Fiscal Note
No Funds Required.
Title
Declaring the City of Madison's intention to exercise its police powers establishing the North Franklin Avenue Assessment District - 2024 (District 5).
Body
BE IT HEREBY RESOLVED:
1. That the Common Council of the City of Madison hereby establishes an assessment district known as the N Franklin Avenue Assessment District - 2024, serving N Franklin Avenue from Regent Street to University Avenue all in accordance with Section 66.0701 (formerly Section 66.62) of the Wisconsin State Statutes and Section 4.09 of the Madison General Ordinances.
2. That the contemplated purposes of this assessment district are to remove and replace base course, pavement, sanitary sewer main and laterals, water main, replace storm sewer as needed, and spot replace curb and gutter, sidewalk, and driveway aprons for N Franklin Avenue from Regent Street to University Avenue.
3. That the benefited properties shall have the opportunity to pay the special assessments which may be levied as a result of this assessment district in eight (8) annual installments, subject to the current interest rate in effect at the time of establishment of the special assessment.
4. That the City Engineer is hereby directed to prepare a report consisting of preliminary or final plans and specifications; an estimate of the entire cost of the proposed work or improvements within the assessment district; a schedule of proposed assessments, constituting an exercise of police power of the City of Madison; and a statement that the property against which the assessments are proposed is benefited.
5. That upon completion of this aforesaid report, the City Engineer shall proceed in accordance with Section 4.09 of the Madison General Ordinances.