Regular 12.b.
Regular City Council Meeting
- Meeting Date:
- 09/13/2010
- TITLE
- Public Hearing SID 1389
- PRESENTED BY:
- Patrick M. Weber, Financial Services Manager
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The assessment for SID 1389 (Clubhouse Way) has been completed by the Finance Division and is ready to spread on the tax rolls. This project is for water, sanitary sewer, storm drain, and street improvements to Clubhouse Way between Greenbriar Road to Cherry Hills Road. 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; 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 1389 are assessed per lot. The net effective interest rate is 6.0%. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 6.5%. 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 passes the proposed resolution on September 13, 2010.