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HomeMy WebLinkAboutOrdinance 9478ORDINANCE N0.-~, ORDINANCE CLOSING HEARING AND LEVYING ASSESSMENTS FOR PART OF THE COST OF IMPROVING A PORTION OF_ . ._ HANDLEY-EDERVILLE ROAD ._^ , AND PORTIONS OF SUNDRY OTHER STREETS, AVENUES AND PUBLIC PLACES IN THE CITY OF FORT WORTH, TEXAS: FIXING CHARGES AND LIENS AGAINST ABUTTING PROPERTY THEREON, AND AGAINST THE OWNERS THEREOF: PROVIDING FOR THE COLLECTION OF SUCH ASSESSMENTS AND THE ISSUANCE OF ASSIGNABLE CERTIFI- CATES IN EVIDENCE THEREOF: RESERVING UNTO THE CITY COUNCIL THE RIGHT TO ALLOW CREDITS REDUCING THE AMOUNT OF THE RESPECTIVE ASSESSMENT TO THE EXTENT OF ANY CREDIT GRANTED: DIRECTING THE CITY SECRETARY 7'0 EN- GR09S AND ENROLL THIS ORDINANCE BY COPYING THE CAPTION OF SAME IN THE MINUTES OF THE CITY COUNCIL OF FORT WORTH, AND BY FILING THE ORDINANCE IN THE ORDINANCE RECORDS OF SAID CITY: AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Fort Worth, Texas, has heretofore ordered that each of the hereinafter described portions of streets, avenues and public .places in the City of Fort Worth, Texas, be improved by raising, grading, or filling same and by constructing thereon to-wit HANDLEY-EDERVILLE ROAD From Midway Road to twenty-feet south of Jack ` Newell Boulevard South., known and designated as Project No. 30-03668$-00, a seven-inch thick reinforced concrete pavement with aseven-inch high attached concrete curb on a six-inch thick cement modified subgrade, so that the finished roadway will be sixty-feet wide. Six-inch thick concrete driveway approaches will be constructed where required and seven-inch thick reinforced concrete curb opeinings at private street intersections. and said hearing was continued to the present time in order to more fully accomplish the purposes thereof, and all desiring to be heard were given full and fair opportunity to be heard and the City Council of the City having 1'ull~ considered all proper matter, is of the opinion that the said hearing should be closed and assessments should be made and levied as herein ordered BE IT ORDAINED BY THE ('ITY COLTN('IL OF THE CITY OF FORT WORTH, TF:XA~, 'THAT I. Said hearing be iUrd the sanle 1S hereby, closed and the said protest and ob•jertions, and an,y and all other protests and ob,jecl.ions, whether herein enumerated or or not, be and the same ~rre hereby, overruled. II. The City Council from the evidence, finds that the assessments herein levied should be made and levied against the respective barrels of property abutting upon tike said portions of streets, avenues and public places and against the owners of such property, and that such assessments <md c•harges are right and proper and are substantially in proportion to the benefits to the respective parcels of property by mums of the improvements in the unit for which such assessments are levied and establish substantial ,{ustice and equality and uniformity between the respective owners ot• the respective properties, ~lnd between all parties concerned, consider°ing the benefits received and burdens imposed, and further finds that in each case the abutting property assessed is specially benefited rn enhanced value to the card property b~ means of the said improvements in the unit upon which the particular property abuts and for ~hic•h assessmer?t is levied and charge made, in a sum in excess of the card assessment and charge made against the same b~ this ordinance, and further finds that the apportion- ment of the cost of the improvements is in acc•ordanc•e ~~ith the law in force rn this City, and the proceedings of the ('it.