Loading...
847 Killion Rd LID CITY OF YELM ORDINANCE NO. 847 AN ORDINANCE of the City of Yelm, Washington, ordering certain local improvements and creating a local improvement district; providing for the payment of the cost of such improvements by special assessments; creating a local improvement district fund; and providing for the issuance and sale of local improvement district bonds and interim financing warrants or notes. WHEREAS, on April 26, 2006, the City Council of the City of Yelm, Washington adopted Resolution No. 464 declaring its intention to order certain local improvements within the City and to create a local improvement district; and WHEREAS, the proposed improvements are consistent with the policies of the Comprehensive Plan and Joint Plan with Thurston County, is identified as a part of the City transportation system in the 2001 Updated Comprehensive Transportation Plan, and is identified as a project in the most current adopted version of the City of Yelm's Six Year Transportation Improvement Program; and WHEREAS, a hearing was held on May 24, 2006, after notice as provided by United States Mail to every property owner within the proposed boundaries of the Local Improvement District and by publication on May 5 and May 12, 2006, in the Nisqually Valley News; and WHEREAS, after discussion of the proposed improvements and due consideration thereof and of all objections thereto, the Council has determined to order the local improvements described below and to create a local improvement district; and WHEREAS, estimates of the costs and expenses of the proposed improvements, a description of the boundaries of the district, a statement of what portion of the costs and expenses of the improvements would be borne by the property within the proposed district, and a diagram showing the lots, tracts and parcels to be benefited and other information pertaining to the proposed district, have been filed with the City Clerk and certified to the City Council; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF YELM, WASHINGTON, DO ORDAIN; as follows: Section 1. The City shall acquire, construct and install the following improvements within the following described areas of the City: · Improvements to Yelm Avenue West (SR 510) from 93rd to Cullens Road, which include widening the existing roadway section to accommodate sidewalks, a storm drainage system, planter strips, curb and gutter, illumination, two travel lanes, bicycle lanes, and a center turn lane. · Improvements to Killion Road from Yelm Avenue West (SR 510) to the proposed SR 510 Yelm Loop, which includes widening in order to accommodate sidewalks, a storm drainage system, planter strips, curb and gutter, illumination, two travel lanes, bicycle lanes, and a center turn lane. · A new extension of Killion Road (Tahoma Boulevard) to the south of SR-510 to the boundary of the Tahoma Terra Master Planned Community to include sidewalks, a storm drainage system, planter strips, curb and gutter, illumination, four travel lanes, bicycle lanes, and a center turn lane. · A traffic signal at the intersection of Killion Road/Tahoma Boulevard and Yelm Avenue West (SR 510). · Sanitary sewer, potable water, and reclaimed water will be extended and upgraded throughout the project area pursuant to adopted utility plans. The City shall acquire by gift, purchase, franchise, lease or condemnation all property, both real and personal, or any interest therein and all rights-of-way, franchises, permits and easements which may be found necessary to acquire, construct, and install the above-described improvements. Section 2. The preliminary plans and specifications for the Improvements, as prepared by Skillings Connolly, Inc., that have been used to prepare cost estimates and now on file in the City Clerk's office, are hereby adopted and approved. The Improvements, when completed, shall be in accordance with said plans, the provisions of this ordinance and any other ordinances as hereafter may be adopted in connection herewith; provided, however, that changes in detail of such plans that do not significantly alter the scope or costs of the Improvements will not require further approval. Section 3. There is hereby established a local improvement district of the City to be known as "Local Improvement District NO.2" ("LID No.2"). The boundaries of LID NO.2 shall be as described in Exhibit A attached hereto and incorporated herein by this reference. It is hereby found that the above-described boundaries embrace as nearly as practicable all the property specially benefited by the Improvements. Section 4. The total cost and expense of the Improvements thereto is estimated to be $8,800,000, of which 100% shall be borne by and assessed against the property within LID NO.2 specially benefited by the Improvements. Ordinance 847 Page 2 of 5 Section 5. Upon completion of the Improvements, an assessment roll shall be prepared and, after notice and hearing in the manner provided by law, an assessment roll shall be confirmed. Assessments not paid within the 30- day prepayment period provided by law shall be payable in installments and the City shall issue improvement district bonds payable from such unpaid installments. The number of years said installments shall run, the dates of payment of the same and the rate of interest that the unpaid installments shall bear shall be as hereafter fixed by ordinance. Section 6. There is hereby created a fund of the City to be known as the "Local Improvement District NO.2 Fund" for the purpose of paying the cost of the Improvements provided for in this ordinance and into which there shall be paid all of the assessments collected in LID NO.2 as and when directed by the ordinance confirming the