05-23-1988 - Agenda Packet City Council - regular meeting

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acted future condition of city finances and the 1�cpaying capability of the property ow crs. make such an economic study, the ouncil shout first prepare or have prepared report contai 'ng the following information. 1. T e boundaries of the area de med bene- fit 2. Th\total market valuation f all lands in thited area plus the arket value of eaidual parcel or to . 3. Ts of land use i the area and the pea of land used for urban p 4. Ta d cost of he improvement and thunt to be aid from the general fu 5. Tal a Cu 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 el, and also the ratio of all outstan ing a unpaid prior assess- ments plu the pro sed one •o the market value for II land in the area and for each individu parcel. 7. Thee imated increase n market value for each arcel of property the improvement is m de. 8. T total amount of bonds o be issued and t eir proposed maturity. The purpose of such a report i to indicate wheth r the proposed assessment w uld ht: too heav a financial burden on the prop y ci �ners invo ed and whether the prepared as, mer.'; are wit in the limitations imposed by the rut th�.t the ass sment on a parcel cannot exceed the ar^ 7unt of increased market va!ue as a result of he i;11- pr vement. It also should give some idea _ie f ancial burden which would be placed upo r':e ty itself, in terms of both the demand ...on oney in the general fund and the impact on 'ie city's borrowing capacity. Summary of Steps in Special Assessment Proceedings In general, the local imp (Qvement code con- templates the following steps:ll ll 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 350/o in frontage of the property bordering on the proposed improvements. 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 feasibility report on the proposed improvement.) Z 07 - 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 suggests d above under the heading "Determining Economic Feasibility." It must 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, and any other information thought pertinent and necessary for complete council considera- tion. 3. Public hearing. This step may be omitted when a petition requesting the improve- ment has been signed by 10001''0 of 'he 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 the 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,