HomeMy WebLinkAbout02_LID 50 Notice of Intent to Create Mailed Notice and PublicationNOTICE OF HEARING ON CREATION OF
LOCAL IMPROVEMENT DISTRICT NUMBER 50
CITY OF REXBURG, IDAHO
NOTICE IS HEREBY GIVEN that Wednesday, the 6th day of January, 2021, at the hour of seven p.m. (7:00 pm), at the Rexburg City Hall, 35 N 1st E, Rexburg, Idaho, has been fixed, pursuant
to Resolution No. 2020-26, as the time and place for public hearing at which the owners of property to be assessed within proposed Local Improvement District No. 50, ("L.I.D. No. 50")
may appear before the City Council (the "Council") of the City of Rexburg, (the "City") and be heard as to the propriety and advisability of creating L.I.D. No. 50 and acquiring and
constructing the Improvements, as hereinafter described, and as the time and place when and where the Council will consider the creating of the proposed L.I.D. No. 50 and the acquisition
and construction of the proposed improvements, and hear all complaints, protests, and objections which may be made in writing and filed with the City Clerk on or before said time by
any owner of any parcel of land to be assessed.
Your particular property to be assessed for the costs of the improvements benefiting it within the proposed L.I.D. No. 50 is within the city limits and is described below as "Address:".
A general description of the improvements to be constructed (the "Improvements") is as follows: the installation and/or replacement of streets, curbs, gutters, sidewalks, driveway
approaches, water lines, sanitary sewer lines, storm sewer lines, retaining walls and other improvements as necessary, together with related improvements and costs of engineering, legal
services, publication, interest on borrowed funds during construction, bond issuance costs and reserves, and other related expenses.
The estimated total cost of the Improvements is approximately $3,662,200. Approximately $2,085,300 will be paid by the City, representing the amount of benefit to the general public
resulting from the improvements. The balance of the cost will be paid by a levy of special assessments on the properties benefited, calculated according to a front foot method or a
square foot method, or in proportion to the benefits derived to such property by said improvements, or a combination thereof, subject to any variations there from to be determined by
the Council.
The estimated amount to be assessed against your property is listed below as "Estimated Costs:", and the final costs and financing of these costs will be made available upon completion
of the Improvements.
Written protests and objections to the creation of L.I.D. No. 50 or to the manner of assessment or inclusion of property therein may be filed with the City Clerk at or before four
o'clock P.M. (4 pm) on Tuesday, the 5th day of January, 2021, by any owner of any parcel of land to be assessed. At the time of creation of the L.I.D., a document will be recorded
with Madison County showing a possible future debt against the property.
In the event that L.I.D. 50 is created by the City Council, once the construction is done and the final assessments are set forth in the Final Assessment Roll, the owner of any
piece of property liable for any assessment may redeem their property from such liability by paying the entire assessment chargeable against that property within 30 days of written
notification. If the property owner wishes to not pay the assessment in full, the assessment will become a lien on the property and will be payable over ten (10) years in substantially
equal annual installments of principal. Additionally, interest will be due on the balance owing at a rate as set forth in the Final Assessment Roll Hearing. A property owner may also
choose to make payments monthly on their utility bill instead of annually. The first year estimated monthly payment amount is $123.09. The monthly payment amount will decrease as the
principle outstanding decreases with each annual LID invoice.
The boundaries of the L.I.D 50 encompass the real property within Rexburg city limits, located primarily along Park Street between Seagull Drive and 5th West, 2nd North between
2nd West and Center Street, Main Street between 2nd East and Ash Avenue/4th East and, 4th South/Yellowstone between 7th South and 4th West. To see the list of specific properties included
on this project, please visit the office of the Rexburg City Clerk located at 35 North 1st East in Rexburg. For more information on LID’s visit our website at https://www.rexburg.org/finance/page/l
id.
DATED this 18th day of December, 2020
CITY OF REXBURG
Madison County, Idaho
Item Number: 08 Joel Gray, Engineer Noah Phethean, Finance
Name: Steven Christensen 208-372-2331 208-372-2136
Estimated Costs: $8735.39 joelg@rexburg.org noah.phethean@rexburg.org
Address: 586 W Park St, Rexburg ID 83440 PO Box 280 PO Box 280
Questions about this assessment should be directed to: Rexburg, ID 83440 Rexburg, ID 83440