1994 AGN MAY 17 I19 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of May 17, 1994 TO: Honorable Mayor and City Council FROM: Hani W. Gabriel, Economic Development Director qo� SUBJECT: PUBLIC HEARING RELATING TO THE RANCHO MEDITERRANIA Date: May 17, 1994 PUBLIC IMPROVEMENTS ASSESSMENT DISTRICT AND ENGINEER'S REPORT Background At the City Council meeting of April 5, the Council adopted a resolution of intent for the formation of, and the approval of an Engineer's Report relating to, an Assessment District at Rancho Mediterrania Mobilehome Park ("Park"), in an effort to assist in the financing of the individual units at the Park by having the City acquire the street and water improvements therein. In order to create the district, and as required by law, the Council is hereby holding a public hearing regarding its formation. Discussion The boundaries of the proposed Assessment District shall follow the boundaries of the Rancho Mediterrania Mobilehome Park, as outlined in the Engineer's Report, and the improvements to be acquired include the streets and water improvements within the Park. The total assessments that will be levied against the properties will be between $8,000 to $10,000 per parcel, with annual levies of approximately $60 to $80 for the same. Financial Impact The City intends to issue bonds in a not -to -exceed amount secured only by the assessments; neither the full faith and credit nor taxing power of the City is at risk for repayment. Upon closing of sales of the parcels within the district to the residents, the residents will then assume the assessment payments through their property tax bills. Recommendation The following is the process to be followed to assure all legal aspects for the formation of the Assessment are adhered to: 1. The Mayor opens the public hearing for any interested persons to express their views on this matter. 2. After all such persons have been given the opportunity to speak, the City Clerk would announce that no written protests to the formation of the assessment district in excess of 50% of the amount of assessments to be levied have been received. Pae 1 of 2 Page Item No.