03-28-1988 - Agenda Packet City Council - regular meeting

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�c.ed future condition of city finances and he t �ying capability of the property ow ers . make such an economic study, the ouncil shout firs: prepare or have prepared report contai 'ng the following information. 1. T e boundaries of the area de med bene- fit 2. The otal market valuation f all lands in the b nefitcd area plus the arket value of each i ividual parcel or to . 3. The kin s of land use i the area and the percenta a of land used for urban purposes. 4. The estima d cost of he improvement and the amount to be aid from the general fund. 5. The total a ou payable from special assessments an a estimated levy against each parcel of I d. 6. The ratio of s e ial assessments to market valuations for tli area as a whole and for each individ I pa el, and also the ratio of all outstan ing a unpaid prior assess- ments plu the pro d one to the market value for II land in the area and for each individu parcel. 7. The imated increase n market value for each arcel of property the improvement ism de. 8. trtotal amount of bonds o be issued and eir proposed maturity. \ The purpose of such a report to indicate wheth r the proposed assessment w uld b2 too heav a financial burden on the prop y civmers invo ed and whether the prepared asse mer:-s are wit in the limitations imposed by the rul Mn the Ifiancial sment on a parcel cannot exceed the ar.-unt ncreased market value as a result of �c i; �- ement. It also should give some idea _ie burden which would be placed upe '!;s itself, in terms o` both the demand ..on ey in the general fund and the impact en ' e city's borrowing capaci _y. Summary of Steps in Sp.:eial Assessment Proceedings In general, the local improvement code con- templates the following steps: l 11 1. Initiation of proceedings. This may be done either by the council or by petition of affected property owners. If a petition is used, it must be signed by the owners of at least 35% in frontage of the property bordering on the proposed it provements. Even if the council acts originally on its own initiative, an extraordinary majority is not needed to initiate the proceedings. In initiating proceedings, or in accepting a petition requesting proceedings, the council should simultaneously order a feasibili1� report on the proposed improvement. 2. Preparation of a report. The law requires that a report on the feasibility of the proposal be prepared by the city engineer or by some other competent person select- ed by the council. This report should, but need not, contain the data suggested above under the heading "Determining Economic Feasibility." It waist cover such factors as the need for the project, the availability of necessary money in the general fund to pay the city's share of the cost, an estimate of that cost, a.•.J any other information thought pertinent and neceyry for complete council considera- tion. 3. Public hearing. This step may be omitted when a petition requesting the improve- ment has been siFnrd by 100016 of the affected land owners. Notice of the hearing must be published twice in the official newspaper with each publication appearing at least a week apart. At least three days must elapse between the last publication date and the date set for the hearing. Furthermore, a notice must be mailed to each property owner in the area to be assessed 10 days prior to the hearing stating the time and plac^ of the hearing, the general nature of the improvement, the estimated cost, and the area proposed to be assessed. At the hearing, the interested reNons should have a chance to be heard, 07 -