REPORT TO COUNCIL
SUBJECT
Title
Adoption of a Resolution of Intention for Parking Maintenance District 122 - Franklin Square
Report
BACKGROUND
Parking Maintenance District No. 122 was formed in 1965 to maintain parking lots, arcade, fountains, sidewalk, landscaping, irrigation, lights and utilities within Franklin Square, which is bounded by Benton Street, Homestead Road (formerly known as Liberty Street), Monroe Street, and Jackson Street. From 1965 - 2002, the cost of maintenance and operation of Parking Maintenance District No. 122 was divided between the City and property owners. In 2002, the City Council passed a motion at a public hearing, in which the City assumed all future costs for operation and maintenance. The property owners would contribute $14,200 annually to pay for capital repairs of the parking lot and associated walkways, minus the earned interest on the accumulating balance.
Adoption of the proposed resolution is the initial step necessary to set the annual budget for Parking Maintenance District No. 122. The approval process requires the preparation of a Director's Report (Attachment 1) explaining how assessments were prepared and based, publication and posting a Notice of Public Hearing (Attachment 2), and holding a public hearing on the annual assessments. Following approval of the subject Resolution of Intention (Attachment 3), each property owner will be sent a letter that contains the proposed FY 2018/19 assessment and details on a public hearing on June 12, 2018 to approve the assessments.
DISCUSSION
The FY 2018/19 assessment to property owners will be $12,021. Accrued interest earned in FY 2016/17 in the amount of $2,179 will be used to bring the contribution to $14,200. These funds are placed into an account that generates interest income and are used to pay for capital repair projects as needs arise.
The total proposed FY 2018/19 annual operating budget for Parking Maintenance District No. 122 is $355,542. This operatin...
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