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R. New Business  
City Council Meeting Agenda Economic Development  
Meeting Date: 12/09/2013  
Carriage Trails - Special Assessments - Sections 12 and 15 - Resolution of Necessity
Submitted By: Donnie Jones
Department: Economic Development  
Council Committee Review?:   
Date(s) of Committee Review:    12/03/2013  
Audio-Visual Needs:    None
Emergency Legislation?:    Yes
Resolution No.:   

Agenda Item Description or Legislation Title
A Resolution Declaring It Necessary To Improve Public Streets And Easements By Constructing And Installing On Certain Property Within The City Street Improvements, Water And Sewer Lines, Storm Drains, Lighting, Irrigation Lines, Signage, And All Necessary Appurtenances, And Declaring An Emergency.
(first reading)
Purpose and Background
DEC has asked that the City assess their property at $6,000 per lot for 20 lots in order to pay a portion of the costs of the public infrastructure for a new subdivision in Sections 12 and 15.  The remaining portion of the costs of the public infrastructure will be paid by the land owner and will be reimbursed by $380,000 in TIF funds which will pay approximately half of the total costs of the project..

Fiscal Impact
Source of Funds: Special Assessments
Cost: $120,000
Recurring Cost? (Yes/No): No
Funds Available in Current Budget? (Yes/No): No
Financial Implications:
The City will issue special assessment debt to provide funds to be paid back via special assessments on the lots benefited.
Exhibit A

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