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AI# 10544
Regular City Council Meeting
8.12.
03/22/2022:
Information
Agenda Item
Public Hearing - Business Development:
Hold a public hearing on the proposed 2022 Amended and Restated Service and Assessment Plan Updated for the Issuance of Bonds for the Northwest Passage Public Improvement District (PID), and consider the First Amended Ordinance adopting the Northwest Passage Public Improvement District 2022 Amended and Restated Service and Assessment Plan; reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the Northwest Passage Public Improvement District; approving, adopting and filing with the city secretary the updated assessment roll; closing the hearing and levying 2022 assessments for the cost of certain services and improvements to be provided in the district during FY 2022-
23
; fixing charges and liens against the property in the District and against the owners thereof; and providing for the collection of the assessment.
Item Summary
On October 26, 2021, after notice and a public hearing conducted in the manner required by law, the City Council adopted Ordinance No. 2021-O0152 approving a Service and Assessment Plan and Assessment Roll and the levy of assessments on property in the Northwest Passage Public Improvement District.
Due to the planned issuance of bonds to fund the drainage projects in the Plan, it is necessary to amend and restate the 2022 Service and Assessment Plan adopted on October 26, 2021 and update the assessment roll. Any debt issued under this plan will be paid by the assessments levied on the properties within the Northwest Passage Public Improvement District.
The amended and restated Plan requires a public hearing prior to the consideration of the Ordinance to adopt the Plan. The public hearing allows interested persons to speak for or against the Plan.
Fiscal Impact
The bonds will be paid from assessments in the Northwest Passage Public Improvement District Fund so there will be no fiscal impact to the City.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Ordinance
EXHIBIT A SAP
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