~ heretofore had ~t ith reference to said rmpro~ :~nrents, and is in all resl.?erts valid and regular III 'There shall be, and is hereby lei red and assessed against the parcels of property herein below mentioned, and against the real and true owners thereof (~ti Nether such o~ Hers be corrertl~ named herein or not) the sums of money itemired below ol.rposrte the dese ription of• the respec tip e p<u•cels of• property and the several amounts assessed against the same and the owners thereof as far as such owners ar•e Irnown being as follows The above, together with combined concrete curbs and gutter on proper grade and line where same are not already so constructed, together with storm drains and other necessary incidentals and appurtenances , all of said improve- ments are to be so constructed as and where shown on the plans and in strict accordance with the Plans and Specifications therefor and contract has been made and entered into with Newell/Ebv Joint Venture for the making and construction of such improvements on the above said portion of streets, avenues and public places. WHEREAS, estimates of the cost of the improvements of each such portion of streets, avenues and public places were prepared and filed and approved and adopted by the City Council of the City, and a time and place was fixed for a hearing and the proper notice of the time, place and purpose of said hearing was given and said hearing was had and held at the time and place fixed therefor, to-wit, on the 5th day of 5e~tember 19 85 ~ 7:30 P.M. , in the Council Chamber in the City Hall in the City of Fort Worth, Texas, and at such hearing the following protests and objections were made, to-wit ted that that ted that ___, _____protested that protested that _ ___._. ____-__ -~-._-__-_____ _protested that -- ----- ------- -- -- --- - --- - -- --protested that - - -- -- ------- - - - __ - -- ---- ----- ------protested that __._ __--__protested that -___-- ~ -.---_---- .-----_._---_.-_-- __--protested that IV . Where more than one person, firm or corporation owns an interest in any property above described, each said person, firm or corporation shall be personally liable only for its, her or his pro rata of the total assessment against such property in propor- tion as its, his or her respective interest bears to the total ownership of such pro- perty, and its, his or respective interest in .such property may be released from the assessment lien upon payment of such proportionate sum. V. The several sums above mentioned and assessed against the said parcels of pro- perty, and the owners thereof, and interest thereon at the rate of eight percent (8%) per annum, together with reasonable attorney's fees and costs of collection, if incurred, are hereby declared to be and are made a lien upon the respective parcels of property against which the same are assessed, and a personal liability and charge against the real and true owners of such property, whether such owners be correctly named herein or not, and the. said liens shall be and constitute the first enforceable lien and claim against the property on which such assessments are levied, and shall be a first and paramount lien thereon, superior to all other liens and claims, except State, County, School District and City ad valorem taxes. The sums so assessed against the abutting property and the owners thereof shall be and hecome due and payable as follows, to-wit: in five (5) equal installments, due respectively on or before thirty (30) days, one (1), two (2), three (3), and four (4) years from the date of completion and acceptance of the improvements in the respective unit, and the assessments against the property abutting upon the remaining units shall be and become due and payable in such installments after the date of the completion and acceptance of such respective units, and shall bear interest from said date at the rate of eight percent (_8%) per annum, payable annually with each installment, except as to the first installment, which shall be due and payable at the maturity thereof, so