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HomeMy WebLinkAbout2008-02 Authorize Liberty St LID RESOLUTION NO. 2008- O'J-. A RESOLUTION AUTHORIZING AND ORDERING THE LOCAL IMPROVEMENTS FOR THE CONSTRUCTION OF IMPROVEMENTS TO LIBERTY STREET CONSISTING OF GRADING, PAVING AND CONSTRUCTION OF CURB AND GUTTERS, SIDEWALKS, STORM DRAINS AND RELATED APPURTENANCES AND AUTHORIZING THE CITY TO BORROW MONEY AND ISSUE AND SELL NOTES FOR THE PURPOSE OF PROVIDING INTERIM FINANCING FOR THE ACTUAL COST OF THE LOCAL IMPROVEMENT RECITALS: A. The Council has declared by resolution its intention to develop the improvements described in the above title and in the improvement resolution previously adopted and to assess upon each lot or part of lot benefited by the improvement its proportional share of the cost of the improvement; and B. Notice of such intention was duly given, a public hearing was held and it appears to the Council that such improvements are of benefit to the city and all property to be assessed will be benefited to the extent of the probable amount of the respective assessments to be levied for the costs. THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES: SECTION 1. A local improvement district is created and shall consist of all the tax lots described in the attached Exhibit A. The district shall be called the Liberty Street Local Improvement District, No. 88. SECTION 2. The council intends to make local improvements to provide the improvements described in the above title. Such improvements will be in accordance with costs estimated to be $220,000.00 of which $115,522.00 will be paid by special assessments on benefited properties. Costs will be allocated based on $5251.00 per equivalent dwelling unit or potential equivalent dwelling unit within the assessment area. Lots will be assessed as specified on the attached Exhibit A. SECTION 3. The City of Ashland is authorized to borrow money and issue and sell notes for the purpose of providing interim financing for the actual cost of the local improvement. The notes may be payable from the proceeds of any bonds, issuance of additional notes or from any other sources from which the bonds are payable. This borrowing shall be issued according to the terms of ORS 223.235(7). SECTION 4. The City of Ashland expects to make expenditwes from its available funds to pay for the costs of the improvement project. The City reasonably expects to issue PAGE 1-FORMATION RESOLUTION G:\recorder\City Council Packets\Packet Files\2007-2008\2008-0205\DONE\020508 PH Liberty & Setting PH.res1.doc bonds or other obligations (the "Reimbursement Bonds") and to use the proceeds of the Reimbursement Bonds to reimburse the City for the expenditures it makes from its available funds for the improvement project. To permit interest on the Reimbursement Bonds to be excludable from gross income, the Internal Revenue Code of the United States requires that the City declare its intent to reimburse itself from Reimbursement Bond proceeds within 60 days after the expenditures are made. The City expects that the principal amount of the Reimbursement Bonds will not exceed $117,200.00. SECTION 5. The assessment imposed upon benefitted properties is characterized as an assessment for local improvement pursuant to ORS 305.583(4). SECTION 6. The city recorder is directed to prepare the estimated assessment of the respective lots within the local improvement district and file it in the lien records of the city. SECTION 7. This resolution takes effect upon signing by the Mayor. This resolution was read by title only in accordance with Ashland Municipal Code 12.04.090 and duly PASSED and ADOPTED this s: day of -:furvlflh; , 2008. ~~ Barbara Christensen, City Recorder frtJ~ ,2008. n -.t SIGNED and APPROVED this t day of PAGE 2-FORMA TION RESOLUTION G:\recorder\City Council Packets\Packet Files\2007-2008\2008-0205\DONE\020508 PH Liberty & Setting PH.res1.doc < ~ i-I = i-I = ~ ~ E-< ZE-< ~Z ~~ rJ:10 ~~ ~< < ~E-< ~Z E-<~~ <~E-< ~rJ:1~ ....rJ:1 E-<~ rJ:1rJ:1 ~~ f-< U - 0::: f-< r/J - a f-< ffi ~ r/J r/J ~ r/J r/J < f-< ~ ~ f-< r/J >-- f-< 0::: ~ o:l - .....:l a ~ r/J o ~ o 0::: ~ rlJE-<rJ:1 rJ:1zE-< ~~.... rJ:1~Z rJ:1~~ < ~ E-< . <00 E-<..;lZ o o - tr\ N~ V"\ GI'7 o o - V"\ N~ V"\ GI'7 o ~ - V"\ <"t V"\ GI'7 o ~ - V"\ <"t V"\ GI'7 o o o o o ~ - V"\ N~ V"\ GI'7 o o V"\ N~ V"\ GI'7 o o N o V"\ o~ - o o V"\ N~ V"\ GI'7 - tr\ N~ V"\ GI'7 - V"\ <"t V"\ GI'7 o o o o GI'7 o o o o o o o ~ V"\ N~ V"\ GI'7 V"\ N~ V"\ GI'7 - V"\ N~ V"\ GI'7 V"\ N~ V"\ GI'7 V"\ N~ V"\ GI'7 V"\ <"t V"\ GI'7 N ~ -. ~ <I) o '" 00 '2 o "'0 <I) .:.l u oo~ 0 '2 s ~ :a 8~ "''''O:s! 5~ => <1)= ::l "'0,,, "'0.... 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