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    6. 9.    
Regular City Council Meeting
Meeting Date: 09/10/2019  

Information
Agenda Item
Ordinance 1st Reading - Finance: Consider the twelfth Supplemental Ordinance updating the Vintage Township Public Improvement District Service and Assessment Plan and Assessment Roll.
Item Summary
On June 26, 2007 (second reading), the City Council approved Ordinance No. 2007-00058 which approved a Service and Assessment Plan and Assessment Roll for Vintage Township PID.  Supplemental Ordinances reviewing and updating the Plan and levying the assessment on property within the PID were passed September 11, 2008, September 24, 2009, September 27, 2010, September 27, 2011, September 27, 2012, September 26, 2013, September 4, 2014, September 10, 2015, September 8, 2016, September 14, 2017, and September 27, 2018. 
 
On April 24, 2008, the Vintage Township Public Facilities Corporation and the City Council authorized the issuance of PID bonds, payable from assessments on the property within the PID, to provide financing for public improvements within the PID.  The PID statute and the Assessment Ordinance require that the City Council annually review and update the Service and Assessment Plan and the Assessment Roll.  Since the PID assessments were levied on June 26, 2007, after a public hearing and public notice (and now secure the bonds), it is not necessary to provide new notice or a public hearing relating to the Service Plan Update.  As contemplated by the Assessment Ordinance, the Service Plan Update will conform the original Assessment Roll to the principal and interest payment schedule required for the bonds.  In addition, the Service Plan Update updates the Assessment Roll to reflect prepayments, property divisions and changes to the budget allocation for PID improvements that occur during the year, if any.
Fiscal Impact
The bonds are not payable from City funds so there will be no fiscal impact to the City.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer

Attachments
Ordinance

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