that upon the completion and acceptance of the improvements in a particular unit, assessments against the property abutting upon such completed and accepted unit shall be and become due and payable in such installments, and with interest from the date of such completion and acceptance. Provided, however, that any owner shall have the right to pay the entire assessment, or any installment thereof, before maturity by payment of principal and accrued interest, and provided further that if default shall be made in the payment of principal or interest promptly as the same matures, then the entire amount of the assessment upon which such default is made shall, at the option of said City of Fort Worth, or its assigns, be and become immediately due and payable, and shall be collectable, together with reasonable attorney's fees and cost of collection, if in- curred, PROVIDED, however, that acting through its duly authorized Director of Public Works the City of Fort Worth retains the right to authorize payment of the sums assessed against abutting property upon such completed and accepted unit in not more than forty- eight (48) equal regular monthly installments of not less than $9.00 each, the first of such installments to become due and payable not more than thirty (30) days after the completion and acceptance by the City of the particular unit. PROVIDED FURTHER, that the City Attorney is hereby empowered to authorize payments of .said sums of lesser in- stallments and/or over a longer period of time in cases in which the Director of Public R Works has previously determined that an extreme financial hardship upon the property owner will otherwise result; and PROVIDED FURTHER, that such method of payments shall be authorized only in instances where the owner or owners of property abutting upon such completed and accepted unit shall have executed and delivered to the City of Fort Worth a lawful, valid and binding note and mechanic's and materialman's contract upon forms supplied by the City granting a mechanic's lien upon and conveying the said abut- ting property in trust to secure the payment by said owner or owners acco~`ding to the terms thereof of the sums assessed against such property. VI. If default shall be made in the payment of any assessment, collection thereof shall be enforced either by the sale of the property by the Assessor and Collector of Taxes of said City as near as possible in the same manner provided for the sale of property for the non-payment of ad valorem taxes, or at the option of the City of Fort Worth, or its assigns, payment of said sums shall be enforced by suit in an_y court of competent jur- isdiction, or as provided in any mechanic's or materialman's contract as aforesaid, and said City shall exercise all of its lawful powers to aid in the enforcement and collec- tion of said assessments. ~;, .. . VII. The total amount assessed against the respective parcels of al.~utting property, and the owner,; thereof, is in accordance with the proceedings of the City relating to said improvements and assessments thereof, and is less than the proportion of the cost allowed and permitted by the law• in f•or•ce rn t.lre City VIII. Although the aforementioned charges have been fixed, levied and assessed in the respective amounts hereinabove stated, the City Council does hereby reserve unto itself t:he right to reduce the aforementioned assessments by allowing credits to certain property owners where deemed appropriate Notwithstanding the City Council has herein reserved the right to issue credits, it shall not be required to issue credits, and will not do so, if same would result in any equity and/or unjust discrimination The principal amount of each of the several assessment certificates to be issued the City of Fort Worth, Texas, as hereinafter provided, shall be