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Regular City Council Meeting
Ordinance 2nd Reading - Finance:
Consider Ordinance No. 2023-O0013, amending Ordinance No. 2022-O0130, EXHIBIT "B", the 2022 Service and Assessment Plan for the North Overton Public Improvement District (PID), by including additional funding for repair costs; providing a savings clause, and providing for publication.
On February 14, 2023, the City Council approved the first reading of the ordinance.
The North Overton PID has experienced an unusual amount of accidents and vandalism over the last calendar year. To date, in FY 2022-23 alone, there are estimates of over $225,000 in damages in need of repair. Many of these damages are the result of traffic accidents, and it is possible that the PID will receive reimbursements from insurance following the completion of the repairs.
In order to cover the cost of the damages that have been sustained so far, as well as plan for future incidents, a budget amendment of $500,000 is requested. This will allow the PID to purchase additional amenities that have been damaged (traffic bollards, pedestrian lighting, storm drain covers, etc.) and pay for installation of these items, as well as cover the cost of any additional needed repairs. The amendment to the 2022 Service and Assessment Plan for the North Overton PID adds an additional $500,000 to the repairs/replacements line item.
The PID has sufficient fund balance to cover this increase of $500,000.
D. Blu Kostelich, Chief Financial Officer
Ordinance - North Overton PID - Plan Amendment
Exhibit B - Amendment to North Overton PID Service & Assessment Plan
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