Regular 6.B.
Regular City Council Meeting
- Meeting Date:
- 09/09/2013
- TITLE
- Public Hearing SID 2903 Spread of Assessments
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The assessment for Sidewalk, Curb and Gutter SID No. 2903 has been completed by the Finance Department and is ready to spread on the tax rolls. This project is for sidewalks along Central Avenue from 30th St. West to 32nd St. West. This is the final spread of this SID as the final cost is nearly identical to the estimated cost of the project.
ALTERNATIVES ANALYZED
The Council must hold a public hearing, and then may:
- Approve the resolution; or
- Not approve the resolution, the property owners will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The net effective interest rate is 4.50%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.00%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution.
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution on September 9, 2013.