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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Item: Resolution levying assessments for Special Improvement District 545— Phillips Street Traffic Calming Project Date: July 23, 2010 Prepared by: Marty Rehbein, City Clerk Initiated by: Same Action Required: Adopt a resolution levying the taxes necessary to pay for the financing secured to fund this project. Recommended Motion: Motion for August 2, 2010: I move the City Council set a public hearing for August 23, 2010, on a resolution levying assessments on property situated within Special Improvement District Number 545 (Phillips Street Traffic Calming Project) of the City of Missoula, Montana, in the total amount of $19,999.71 excluding debt service, to defray the cost of making the improvements in said special improvement district pursuant to resolution number 7435 creating said district. Motion for August 25, 2008: I move the City Council adopt on a resolution levying assessments on property situated within Special Improvement District Number 545 (Phillips Street Traffic Calming Project) of the City of Missoula, Montana, in the total amount of $19,999.71 excluding debt service, to defray the cost of making the improvements in said special improvement district pursuant to resolution number 7435creating said district. Timeline: Referral to committee: July 26, 2010 Committee discussion: July 28, 2010 Motion to set hearing: August 2, 2010 Public hearing: August 23, 2010 Deadline: September 13, 2010 Background and Alternatives Explored: In response to a petition from neighbors, the City Council created SID 545 to install traffic calming in the Phillips Street area. The improvements have been installed and completed. Actual costs to construct the improvement were under the initial estimate sent to property owners when the district was created. The city estimated the construction costs for the project would be $36,200 with $27,200 of the expenses financed by the SID. The final assessment for the SID is reduced to $19,999.71. This amount does not include interest. The city finance office will finance the improvements using INTERCAP for a period of ten years. State law requires the City Council ---PAGE BREAK--- conduct a public hearing on the proposed final assessments. The City Clerk will mail notices on August 5th to all the property owners in the district including details about the hearing and the final assessment. If the City Council adopts the resolution to finalize the assessments, property owners will see the first installments on their November tax bill. Once property owners receive their first tax bill, they may pay off their assessment in its entirety at any time. Financial Implications: The resolution itemizes the principal assessment for each property owner. Simple interest accrues annually on the outstanding principal balance for each assessment. Attachments: Resolution Exhibit A