Susan B Lovely, Inc., owner of 24 of the 33 lots proposed in the SID 1399 district boundary, has the desire to construct public improvements on Lake Heights Drive and Ditton Drive. These improvements generally consist of water, sanitary sewer, storm drain, curb and gutter, and street improvements.  Susan B Lovely, Inc. will be paying a cash contribution for 18 of their lots which represents about 52% of the total cost of the SID.  This is necessary to meet the requirements of the City's Raw Land District Requirements (Resolution No. 05-18234).  The remaining amount will be assessed to the other 15 lots within the district.

The Council may:

• Approve the Resolution of Intent to Create SID 1399 and set a public hearing for the October 26, 2015, City Council Meeting; or
• Not approve the Resolution of Intent to Create SID 1399.  The SID will not go forward with this option.

The total estimated costs of the Improvements are $1,216,640.01. The costs of the Improvements are to be paid from the following sources: (1) $590,000 of Special Improvement District bonds;  and (2) $626,640.01 of cash contribution by Susan B Lovely, Inc.

Staff recommends that Council approve the Resolution of Intent to Create SID 1399 and set a public hearing date for October 26, 2015.