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Item 2.e.
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| City Council Regular | |
| Date: | 09/13/2021 |
| Title: | Public Hearing SID 1416 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1416.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1416 - This project includes installation of water, sanitary sewer and storm drain system improvements and construction of the roadway to extend Gleneagles Boulevard to the intersection of Sierra Granda and widen to the intersection of Black Diamond Road. This project will also widen a portion of Sierra Granda Boulevard. The construction contract was awarded at the 6/14/2021 City Council meeting, and bonds were sold. The individual property assessments for SID 1416 has been calculated and is ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with assessments ranging from $35,458 to $38,984 spread over 15 years.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve, the property owners will not be assessed and the General Fund will be responsible for paying for the improvements.
FISCAL EFFECTS
The total amount to be spread is $109,900. The costs associated with SID 1416 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, at an interest rate of 3.60%.