Consent 1.C.
Regular City Council Meeting
- Meeting Date:
- 08/24/2015
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for SID 1398
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Following a water line installation, Mountain View Boulevard property owners requested street improvements. In June 2015, Council created Special Improvement District (SID) 1398 to pay for storm water improvements and widening the road an additional two feet beyond the planned ten feet. Costs to be assessed to the property owners are $51,000.00 and will be paid for through the sale of SID bonds. The City contribution on this project is over $67,000 and will be from storm drain funds and water funds.
Upon approval of the resolution, staff can proceed with negotiations to sell the bonds.
Upon approval of the resolution, staff can proceed with negotiations to sell the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution and find another funding source
FINANCIAL IMPACT
The financial impact will be determined after the bond sale. The interest will be determined during negotiations.
RECOMMENDATION
Staff recommends that the Council approve the attached resolution that authorizes a negotiated sale for the indicated project.