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Council begins process for 2025B GO bonds, sets public hearing for special assessments
Summary
Council approved the statement of final cost and set an Aug. 26 public hearing to assess properties for several subdivisions under the proposed 2025B general obligation bond package; staff said total project costs for assessed subdivisions are about $7.9 million.
The Derby City Council on July 22 authorized staff to publish notice and set a public hearing for Aug. 26 as the first step in issuing the 2025B general obligation bond package, which includes special-assessment financing for several subdivisions.
Finance Director Megan Pater told council that infrastructure for Hendricks Addition, Meadowlark Landing Phase 1, Sterling East Phase 1 and Oak Forest second and third editions is complete or nearing completion and ready for financing. She said "The project cost for these subdivisions total approximately 7,900,000." Pater said most debt service will be paid by benefiting property owners, but the city will pay about 7% of Sterling East paving costs and 32% of Sterling East water main costs, which she said equals approximately $257,000 of city responsibility.
Pater asked council to approve the statement of final cost and assessment roll and to set Aug. 26 for the public hearing; she said property owners will be mailed individual notices at least 10 days before the hearing and that owners can prepay proposed assessments by noon Sept. 23 to avoid financing interest. Council moved and approved the action 6-0.
Council members noted two of the subdivisions were infill duplex developments and asked staff clarifying questions about the city’s occasional practice of upsizing mains for capacity, which had been carried to Sterling East.
