2008-02-25 Regular Meeting and Workshop Meeting of La Porte City Council

Browse Search

7. Authorized Improvements The area within the PID that is covered by this Service and Assessment Plan will be developed as single family residential. This Plan designates the Public Improvements required for the growth and development of the land within the PID. The goal of this Plan is to provide sufficient certainty for the owners of land within the PID to proceed with the financing and construction of the necessary Public Improvements, while allowing for sufficient flexibility to meet the needs of the PID over the life of the development of residential properties within the PID. The construction of the Public Improvements authorized herein will begin in calendar year 2007. The proposed phasing is estimated and may vary. The cost estimates provided above are expressed in calendar year 2007 dollars. The actual costs of the Public Improvements will be determined by an audit of the developer's costs. 9. Advance Financing by Developer The Developer will advance the funds for construction of the Public Improvements and will be entitled to repayment pursuant to the Development Agreement executed between the City and the Developer. Although the Public Improvements are required for the growth and development of the PID, it is not necessary for them to be built simultaneously. 10. Apportionment of Costs Payment of assessments, if any, on property owned by exempt jurisdictions other than the City shall be established by contract. 11. Levy of Assessments a. Public Improvement Costs (Capital Assessment) The plan of assessment contemplates that the public improvement cost assessment will be levied in phases. The assessment year shall be concurrent with the City's tax year. The assessments against property may be paid in annual installments based on an amortization of not more than fifteen (15) years plus the period between the effective date of the assessment ordinance and the date of the first installment. The interest rate on financed capital assessments is eight percent (8.00%) per annum. The assessments shall be based upon the actual cost of the Public Improvements plus those related costs as deemed reimbursable by the City. The cost of the Public Improvements will consist of the costs to construct site work, storm sewers, water lines, sanitary sewers, erosion control, related professional design and engineering fees, administrative and legal services and interest payable to the Developer pursuant to the Development Agreement. City of La Porte, Lakes at Fairmont Greens Public Improvement District 3