fixed and determiner) by deducting from the amount of any assessment hereinabove levied such amount or amounts, if any, as may hereafter be allowed by the City Council as a credit against the respective assessments. IX. For the purpose of evidencing the several sums assessed agautst the respective parcels of abutting prop- et•ty and the owners thereof, and the time and terms of pa~rnlent, and to aid rn the enforcement and collection thereof, assignable certificates in the principal amount of the respectr~ e assessments less the amount of any re- spective credit allowed thereon, shall be issued b~ the City of Fort North Texas upon completion and accept- ance by the City of the improverrrents rn each unit of improlement as the ~norl. rn such unit is completed and accepted which certificates shall be executed by the ma~ur rn t}+e Hanle ui• the City and attested by the City Secretary, with the corporate seal of the City m,pressed thereon ~urd Shull be pat able to the City of Fort Worth, or its assigns and shall declare the said amounts, time and terms of 1121 meat rate of interest, and the date of the completion and acceptance of the improvements abutting upon such property for whic}~ the certificate is issued, and shall contain the name of the owner or c;wners, if i.nr,~tin dc'sc r•iptrun of the property by lot and block number or front feet thereon, or such other descrption as ma. utlrer~~rse identify the same, and if. the said proper•t~ shall be owned by an estate then the descriptrnn of same' as so u~yned shall be suHictent and no error or mistake in describing ant proper t ~ cn• in gig ing• the Hance of th«~ oti~ net shall rm ahdate or rn and wise impair such certificate to the assessments lel ieri 'The certificates shall provide substantrali~ that rf same shall Heil bc> paid prumptl~ upon maturity, then they shall he colleet:able with reasonable attorney s fees u+d + ++•;t ~ +.f + ull~c lion rf incurred and shall provide substantiGlll~ that the amounts evidenced tilrerel~~ shall be p~ud to th+~ Assessor and Collector of Taxes of the City of Fort ~~'orth, Texas who shall issue his receipt therefor ~~ hu !~ sh,cll !re e~ idence of such pavment on any demand for the same, and the Assessor and ("ollectot• of '1'<txes `h<rl1 deposit ehe sums so received by him forth- with with the City Treasurer to Ire !.ept and held h~ him ur a. separate fend and ~tihen any pavment shall be made rr, the City the Assessor and Col}ec•tor of 'faxes u;xm ~~uc I~ +•ertif-mate shall upon presentation to him of the certificate bl the holder thereof endorse swirl pal ment thrre~rf If' suc•ir ~ertrfi<ate be assigned then the holder thereof shall be entitled to recer~e from the Crt~ 'Tieasuret the ,rnru~~nr+ p.ud upon the pr°esentation to him of such certificate so endorsed and credited and such endorsenrc-nt r_u~cl r ~~~~iit shall be the Treasurer's Warrant for making such pavment Such payments 1n the 'Treasurer ~huli be rear, te+t f~ r the holder of such certificate in writing and by surrender thereof' then the i>rinc;pal t.r~<ti:~~_r :pith ~++c rued rrrtc~t•est. and all costs of collection and reasonable attorneti's fees rf incurred hale been pau} ul fu~il Said certificates s}call further recite substantially that the procet:zirngs ~r•tth reference to making the improvements hale been reg•tilarl~ had in compliance ttiith the 1 ,<< :ar?cl t! <+t all prc~rec7ursrtes to the fixing of the assessment lien against the property described in such C•Prt ifu ate ur+l t.l+cr per•son,rl irabiiit~ of the owners thereof have been performed and suc.lr recitals shall be prirrur facie e~+clc nc~~ + !' Il ihc~ nr +tters recited in such certificates, and no further proof thei•eaf shall be r•ec1uired in any cirul•t. Said certificates mal hale coupons attached thereto ul e~ i+ienc e of eac lr +i an. of the sever a] installments