The assessments for SID 1403 have been completed by the Finance Division and are ready to spread on the tax rolls. SID 1403 was originally spread based on estimated or bond cost and is now being re-spread based on the completed construction cost. This project constructs public improvements on Gleneagles Boulevard between Cherry Hills Road and Lake Hills Drive and a short extension of Lake Hills Drive.  These improvements generally consist of water, sanitary sewer, storm drain, curb and gutter, and street improvements to Gleneagles Boulevard and Lake Hills Drive.
 

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 actual cost of construction was approximately $12,000 less than the original estimates that were spread to the district.  The reduction is being proportionately re-spread to the district, resulting in an average reduction in assessment of $ 6,000 per property.  The amount assessed per property for the remaining 14 years is stated in the resolution.  

Staff recommends that the City Council conduct a public hearing and pass the proposed resolution that spreads final assessments for SID 1403.