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HomeMy WebLinkAbout3496ORDINANCE NO. 3q9(a AN ORDINANCE ordering and confirming the construction of a new five lane arterial extending from Auburn Way North (East Valley Highway) eastward up the hill to Kent Kangley Road at 116' Avenue, all in accordance with Resolution No. 1558 of the City Council; establishing Local Improvement District No. 351 and ordering the carrying out of the proposed improvement; providing that payment for the improvement be made in part by special assessments upon the property in the District, payable by the mode of "payment by bonds"; and providing for the issuance and sale of local improvement district warrants redeemable in cash or other short-term financing and local improvement district bonds, and for interfund loans. WHEREAS, by Resolution No. 1558 adopted November 15, 1999, the Council declared its intention to order the construction of a new five lane arterial exten from Auburn Way North (East Valley Highway) eastward up the hill to Kent Kangley F at 116' Avenue and related improvements, and fixed December 13, 1999, at 7:00 p.m., ] time, in the Council Chambers of the City Hall as the time and place for hearing all ma relating to the proposed improvement and all comments thereon and objections thereto for determining the method of payment for the improvement; and WHEREAS, the City's Director of Public Works caused an estimate to made of the cost and expense of the proposed improvement and certified that estimate to City Council, together with all papers and information in his possession touching proposed improvement, a description of the boundaries of the proposed local improverr district and a statement of what portion of the cost and expense of the improvement sho Establish Formation of LID 351 be bome by the property within the proposed district; and WHEREAS, that estimate is accompanied by a diagram of the improvement showing thereon the lots, tracts, parcels of land, and other property which be specially benefited by the proposed improvement and the estimated cost and thereof to be borne by each lot, tract and parcel of land or other property; and WHEREAS, due notice of the above hearing was given in the provided by law, and the hearing was held by the City Council Public Works Committee the date and at the time above mentioned, and having considered any objections to proposed improvement and all persons appearing at such hearing and wishing to be he; were heard; and WHEREAS, the City Council has determined it to be in the best interests the City that the improvement as hereinafter described be carried out and that a improvement district be created in connection therewith; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DOES as follows: SECTION 1. The City Council of the City of Kent, Washington "City"), orders and confirms the construction of a new five lane arterial extending Auburn Way North (East Valley Highway) eastward up the hill to Kent Kangley Road 116'h Avenue and related improvements, as more fully described in Exhibit A attach hereto and by this reference incorporated herein. All of the foregoing shall be in accordance with the plans and therefor prepared by the Director of Public Works of the City, and may be modified by City Council as long as such modification does not affect the purpose of the improvement. 2 Establish Formation of LID 351 SECTIONZ There is created and established a local improvement to be called Local Improvement District No. 351 of the City of Kent, Washington "District'), the boundaries or territorial extent of the District being more particu described in Exhibit B attached hereto and by this reference incorporated herein. SECTION 3. The total estimated cost and expense of the improvement declared to be $30,000,000, and approximately $22,500,000 of that cost and expense sl be paid by the City and the balance thereof (approximately $7,500,000) shall be borne and assessed against the property specially benefited by such improvement included in District which embraces as nearly as practicable all property specially benefited by st improvement. SECTION 4. In accordance with the provisions of RCW 35.44.047, City may use any method or combination of methods to compute assessments which be deemed to more fairly reflect the special benefits to the properties being assessed the statutory method of assessing the properties. SECTION 5. Local improvement district warrants may be issued payment of the cost and expense of the improvement herein ordered to be assessed, su warrants to be paid out of the Local Improvement Fund, District No. 351, hereinaf created and referred to as the Local Improvement Fund, and, until the bonds referred to this section are issued and delivered to the purchaser thereof, to bear interest from the d thereof at a rate to be established hereafter by the Finance Division Director of the City, issuing officer, and to be redeemed in cash and/or by local improvement district bon herein authorized to be issued, such interest-bearing warrants to be hereafter referred to "revenue warrants." In the alternative, the City hereafter may provide by ordinance for t issuance of other short-term obligations pursuant to chapter 39.50 RCW. If the City shall authorize expenditures to be made for such (other than for any cost or expense expected to be borne by the City) prior to the date that Establish Formation of LID 351 short-term obligations or local improvement district bonds are issued to finance improvement, from proceeds of interfund loans or lines of credit (hereinafter loans") or other funds that are not, and are not reasonably expected to be, reserved, on a long-term basis or otherwise set aside to pay the cost of the improvement herein to be assessed against the property specially benefited thereby, the City declares its intent that those expenditures, to the extent not reimbursed with prepaid special assessments, are to be reimbursed from proceeds