DISTRICT UPDATE 11/18/21
East Shore Conservancy District Freeholders, The following is an update on the District's recent developments. In prior communications, we advised that the sewer project, which connected the existing sewer to the Town of Culver, was completed on time and on budget. Thereafter the District closed on a $1.8 M bond issue with the Indiana Finance Authority, and the proceeds paid off Star Bank, the construction lender. The bonds were issued at 2% interest payable over a twenty (20) year period. The first principal and interest payments were escrowed at closing and will be paid in January of 2022.
Your property's assessment in order to pay the bonds back (the “Exceptional Benefit Assessment”) (‘EBA”) is $11,688.31, which was determined by order of the Marshall Circuit Court on November 9, 2021. That determination was based on an appraisal done by Court appointed licensed appraisers charged with determining the value of the EBA. The EBA applies to lots currently with existing homes and to lots the appraisers determined to be buildable. The appraisal report on which the Court based its finding is located on ESCD's website, www.eastshoresewerorg.com/documentation
We will be publishing in the Pilot newspaper a formal notice of the opportunity to pay the EBA in full shortly. That formal notice will be published once per week for two consecutive weeks. You will have 60 days from the last publication date of that notice to pay the EBA in full. We will send you a copy of the formal notice via email.
Paying the EBA in full is not a requirement. If the EBA is not paid in full within the 60 day period, it will be added to your property tax statement, and the twice-yearly payment will be based on a 20 year amortization at 2% interest. According to our calculations, the amount of each twice-yearly payment will be $357.50. There will be other opportunities to pay the EBA in full once per year in the future, and we will provide that notice when the opportunity becomes available. Board of Directors, East Shore Conservancy District