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Item 2.f.
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| City Council Regular | |
| Date: | 09/13/2021 |
| Title: | Public Hearing SID 1417 Allocation of Assessments |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution to allocate assessments for SID 1417.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1417 - This project includes installation of water and storm drain system improvements and reconstruction of the roadway to widen and implement a roundabout at the Annafeld Parkway intersection. The project will also install street lighting along Elysian Road and the subdivision streets for Annafeld Subdivision, Third Filing and Annafeld North Subdivision, First Filing. The construction contract was awarded at the 5/24/2021 City Council meeting, and bonds were sold.
The individual property assessments for SID 1417 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 $423,047 to $1,175,571 spread over 15 years.
The individual property assessments for SID 1417 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 $423,047 to $1,175,571 spread over 15 years.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve, the property owners will not be assessed and the General Fund will be responsible for paying for the improvements.
FISCAL EFFECTS
The total amount to be spread is $2,685,546. The costs associated with SID 1417 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, with an interest rate of 4.55%.