assessment roll. All moneys received from the sale of bonds, notes and warrants drawn on the LID NO.2 Fund shall be deposited into said Fund, and applied solely in payment of the costs and expenses of the Improvements. Section 7. Pending the issuance of local improvement district bonds, the City may, for the purpose of meeting any and all costs and expenses of constructing the Improvements for which funds are not otherwise available, as the same are installed prior to the sale of the bonds, issue interim financing warrants against the LID NO.2 Fund, or issue local improvement district bond anticipation notes pursuant to RCW Ch. 39.50, bearing interest at such rate or rates and with such terms as may hereafter be established by the Council by ordinance. Such interim warrants or notes, together with the interest due thereon to the date of delivery of the bonds, shall be redeemed and retired from the proceeds of the sale of local improvement district bonds or prepayments of assessments. Such warrants or notes shall be issued in an aggregate principal amount not in excess of the cost and expense of the Improvements. Section 8. It is the intent of the City to reimburse a portion of the costs of the improvements described in Section 1 with the proceeds of bonds to be issued by the City (the "Reimbursement Bonds") the interest on which is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended. The maximum principal amount of Reimbursement Bonds expected to be issued is $900,000. The expenditures with respect to which the City reasonably expects to be reimbursed from the proceeds of Reimbursement Bonds will be made from the LID No. 2 Fund. This declaration of official intention is made pursuant to Section 1.103-18 of the Income Tax Regulations promulgated by the U.S. Department of Treasury. Section 9. As authorized by RCW 35.43.250 and 35A.11.020, the City Council has determined to authorize a program providing for the deferral of collection Ordinance 847 Page 3 of 5 Ordinance 847 of assessments levied for the Improvements until a time previous to the dissolution of the LID for economically disadvantaged owners of property. The Council hereby establishes the following terms and criteria for participation in the deferral program for the LID (the "Deferral Program"). A. Eligibility. 1. The applicant for the deferral (the "Applicant") must own property within the LID or, in the alternative, be responsible for the payment of an assessment or assessments levied on one or more parcels within the LID (each a "Parcel") under the terms of a recorded contract of purchase, recorded mortgage, recorded deed of trust transaction or recorded lease under penalty of forfeiture, foreclosure or default as between vendor/vendee, mortgagor/mortgagee, grantor and trustor/trustee and grantee and beneficiary and lender, or lessor and lessee. 2. The Applicant must meet the qualifications set forth in paragraph (A)(1) above as of the date of passage of the ordinance confirming the final assessment roll for the LID; and 3. The Applicant must submit a written application (described in subsection (C) below) to the City Clerk for participation in the Deferral Program on or prior to the date of passage of the Ordinance confirming the final assessment roll for the LID. 4. The Applicant must have a disposable income (as head of the household) of no more than 1500/0 of the median income adjusted for family size as most recently determined by the federal department of housing and urban development for Thurston County. Amount of Deferral. The eligible Applicant may apply for the deferral of all payments (principal and interest) for up to 1000/0 of the total assessment levied on each Parcel within the LID. Application. The written application to the City Clerk shall include a sworn statement signed by all owners of the Parcel(s) to be included, with signatures notarized. The application shall verify and confirm that the Applicant meets all of the conditions set forth in Section 9A and shall specify the Deferral Amount requested as permitted in Section 9B. The written application shall include photocopies of all liens or encumbrances upon the Parcel(s) (which may be provided in the form of a title report with respect to the Parcel). Upon receipt of an application, the application shall be reviewed by the City Clerk who shall notify the Applicant within 30 days (from receipt of the application) if the application is incomplete or will not, for any reason, be approved for participation in the B. C. Page 4 of 5 Deferral Program. Upon approval of an application, the Applicant will be required to sign a deed of trust in the form provided by the City consenting to the conditions and terms of the Deferral Program. D. Administration of Deferral. The Deferral Amount (including all principal installments and interest accrued thereon) shall be due on payable on the first to occur of (i) the date of redemption of all outstanding bonds or debt issued to finance the improvements within the LID or (ii) the date of sale or other transfer (whether or not by operation of law) of the Parcel; provided that upon the death of the Applicant, if the Applicant is survived by a spouse, that spouse shall be allowed to continue the deferral until an event listed in (i) or (ii) of this subsection occur. Section 10. This ordinance shall be effective 5 days from and after the date of its final passage and publication as provided by law. PASSED by the Council of the City of Yelm, Washington this 14th day of June, 2006. Auth,efjticated: , /'/',.,''1'~/':~ \. P, ..~." , l, ~' ; '.', ( ,{ i, ",",' ,~/, ' N~ Jut. It Agn 'Bennick, City Clerk PUBLISHED: Nisqually Valley News, June 23, 2006 EFFECTIVE: June 28, 2006 Ordinance 847 Page 5 of 5