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HomeMy WebLinkAboutVII(G) Discussion Re Coventry Wall Agenda 10-01-2002 Item VIIG Special Assessments Special Assessments are levied upon property that is specifically benefited by the improvement in proportion to the benefits to be derived. The special benefits are to be determined and prorated according to the foot frontage of the respective properties specially benefited by the improvement or any other method selected by the municipality. > Governing authority shall declare by resolution that it plans to make public improvements and offset the cost by special assessments. Resolution must state the nature of the proposed improvement and the portion of the expense thereof to be paid by special assessments, how the assessments are to be made, when the assessments are to be paid, what part- if any- is to be paid from the general fund. The resolution should also designate the property upon which the special assessments shall be levied including lot numbers. The resolution should also state the total estimated cost of the improvement. > Plans and specifications with estimated costs of proposed improvements must be ' on file with the City Clerk, including an assessment plat showing the area to be assessed, before the resolution is adopted. > Resolution must be published one time in a newspaper of general circulation in the municipality after adoption of the resolution. The city shall then prepare a preliminary assessment roll detailing the lots and lands assessed and the amount of the benefit to and the assessment against each lot or parcel of land, and whether assessments are to be paid in installments-the number of annual installments shall be shown also. > Once the preliminary assessment roll is completed, a time and place shall be set by resolution at which the owners of the property to be assessed and/or interested parties may appear before the Commission and speak on the propriety and advisability of making such improvements, the costs, payment method and amount to be assessed. ❑ Thirty days notice in writing of the time and place must be given to property owners. ❑ The notice should include the amount of the assessment and be served by mailing a copy to each property owner at his or her last know address. This information has to be obtained from the property appraiser records. Proof of mailing must be made by the affidavit of the clerk/deputy clerk. ❑ Notice of the time and place if the hearing must appear in two publications a week apart in a newspaper of general circulation, with the last publication 1 week prior to the date of the hearing. (Specific info required) This publication must be verified by the affidavit of the publisher and filed with the clerk. > The commission shall meet and hear the testimony from affected property owners. The commission then makes a final decision on whether to levy the special assessments. > After the final decision is made then the commission would meet as an equalizing board to hear and consider any and all complaints as to the special assessments and shall adjust and equalize the assessments on a basis of justice and right. > Once equalized and approved by resolution or ordinance a final assessment roll shall be filed with the Commission and the assessments shall stand confirmed and remain legal, valid, and binding first liens upon the property against which assessments are made until paid. > Once the improvements are completed, the City shall credit to each of the assessments the difference in the assessment as originally made, approved, and confirmed and the proportionate part of the actual cost of the improvement to be paid by special assessments as finally determined. The final assessment cannot exceed the amount of benefits originally assessed. > The City Clerk shall record the assessments in a book to be known • as the "Improvement Lien Book" promptly after the final assessment is confirmed. The commission can grant a discount, by resolution, equal to all or part of the payee's proportionate share of the cost of the project consisting of bond financing costs included in the estimated cost of the project, upon payment in full of any assessment during the period prior to the time financing costs are incurred. > If bonds secured for the improvements assessments/financing should not exceed thirty years. The assessments shall bear interest at a rate not to exceed 1 percent above the rate of interest authorized by the bonds; if no bonds interest shall not exceed 8 percent per year. There are some additional restrictions on charging interest relative to timing of payment .