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Item 2.a.
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| City Council Regular | |
| Date: | 09/09/2024 |
| Title: | Public Hearing SID 1421 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621421 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1421.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1421 - This project shall construct infrastructure which generally consists of water, sanitary sewer, storm drain, curb and gutter, and street improvements to Opal Lane, Greenbriar Road, and Cypress Point.
The individual property assessments for SID 1421 have been calculated and are ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with the amount being assessed at $52,460.33 spread over 15 years.
The individual property assessments for SID 1421 have been calculated and are ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with the amount being assessed at $52,460.33 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 $314,762.00. The costs associated with SID 1421 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 5.25%.