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HomeMy WebLinkAbout1498d CITY OF KENT, WASHINGTON ORDINANCE AN ORDINANCE ordering the improvement of South 228th Street from the West Valley High- way to the East Valley Highway by construct- ing and installing asphaltic concrete pave- ment of a variable width from 44 to 58 feet with concrete curbs and gutters and drainage facilities, all in accordance with Resolution No. 585 of the City Council of the City of Kent, Washington; establishing Local Improve- ment District No. 255; providing the method of assessment in said District; providing that payment for said improvement be made in part by special assessments upon the property in said District, payable by the mode of "pay- ment by bonds"; and providing for the issu- ance and sale of local improvement district warrants redeemable in cash and local improve- ment district bonds. WHEREAS, by Resolution No. 585, adopted December 18, 1967, the City Council of the City of Kent declared its intention to order the improvement of South 228th Street from the West Valley Highway to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 44 to 58 feet with concrete curbs and gutters and drainage fa- cilities and fixed the 5th day of February, 1968, at 8:00 o'clock p.m. (PST) in the Council Chambers of the City Hall in the City of Kent, Washington, as the time and place for hearing all matters relating to said proposed improvement and all objections thereto and for determining the method of payment for said improvement; and WHEREAS, Hill, Ingman, Chase & Co., consulting engineers to the City, caused an estimate to be made of the cost and expenses of the proposed improvement and certified said estimate to the City Council, together with all papers and information in their posses- sion touching the proposed improvement, a description of the bound- aries of the District, a statement of what portion of the cost and expense of the improvement should be borne by the property within the proposed district, a statement in detail of the local improve- ment assessments outstanding or unpaid against the property in the proposed district, and a statement of the aggregate actual valu- ation of the real estate, including 25% of the actual valuation of the improvements in the proposed district, according to the valu- ation last placed upon it for the purpose of general taxation; and WHEREAS, said estimate is accompanied by a diagram of the proposed improvement showing thereon the lots, tracts, parcels of land, and other property which will be specially benefited by the proposed improvement, and the estimated amount of the cost and expense thereof to be borne by each lot, tract, and parcel of land or other property; and WHEREAS, due notice of the hearing upon said Resolution No. 585 was given in the manner provided by law and said hearing was held by the City Council on February 5, 1968, and duly continued until February 12, 1968, and again duly continued until February 19, 1968, and all written protests filed with the City Council on or before said dates were duly considered and overruled and all per- sons appearing at said hearing were heard; and WHEREAS, the City Council has determined it to be in the best interests of the City that said improvement as hereinafter des- cribed be carried out and that a local improvement district be cre- ated in connection therewith, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN as follows: Section 1. The improvement of South 228th Street from the West Valley Highway to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 44 to 58 feet with concrete curbs and gutters and drainage facilities in the City of Kent, Washington, is hereby ordered. All of the foregoing shall be in accordance with the plans and specifications therefor prepared by Hill, Ingman, Chase & Co., consulting engineers to the City. - 2 - Section 2. There is hereby created and established a local improvement district to be called "Local Improvement District No. 255 of the City of Kent, Washington," which District is des- cribed as follows: Beginning at the West 1/4 corner of Section 13, Township 22 North, Range 4 East, W.M., in King County, Washington; Thence Northerly along the west line of said Section 13 to the Northwest corner thereof; Thence Easterly along the north line of said Section 13 to the Northeast corner thereof; Thence Southerly along the east line of said Section 13 to its intersection with the easterly projection of the Northerly right-of- way line of PSH No. 5; Thence Westerly and Southwesterly along said easterly projection and the right-of-way line of said PSH No. 5 to its intersection with the south line of the North 575 feet of the SE 1/4 of the NE 1/4, said Section 13; Thence Westerly along said south line to its intersection with the easterly right-of-way line of the Northern Pacific Railway Company; Thence Southerly along said easterly