Loading...
HomeMy WebLinkAbout5821ORDINANCE NO. 5 8 2 1 AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, ORDERING THE IMPROVEMENT OF PUBLIC PARKING FACILITIES ALL IN ACCORDANCE WITH RESOLUTION NO. 3672 OF THE CITY COUNCIL; ESTABLISHING LOCAL IMPROVEMENT DISTRICT NO. 250 AND ORDERING THE CARRYING OUT OF THE PROPOSED IMPROVEMENT; PROVIDING THAT PAYMENT FOR THE IMPROVEMENT BE MADE IN PART BY SPECIAL ASSESSMENTS UPON THE PROPERTY IN THE DISTRICT, PAYABLE BY THE MODE OF "PAYMENT BY BONDS"; AND PROVIDING FOR THE ISSUANCE AND SALE OF LOCAL IMPROVEMENT DISTRICT WARRANTS REDEEMABLE IN CASH OR OTHER SHORT-TERM FINANCING AND LOCAL IMPROVEMENT DISTRICT BONDS WHEREAS, by Resolution No. 3672 adopted December 15, 2003, the City Council declared its intention to order the improvement of public parking facilities, and fixed January 5, 2004, at 7:30 p.m., local time, in the Council Chambers of the City Hall as the time and place for hearing all matters relating to the proposed improvement and all comments thereon and objections thereto and for determining the method of payment for the improvement; and WHEREAS, the Finance Director caused an estimate to be made of the cost and expense of the proposed improvement and certified that estimate to the City Council, together with all papers and information in her possession touching the proposed improvement, a description of the boundaries of the proposed local improvement district and a statement of what portion of the cost and expense of the improvement should be borne by the property within the proposed district; and WHEREAS, that estimate is accompanied by a diagram of the proposed improvement showing thereon the lots, tracts, parcels of land, and other property which will be specially benefited by the proposed improvement and the estimated cost and expense thereof to be borne by each lot, tract and parcel of land or other property; and Ordinance No. 5821 December 30, 2003 Page 1 of 8 WHEREAS, due notice of the above hearing was given in the manner provided by law, and the hearing was held by the City Council on the date and at the time above mentioned, and all objections to the proposed improvement were duly considered and overruled by the City Council, and all persons appearing at such hearing and wishing to be heard were heard; and WHEREAS, the City Council has determined it to be in the best interests of the City that the improvement as hereinafter described be carried out and that a local improvement district be created in connection therewith; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO ORDAIN as follows: Section 1. The City Council of the City of Auburn, Washington (the "City"), orders the improvement of certain public parking facilities in downtown Auburn as described in Exhibit A, attached hereto and by this reference made a part hereof. All of the foregoing shall be in accordance with the plans and specifications therefor on file with the Planning Department, and may be modified by the City Council as long as such modification does not affect the purpose of the improvement. Section 2. There is created and established a local improvement district to be called Local Improvement District No. 250 of the City of Auburn, Washington (the "District"), the boundaries or territorial extent of the District being more particularly described in Exhibit B attached hereto and by this reference incorporated herein. Section 3. The total estimated cost and expense of the improvement is declared to be $1,477,080. Approximately $702,525 of the cost and expense shall be borne by and assessed against the property specially benefited by such improvement included in the District which embraces as nearly as practicable all property specially benefited by such improvement and the balance of such cost and expense shall be paid by the City. Ordinance No. 5821 December 30, 2003 Page 2 of 8 Section 4. In accordance with the provisions of RCW 35.44.047, the City may use any method or combination of methods to compute assessments which may be deemed to more fairly reflect the special benefits to the properties being assessed than the statutory method of assessing the properties. If the City shall authorize expenditures to be made for such improvement (other than for any cost or expense expected to be borne by the City) prior to the date that any short-term obligations or local improvement district bonds are issued to finance the improvement, from proceeds of interfund loans or other funds that are not, and are not reasonably expected to be, reserved, allocated on a long-term basis or otherwise set aside to pay the cost of the improvement herein ordered to be assessed against the property specially benefited thereby, the City declares its official intent that those expenditures, to the extent not reimbursed with prepaid special benefit assessments, are to be reimbursed from proceeds of short-term obligations or local improvement district bonds that are expected to be issued for the improvement in a principal amount not exceeding $702,525. The City is authorized to issue local improvement district bonds for the District which shall bear interest at a rate and be payable on or before a date to be hereafter fixed by ordinance. The bonds shall be issued in exchange for and/or in redemption of any and all revenue warrants issued hereunder or other short-term obligations hereafter authorized and not redeemed in cash within twenty days after the expiration of the thirty-day period for the cash payment without interest of assessments on the assessment roll for the District. The bonds shall be paid and redeemed by the collection of special assessments to be levied and assessed against the property within the District, payable in annual installments, with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds," as defined by law and the ordinances of the City. The exact form, amount, date, interest rate and denominations of such bonds hereafter Ordinance No. 5821 December 30, 2003 Page 3 of 8 shall be fixed by ordinance of the City Council. Such bonds shall be sold in such manner as the City Council hereafter shall determine. Section 5. The Local Improvement Fund for the District is created and established in the office of the City Finance Director. The proceeds from the sale of short-term obligations drawn against the fund which may be issued and sold by the City and the collections of special assessments, interest and penalties thereon shall be deposited in the Local Improvement Fund. Section 6. Within 15 days of the passage of this ordinance there shall be filed with the City Finance Director the title of the improvement and District number, a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts and parcels of land that will be specially benefited thereby and the estimated cost and expense of such improvement to be borne by each lot, tract or parcel of land. The City Finance Director immediately shall post the proposed assessment roll upon the index of local improvement assessments against the properties affected by the local improvement. Ordinance No. 5821 December 30, 2003 Page 4 of 8 PASSED by the City Council and APPROVED by the Mayor of the City of Auburn, Washington, at a regular open public meeting thereof, this .~' 'q~ day of January, 2004. INTRODUCED .lAN 15 2004 PASSED: JAN Ii 2004 ATTEST: Peter B. Lewis, Mayor Danielle Daskam, City Clerk APP/R~)V~S TO FORM: b~an Hei~.~jt~tt~a/ne~,~....~ Ordinance No. 5821 December 30, 2003 Page 5 of 8 EXHIBIT A DESCRIPTION OF IMPROVEMENTS A multi-story public parking facility develoPed by the Central Puget Sound Regional Transit Authority and the City of Auburn, as more completely described in the Lease authorized by City Resolution 3278. EXHIBIT B LEGAL DESCRIPTION Lot 1, Block 3, Town of Slaughter, according to the plat recorded in Volume 2 of plats, page 56, records of the County of King, State of Washington.