Explanation
1. BACKGROUND
This resolution declares the necessity of constructing streetscape improvements and levying special assessments on the properties constituting the Short North Special Improvement District (the “District”) in order to fund a portion of the acquisition, construction, installation, equipping, or improvement of the right-of-way along North High Street from 54’ north of West Starr Avenue to 57’ south of King Avenue/7th Avenue (the “Project”), which is the third phase of the Short North Streetscape Improvements that will improve North High Street from Convention Center Way to 7th Avenue (the “Short North Streetscape”).
The Short North Streetscape Improvements are being undertaken in three phases. This Project constitutes Phase 3.
The owners of certain parcels comprising at least 60% of the front footage within the District submitted a Petition (see attached Appendix A) to the City agreeing to assess themselves to pay for a portion of the costs of the Short North Streetscape. The total special assessment for the Short North Streetscape will be $4,100,000.00 and will be collected over 20 years in 40 consecutive semi-annual installments.
The Special Assessments shall be calculated as of each Determination Date and allocated to each Benefitted Parcel in the District based on the Apportionment Formula, which apportions the Special Assessments among the Assessed Parcels based on the special benefits to be received by each such Assessed Parcel. The Apportionment Formula determines the proportional benefit for each Benefitted Parcel to be (a) one-half of the product of (b) the District Assessment, multiplied by (c) the Assessment Multiplier (see attached Appendix B). The Special Assessments shall be assessed in phases and only with respect to each Benefitted Parcel, and no Special Assessments shall be assessed with respect to any Assessed Parcel prior to the Completion of the phase in which such Assessed Parcel is located or as soon thereafter...
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