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AGENDA ITEM # 14.2 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: August 3, 2004 <br /> Subject: Industrial Park Improvement Project 10 lots <br /> versus 11 lots. <br /> Report: The City will be assessing 11 lots for the <br /> Industrial Park Improvement. 4 of the lots are privately <br /> owned and the remaining 7 are owned by the City. The <br /> City's assessments are actually deferred until time of lot <br /> sales. Also included in the scenario are 3 City lots that <br /> already have utilities to the lots, but the money from the lot <br /> sales are included in the financial projection for paying the <br /> bonds. <br /> If the City receives assessments from the 4 private lots, in <br /> order to make the project cash flow, we will need to sell 7 <br /> of the City's 10 lots in a 10 year period. If the assessments <br /> drop from 4 to 3 private lots, we will need to sell 8 of the <br /> City's 10 lots in 10 years. <br /> If the City does not sell the lots as required by the financial <br /> schedule, the City would have to levy for the amount <br />