Lower Flood Assessments For GF Property OwnersProperty owners in Grand Forks will get a break on the final bill to help pay for the Permanent Flood Protection project in the city.
Property owners in Grand Forks will get a break on the final bill to help pay for the Permanent Flood Protection project in the city. Letters are being sent out in the next few days informing property owners that the third and final special assessment will be considerably lower than originally calculated. For the owner of a home with a 70 foot frontage, the final bill will be less than $79, compared to an original estimate of $502 nearly $425 less than first thought. In total, the owner of that property will pay just over $1,267 compared to the original estimate of nearly $1,700. We have been working with our bond advisor to structure this bond issue and amount to be assessed said Finance Director Saroj Jerath. Some homeowners will see a savings of 25% or more, based on their property¡¦s size. Non-residential property owners will also see a savings. For a 10,000 square foot property, the final assessment will be $80, compared to an original estimate of $440. Overall, that same building would pay $1,320 which is $360 lower than the original estimate of nearly $1,700. The first special assessment came in 2001, with the second following in 2003. The payments can be spread over a 20-year time period or can be paid in full at the Grand Forks Finance Department in City Hall.