342,000; and that abatement numbers ~3939 and ~3943 be rejected. On roll call vote, the motion carried unanimously. PERMIT FOR SPECIAL SUNDAY EVENT TO SELL ALCOHOLIC BEVERAGES, Approved Hr. Jonathan Garaas represented the Red River Valley Fair Association to request a special Sunday event alcoholic beverage permit. MOTION, passed Mrs. Toussaint moved and Mr. Risher seconded to grant a special Sunday event alcoholic beverage permit to the Red River Valley Fair Association on Sunday, July 14, 1991 at the Red River Valley Fairgrounds. On roll call vote, the motion carried unanimously. EXTENSION SERVICE, Request for budget amendment Mr. Brad Cogdill, Cass County Extension Agent, was present to request his budget be amended for reconfiguration of the Extension Office system along with addition of new components to design new work stations. The project involves no structural changes. MOTION, passed Mrs. Toussaint moved and Mr. Risher seconded to approve an amended budget for the Cass County Extension Service Office in the amount of $4,765.75 to use for office equipment using money already available in the dedicated levy fund. On roll call vote, the motion carried unanimously.