Regular 4.A.
Regular City Council Meeting
- Meeting Date:
- 09/24/2012
- TITLE
- Public Hearing SID 1392 Spread of Assessments
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The assessment for SID 1392 (Yellowstone Family Park) has been completed by the Finance Department and is ready to spread on the 2012 tax rolls. This project is for a playground, a basketball court, walking trails, and extensive landscaping including trees, shrubs and turf grass. This project and bond sale have previously been approved by council.
ALTERNATIVES ANALYZED
The Council must hold a public hearing and then may:
- Approve the resolution; or
- Not approve the resolution. If so, the property owners will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The costs associated with SID 1392 are assessed per lot. The net effective interest rate is 3.908%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 4.408%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution. Interest earnings and prior collections are subtracted from the final construction cost and spread to the appropriate properties. Any remaining fund balances are used to call bonds.
RECOMMENDATION
Staff recommends that a public hearing be held and Council pass the proposed resolution on September 24, 2012.