City Council Agenda and Packet 1985 10 01

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- or 4 D INK& •,. ' - pantie GMs . . . •.y aautaastratts read by title only Ordinance 11163, •as Ordinance Creating Special Improvement District no, loos-I, is the City of Louisvil4* ,. Colorado, ordering the cosstrogtt�a �.iab4=.: Lasta/lottoa therein of certain improvement* adopting details and specifications thereforai providing tro :na ispsov r s; providing for er details in *caseation with the District; and declaring an •• Proper publication was determined. itauteastraus detailed for Council the purpose for the emergency ordinance. To enable certain of the improvements to be constructed on Via sepia before the end of the year, construction should be started immediately. If this were not as it would not be effective for aaot er 30 days and therefore Mostain could not seek to sell the bonds before the 30 days leaving inadequate time in the construction season to begin the improvements. City staff feels that these improvements are very important to transportation in the City and agree with the emergency ordinance procedure. Suss Caldwell, Xirebner Moore Co., explained the Special improvement financing stating that this is permitted under Colorado law for any property owner within a municipality and is generally available to anyone who owns property wanting to put sows type of public improvement on it such as street, drainage, stern severs, etc. Once a district is created, the Mayor and Council become the board of the District and actually issue the • improvement district bonds on behalf of the district and the property. Once the bonds are issued they become a special tax lien behind the general tax lien that is imposed by other jurisdiction in the County. The bonds when issued do not in any way constitute a debt of the City. The repayment of the bonds is from special assessments on the properties. In addition, they de sot in am y effect the City's debt limit. it is as obi way/ tics of the property and is a straight faaprocess. Mayer Meier opened the Public nearing and asked for say gamest. in favor or opposition to Ordinance f063. non.. Mayo, Meier closed the Public nearia+g.