AI-8420

Topics of Discussion

Council Work Session

Meeting Date:

06/21/2022

Carriage Trails Sections 2-5/7-5 - Special Assessment Request - Ordinance To Proceed

Submitted By:

Bryan Chodkowski

Department:

Economic Development

Council Committee Review?:

Council Work Session

Date(s) of Committee Review:

06/21/2022

Audio-Visual Needs:

None

Emergency Legislation?:

Motion/Ordinance/
Resolution No.:

Agenda Item Description or Legislation Title

* Ordinance To Proceed

Purpose and Background

DEC Land Company has requested that the City provide funding for 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 requested the City provide funding 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 then assess each of the 127 newly created lots $650 per lot per year for 25 years in order to repay the funding provided for this portion of the construction costs for the public improvements (the roads). 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 Ordinance To Proceed.

Fiscal Impact

Source of Funds:	N/A
Cost:	N/A
Recurring Cost? (Yes/No):	N/A
Funds Available in Current Budget? (Yes/No):	N/A
Financial Implications:

Attachments

Ordinance

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