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ORDINANCE #863 - SPECIAL IMPROVEMENT <br />DISTRICT - McSTAIN - PUBLIC HEARING <br />Rautenstraus read by title only Ordinance #863, <br />"An Ordinance Creating Special Improvement <br />District No. 1985-1, in the City of Louisville, <br />Colorado; ordering the construction and <br />installation therein of certain improvements; <br />adopting details and specifications therefore; <br />providing for the issuance of bonds in payment for <br />said improvements; providing for other details in <br />connection with the District; and declaring an <br />emergency." Proper publication was determined. <br />Rautenstraus detailed for Council the purpose for <br />the emergency ordinance. To enable certain of the <br />improvements to be constructed on Via Appia before <br />the end of the year, construction should be <br />started immediately. If this were not an <br />emergency ordinance, it would not be effective for <br />another 30 days and therefore McStain could not <br />seek to sell the bonds before the 30 days leaving <br />inadequate time :in the construction season to <br />begin the improvements. City staff feels that <br />these improvements are very important to <br />transportation iri the City and agree with the <br />emergency ordinance procedure. <br />Russ Caldwell, Kirchner Moore Co., explained the <br />Special Improvement financing stating that this is <br />permitted under Colorado law for any property <br />owner within a municipality and is generally <br />available to anyone who owns property wanting to <br />put some type of public improvement on it such as <br />street, drainage„ storm sewers, etc. Once a <br />district is created, the Mayor and Council become <br />the Board of the District and actually issue the <br />improvement district bonds on behalf of the <br />district and the property. Once the bonds are <br />issued they become a special tax lien behind the <br />general tax lien that is imposed by other <br />jurisdiction in the County. The bonds when issued <br />do not in any way constitute a debt of the City. <br />The repayment of the bonds is from special <br />assessments on the properties. In addition, they <br />do not in any way effect the City's debt limit. <br />It is an obligation of the property and is a <br />straight forward process. <br />Mayor Meier opened the Public Hearing and asked <br />for any comments in favor or opposition to <br />Ordinance #863. None. Mayor Meier closed the <br />Public Hearing. <br />2 <br />