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Item 2.b.
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| City Council Regular | |
| Date: | 10/09/2023 |
| Title: | Public Hearing and Resolution Re-levying and Reassessing SID 1417 |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621417 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution that spreads final assessments for SID 1417.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The assessments for SID 1417 have been completed by the Finance Division and are ready to be re-spread on the tax rolls. SID 1417 was originally spread based on estimated costs and is now being re-spread based on the completed construction costs.
This project includes installation of water and storm drain system improvements and reconstruction of the roadway to widen and implement a roundabout at the Annafeld Parkway intersection. The project will also install street lighting along Elysian Road and the subdivision streets for Annafeld Subdivision, Third Filing and Annafeld North Subdivision, First Filing. The construction contract was awarded at the 5/24/2021 City Council meeting, and bonds were sold.
Letters to property owners notifying them of this hearing and the proposed assessment amount have been sent.
This project includes installation of water and storm drain system improvements and reconstruction of the roadway to widen and implement a roundabout at the Annafeld Parkway intersection. The project will also install street lighting along Elysian Road and the subdivision streets for Annafeld Subdivision, Third Filing and Annafeld North Subdivision, First Filing. The construction contract was awarded at the 5/24/2021 City Council meeting, and bonds were sold.
Letters to property owners notifying them of this hearing and the proposed assessment amount have been sent.
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 actual cost of the project was $2,445,935.75. This is 246,309.92 less than the original estimate that was spread to the district in 2021. The amount being assessed per property will be spread over the remaining 13 years of debt term, as stated in the resolution.