Regular 2.B.
Regular City Council Meeting
- Meeting Date:
- 09/26/2011
- TITLE
- Public Hearing SID 1391 Spread of Assessments
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The assessment for SID 1391 (Lynn Avenue) has been completed by the Finance Division and is ready to spread on the tax rolls. This project is for street, curb & gutter, drive approach, and storm drain improvements on Lynn Avenue between 35th and 36th Streets W. and a portion of 36th Street West. This project and bond sale have previously been approved by council. This is the final spread of this SID as the final cost was nearly identical to the estimated cost of the project.
ALTERNATIVES ANALYZED
The Council must hold a public hearing and then may:
- Approve the resolution; or
- Not approve the resolution, the property owners will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The costs associated with SID 1391 are assessed per lot. The net effective interest rate is 5.336%. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.836%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution. Interest earnings and prior collections are subtracted from the final construction cost and spread to the appropriate properties. Any remaining fund balances are used to call bonds.
RECOMMENDATION
Staff recommends that a public hearing be held and Council pass the proposed resolution on September 26, 2011.