Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1408.

SID 1408, Wanigan Sub Improvements was created by City Council on 3/23/2020. This project constructs street, storm drain, curb and gutter, sidewalk improvements for Radford Square N, Radford Square S, Radford Square E, Radford Square W and a portion of Shawnee Drive. The construction contract was awarded at the 6/22/2020 City Council meeting, and bonds were sold.

The individual property assessments for SID 1408 has been calculated and is ready to be allocated to the benefiting properties.  The total amount is allocated equally to each property in the amount of $14,523.19. Assessments will be allocated over 15 years.

City Council may:

• Approve, or;
• Disapprove, If the Council does not approve the resolution, the property owners will not be assessed and the General Fund will be responsible for paying for the improvements.

The total amount to be allocated is $522,834.62.  The costs associated with SID 1408 are assessed per lot, per the attached resolution.  The net effective interest rate is 2.76%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 3.26%. The .5%  will be used as additional security on bond issues, as stated in the final bond resolution. Interest earnings and prior collections are subtracted from the final construction cost and  to the appropriate properties. Any remaining fund balances are used to call bonds.