Regular 12.d.
Regular City Council Meeting
- Meeting Date:
- 09/13/2010
- TITLE
- Public Hearing SID 2802
- PRESENTED BY:
- Patrick M. Weber, Financial Services Manager
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The assessment for Sidewalk, Curb & Gutter Project No. 2802 has been completed by the Finance Department and is ready to spread on the tax rolls. This project is for Highland School Sidewalks; the east side of 11th Street West between Poly Drive and O'Malley Drive; the north side of O'Malley drive between 11th Street West and Azalea Lane; and the east side of Azalea Lane between O'Malley Drive and Delphinium Drive.
ALTERNATIVES ANALYZED
The Council must hold a public hearing, and then may:
- Approve the resolution; or
- Not approve the resolution, the tax payers will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The net effective interest rate is 4.605 %. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.105%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution.
RECOMMENDATION
Staff recommends that a public hearing be held and that Council pass the proposed resolution on September 13, 2010.