HomeMy WebLinkAbout9.l. Approve Respreading of Shannon Oaks Pending Assessments � • � �, �
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�*****��*****�t**��r**********************MEMO*�t,t**********�***�*************�,t***
DATE: DEGEMBER 15, 19$$
T0; MAYOR & COUNCILMFMBERS
G/0 CITY ADPiINISTRATOR JILK
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FROAi: CIT� ENGINEER/�UBLIC WQRiiS AZRECI'QR HEFTI�, .
RE: ITEMS FQR THE DEGEMBER 20, 1988 CUUNGIL fitEETING
NEW BUSINESS
Approve Respreading of Shannon Oaks Pendi�Assessments
The owner and developer of the Shannon Oaks subdivision, located just sotjth of
County Road 38 and east of the rtiekelson 2nd Addition, is requesting to excluc�e
three lots from being assessed for the Shannon Parkway 5treet Imgrovements built
within the Shannon Oaks Addition this year. The reason for his request is to
assist in sales of these Iots. The pending assessment for these lats is over
$13,04Q and mortgage lenders are requiring up to l-lI2 to 2 times the amount of
the pending assessment to be eserowed prinr to the final assessment being levied.
This amotant becomes quite substantial and is a hinderance to the sale pf these
lots.
Staff has reviewed Pir. Houstons (the developer) reque.st for excluda.ng three lats
from the assessment and has no problem with it. In essence, this means tttat the
total amount assessed wi11 be split c�ver 9 lots instead of l2 Ic�ts. The pending
assessable cost for this project was estimated at $157,000, or $13,Q83 per lot.
Dividi,ng the assessable cost by 9 lots make.g t.he new pendiR�; �ssessmenEs ��t $17,
4�i�+ Ijex Iot. Tliis mettzodol��y for determinin� assessmertts will t�e t�seci tc� fi�;iEre
tt�e final� assessm�nt w}ien all the fin��l �cc�st ���r� kE�c>wn, wlricl� shoulel oc�citr withi.0 � � �
ttre 11P_XC two ta three months.
The lots that Mr. Houston requests to be excluded fr�m Sh��nnon Pzrkway
assessments are Lots 4 and 5 of Block 1 and Lot 3 of 81ock 2.
R�commended action for Gouncil to consider is to exclude Lots 4 ancl 5 of t3lock l
ar►d Lot 3 of Block 2 from any assessments resulting from street improvements in
Shannon Oaks Addition, City Project �185 and to spread the entire assessable cost
over the remaining 9 lots.