403 Killion Rd LID
CITY OF YELM
RESOLUTION NO. 403
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF YELM, WASHINGTON, TO
ENTERTAIN A LOCAL IMPROVEMENT DISTRICT PETITION IN RE KILLION ROAD
EXTENSION.
WHEREAS, property owners have approached the City for a local improvement district to extend
Killion Road,
NOW THEREFORE, be it resolved by the City of Council of the City ofYelm, Washington:
The City ofYelm is prepared to entertain a petition for a local improvement district under
RCW 35.43.100 for the improvement of Killion Road, both north and south ofYelm Avenue, as
shown on Attachment I and II attached (project maps showing the areas north and south of Yelm
Avenue), based on the following conditions:
1. The owners of the property aggregating a majority of the property in question sign and
approve the petition.
2. Said owners agree to fund the preformation costs, including preparation of the petition, the
legal description for territorial extent of the proposed improvement, the benefit area, and basis
for allocation of costs. Such costs may be included in the local improvement district's costs
and reimbursed upon the approval of the local improvement district.
3. The proponents may provide private placement to finance the LID bonds through a
commitment letter from a recognized financial institution registered to do business in the State
of Washington in lieu of a public placement and the expense of a formal marketing of the LID
bonds.
4. The petition for local improvement district may call for the construction of all or any part of
the Killion Road. The City reserves the right to delete parties it considers unnecessary to the
project. The City considers Dragt/DeTray, Edwards, Ramirez, and Huddleston, et ale as
essential to the project.
5. At the time of submittal for approval of the petition, the petitioners shall stipulate that the
improvements add value to the owners' property in excess of the proposed assessment, and
the proposed allocation of assessment is roughly proportional to the benefits received, and that
they recognize that costs may exceed estimates and owners will remain responsible for the
assigned share of all costs incurred.
6. The City agrees that upon filing of the referenced petition, and dedication deeds from
Ramirez, Edwards, and Huddleston, as provided in the letter dated March 20, 2000 attached, the prerequisites for the Thurston Highlands Preliminary Master Plan are completed and the
Plan will be approved by the City.
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7. The City Administrator is authorized to enter into the prefonnation agreement attached and to
take such steps as necessary to implement this resolution.
Adopted this tliL day of ¿þi/i.é"
~
, 2000.
ATTEST:
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Kathrýn~~ ~~?r Mayor '
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Agf4s P. Bennick, City Clerk
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