HomeMy WebLinkAbout05-21-18 City Commission Packet Materials - A5. Resolution 4907, Intent to Dissolve SID 740 - N. Ferguson and W. Oak - SUPPLEMENTAL MATERIALS 5/21/2018
Dissolution SID 740
Resolution 4907
• SID 740 create in April 2017 The improvements were constructed in the
summer of 2017
• Final construction numbers significantly less than the initial estimate
• Gallatin County lawsuit in late summer of 2017
• You have two items tonight:
o Resolution of Intent to Dissolve SID 740
o Resolution of Intent to Create SID
Construction Costs
Estimate for construction cost when SID 740 created=$1,062,138.50
described in Resolution No.4771.
Actual costs of construction:$902,424.65
Difference=$160,713.85
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5/21/2018
Resolution 4907: Resolution of Intent to
Dissolve
•Section 2: Boundary of the District
•Section 3:General character of the Improvements included in SID
740
•Section 4:Process for public hearing and protests
SID 740 Property Boundary
UNRESOLVED ISSUES:If SID 740 dissolved to levy taxes must create a
new SID(next item on agenda)
ALTERNATIVES:
• Do not dissolve SID 740;proceed with a resolution levying the
assessment for SID 740;a bill for the assessment would then be sent
to the property owner in the regular course.
Proceed with an alternate financing method pursuantto the
Annexation Agreement executed and recorded when the subject
property was annexed to the City.
• As determined by the Commission.
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5/21/2018
Next Steps
May 25:Send notice of passage of resolution of intent to property
owner;
May 27 and June 3:Publish notice of passage of resolution of intent
to dissolve;
June 11:end of protest period for dissolution;
June 18:Hold public hearing on protests and resolution to dissolve
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