thereof, or mar h~ ~ e coupons for each of tl+e first fow• rnstal)ments, leap ing thr~ morn c•ertiticate to serve for the fifth installment. which coupons may be palal.rle to the City uf• Fort ~'iurth or its assigns may be signed with the facsimile sign<rture~s of the ;A'iavor and Cite Secretary ,. .. ~~ Said certificates shall further recite that the City of Fort Worth, Texas shall exercise all of its lawful powers, when requested so to do, to aid in the enforcement and collection. thereof, and may contain recitals sub- stantially in accordance with the above and other additional recitals pertinent or appropriate thereof, and it shall not be necessary that the recitals be in the exact form above set forth, but the substance thereof shall be sufficient. The fact that such improvements may be omitted on any portion of any of said unite adjacent to any premises exempt from the lien of such assessments shall not in anywise invalidate, affect or impair the lien of such assessments upon other premises. X. Full power to make and levy reassessments and to correct mistakes, errors, invalidities or irregularities, either in the assessments or in the certificates issued in evidence thereof, is, in accordance with the law in force in this City, vested in the City XI. All assessments levied are a personal liability and charge against the real and true owners of the premises described, notwithstanding such owners may not be named, or may be incorrectly named. XII. The assessments so levied are for the improvements in the particular unit upon which the property described abuts, and the assessments for the improvements in any unit are in nowise affected by the improve- ments or assessments in any other unit, and in making assessments and in holding said hearing, the amounts assessed for improvements in any one unit have been in nowise connected with the improvements or the assess- ments therefor in any other unit, XIII. The assessments levied are made and levied under and by virtue of the terms, powers and provisions of an Act passed at the First Called Session of the Fortieth Legislature of the State of Texas, known~as Chapter 106 of the Acts of said Session and now shown as Article 1106b of Vernon's Texas Civil Statutes, which Act has been adopted as an amendment to and made a part of the Charter of the City of Fort Worth, Texas. XIV. The City Secretary is hereby directed to engross and enroll this ordinance by copying the caption of same in the Minute Book of the City Council of Fort Worti-, Texas, and by filing the complete Ordinance in the appro- priate Ordinance Records of said City XV. This ordinance shall take effect and be in full force and effect from and after the date of its passage and it is so ordained. PASSED AND APPROVED this day of 11.-- APPROVED AS TO FORM AND LEGALITIT ~~ City Attorney fi. PROJECT NO 30-03668&. 00, HANDLEY - EDERVILLE ROAD FROM MIDWAY ROAD TO '.CWENTY-FEET SOUTH OF JACK NEWELL BOULEVARD SOUTH, to be improved by constructing a seven-inch thick reinforced concrete pavement with a seven-inch high attached concrete curb on a six-inch thick cement modified subgrade, so that the finished roadway will be sixty feet wide Six-inch thick concrete driveway approaches will be constructed where required and seven-inch thick reinforced concrete curb openings at private intersections. BLOCK OWNER LOT 7ANING FRONTAGE IdATE AMOUNT ASSESSMENT BEGINNING AT MIDWAY ROAD WILLIAM NORRIS SURVEY NO 1165 WEST SIDE Riverbend, A Texas Tract 1B 683.0' Pavement 63.24 43,192 92 General Partnership " "I" 673 0' Curb 1 43 962 .39 2501 Gravel Street 683 0' Street Lights 8 70 5,942 10 Fort Worth, TX 76118 $50,097 41 NORTHEAST INDUSTRIAL PARK Riverbend, A Texas 2 1 233.9' Adusted to General Partnership "I" (Floodway and Utility Easement) 2501 Gravel Street 146 9' Pavement 63.24 9,289 96 Fort Worth, TX 76118 146.9' Curb 1 43 210 07 146 9' Street Lights £i 70 1,278 03 $10,778 06 Lowgar Properties 1 1 470.1' Pavement 63.24 29,729 12 A General Partnership "I" 470 1' Curb 1 43 672 24 2227 Handley-Ederville 470 1' Street Lights 8 70 4,089 87 Road Fort Worth, TX 76118 $34,491 23 Lowgar Properties 2 430.0' Pavement 63 24 27,193 20 A General Partnership "I" 420 0' Curb 1 43 600 60 2227 Handley-Ederville 430 0' Street Lights 8.70 3,741 00 Road Fort Worth, TX 76118 $31,534 80 SUBTOTAL THIS PACE $126,901 50 -1- z PROJECT N0. 