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Public meeting on West Street assessment district highlights costs, ballot timeline and bond options
Summary
At a public meeting, the city outlined updated costs and municipal bond sale options for the West Street Underground Utility Assessment District and said ballots will be mailed to property owners ahead of the September public tally; council asked for extra review of any city internal bond purchase option.
Laguna Beach held a public meeting on July 22 to inform property owners about the West Street Underground Utility Assessment District, updated construction and financing figures and next steps for ballots and municipal bonds.
Capital program manager Pierre Sawaya told the Council that Southern California Edison (SCE) revised its construction estimate down by roughly $800,000 after a competitive contracting process; combined with revised bond financing assumptions, staff reported roughly $1.0 million in project savings since May 20. That change reduced estimated individual assessments on some parcels by about 15–20% from earlier projections.
Staff also summarized three bond-purchase options for the district’s estimated $4–5 million borrowing need: a…
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