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Date |
February 12, 2007 |
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Agenda Item No. 61 Roll Call No. 07- Communication No. 07-067 Submitted by: Larry Hulse, Community Development Director |
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AGENDA HEADING:
First Reading of an Ordinance to establish the Ingersoll Avenue Self-Supported Municipal Improvement District.
SYNOPSIS:
Recommend approval of the ordinance to establish the Ingersoll Avenue SSMID. On January 8, 2007, the City Council held and closed the public hearing regarding establishment of the Ingersoll Avenue Self-Supported Municipal Improvement District. The ordinance excludes 2716 and 2725 Ingersoll Avenue.
FISCAL IMPACT:
Amount: $20,000 (initial annual amount generated from SSMID; assumes tax levy of $1.75 per $1,000 of taxable value)
Funding Source: N/A
ADDITIONAL INFORMATION:
The City Council held and closed a public hearing on January 8, 2007, and directed staff to prepare an ordinance to establish the Ingersoll Avenue Self-Supported Municipal Improvement District, excluding 2716 and 2725 Ingersoll Avenue. The Ingersoll Streetscape Project will not initially be installed in front of these properties due to a future storm sewer improvement project.
Excluding 2716 and 2725 Ingersoll Avenue, the petition contains signatures from over the required 25% of the owners of taxable properties within the District. As of December 18, 2006, the petition was signed by the owners of 58.8% of the taxable property in the district (20 of 34). The signatures also represent ownership of property with an assessed value of over the required 25% of the assessed value of all taxable property in the District. As of December 18, 2006, the signatures represent property ownership with an assessed value of 72.7% of the total assessed value for taxable property in the District ($8.793 million of $12.095 million).
The petition sets the maximum levy for the District at $1.75 per $1,000 of taxable value for the fiscal years 2007/08 through 2011/12. The maximum levy increases to $2.25 per $1,000 in fiscal year 2012/13, and then to $3.00 per $1,000 in fiscal year 2017/18. The District will be in effect for 15 years. After 15 years, it can be continuously extended by City Council every 5 years, unless property owners representing at least 40% of the District’s properties or assessed value submit a counter petition at least 6 months prior to the expiration of the 5 year period.
PREVIOUS COUNCIL ACTION(S):
Date: January 8, 2007
Roll Call Number: 07-074
Action: Public Hearing on petition to establish the Ingersoll Avenue Self-Supported Municipal Improvement District. Council Communication No. 07-015) Moved by Hensley to adopt. Motion Carried 5-0. Mayor Cownie declares a conflict of interest and abstains from voting.
Date: December 18, 2006
Roll Call Number: 06-2468
Action: Setting date of hearing on petition to establish the Ingersoll Avenue Self-Supported Municipal Improvement District, (1-08-07), and receive and file Evaluative Report and Recommendation of Plan and Zoning. (Council Communication No. 06-779) Moved by Vlassis to adopt. Motion Carried 6-0.
Date: November 20, 2006
Roll Call Number: 06-2338
Action: Receipt of Petition to Establish an Ingersoll Avenue Self-Supported Municipal Improvement District (SSMID). Moved by Hensley to receive, file and refer the petition to the City Plan and Zoning Commission for preparation of an evaluative report on the merit and feasibility of establishing the Ingersoll Avenue SSMID and to make recommendations with respect to the establishment of the project, all to be received by the City Council for the December 18, 2006, regular City Council meeting. Motion Carried 5-0. Mayor Cownie declares a conflict of interest and abstains from voting.
BOARD/COMMISSION ACTION(S):
Date: December 7, 2006
Roll Call Number: N/A
Action: The Plan and Zoning Commission approved the evaluative report and recommended approval of the Ingersoll Avenue SSMID.
ANTICIPATED ACTIONS AND FUTURE COMMITMENTS:
Second and Third Readings of the Ordinance unless waived by the City Council.