HomeMy WebLinkAboutAGENDA REPORT 1993 0317 CC REG ITEM 08DITEM (91, "D •
AGENDA REPORT
C I T Y O F MOORPARK
TO: The Honorable City Council #—
FROM: Kenneth C. Gilbert, Director of Public Works
DATE: March 8, 1993 (City Council Meeting 3- 17 -93)
SUBJECT: Consider Budget Amendment to Fund City Participation in
Assessment District 92 -1 Improvements.
DISCUSSION
A. Improvement Costs
On February 17, 1993, the City Council approved the formation
of Assessment District 92 -1 to fund the construction of
certain improvements in the vicinity of Los Angeles Avenue and
Park Lane. The Engineer's Report for the district states that
a portion ($417,005.81) of the estimated cost of improvements
are to be paid be the City.
B. Loan
On March 3, 1993, the City Council adopted an Ordinance
authorizing a City contribution to the project in the form of
loans to certain properties to allow for the deferment of the
assessments on those properties. It is anticipated that the
actual amount of the assessment and loan will be less than the
amount set forth in the Engineer's Report. The maximum amount
of those assessments are as follows:
Property Owner
Birkenshaw
Gisler
Iskan- Liberty
Ojena
Fitch
Gilbert
Total
FOR ?ARK, CALIF07 MA
C,.y Council Meeting
c'_ U1 199.3
FACTION: d.
ad92_6 L'y
Maximum
Assessments (S)
218,362.07
200,035.47
252,071.47
70,616.42
31,887.29
29.178.09
802,150.81
I r
Assessment District 92 -1
City Participation
Page 2
C. Total City Participation
The total amount of L.A. AOC funds required to fund the above
described obligations are as follows:
Description
• AOC participation in the cost
of improvements
• Maximum amount of Loans for
Deferred Assessments
TO 6
Amount ($)
417,005.81
802,150.81
Total 1,219,156.62
Staff recommends that the City Council appropriate $1,220,000.00
from the L. A. AOC fund for participation in Assessment District
92 -1 improvements and assessment advances.
ad92 6