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Item 2.c.
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| City Council Regular | |
| Date: | 09/09/2024 |
| Title: | Public Hearing SID 1425 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621425 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1425.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1425 - This project shall construct a traffic signal at the intersection of Broso Park Drive and Gabel Road, and also widening 800-feet of the west side of Gabel Road south of Broso Valley Park Drive to add a travel lane.
The individual property assessments for SID 1425 have been calculated and are ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with assessments ranging from $1,967.10 to $38,546.65 spread over 15 years.
The individual property assessments for SID 1425 have been calculated and are ready to be allocated to the benefiting properties. The total amount is allocated proportionately to individual properties, with assessments ranging from $1,967.10 to $38,546.65 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 $235,969.71. The costs associated with SID 1425 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 5.25%.