Fiscal Note
Funds are available in
Acct. No. CS53-58250-810438-00-53W0491 ($189,000)
Acct. No. CS53-58270-810438-00-53W0491 ($30,000)
Acct. No. CS53-58545-810438-00-53W0491 ($11,000)
Given the complex nature of this project, formal budget authority was never previously established for this capital project. This Resolution now establishes budget authority ($1,450,000) to cover phases that have already been completed (100% assessable). This will bring the project into balance from a budget standpoint.
This Resolution also establishes new budget authority to cover the next phase of this project ($250,000).
Given that this project is entirely funded by assessments, there is no impact on G.O. Borrowing.
Title
Approving Plans, Specifications, And Schedule Of Assessments For Center for Industry & Commerce Assessment District-2007, & Amending the 2007 Capital Budget for Engineering-Major Streets. (17th AD)
Body
BE IT RESOLVED:
1. That the City at large is justly chargeable with and shall pay the sum of $0.00 the entire cost of said improvement, and that the sum assigned to each separate parcel, as indicated on the attached schedule of assessment, is hereby specially assessed upon each such parcel.
2. That the Common Council determines such special assessments to be reasonable.
3. That the work or improvement be carried out in accordance with the reports as finally approved.
4. That such work or improvement represents an exercise of the police power of the City of Madison.
5. That the plans & specifications and schedule of assessments in the Report of the Board of Public Works and the Report of the City Engineer for the above named improvement be and are hereby approved, and that the center line grades for the above named improvement be and are hereby established.
6. That the Board of Public Works be and is hereby authorized to advertise for and receive bids for the said improvements.
7. That no advertisement for bids shall be made until such time as the City of Madison has acquired full right-of-way.
8. That the due date by which all such special assessments shall be paid in full is October 31st of the year in which it is billed, or,
9. That such special assessments shall be collected in eight (8) equal installments, with interest thereon at five (5%) percent per annum, except those special assessments paid in full on or before October 31st of that year.
10. Special Assessment notices and hearings under Section 66.0703, Wisconsin Statutes have been waived. (See attached signed waivers.)
11. That the Mayor and city Clerk are hereby authorized to accept dedication of lands and/or easements from the Developer/Owner for public improvements located outside of existing public fee title or easement right-of-ways.
12. That the 2007 Capital Budget of Engineering-Major Streets be amended to establish the budget authority for prior phases of this development (which have already been completed) in the amount of $1,450,000, as follows:
CS53-58250-810438 $1,450,000 Street Construction
CS53-79445-810438 ($1,450,000) Transfer from Special Assessments
13. That the 2007 Capital Budget of Engineering-Major Streets be amended by $250,000.00 to grant additional budget authority to cover the current phase of the development, as follows:
CS53-58250-810438 $250,000 Street Construction
CS53-79445-810438 ($250,000) Transfer from Special Assessments
DEFERRED ASSMENT NOTICE
Notice is hereby given that the special assessments for the improvement of the Center for Industry & Commerce Assessment District-2007 have been determined as to each parcel of real estate affected thereby, and a statement of the same is on file with the City Clerk. It is proposed to defer payment of the same with interest thereon at five (5%) percent per annum. Said assessments shall be deferred as permitted in Madison General Ordinance 4.081(2)(a) for a period not to exceed ten (10) years (the "Deferral Period"). The City shall collect special assessments for a particular lot when the lot is sold to a third party buyer, to include the Developer or a wholly-owned subsidiary of the Developer if it purchases a lot as a third party buyer, or when a building permit is issued. During the Deferral period no installment payment of the special assessments shall be required on any lots prior to any of the aforementioned events occurrence. The Developer at its sole discretion may pre-pay all or any portion of the special assessments. All outstanding special assessments shall e paid in full at the end of each Deferral Period.
NOTICE OF APPEAL RIGHTS
"Pursuant to Sec.4.09(14), Madison General Ordinances, as authorized by Sec. 66.0701(2), Wisconsin Statutes, any person against whose land a special assessment has been levied by this resolution has the right to appeal therefrom in the manner prescribed in Sec. 66.0703(12), Wisconsin Statutes, within forty (40) days of the day of the final determination of the Common Council, said date being the date of adoption of this resolution."