Title 07 Finance
Chapter 07.05 Local Improvements
Article II. Improvements at Substantial Risk
Section 07.05.025 Determining Security for Assessments
Prior to the formation of a local improvement district for a substantial risk project, the city manager will cause City staff, in cooperation with the City’s fiscal advisor, to review the proposed improvement and report to the city council on the following criteria relating to the amount of security recommended to guarantee the payment of assessments:
- Strength of current financial statement of the proponent(s).
- Degree of liquidity potential of the proponent(s).
- Size and type of proposed local improvement district, including the extent of property in the district owned by the proponent(s).
- General market conditions for the class of real estate development proposed by the proponent(s).
- Status of the City’s local improvement district guaranty fund at the time of the proposed formation of the local improvement district.
- Proposed location of local improvement district relating to its consistency with sound growth management principles.
- Number of property owners involved.
- Potential marketability of the local improvement district bonds.
- Degree of equity investment in the proposed local improvement district.
- The total number of local improvement district projects proposed by the principal proponent(s) and the total of the costs for all projects proposed in the district.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1
