City of Columbus - File #: 1709-2006

• File #: 1709-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/26/2006
• In control: Public Service & Transportation Committee
• On agenda: 10/16/2006
• Final action: 10/18/2006
• Title: To amend Section 2 within Ordinance 1411-2006 that authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division to change the interest rate germane to the assessment from 4.850 percent to 3.925 percent and to declare an emergency. ($-0-)

Date	Ver.	Action By	Action	Result
10/18/2006	1	MAYOR	Signed
10/18/2006	1	ACTING CITY CLERK	Attest
10/16/2006	1	Columbus City Council	Approved	Pass
10/16/2006	1	COUNCIL PRESIDENT	Signed
9/29/2006	1	SERVICE DIRECTOR	Reviewed and Approved
9/29/2006	1	CITY AUDITOR	Reviewed and Approved
9/29/2006	1	CITY AUDITOR	Reviewed and Approved
9/29/2006	1	SERVICE DIRECTOR	Reviewed and Approved
9/29/2006	1	CITY ATTORNEY	Reviewed and Approved
9/29/2006	1	SERVICE DIRECTOR	Sent to Clerk's Office for Council
9/28/2006	1	Finance Reviewer	Reviewed and Approved
9/28/2006	1	Finance Reviewer	Reviewed and Approved
9/28/2006	1	FINANCE DIRECTOR	Reviewed and Approved
9/27/2006	1	Service Reviewer	Reviewed and Approved
9/27/2006	1	SERVICE DIRECTOR	Reviewed and Approved
9/26/2006	1	Service Drafter	Sent for Approval

Explanation
Ordinance 1411-2006 passed by City Council July 31, 2006 authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division and declared an emergency. This ordinance established the terms and conditions by which affected property owners can elect to pay the total amount of their portion of the assessment in a lump sum or allow the amount assessed to be added to their property tax billing over a ten-year period with interest charged at a rate established by the City Auditor and memorialize by ordinance.

The preliminary interest incorporated into Ordinance 1411-2006 was 4.850 percent. The final interest rate is 3.925 percent. This legislation revises Ordinance 1141-2006 to reflect the final interest rate.

Fiscal Impact: None.

Emergency action is requested in order that the assessment process can be completed expeditiously and reflect the final interest rate.



Title
To amend Section 2 within Ordinance 1411-2006 that authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division to change the interest rate germane to the assessment from 4.850 percent to 3.925 percent and to declare an emergency. ($-0-)



Body
WHEREAS, Ordinance 1411-2006 passed by City Council July 31, 2006 authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division and declared an emergency; and

WHEREAS, this ordinance established the terms and conditions by which affected property owners can elect to pay the total amount of th...