Focus Area: Legal
Staff Contact: Ron Shaver, Kate Messer
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title:
title
Report on a petition requesting the creation of a street improvement benefit district to finance construction of Brougham Drive, 167th Street to 171st Terrace.
Body
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recommended motion:
Accept the report. A resolution approving the creation of the benefit district, authorizing the project, and authorizing the development agreement will be on the October 20th City Council agenda for consideration.
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Summary:
Olathe city staff have been working with Stonebridge Land & Cattle, LLC and 175 Partners, LLC to provide construction of a roadway, known as Brougham Drive, and related benefit district from 167th Street to 171st Terrace.
The project includes the construction of a city collector street at approximately 2,585 linear feet, 5 feet wide sidewalks both sides of the street, associated storm sewer, and 12 streetlights.
The total cost of the improvements is estimated at $2,741,573.92. Properties within the Improvement District will be assessed 100% of the cost of the improvements on a per square foot basis. The assessments levied against the property will pay debt service on the City’s general obligation bonds issued to finance the project. The term of the assessments will be 10 years, which is in compliance with the City’s Benefit District Policy.
2 parcels are included within the Improvement District. The Development Agreement between Land & Cattle, LLC and 175 Partners, LLC (Developer) and the City, provides that the Developer will construct the road and provide construction financing costs. Once the project is complete, the City will issue general obligation bonds to permanently finance the project.
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Financial Information:
The total cost is estimated at $2,741,573.92. The cost will be apportioned on a per square foot basis to the property owner(s).
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Attachment(s):
A: Benefit District Petition
B: Development Agreement
C: Draft Resolution
D: Proposed District Map