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Item 2.a.
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| City Council Regular | |
| Date: | 10/09/2023 |
| Title: | Public Hearing SID 1411 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621411 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1411.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1411 - This project shall construct curb, gutter, drive approach, and street improvements to Park Lane west of Highwood Drive.
The individual property assessments for SID 1411 has been calculated and is ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with the assessment to each parcel being $12,096 spread over 15 years.
The individual property assessments for SID 1411 has been calculated and is ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with the assessment to each parcel being $12,096 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 $24,191.74. The costs associated with SID 1411 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 6.93%.