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HomeMy WebLinkAbout1985-048-04/02/1985-APPROVING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS ON THE ESTIMATES, COSTS, AND ASSESSMENTS FOR RO RESOLUTION 85- 48 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS ON THE ESTIMATES, COSTS, AND ASSESS- MENTS FOR THE ROSSBOROUGH SPECIAL IMPROVEMENT DISTRICT NO. 85 , APPROVING THE DETAILS AND SPECIFICATIONS FOR SUCH PROPOSED DISTRICT, DETERMINING THE AMOUNT OR PROPORTION OF THE TOTAL COST TO BE PAID BY A METHOD OTHER THAN ASSESSMENT AGAINST PROPERTY IN THE DISTRICT, THE NUMBER OF INSTALLMENTS, AND THE TIME WITHIN WHICH THE COST OF THE IMPROVEMENTS ASSESSED AGAINST THE PROPERTY IN THE DISTRICT WILL BE PAYABLE, THE RATE OF INTEREST TO BE CHARGED ON UNPAID INSTALLMENTS , THE PROPERTY TO BE ASSESSED FOR THE IMPROVEMENTS, THE METHOD OF MAKING SUCH ASSESSMENTS, AND THE DATE WHEN THE COUNCIL WILL HOLD A HEARING AND CONSIDER THE ORDERING BY ORDINANCE OF THE PROPOSED IMPROVEMENTS. WHEREAS, heretofore the Council of the City of Fort Collins, Colorado (the "Council" ) , began proceedings to establish the Rossborough Special Improvement District No . 85 (the "District" ) by the acceptance of the Petition of Tri Trend, Inc. (the "Petitioner" ) , and by the Resolution of the Council adopted on the 2d day of April , 1985, directing the Director of Public Works to prepare and present to the Council a map of the District, plans and specifications of the proposed District improvements , and estimate of probable total cost thereof; and WHEREAS , the Director of Public Works, pursuant to said Resolution, has made his report and has presented the details and specifications for the proposed District to the Council on the 2d day of April, 1985; and WHEREAS, the Council has examined such preliminary plans , estimate of costs, maps and other documents, and has found and does hereby find the same to be sufficient; and WHEREAS, the Petitioner has waived all notice requirements and certain other procedural requirements pursuant to Chapter 16 of the Code . NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS: Section 1. That the report, preliminary plans and specifica- tions, map an3 estimate of the probable total cost as prepared by the Director of Public works and heretofore filed with the City Clerk and presented to the Council on this 2d day of April , 1985, for the District, be and the same hereby are, accepted, approved , and adopted. Section 2. That the improvements to be constructed in said Districct shall be constructed in two phases and shall consist generally of street, sanitary sewer, water, and storm drainage improvements , the nature and location of said improvements being more specifically described in Resolution 85- 47 and the District Engineering Report on file with the City Clerk. Section 3. That the following amount or proportion of the total probab e cost of the District improvements shall be paid by the City at large and not by assessments against property in the District, to wit: the estimated amount of $58,680.00 representing the cost of sanitary sewer and a portion of street oversizing in Phase I of the District , and an additional estimated amount of $17,464. 00 representing the cost of a portion of street oversizing in Phase II of the District. Section 4. That the estimated total cost of the street, street'lig ng, water, sanitary sewer, and storm drainage improvements in Phases 1 and 2 of the District, including without limitation the cost of planning, engineering, constructing, or otherwise acquiring the improvements (and excluding legal and advertising costs , interest during construction , and until assess- ments are made by ordinance against the properties benefited and other costs to the District) as shown by the estimate of probable total cost, as made by the Director of Public Works, is $1 ,978,020.00. The estimated 'amount or proportion of the total cost to be paid by other than special assessments is $76, 144.00. The foregoing shall constitute the maximum obligation of the City, notwithstanding that costs might exceed estimates heretofore submitted, unless appropriation is made therefor. The balance of the total cost in the District ( i .e . , esti- mated at $1 ,901 ,876.00) upon the completion of the improvements shall be apportioned in an assessment roll against each lot to be assessed, which assessment roll shall include additional assess- ments to cover the costs of legal and advertising, interest during construction and until assessments are made by ordinance against the properties benefited, and other incidental costs of the District. Assessments shall be levied by an assessing ordinance. -2- Such assessment shall be a lien until paid in the several amounts assessed against each lot. The cost of acquiring, constructing, or otherwise installing the improvements in the District shall be assessed against those lots owned by the Petitioner and in the manner set forth in the Petition for the District on file with the City Clerk. Each assessment shall be sufficient to cover the portion of the total cost of the improvements to be defrayed by special assessments . Section 5. The entire unpaid principal of the assessment against each lot within the District , toqether with interest accruing thereon to the next assessment interest payment date, except to the extent that interest on the bonds to be issued by the City for the District have been capitalized through such date, shall be immediately due and payable by the seller or transferor thereof prior to the sale or transfer of any such lot, unless the purchaser or transferee thereof shall acknowledge, in writing, receipt of notice that the seller or transferor is not paying such assessment or reallocated assessment in full prior to such sale or transfer and that such assessment or reallocated assessment against such lot shall continue to be a lien thereon. Section 6. Said assessments shall be payable in not more than fifteen ( 15 ) equal annual installments with the interest on the unpaid installments to be the same as the interest rate payable on the bonds to which interest rate shall not exceed eighteen percent ( 18% ) per annum. Section 7. That on the 2d day of April , 1985, and again on the 16th day of April, 1985, at the hour of 6 : 30 p.m. or as soon thereafter as the matter may b6 heard in the Council Chambers of the City Hall, City of Fort Collins , Colorado, the Council will consider the ordering by ordinance of the proposed improvements and hear all complaints and objections that may be made and filed in writing concerning the proposed improvements by the owners of any real estate to be assessed and any other interested persons. Section 8. That the Petitioner in said District has waived all notic—a requirements pursuant to Chapter 16 of the Code of the City of Fort Collins. -3- PASSED AND ADOPTED at a regular meeting of the Council of the City of Fort Collins this 2nd day of April 1985. mayor ATTEST: t►i City Clerk - -4- � - L