HomeMy WebLinkAbout02-04-19 City Commission Packet Materials - A2. Res. 4983, Create SID 750 for N. Tracy from Villard to Peach - SUPPLEMENTAL MATERIALS North Tracy 1a
Avenue =
Reconstruction
SO 750
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Commission Resolution 4507
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Funding Classification Average Daily Traffic Funding Split
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(vehicles per day) (SID/Reconstruction Fund)
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Minor Collector $00 1500 50 /0
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Arterial More than 4500
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What is a
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Improvement
District?
Resolution of Intent to Create February 4, 2019
• Publish Notice of Public Hearing February so & February 17
(begins protest period)
• End of Protest Period February 27, 2019
S . I . D. Timeline • Public Hearing March 4, 2019
Resolution of Creation March 4, 2019
Advertise for Construction Bids February so - 24, 2019
• Open Bids March 5, 2019
• Award Contract March 25, 2019
g Estimate of total local share $223,500.00
SID Fees (Bond Counsel, advertising... $1,000.00
Total Bond Amount $224,500.00
Total street frontage 1,623.74 feet
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Assessment per lineal foot of street frontage $138.26
Assessment for an average lot (58 foot) $8,019.14
Annual Assessment $511.96*
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Monthly payment $42.66
3 c� *Interest rate of 2.5%,term 20 years
Required elements:
Resolution 1) Designate the number of the district;
2) Describe the boundaries thereof;
4983
3) Statethegeneral character ofthe improvements
4) Specify the method of Assessment.
1. Use the cost share percentages for a minor collector, which
is 5o% local, 5o% Street Maintenance Fund.
Our 2. Use the lot frontage method of assessment
Recommendations
3. Adopt Resolution 4983
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