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Item 2.b.
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| City Council Regular | |
| Date: | 09/26/2022 |
| Title: | Public Hearing and Resolution Re-levying and Reassessing SID 1418 |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review | No |
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution that spreads final assessments for SID 1418.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The assessments for SID 1418 have been completed by the Finance Division and are ready to spread on the tax rolls. SID 1418 was originally spread based on estimated costs and is now being re-spread based on the completed construction costs. 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.
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 actual cost of construction was approximately $88,000 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 $29,429 per property. The amount assessed per property for the remaining 14 years is stated in the resolution.