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Item 7.b.
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| City Council Regular | |
| Date: | 09/11/2023 |
| Title: | Public Hearing SID 1419 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621419 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1419.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1419 - This project shall construct street, curb and gutter, drive approach, driveway, water main, sanitary sewer main, and storm drain improvements to Charles Street.
The individual property assessments for SID 1419 has been calculated and is ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with assessments ranging from $98,399 to $201,017 spread over 15 years.
The individual property assessments for SID 1419 has been calculated and is ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with assessments ranging from $98,399 to $201,017 spread over 15 years.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve, the property owners will not be assessed and the General Fund will be responsible for paying for the improvements.
FISCAL EFFECTS
The total amount to be spread is $752,068. The costs associated with SID 1419 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 6.93%.