30-036688-00, 1IANDLEX - EDERVILLE ROAD FROM MIDWAY ROAD TO TWENTY-FEET SOUTH OF JACK NEWELL BOULEVARD SOUTH, cont. BIACK OWNER LOT ZONING FRONTAGE RATE AMOUNT ASSESSMENT WESTSIDE NORTf~.AST INDUSTRIAL PARK Riverbend, A Texas 3 437.9' Pavement 63.24 27,692.80 General Partnership "K" 417.9' Curb 1.43 597.60 2501 Gravel Street 437.9' Street Lights 8.70 3,809.73 Fort Worth, TX 76118 (cash) $32,100.1 Riverbend, A Texas 1 & 4 General Partnership 2 "K" 2501 Gravel Street Fort Worth, TX 76118 381.2' Pavement 63.24 24,107.09 351.2' Curb 1.43 502.22 381.2' Street Lights 8.70 3,316.44 (cash) $27,925.75 H.P. LARGENT SURVEY N0. 960 Riverbend, A Texas Tract General Partnership 1 "K" 2501 Gravel Street Fort Worth, TX 76118 910.0' Pavement 63.24 57,548.40 870.0' Curb 1.43 1,244.10 910.0' Street Lights 8.70 7,917.00 (cash) $66,709.50 EASTSIDE Newell & Newell Limited Partnership 2501 Gravel Street Fort Worth, TX 76118 SUBTOTAL THIS PAGE RIVERBEND EAST OFFICE PARK 1 10 20.0' Pavement 63.24 1,264.80 "J" 20.0' Curb 1.43 28.60 20.0' Street Lights 8.70 174.00 *110.0' Pavement 63.24 6,956.40 *40.0' Curb 1.43 57.20 *2000' S.F. St. Approach 2.38 4,760.00 *110.0' Street. Lights 8.70 957.00 *-Jack Newell Blvd. So. $140,933.38 (cash) $14,198.00 -2- PROJECT N0. 30-036685-00, HANDLEY - EDERVILLE ROAD FROM MIDWAY ROAD TO TWENTY-FEET SOUTH OF JACK NEWELL r" BOULEVARD SOUTH, cont. BLOCK OWNER LOT ZONING FRONTAGE RATE A1N3UNT ASSESSMENT EASTSIDE RIVERBEND EAST OFFICE PARK Newell & Newell 1 7 540.85' Pavement 63.24 34,203.35 Limited Partnership "J" 530.85' Curb 1.43 759.12 2501 Gravel Street 540.85' St. Lights 8.70 4,705.40 Fort Worth, TX 76118 *100.0' Pavement 63.24 6,324.00 *40.0' Curb 1.43 57.20 *1800 S.F. St. Approach 2.38 4,284.00 *100.00' St. Lights 8.70 870.00 (cash) *Stoneway Dr. So. $51,203.0, Riverbend, A Texas 3,2, 5 667.85' Pavement 63.24 42,234.83 General Partnership ~ 1 "J" 667.85` Curb 1.43 955.03 2501 Gravel Street 667.85' St. Lights 8.70 5,810.30 Fort Worth, 1X 76118 *110.00' Pavement 63.24 6,95b.40 *40.00' Curb 1.43 57.20 *2000 S.F. St. Approach 2.38 4,760.00 *1Q0.00' St. Lights 8.70 957.00 (cash) *Stoneway Dr. No. $61,730.7E Riverbend, A Texas 1 3 515.39' Pavement 63.24 32,593.26 General Partnership "J" 515.39' Curb 1.43 737.01 2501 Gravel Street 515.39' St. Lights 8.70 4,483.89 Fort Worth, TX 76118 *100.00' Pavanent 63.24 6,324.00 *40.00' Curb 1.43 57.20 *1800 S.F. St. Approach 2.38 4,284.00 *100.00' St. Lights 8.70 870.00 *Jack Newell Blvd. No. $49,349.36 Riverbend, A Texas 1 1 411.13' Adjusted to: (Pipel ine) General Partnership "J" 395.13' Pavement 63.24 24,988.02 2501 Gravel Street 395.13' Curb 1.43 565.04 Fort Worth, TX 76118 395.13' St. Lights 8.70 3,437.63 $28,990.6 SUBTOTAL THIS PAGE $191,273.88 -3- PROJECT N0. 