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HomeMy WebLinkAbout19709ORDINANCE NO. 19,709 AN ORDINANCE REASSESSING THE VALUE OF BENEFITS TO BE RECEIVED BY OWNERS OF EACH OF THE SEVERAL BLOCKS, LOTS AND PARCELS OF LAND WITHIN THE ST. CHARLES MUNICIPAL LIGHTING IMPROVEMENT DISTRICT NO. 1 OF LITTLE ROCK, ARKANSAS; ASSESSING TAXES THEREON; AND FOR OTHER PURPOSES WHEREAS, the property holders owning a majority in assessed value of property situated in the St. Charles Lighting Improvement District No. 1 of Little Rock, Arkansas (the "District ") petitioned the Board of Directors of the City of Little Rock, Arkansas to form a municipal improvement district to be organized for the purpose of constructing within the District the improvements described in such petition, and to maintain, repair and operate such new or existing facilities; said purposes to be accomplished in the manner and of the materials that the Commissioners of the District shall deem to be in the best interest of the District, and the cost thereof to be assessed upon the real property of the District according to the benefits received; and WHEREAS, the Board of Directors of the City of Little Rock, Arkansas has established the District to accomplish the above purposes by adopting Ordinance No. 17,853, enacted on October 20, 1998; and WHEREAS, the Commissioners of the District have made and filed plans for the improvements with the City Clerk containing the estimated cost of the improvements; and WHEREAS, the assessments have been duly made by the Assessors for the District, who were appointed by the Board of Directors of the City, and filed in the office of the City Clerk pursuant to law, and notice of such filing was duly published in the Arkansas Democrat - Gazette, a newspaper published in and of general circulation in the City of Little Rock, Arkansas on the 15th day of January, 2007; and WHEREAS, on this date, the Board of Directors of the City met at the place and at the time named in said notice as a board of equalization and heard all appeals against the assessments filed with the City Clerk, and equalized the same; and WHEREAS, the benefits received by each and every block, lot and parcel of real estate situated in the District equal or exceed the local assessment thereon; and WHEREAS, the estimated cost of the improvements to the District was approximately $200,000 exclusive of capitalized interest and costs of financing; and WHEREAS, the assessed benefits (the "Assessed Benefits ") amount to $2,229,483, of which $370,123 are assessed benefits attributable to the acquisition and construction of the District's improvements, and $1,859,360 are assessed benefits attributable to the operation and maintenance thereof. NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: 667221 Section 1. That each of the blocks, lots and parcels of real property in the District be assessed according to the assessment list of the District, as equalized, as the same now is of record in the Office of the City Clerk and that the percentage prescribed in Section 2 hereof of the Assessment of Benefits on each of the blocks, lots and parcels shall be collected by the County Collector with the first installment of general taxes becoming due in the year 2007 and annually thereafter, with the first installment of general taxes until the whole of the local assessment with interest thereon at the rate per annum of ten percent (10 %) shall be paid. Section 2. From each of the tracts 8.502% of the Assessment of Benefits shall be collected in the year 2007 and annually thereafter. Section 3. This Ordinance shall have all the force of a judgment to be paid by the real property in the District in proportion to the amount of the Assessed Benefits as established herein and to be paid in annual installments as set forth in Section 2 hereof and the taxes so levied shall be a lien upon the real property in the District from the time of the date of this Ordinance and shall be entitled to preference over all demands, executions, encumbrances or liens whatsoever created, and continue until all such assessments, with any penalty or cost that may accrue thereon, shall have been paid. Section 4. This Ordinance shall be in full force and effect and after its entry. PASSED: February 20, 2007. APPROVED: M r—,k Stodola, Mayor ATTEST: a y ood, ity Clerk 667221 APPROVED: Erma Hendrix, Director (Ward 1)