The assessment for Sidewalk, Curb and Gutter SID No. 2908 has been completed by the Finance Department and is ready to spread on the tax rolls. This project is for sidewalks along Poly Drive between 32nd & 38th Street West. This is the preliminary spread of this SID as the final cost of the project is not available because the work will not be completed until the Spring of 2016.  However, assessments must be spread because bonds have been sold based on estimated project costs, and debt service payments will need to be made.  When actual costs are determined, assessments will be re-spread if necessary.
 

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.

The total cost of the bonds is $208,826.95. The net effective interest rate is 5.00%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.50%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution.

Staff recommends that the City Council conduct a public hearing and pass the proposed resolution on September 14, 2015.