Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1413.

SID 1413, Winged Foot Road and Greenbriar Road Improvements was created by City Council on 3/23/2020. This project constructs roadway, accessibility ramps, sidewalk, curb and gutter, storm drain improvements, sanitary main, water main, and other miscellaneous items on Greenbriar Road and Winged Foot Drive. The construction contract was awarded at the 6/22/20 meeting, and bonds were sold.

The individual property assessments for SID 1413 has been calculated and is ready to be allocated to the benefiting properties.  The total amount is allocated proportionately to individual properties, with assessments ranging from $37,754.10 to $52,066.58. Assessments will be spread over 15 years.

City Council may:

• Approve, or;
• Disapprove, If the Council does 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 amount to be allocated is $128,188.28.  The costs associated with SID 1413 are assessed per lot, per the attached resolution.  The net effective interest rate is 2.76%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 3.26%. The .5%  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 pay bonds.