right- of-way to its intersection with the said North- erly right-of-way line of PSH No. 5; Thence Southwesterly along said northerly line to its intersection with the East-West centerline of said Section 13 and Thence Westerly along said East-West centerline to the West 1/4 corner of said Sec- tion 13 and the point of beginning. Section 3. The estimated cost and expense of said im- provement is hereby declared to be $875,000.00. Not to exceed $87,500.00 of the cost and expense of said improvement shall be borne by and assessed against the property specially benefited by such improvement included in the local improvement district herein established embracing as near as may be all property specially benefited by such improvement. The balance of the cost and ex- pense of the improvement, estimated to be $787,500.00, shall be paid from urban arterial funds anticipated to be received from the State of Washington. - 3 - Section 4. The nature of the improvement provided for herein is such that the special benefits conferred upon the prop- erty in the local improvement district herein created are not fairly reflected by the use of the zone -and -termini method of assessment therefor, and it is hereby provided and ordered that the assessments shall be made against the property of the District in accordance with the special benefits it will derive from the improvement without regard to the zone -and -termini method provided by statute. Section 5. Local improvement district warrants shall be issued in payment of that portion of the cost and expense of the improvement herein ordered to be assessed, such warrants to be payable out of the "Local Improvement Fund, District No. 255," hereinafter created, to bear interest from the date thereof at a rate to be hereafter fixed by ordinance not to exceed 8% per annum and to be redeemed in cash, and/or by local improvement district bonds, herein authorized to be issued, said interest-bearing war- rants to be hereafter referred to as "revenue warrants." Such bonds shall bear interest at a rate to be hereafter fixed by ordin- ance not exceeding 8% per annum, shall be payable on or before twelve (12) years from the date of issuance, the life of the im- provement ordered being not less than twelve years, and shall be issued in exchange for and in redemption of any and all revenue warrants issued hereunder and not redeemed in cash within a period of not to exceed 60 days after the first publication by the City Treasurer of notice that the assessment roll for Local Improvement District No. 255 is in his hands for collection. The bonds shall be redeemed by the collection of special assessments to be levied and assessed upon the property within said District, payable in ten (10) equal annual installments, with interest at a rate to be hereafter fixed by ordinance not exceeding 8% per annum, under the mode of "payment by bonds," as defined by law and the ordin- ances of the City of Kent. In the case of default in the payment - 4 - of any assessment when the same shall become due, there shall be added interest at a rate to be hereafter fixed by ordinance not to exceed 8% per annum and a penalty of 6% which shall also be collected. The exact form, amount, date, interest rate and de- nominations of said warrants and bonds shall be hereafter fixed by ordinance of the City Council. Said warrants and bonds shall be sold in such manner as the City Council shall hereafter deter- mine. Section 6. All the work necessary to be done in con- nection with the making of said improvement shall be done by and made by contract upon competitive bids and the City shall have and reserves the right to reject any and all bids. The call for bids for work authorized pursuant to this ordinance shall include a statement that payment for said work will be made in cash war- rants drawn upon the "Local Improvement Fund, District No. 255." Section 7. There is hereby created and established in the office of the City Treasurer of the City of Kent, for Local Improvement District No. 255, a special fund to be known and designated as "Local Improvement Fund, District No. 255," into which fund shall be deposited the urban arterial funds anticipated to be received from the State of Washington for this project and the proceeds from the sale of revenue warrants drawn against the fund which may be issued and sold by the City and collections per- taining to assessments, and against which fund shall be issued cash warrants to the contractor or contractors in payment for the work to be done by them in connection with said improvement, and against which fund cash warrants shall be issued in payment of all other items of expense in connection with said improvement. - 5 - PASSED by the City Council and APPROVED by the Mayor of the City of Kent, Washington, at a regular meeting thereof, this 4th day of March, 1968. Mayor ATTEST: t Ci �er FORM APPROVED: City At orney Ms=