10/27/2003 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES OCTOBER 27, 2003 APPROVED 337 Resolution No. 03-185 can be found in the City Clerk's office. .38 339 D. Consideration of Resolution No. 03-186, Approving Development Contract (Site Grading 340 Only), Hailey Manor; Jim Studenski 341 342 City Engineer Studenski summarized the Staff report, indicating the agreement provides for the 343 standard Letter of Credit representing 150% of the development improvement costs, as well as a cash 344 escrow to reimburse the City for costs incurred by the City related to the development. 345 346 Councilmember Dahl moved to adopt Resolution No. 03-186 approving the development agreement 347 for grading, Hailey Manor. Councilmember Carlson seconded the motion. 348 349 Motion carried unanimously. 350 351 Resolution No. 03-186 can be found in the City Clerk's office. 352 353 E. Public Hearing, Consideration of Adopting Assessments for Improvement Project; Jim 354 Studenski 355 356 City Engineer Studenski summarized the Staff report, indicating the Council needs to open each 357 public hearing separately, and then take action on each of the three projects. 358 359 Mayor Bergeson noted before they started the public hearings that there were several additional 1.60 students from Ms. Johnson's class in attendance that were not recognized earlier. He asked them each 61 to come forward and state their name. 362 363 i. Resolution No. 03-187, West Shadow Ponds 364 365 Mayor Bergeson opened the public hearing at 7:40 p.m. 366 367 Councilmember Dahl moved to close the public hearing at 7:41 p.m. Councilmember O'Donnell 368 seconded the motion. Motion carried unanimously. 369 370 ii. Resolution No. 03-188, Twilight Acres/Twilight Acres 2nd Addition Sanitary 371 Sewer Improvements 372 373 Mayor Bergeson opened the public hearing at 7:41 p.m. 374 375 Dick Paulson, 789 Vicky Lane stated he is curious how the City is paying 3.1% on the bonds, but 376 charging the homeowners 7%. Finance Director Rolek stated it is customary to charge more than the 377 rate of the bonds, since there is sometimes a lag or delinquencies that the City has to cover. He 378 indicated they usually raise the rate one to two percent, however in this case there was a one year lag 379 between when the bonds were issued and when the homeowners were assessed, so they need the extra 380 percentage to cover those costs. 381 382 Mr. Paulson stated they are being assessed 3.87% more than the bonds. He would like to have the 1.83 City reconsider how much they will charge on the assessment, and keep it more in line with the City's 84 costs. Mayor Bergeson stated he knows there are bond issuing costs that are not included in the 3.1%, 8