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File #: 68010    Version: 1 Name: Reopening the Dairy Drive Assessment District - 2019 to Amend the Installment Payment Period to Fifteen Years.
Type: Resolution Status: Passed
File created: 10/20/2021 In control: Engineering Division
On agenda: 11/16/2021 Final action: 11/16/2021
Enactment date: 11/22/2021 Enactment #: RES-21-00763
Title: Reopening the Dairy Drive Assessment District - 2019 to Amend the Installment Payment Period to Fifteen Years (16th AD)
Sponsors: BOARD OF PUBLIC WORKS
Attachments: 1. Legistar File 66893, 2. 3322 AGRICULTURE DR BPW reopen.pdf, 3. CC Mailing Dairy Drive Assessment District - 2019.pdf, 4. BPW Hearing Notice for Publication_SEPTEMBER 10 2021.pdf, 5. BPW Hearing Notice for Publication_special for Dairy Drive.pdf

Fiscal Note

No City appropriation required.

Title

Reopening the Dairy Drive Assessment District - 2019 to Amend the Installment Payment Period to Fifteen Years (16th AD)

Body

On June 2, 2020, the Common Council approved the 2nd Revised Schedule of Assessments for the Dairy Drive Assessment District - 2019 (File No. 60522, RES-20-00410). As part of that approval, the Council, pursuant to MGO Sec. 4.08(1) and Wis. Stat. Sec. 66.0715, authorized the repayment of the special assessments in eight (8) annual installments, with interest thereon at 3.0 percent per annum.

 

On August 31, 2021, the Common Council approved the final schedule of assessments for the Dairy Drive Assessment District - 2019 (File No. 66893, RES-21-00583), assessing $1,000,301.92 of the project costs to the benefited parcels, $687,089.75 of which is being assessed to one property owner (WI Development Partners LLC).

 

After further consideration and discussions with WI Development Partners LLC, the City Engineer has determined that it would be appropriate to reconsider and reopen the Dairy Drive Assessment District - 2019 to amend the installment period for this project to fifteen (15) years, which is allowable under MGO Sec. 4.08(1). This longer installment period will not be detrimental to the City and is consistent with other special assessment districts.

 

NOW THEREFORE BE IT HEREBY RESOLVED that the Dairy Drive Assessment District - 2019 is reopened and the installment assessment notice set forth in RES-20-00410 that is applicable to this District is amended to allow for the collection of special assessments in fifteen (15) annual installments at 3.0 percent per annum.

 

BE IT FURTHER RESOLVED that the Final Schedule of Assessments approved by the Council on August 31, 2021 shall remain in place, unaffected by this amendment, with the first payment to be due in 2022.