RES 542 Draft 01 2022-2024 - Laserfiche WebLink

Home

Improvements," consisting of all "assessment units" (as such term is defined below) located within the Subdivision, comprising Tax Map Key Nos. 7-3-019:002 through 020, excluding 011, which is the road lot, and including 037,which is a County road and not part of the Subdivision. The owners of assessment units within the Improvement District are identified in the "Proposed Assessment Roll" contained within the Manager's Report. The Council acknowledges that changes in property ownership and the recordation of ownership of assessment units by the Department of Finance Real Property Tax Division may be subject to change and/or revision prior to the passage of a bond ordinance to finance the Improvement District, at which time, a final Assessment Roll of owners of assessment units within the Improvement District shall be compiled by DWS. 3. Kind, Extent and General Details of the Proposed Improvements. The improvements shall consist of a public water system(the "Water System") consistent with applicable DWS standards, which shall be owned, operated, and maintained by DWS. The construction and installation of the Water System shall include the removal of all existing meters and laterals servicing residents of the Improvement District, and the installation of meters for each currently existing assessment unit within the Improvement District. 4. No Acquisition of Land Required; Required Easements or Other Use and Occupancy Agreements. The construction and installation of the Water System for the Improvement District will not require the acquisition of land. However, an easement over the privately-owned subdivision roads will be required for maintenance and operation of the Water System. In addition, an easement or other agreement to use and occupy an area within the existing roadway right-of-way will also be required for a portion of the Water System. 5. Part or Proportion of the Cost of the Improvements to be Borne by the County. The total costs of the design, construction, and installation of the Water System, (collectively, the "Project Costs"), is estimated to be $1,100,000,which is anticipated to be financed by: a. A grant from the United States Department of Agriculture, Rural Development ("Rural Development") in the amount of$825,000 to be applied against the Project Costs; and b. A 35-year loan from Rural Development to the County in the amount of$275,000 which loan shall be evidenced by a bond of the County (the "Improvement District Bond") and repaid out of the proceeds of assessments to be assessed to the owners of assessment units within the Improvement District; and The County shall bear the customary operating costs of loan management by its Department of Finance Treasury Division for the 35-year duration of the Improvement District Bond. These costs will be partially offset by charging a collection fee as specified in Chapter 12 of the Code. A prepayment penalty for early payoffs and out-of-pocket transaction costs associated with property transfers will also be assessed. 6. Description of the Assessment Unit and Method of Assessment. a. For purposes of the Improvement District, "Assessment unit" shall mean a duly subdivided parcel of land or condominium unit bearing a unique tax map key number. 4