Agenda Packet Cc - regular meeting 4/25/1988

Home Browse Search

acted future condition of city finances and thi lkpaying capability of the property ow ers make such an economic study, the ouncil shout first prepare or have prepared report con tai tng the following information. 1. The boundaries r.` the area defined bene- fi 2. The otal market valuation Of all lands in the b ,tefited area plus the arket value of each i iividual parcel or to . 3. The kin s of land use i�the area and the percenta a of land u 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 '•u 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 th area as a whole and for each individ al pa cel, and also the ratio of all outstan ing a unpaid prior assess- ments plu the pro sed one to the market value for II land in the area and for each individu parcel. 7. The es/imated increase 'n market value for each arcel of property the irnproven�ent ism de. 8. T total amount of bonds to be issued and t eir proposed maturity. I Summary of Steps in Special Assessment Proceedings The purpose of such a report i to indicate whetii r the proposed assessment w old i3� ion beau a financial burden on the prop ty ,l, ncrs invo ed and whcthe the prepared asses mec.'; are wit7in the limitations imposed b the rut the t the ass' sment on a parcel cannot exceed the a - unt of increased market value as a result of t•: 1;1.1- pr vement. It also should give some idea re fi aneial burden wh,zh would be placed urpn ":z ty itself, in term: of both the demand _ ,-,n oney in the general fund and the impact : ii 'ie city's borrowing capacity. In general, the local imp19vement code con- templates the following steps: 07 - 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 354''0 in frontage of the property bordering on the proposed improvements. Even if the council acts originally on its own initiati an extraordinary majority is riot needed to initiate the proceedings. In initiating proceedings, or in accepting a petition requesting proceedings, the council should simultaneously order a feasibility report on th,, proposed improvement 1 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 headin• "Determining Economic Feasibility." It r,"lust cover such factors as the need for the project, the availability of necessary money in the general fund to pay tF ty's share of the cost, an estimate of -ost, and any other information thougi., pertinent and neceyiry for complete council considera- tion. 3. Public hearing. This step may be omitted when a petition requesting the improve- ment has been signed by 1000,0' 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 place of th,_ hearing, the general nature of the improvement, the estimated cost, and the area proposed to be assessed. At the hearing, the interested persons should have a chance to be heard,