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Transportation Department recommending adoption of Resolution calling for a mailed ballot election to be set for July 15, 2008 for the establishment of a special tax to provide road improvement , maintenance services and drainage facility maintenance services for the Many Oaks Lane Zone of Benefit No. 98132 within County Service Area 9.
RECOMMENDED ACTION: Adopt Resolution 96-2008.
FUNDING: County Service Area 9.
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BUDGET SUMMARY:
Total Estimated Cost $750
Funding
Budgeted $750
New Funding $
Savings $
Other $
Total Funding Available $750
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
The estimated cost of the election is $750.00. All costs associated with the election will be funded from the Many Oaks Lane Zone of Benefit assessments or special tax.
A total of 97 parcels within the zone are currently assessed $125.00 annually, generating $12,125.00 in revenue to fund road improvement and maintenance services on 3.89 miles of roads within the zone. If the proposed measure is approved, the current benefit assessment will be replaced with a special tax, the amount of which will be implemented in phases; the special tax amount will be $225.00 per parcel for fiscal year 2008/2009, and adjusted to $300.00 per parcel for fiscal year 2009/2010 with annual adjustments thereafter tied to the Engineering News Report Construction Cost Index. The phased increase in the special tax is proposed to allow residents and property owners to plan for the increase. Application of the inflation index will allow for subsequent annual increases to the special tax to keep pace with increases on construction costs.
If approved, the special tax will result in annual revenue of $ 21,825.00 in 2008/2009 an increase of $9,700.00 over the current assessment, and annual revenue of $29,100.00 in 2009/2010, an increase of $16,975.00 over the current assessment.
Reason for Recommendat...
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