30-036688-OO,.HANDLEY - EDERVILLE ROAD FROM MIDWAY ROAD TO TWENTY-FEET SOUTH OF JACK NEWELL ' BOULEVARD SOUTH, cont. OWNER EASTSIDE Riverbend, A Texas General Partnership 2501 Gravel Street Fort Worth, TX 76118 Riverbend, A Texas General Partnership 2501 Gravel Street Fort Worth, TX 76118 BIACK LOT ZONING FRONTAGE RATE AMOUNT ASSESSMENT NEWELL ~ NEWELL BUSINESS PARK 1R 11 371.6' Adjusted to: (Floodway ~ Utly. Easement) '°J" 317.6' Pavement 63.24 20,085.02 317.6' Curb 1.43 454.17 317.6' Street Lights 8.70 2,763.12 *80.0' Pavement 63.24 5,059.20 *40.0' Curb 1.43 57.20 *1400 S.F. St. Approach 2.38 3,332.00 *80.0' St. Lights 8.70 696.00 *Pebble Drive $32,446.71 1R, 10 478.2' Pavement 63.24 30,241.37 2 & 3 "J" 478.2' Curb 1.43 683.83 478.2' Street Lights 8.70 4,160.34 $35,085.54 SUBTOTAL THIS PAGE $67,532.25 TOTAL COST 10 PROPERTY OWNERS (ASSESSMENTS) $526,641.01 TOTAL COST TO CITY OF FORT WORTH $419,746.34 TOTAL ESTIMATED CONSTRUCTION COST $946,387.35 -4- ~_ / ~~ ~_ // ''h1ASfER FILE•U -- ACCQUNTfNG 2 Y'RANSPORTATtON~PUBLb~g~~® U N °rER AOr~ DATE REFERENCE SUBJECT ~eneti t hearing - Assessment ~ PAGE NUMBER Paving of Handley-Ederville Road 2 9/'5/85 G-6428 j ~ , ,o, RECOMMENDATION It is recommended that the City Council adopt an ordinance closing the benefit hearing and levying the assessments as proposed. BACKGROUND On August 6, 1985 '(M&C C-9174), the City Council declared the necessity for and ordered the improvements on Handley-Ederville Road, Project Nos. 30-036688-00 for street improvements and 57-015109-00 for water main improvements. A construction contract was awarded to Newell/Eby Joint Venture in the amount of $912,569.30 and September 5, 1985, was set as the date for the benefit hearing for the street improvements only. The adjacent property owners were notified of the hearing by certified mail on August 16, 1985. PROJECT DESCRIPTION Unit Street II Handley-Ederville Road IMPROVEMENTS Limits Midway Road to 20' South of Jack Newell Boulevard South Roadway Width-Feet 60 R.O.W. Width-Feet 80 Unit II consists of the construction of 7-inch thick reinforced concrete pavement with attached concrete curb and driveway approaches where required. Also included are 7-inch thick reinforced concrete approaches to private streets on the east side of Handley-Ederville Road. Storm drain improvements consist of 3,417 feet of reinforced concrete pipe and appurtenances. In addition, required street lighting will also be installed in a future contract and/or by City forces upon completion of the paving. However, adjacent property owners will be assessed for the street lighting at this time based on the engineer's estimate of probable cost. ASSESSMENTS AND ENHANCEMENTS Based on the low bid of $832,829.00 for street and storm drain improvements and the engineers' estimate of $55,260.00 for street lighting, approximately $526,641.01 is proposed to be assessed against adjacent properties, all in accordance with standard City policy and applicable Community Facilities Agreements. Of this amount ($526,641.01), $253,867.21 has been paid in advance by the developer with an Irrevocabl a Documentary Letter of Credi t to be drawn against on a monthly basis as construction progresses. The remaining assessment of $272,773.80 will be paid in five equal installments under normal policy. Cost to the City for construction is approximately $361,448.29, of which $133,690.79 is for street improvements, $207,327.50 for storm drain facilities, $20,430.00 for street lights plus $58,298.05 (7%) engineering. ~~ DATE REFERENCE SUBJECT Benefit Hearing -Assessment PAGE NUMBER Paving of Handley-Ederville Road 2 ~ 9/5/85 G-6428 0 Based on previous appraisals of developer type property in east Fort Worth, considering the improved access with the new pavement and continuous curb and the improved drainage facilities, it is the opinion of the Department of Transportation and Public Works that each parcel of property will enhance in value by an amount equal to or more than the proposed assessment upon completion of the project. DAI•dh APPROVED ~Y c~TY cou~c~~ SE P ~ ~~~~ ~b~ ~~~~w~s~.- Cite Secretary of tha City of Fot4 e, SUBMITTED FOR THE CITY MANAGER'S / DISPOSITION BY COUNCIL. APPROVED PROCESSED BY OFFICE BY 'C'(/ '~i ^ ORIGINATING Gary L Santerre ^ OTHER (DESCRIBE) DEPARTMENT HEAD: CITY SECRETARY 1 TIONAL INFORMAi~LON Massey Ext 79IO i~dopted Ordnance N0 DATE. CONTACT :