Ron Hill, owner of 20 of the 22 lots proposed in the SID 1403 district boundary, desires to construct public improvements on Gleneagles Boulevard between Cherry Hills Road and Lake Hills Drive and a short extension of Lake Hills Drive. These improvements generally consist of water, sanitary sewer, storm drain, curb and gutter and street improvements. Ron Hill will pay a cash contribution for 17 of his lots.  This is necessary to meet the City's Raw Land District Requirements (Resolution No. 87-15592). The City will be making a cash contribution in the amount of $80,549.48 to the project. This will pay for the City's portion of Gleneagles Boulevard, which is classified as an arterial street.  Between Ron Hill's and the city's cash contribution, this represents 77% of the total project costs.  Protests will be announced at the Council meeting.

The Council may:

• Conduct a public hearing and approve the resolution creating SID 1403 Gleneagles Boulevard; or
• After holding a public hearing, do not approve the resolution creating SID 1403 Gleneagles Boulevard.  If not approved, the section of Gleneagles will need to be funded with a different source and several lots will remain unable to be developed.
 

The total estimated costs of the improvements are $1,061,380.98. The costs of the improvements are to be paid from the following sources: (1) $240,000.00 of Special Improvement District bonds; (2) $740,831.50 of cash contribution by Ron Hill, which is the assessment for 17 of the 22 lots in the District; and (3) $80,549.48 of cash contribution from the City of Billings out of arterial and gas tax funds.

Staff recommends that Council conduct a public hearing and approve the resolution creating SID 1403 Gleneagles Boulevard.