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Item 2.b.
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| City Council Regular | |
| Date: | 09/09/2024 |
| Title: | Public Hearing SID 1422 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review: | No |
| Project Number: | 621422 |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1422.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1422 - This project shall upgrade the existing streetlights from High-Pressure Sodium Lights to more efficient LED Lights along Montana Avenue between 27th Street and 22nd Street.
The individual property assessments for SID 1422 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 $1,271.87 spread over 15 years.
The individual property assessments for SID 1422 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 $1,271.87 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 $35,612.36. The costs associated with SID 1422 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 5.25%.