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Item 2.g.
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| City Council Regular | |
| Date: | 09/13/2021 |
| Title: | Public Hearing SID 1418 Allocation of Assessments |
| Presented by: | Steve Forsch |
| 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 1418.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
SID 1418 - This project constructs approximately 2,450 LF of roadway, including asphalt pavement, curb, gutter, drive approaches, storm sewer infrastructure, replacing approximately 2,350 LF of water main, sanitary sewer improvements, and landscaping along Holiday Avenue. The construction contract was awarded at the 6/28/2021 City Council meeting, and bonds were sold. The individual property assessments for SID 1418 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 $59,807 to $122,277 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 $244,554. The costs associated with SID 1418 are assessed per lot, per the attached resolution. The assessment is spread over a 15 year period, at an interest rate of 3.60%.