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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Item: Resolution levying final assessments for SID 541, Pineview Park Date: July 10, 2009 Prepared by: Marty Rehbein, City Clerk Initiated by: same Action Required: July 20: Set a public hearing August 10: Adopt final resolution Recommended Motion: July 20: Set a public hearing on August 10, 2009, on a resolution levying assessments on property situated within Special Improvement District Number 541 (Pineview Park Project) of the City of Missoula, Montana, in the total amount of $750,000 excluding debt service, to defray the cost of making the improvements in said special improvement district pursuant to resolution 7200 creating said district. August 10: Adopt a public hearing on August 10, 2009, on a resolution levying assessments on property situated within Special Improvement District Number 541 (Pineview Park Project) of the City of Missoula, Montana, in the total amount of $750,000 excluding debt service, to defray the cost of making the improvements in said special improvement district pursuant to resolution 7200 creating said district. Timeline: Referral to committee: July 10, 2009 Committee discussion: July 15, 2009 Public hearing (if necessary): August 10, 2009 Deadline: August 24, 2009 Background and Alternatives Explored: In response to a petition from neighbors, the City Council created SID 541 to improve Pineview Park. The improvements will be installed and completed this summer. Each lot in the district will be assessed $429, excluding debt service over a period of 20 years. State law requires the City Council conduct a public hearing on the proposed final assessments. The City Clerk will mail notices on July 24th 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: ---PAGE BREAK--- The city must levy the assessments in order to fulfill the covenants with its bondholders for this project. Attachments: Resolution (will be presented at committee)