Approve Local Improvement Billing Rates 2022

Motion 10 · Council Meeting, March 7, 2023

On Consent

Summary

The City is seeking to establish billing rates for two local improvement projects completed in 2022: one lane paving project and one lane lighting project.
For the lane paving project, 37 properties will be billed a total of $147,507.49 at a rate of $111.25 per foot of frontage; for the lane lighting project, 10 properties will be billed $3,581.15 at $5.77 per foot.
Property owners can pay their share interest-free by April 6, 2023; unpaid amounts will be added to property taxes and amortized over 15 years (paving) or 5 years (lighting).
Actual project costs came in under the original estimates due to material savings, construction efficiency, and conservative initial estimates.
Total recovery from property owners across both projects amounts to $151,088.64.
Staff recommend approval of the billing rates as the final formal step in the local improvement process, with Legal Services directed to prepare the necessary debenture by-laws.