Governing body approves Lawrence Bay CID to refinance future special assessments

The Topeka governing body voted 8-2 on April 8 to adopt an ordinance creating the Lawrence Bay Community Improvement District to refinance and extend payment of certain future special assessments.

Deputy Director of Planning and Development Rhiannon Freeman told the council that the CID will allow the future specials on 16 lots owned by Klossman-controlled entities and three city-owned lots to be ‘‘spread out over the course of 20 years’’ and that doing so will reduce the current monthly special-assessment amounts. Freeman said the plan reduces payments on developer-owned lots from roughly $300 per month to about $185 per month once issuance costs and interest are included.

The city’s presentation noted the CID will use assessment payments to pay interest and principal on bonds issued for the financing; the ordinance circulated at the meeting included the estimated assessment amounts…