Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 07/09/2012
- TITLE
- Resolution Authorizing the Issuance and Calling for the Negotiated Sale for SID 1393
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The property owners in Fritz Subdivision, located in the Heights, near Yellowstone River Road and Hawthorne Lane, expressed interest in creating a SID (Special Improvement District) to construct the missing curb and gutter, drive approaches, storm drain, and street improvements. On May 29, the City Council approved the creation of SID 1393.
The portion to be financed is approximately $213,000. Because of the small dollar amount, a negotiated sale is recommended.
Upon approval of the resolution, the negotiations can proceed for the sale of the bonds.
The portion to be financed is approximately $213,000. Because of the small dollar amount, a negotiated sale is recommended.
Upon approval of the resolution, the negotiations can proceed for the sale of the bonds.
ALTERNATIVES ANALYZED
Property owners requested improvements and will be assessed on their property tax bill for the work done in the area. If the Council does not authorize the bond sale, the City must pay the proposed assessment amount because there is no other mechanism to spread the costs to the property owners.
FINANCIAL IMPACT
The financial impact will be determined after the bond sale.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing a negotiated bond sale for SID 1393.