of short-term obligations or improvement district bonds that are expected to be issued for the improvement in a amount not exceeding $7,500,000. The City is authorized to issue local improvement district bonds for District which shall bear interest at a rate and be payable on or before a date to be fixed by ordinance. The bonds shall be issued in exchange for and/or in redemption and all revenue warrants issued hereunder or other short-term obligations hereafter including the interfund loans authorized by Section 6, and not redeemed in cash within days after the expiration of the thirty -day period for the cash payment without interest assessments on the assessment roll for the District. The bonds shall be paid and redeemed the collection of special assessments to be levied and assessed against the property within District, payable in annual installments, with interest at a rate to be hereafter fixed ordinance under the mode of "payment by bonds," as defined by law and the ordinances the City. The exact form, amount, date, interest rate and denominations of such hereafter shall be fixed by ordinance of the City Council. Such bonds shall be sold in manner as the City Council hereafter shall determine. SECTION 6. For the purpose of paying all or a part of the costs of out the improvements within the District pending the receipt of the proceeds of the and sale of the bonds or short-term obligations referred to in Section 5, interfund loans the Street Capital Projects Fund to the Local Improvement Fund in the maximum amount of not to exceed $7,500,000 are authorized and approved, those loans to be on or before the issuance of such bonds or obligations from the proceeds thereof. Each El Establish Formation of LID 351 the interfund loans shall bear interest at a variable rate, adjusted the 15th and last day each month, equal to the interest rate of the State of Washington Local Governm( Investment Pool on the 15th and last day of each month. The initial interest rate on the d of each interfund loan shall be determined as of the last preceding interest paym( adjustment date. SECTION 7. In all cases where the work necessary to be done connection with the making of such improvement is carried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids), the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the Local Improvement Fund. SECTION 8. The Local Improvement Fund for the District is created and established in the office of the Finance Division Director of the City. The proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which may be issued and sold by the City and the collections of special assessments, interest and penalties thereon shall be deposited in the Local Improvement Fund. Cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement and cash warrants in payment for all other items of expense in connection with the improvement, including but not limited to, funding the LID bond guaranty as authorized by law, shall be issued against the Local Improvement Fund. SECTION 9. Within 15 days of the passage of this ordinance there be filed with the Finance Division Director of the City the title of the improvement District number, a copy of the diagram or print showing the boundaries of the District the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts parcels of land that will be specially benefited thereby and the estimated cost and exp of such improvement to be borne by each lot, tract or parcel of land. The Finance Divi Director immediately shall post the proposed assessment roll upon her index of 1 5 Establish Formation of LID 351 improvement assessments against the properties affected by the local improvement. SECTION 10. This ordinance shall take effect and be in force five (5) from and after its passage and five (5) days following its publication as required by law. ATTEST: BRENDA JACOBE, C Y CLERK APPROVED AS TO FORM: a PASSED the -L�- day of &C- , 1999. APPROVED the / 4 day of AIX— , 1999. PUBLISHED the /7 day of / 2 , 1999. I hereby certify that this is a true and correct copy of Ordinance No�q% passed by the City Council of the City of Kent, Washington, and approved by the of the City of Kent as hereon indicated. GL.La--fit'it- BRENDA JAC E , CITY CLERK P\Civil\Ormnance\LID35Ldoc - 6 Establish Formation of LID 351 EXHIBIT `A' L.I.D. 351 S.277 th Street Corridor Auburn Way to Kent-Kangley Road The project consists of a new five lane arterial which extends from Auburn Way North (East Valley Highway) eastward up the hill to Kent Kangley Road at 116th Avenue. The project consists of a new bridge crossing over the Green River and a 108th Avenue S.E. bridge overpass. The five lanes of the project include three climbing lanes on the hillside portion and two descending lanes. Once the arterial reaches the plateau, the roadway shifts to two lanes in each direction plus a two way left turn lane in the center. The project includes street lights along the majority of the project as well as sidewalks on both sides of the arterial, and a bike path from 108th Avenue to the Green River Road area. The bike path will follow a separate route up the hill and will have a separate bridge that has already been constructed. The project also provides a connection to 108th Avenue SE via two off/on ramps at the 1081h Avenue bridge overpass. The work includes a new storm drainage system and landscaping. EXHIBIT `B' L.I.D. 351 South 277th Street Corridor Auburn Way to Kent Kangley Road Those properties within the City of Kent subject to a recorded 277"' Street Corridor Environmental Mitigation Agreement lying within the boundaries or territorial extent of Local Improvement District 351. The boundaries or territorial extent of Local Improvement District 351 lie generally South of S. 196`h Street, as extended to the City's east and west territorial boundaries, east of the Interstate 5 Corridor, north of the City's southern territorial limits, and west of the City's eastern territorial limits.