Regular 6.
City Council Regular Business Meeting
- Meeting Date:
- 09/28/2026
- TITLE
- Public Hearing SID 1429 Allocation of Assessments
- PRESENTED BY:
- Andy Zoeller
- Department:
- Finance
Presentation:
Yes
Legal Review:
Yes
Project Number:
621429
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1429.
EXECUTIVE SUMMARY
SID 1429 will provide streetlight improvements along each street frontage within the Clearwater Estates Subdivision 2nd Filing and the 44 West Subdivision, located immediately south of Central Avenue and east of 48th Street West.
The individual property assessments for SID 1429 have been calculated and are ready to be allocated among the benefiting properties. The total project cost of $1,089,687.61 will be assessed proportionately to the individual properties, in accordance with the attached resolution. The assessment will be spread over a 15-year period at an interest rate of 6.00%. This assessment structure distributes the cost of the streetlight improvements among the properties benefiting from the project while providing for repayment over the established assessment term.
The individual property assessments for SID 1429 have been calculated and are ready to be allocated among the benefiting properties. The total project cost of $1,089,687.61 will be assessed proportionately to the individual properties, in accordance with the attached resolution. The assessment will be spread over a 15-year period at an interest rate of 6.00%. This assessment structure distributes the cost of the streetlight improvements among the properties benefiting from the project while providing for repayment over the established assessment term.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1429 - This project shall install streetlights along each street frontage within the Clearwater Estates Subdivision 2nd Filing, and the 44 West Subdivision which are located immediately south of Central Avenue and just East of 48th Street West.
The individual property assessments for SID 1429 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 $1,089,687.61 spread over 15 years.
The individual property assessments for SID 1429 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 $1,089,687.61 spread over 15 years.
FISCAL EFFECTS
The total amount to be spread is $1,089,687.61. The costs associated with SID 1429 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 6.00%.
STAKEHOLDERS
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.