HomeMy WebLinkAboutFS 2013-02-05 Item 2B - Update - Local Improvement District (LID) #33TO:
City of Tukwila
Jim Haggerton, Mayor
INFORMATIONAL MEMORANDUM
Mayor Haggerton
Finance & Safety Committee
FROM: Peggy McCarthy, Finance Director
BY: Vicky Carlsen, Deputy Finance Director
DATE: January 30, 2013
SUBJECT: Local Improvement District #33 Update and Remaining Procedures
ISSUE
Discuss the timeline and process for finalizing the Local Improvement District assessment role
and issuing special assessment bonds.
BACKGROUND
On November 16, 2009, the Council adopted Ordinance No. 2260 ordering improvements for
the Southcenter area by establishing the formation of Local Improvement District (LID) #33
Tukwila Urban Center Access (Klickitat) Project.
The road improvement was substantially completed and an opening held in October 2011.
Since then, the final project costs have been determined and the final steps of assessing the
property owners and issuing the special assessment bonds can now be completed.
DISCUSSION
A proposed timeline and description of the process follows:
Date(s) Description Steps
February 19 Regular Meeting Approve project close -out.
February 20 Finance & Safety (1) Hearing Resolution — Present for discussion a Resolution
setting the time, date, and place of the assessment roll
hearing.
(2) Hearing Examiner Resolution — Present for discussion a
Resolution appointing the Hearing Examiner.
March 4 Regular Meeting Adopt the Hearing Resolution and Hearing Examiner
Resolution.
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INFORMATIONAL MEMO
Page 2
March 27
Assessment Role Final assessment roll hearing conducted — objections are
Hearing heard and considered with the eventual outcome of
overruling them or modifying the assessments.
Attendees at the hearing would include any property owners
in the LID, City appraisers, Public Works project staff, and a
clerk to handle exhibits and recording.
The timeline anticipates that the Hearing Examiner will be
able to rule on the assessment role within a few days at
most.
Note: If any assessments are increased and the City
chooses to approve the increases to property owners, a new
hearing must be set and publication and notice to those
property owners affected must be done in the same manner
as for the original assessment roll hearing.
April 15 Regular Meeting Adopt the Ordinance confirming and levying the
assessments as finally approved.
May 3 Appeal period expires.
June 10 Prepayment period expires.
June 18 Finance & Safety (1) Bond Ordinance — Present for discussion an Ordinance
selling bonds for the LID.
(2) Guaranty Fund Ordinance — Present for discussion an
Ordinance establishing the guaranty fund.
June 24 C.O.W. Present for discussion an Ordinance selling bonds for the
LID.
July 1 Regular Meeting Adopt Bond Ordinance and Guaranty Fund Ordinance.
July 8 Issue bonds.
RECOMMENDATION
Information only.
W:1FIN Projects\Council Agenda Items120131Info Memo - LID Remaining Steps 1- 30- 13.docx
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