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HomeMy WebLinkAbout1984-083-05/15/1984-ADOPTING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS IN THE ESTIMATES, COSTS AND ASSESSMENTS FOR THE RESOLUTION 84- 83 OF THE COUNCIL OF THE CITY OF FORT COLLINS ADOPTING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS ON THE ESTIMATES, COSTS, AND ASSESS- MENTS FOR THE CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 , 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 Cunningham Corner Special Improvement District No . 82 (the "District" ) by the acceptance of the Petitions of affected prop- erty owners in the area (the "Petitioners" ) and by acceptance of the Resolution of the Council adopted on the 15th day of May , 1984, 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 costs 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 15th day of May , 1984 ; and WHEREAS the Council has examined such preliminary plans , estimate of cost, maps and other documents , and has found and does hereby find the same to be sufficient; and WHEREAS . the Petitioners have waived all notice requirements and certain other procedural requirements pursuant to Chapter 16 of the City 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 and 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 15th day of May, 1984, for the District be , and the same hereby are, accepted , approved , and adopted. Section 2. That the location and nature of the District improvements to be assessed against property within the District shall be as set forth in the Petitions for the District on file with the City Clerk. Section 3. That the following amount or proportion of the total probable 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 amount of $209,577.91 representing the cost of oversizing in the District. Section 4. That the estimated total cost of the street, water, sanitary sewer, and storm drainage improvements in the District , including without limitation , the cost of planning, enqineering, constructing, or otherwise acquiring the improve- ments; and excluding legal and advertising costs, interest during construction, and until assessments 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 $988,688. 10 . The estimated amount or proportion of the total cost to be paid by other than special assessments is $209,577. 91 . The balance of the estimated total cost in the district ( i .e . , $779, 110 . 19 ) , upon the completion of the improvements , shall be apportioned in an assessment roll against each lot, tract , or parcel of land to be assessed , which assessment roll shall include additional assessments to cover the costs of legal and advertising, interest during construction and until assess- ments are made by ordinance against the properties benefited, and other incidental costs to the District . Assessments shall be levied by an assessing ordinance. Such assessments shall be a lien until paid in the several amounts assessed against each lot , tract, or parcel of land. The cost of acquiring , constructing, or otherwise installing the improvements in the District shall be assessed against those lots , tracts , or parcels of land owned by the Petitioners as set forth in the Petitions for the District on file with the City Clerk. Each assessment , in proportion to the benefits against the property specially benefited, shall be sufficient to cover the portion of the total cost of the improve- ments to be defrayed by special assessments. -2- Section 5. After any such tract or parcel is divided into smaller parcels or other property interests , the assessment against such tract or parcel shall be reallocated, so that the assessment against each such smaller parcel or other property interest shall bear the same ratio to the original assessment against such tract or parcel as the proportionate interest in such smaller parcel or other property interest bears to the interest in sellable land in such original tract or parcel as so divided into smaller parcels or other property interests. The entire unpaid principal of such assessment or reallocated assessment , as the case may be , together 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 has 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 tract or parcel , or portion thereof if such tract or parcel shall have been divided as aforesaid , unless the purchaser or transferee thereof shall acknowledge, in writing, receipt of notice that the seller or transferer 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 tract or parcel , or portion thereof as the case may be, shall continue to be a lien thereon . Section 6. Said assessments shall be payable in not more than 15 equal annual installments with the interest on the unpaid installments to be the same as the interest rate payable on the bonds which interest rate shall not exceed eighteen percent ( 18% ) per annum. Section 7. That on the 15th day of May, 1984, at the hour of 5 :30 P.M. , or as soon thereafter as the matter may come on for hearing 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 or any interested persons . Section 8. That the Petitioners in said District have waived all notice 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 15th day of May, 1984. Mayor ATTEST: CitmykC& -4-