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Item 2.d.
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| City Council Regular | |
| Date: | 09/09/2024 |
| Title: | Public Hearing SID 1426 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621426 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1426.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1426 - This project shall construct curb and gutter, asphalt pavement, and remove and replace some existing curb and gutter and/or drive approaches to improve drainage, and install a new 8-inch water main to the end of Arvin Lane which is a cul-de-sac.
The individual property assessments for SID 1426 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 $7,539.60 spread over 15 years.
The individual property assessments for SID 1426 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 $7,539.60 spread over 15 years.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve the resolution. If not approved, 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 $30,158.40. The costs associated with SID 1426 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 5.25%.