Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1428.

SID 1428 will install streetlights along each street frontage within the Annafeld 5th Filing, located south of Elysian Road near Elysian School.  The individual property assessments have been calculated and are ready for allocation to the benefiting properties. The total project cost of $230,312.39 will be assessed proportionately among the benefiting properties.  The assessment will be spread over 15 years at an interest rate of 6.00%. This assessment structure is intended to distribute the cost of the streetlight improvements among the properties that directly benefit from the project.

SID 1428 - This project shall install streetlights along each street frontage within Annafeld 5th Filing, which is located south of Elysian Road near Elysian School. 
 The individual property assessments for SID 1428 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 $230,312.39 spread over 15 years.

The total amount to be spread is $230,312.39.  The costs associated with SID 1428 are assessed per lot, per the attached resolution.  The assessment is spread over a 15 year period, with an interest rate of 6.00%.

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.