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Regular City Council Meeting
Ordinance 2nd Reading - Finance:
Consider Ordinance No. 2019-O0119, reviewing classifications for the methods of assessing special benefits for the services and improvements of property in the Valencia Public Improvement District (PID); approving, adopting, and filing with the City Secretary the assessment roll; levying 2019 assessments for the cost of certain services and improvements to be provided in the district during FY 2019-20; fixing charges and liens against the property in the district and against the owners thereof; and providing for the collection of the assessment.
The City Council is required to review the Service and Assessment Plan annually, hold a public hearing, and adopt an ordinance setting the assessment rate for the PID. The public hearing was held and the Ordinance was approved on first reading on August 27, 2019.
The attached ordinance reflects the proposed assessment rate of $0.15 per $100 valuation. This is an increase of $0.04, from $0.11 to $0.15. The park will be transferred to the Valencia PID in FY 2019-20 and the increase is necessary to fund the maintenance of the park and entryways in the PID. All property will be assessed for 2019.
The revised Service and Assessment Plan is included in the backup. Exhibit C to the ordinance is available for viewing in the City Secretary’s Office.
The assessments will go into a separate Valencia PID fund. The funds raised by the assessment will be used to provide maintenance for the public improvements in the District, as well as cover the cost of administering the PID. The projected assessment that will be collected for 2018 is $39,883.
D. Blu Kostelich, Chief Financial Officer
Valencia PID Advisory Board
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