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IMPACT FEE LOANS The impact fee loans make up $95,000 in receivables, which is broken out between principle, and penalties and interest in the table below. Account Type Number of Accounts Total Outstanding Debt Principle or Service Availability Penalties & Interest Impact Fee Loans 14 $95,000 $34,000 $61,000 The 14 outstanding impact fee loans consist of 12 residential and two commercial properties. Ten of the properties have structures on them. Ten of the liens are over twenty years old. Similar payment options will be available for the holder of impact fee loan accounts as those for water and sewer accounts. If paid in ninety days, the account holder will pay any remaining principle balance of the original loan. If they choose the twelve-month option, they will pay the remaining principle amount plus ten percent of the additional penalties and interest that have accrued. For the accounts over twenty years old, if one of the payoff options is not chosen, the County will release the twenty -year-old lien since it is not enforceable. A notice will be filed in the clerk's records that describes the connection fees that will be due before the property can be reconnected to the County's utility system. If the property is vacant or not utilizing the utility system, but currently connected to the utility system, it will be permanently disconnected from the system. The County Attorney's office has already addressed a situation like this one for a property that recently sold. The buyer of such a property contested the lien that was over twenty years old and thus not enforceable. Therefore, a notice regarding connection fees was filed in the Clerk's records. A copy of the template for the notice is included with this agenda item in Attachment 1. ASSESSMENTS Assessments make up $640,000 in receivables, which is broken out between principle and penalties and interest in the table below. Account Type Number of Total Principle or Penalties & Interest Accounts Outstanding Service Debt Availability Assessments 150 $640,000 $270,000 $370,000 There are 150 expired assessment loan accounts with a total owed of $640,000. Only one of the accounts is for a commercial property. Seventy-nine of the liens are over twenty years old and not enforceable. The remaining 71 liens are over ten, but less than twenty years old, which means the loans are expired but still collectable. Two payment options will be offered to this group. However, the calculation will be done differently in order to ensure that no one in this group pays less than the property owners who paid off their assessments utilizing the original ten-year amortization schedule. The first option would be valid for a defined ninety -day period. Under this option, the customer would pay the same amount as they would have paid under the original ten-year assessment period. The second option would start with the same calculated amount but add 25% to that total, which will be used to offset the overhead costs for the manual billing, collections, and accounting efforts to collect these accounts. Under both options, credit will be given for any principle payments that were previously made. After the option periods expire, the debt on any unenforceable loans (over twenty -years old) will 96