Information for this report was provided by the City of Olivette.
Beginning in the week on September 3 the City of Olivette will begin to issue refund checks to 1,187 residential property owners in the City of Olivette.
The checks are from the balance remaining in the debt service fund established to retire neighborhood improvement district debt after the approval of the 1997 Citywide Neighborhood Improvement District Project to improve neighborhood streets and to accept them for city maintenance.
The final bonds from the 1997 Neighborhood Improvement District Bond Issue were retired in March 2012 (the initial duration of the bond issue was 15 years.)
Participating property owners either paid a special assessment in full at the beginning of the project or made annual special assessment payments over 15 years to retire the debt.
The refunds are being made from the balance remaining in the debt retirement fund after all bonds have been paid.
Refunds checks or credits will be issued to 1,187 Olivette property owners, prorated based on the level of payments made on behalf of the individual property toward the project over the 15 year time period.
All properties participating in the 1997 Neighborhood Improvement District Program will be eligible for a refund or credit. The payments or credits will range from $135.10 to $7.97, with 92 percent of property owners receiving the larger amount.
Mayor Arthur Medinian commented, “Now that the very successful 1997 Citywide NID Project has concluded, with all project debt retired, it is appropriate that the City refund remaining special assessments paid by property owners that are not needed to retire debt. The City appreciates the
cooperation of residents throughout this project.”