AGENDA CAPTION:
Title
Consider approval of Resolution 2021-151R, approving an update to the Service and Assessment Plan for the Whisper Public Improvement District; authorizing the City Manager, or his designee, to execute said document on behalf of the city; and declaring an effective date.
Body
Meeting date: August 17, 2021
Department: Finance Department, Marie Kalka, Director of Finance
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: The City Council approved the Amended and Restated Financing Agreement on April 15, 2020. Adoption of the original Service and Assessment Plan (SAP) and levied $14,300,000 in Assessments to finance the Authorized Improvements was last approved by the City Council on June 2, 2020. The City Council adopted and approved Resolution No. 2021-22R which approved the 2021 Service Plan to Reallocate Assessments from the Parcels in the original Service and Assessment Plan to newly created Parcels on January 19, 2021.
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Background Information:
On October 6, 2014, the City Council approved Resolution No. 2014-143R, creating the Whisper PID to finance certain Authorized Improvements for the benefit of certain property within the PID.
On June 2, 2020, the City Council approved the original Service and Assessment Plan (SAP) and levied $14,300,000 in Assessments to finance the Authorized Improvements to be constructed for the benefit of the Assessed Property within the PID by approving Ordinance No. 2020-37. The original Service and Assessment Plan identified the Authorized Improvements to be provided by the PID, the costs of the Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements, and the manner of assessing the property in the PID for the costs of the Authorized Improvements. The City also adopted an Assessment Roll identifying the Assessment on each Parcel within the PID, based on the method of assessment identified in the original Service and Assessment Plan.
On January 19, 2021, the City Council approved and adopted Resolution No. 2021-22R which approved the 2021 Service Plan Update to Reallocate Assessments, which reallocated Assessments from Parcels shown in the original Service and Assessment Plan to newly created Parcels resulting from the sale of three Parcels to third parties within the District. The annual update to be performed in August, 2021.
Adoption of the Service and Assessment Plan was last approved by the City Council on January 19, 2021. State statute requires the annual update of the service and assessment plan be approved by the City Council each year.
Council Committee, Board/Commission Action:
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Recommendation:
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