The City Council adopted a resolution of intent to create SID 1401 at its August 8, 2016, meeting.  The notice of public hearing wasn't published on the correct date.  The Council is asked to adopt a new resolution that repeals the prior resolution and sets new advertising dates.  The public hearing date will not change.

City Council may:

• Approve the Resolution of Intent to Create SID 1401, which repeals Resolution No. 16-10576 and set a public hearing for the September 12, 2016, City Council meeting, or;
• Not approve the Resolution of Intent to Create SID 1401.  If the Resolution is not approved, the cost for the turn lane will be the responsibility of the developer of the future filing of Falcon Ridge.

The total estimated cost of constructing the turn lane, including SID costs, is $353,665.87.  The cost of the improvements is to be paid from the following sources:  (1) $275,000 in special improvement district bonds; and (2) $78,665.97 cash contribution from Falcon Ridge, LLC.  The SID costs will be assessed equally to each property owner, including condo owners, within the proposed SID.  This results in an SID principal cost of approximately $2,645 per property, not including interest costs. 

Staff recommends that the City Council approve the Resolution of Intent to Create SID 1401, which repeals Resolution No. 16-10576, and sets a public hearing date for September 12, 2016.