Agenda - Council - 10/27/2009 - Laserfiche WebLink

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CASE #: REQUEST FOR DIVISION OF REMAINING ASSESSMENT BALANCE FOR IMPROVEMENT PROJECT #05 -23 BETWEEN TWO OF THREE LOTS OF EBONY WOODS; CASE OF TIM HOLM By: Tim. Gladhill, Associate Planner Background: On June 17, 2008, City Council granted final plat approval to Ebony Woods and approved the Development Agreement. The plat consists of three single - family units on the property located on the east side of Ebony Street N.W., just south of the Superbowl facility. Notification: No public hearing is required. Observations: In 2005, a street improvement project (IP #05 -23) was approved for a sanitary sewer and Ebony Street. The Subject Property was issued an assessment in the amount of $43,052.00. To date, the Applicant has paid a total of $17,220.80 of the total assessment of $43,052.00, with a remaining balance of $25,831.20, Park of the assessment was for two connections to the sanitary sewer and water trunk lines, per the request of the Applicant for future development purposes. It should be noted that Lots 1 and 2 have lateral sanitary sewer and water services stubbed to the parcels, per the request of the Applicant. Lot 3 does not have the benefit of a lateral service installed to date, as required by the final plat, and therefore was not part of the original assessment. Upon recording of the Ebony Woods plat, the remaining assessment balance needs to be divided in some manner between the three lots created. The City's policy has been to divide the assessment balance between the newly created lots based on lot size, giving each lot its pro -rata share of the original assessment. The Applicant has requested that the remaining assessment balance be divided between Lots 1 and 2. The Applicant is requesting that none of the remaining assessment balance be attributed to Lot 3, thus allowing transfer based on a proposed sale price by a potential buyer. All three lots would essentially be the same size,.should the plat be recorded. The Applicant has stated that a potential sale of one of the three lots is pending. The Applicant has further stated that the sale of this lot is needed in order to produce the capital to pay for development fees before the plat can be recorded. The Applicant has until June 17, 2010 to record the plat. There is some risk involved with the proposal in that the price of Lots 1 and 2 rise due to the fact that these two lots absorb more of the overall cost which would not be attributed equally to Lot 3, Staff feels the City is protected in collecting the remaining assessment balance, should the request be approved. Approximately 40% of the original assessment has been paid to date. The Applicant will continue to pay the assessment balance as prescribed in the original assessment. Should either Lot 1 or Lot 2 be sold, the remaining assessment balance on that lot will need to be paid in full.