|DEC Land Company has proposed advance funding a portion of the costs of constructing the public streets within Sections 2-5 and 7-5 of the Carriage Trails development through the use of special assessments. DEC has proposed that they will provide all funding, in advance, in the amount of $1,016,000, which is $8,000 per lot for the 127 lots proposed for construction. DEC has asked the City to assess each of the 127 newly created lots $650 per lot per year for 25 years, plus interest at the current bond rate at the time of assessment, and a 3% administrative fee charged by the City. Upon collection of the assessments, the City will reimburse DEC annually for the amount collected less the City and County administrative fees. In order to accomplish this, the City will need to pass a Resolution Of Necessity and an Ordinance To Proceed with the improvement - both of which are included in the meeting packet for Council's consideration. This item is the Resolution Of Necessity.