Title
Resolution Authorizing Water and Sanitary Sewer Capital Recovery Charges for 2115 Victoria Circle ($7,126.00)
Memorandum
Your approval is requested to levy water and sanitary sewer capital recovery charges totaling $7,126.00 on the property known as 2115 Victoria Circle. This parcel was annexed in 2015.
City of Ann Arbor Code section 1:278, Chapter 12, requires the property owner to pay the property's share of the existing utilities through the City Capital Recovery charge. The $7,126.00 Utilities Capital Recovery Charge is to be levied and then made payable in 6 annual installments. The water recovery charge will accrue interest at 2.999% per annum on the unpaid balance. The sanitary sewer amount will accrue interest at 3.393% per annum on the unpaid balance.
The water main in Victoria Circle was constructed by the City in 2004. The sanitary sewer main was constructed by the City in 2004.
It is therefore recommended that Council levy these capital recovery charges according to the terms described above.
Staff
Prepared by: Aimee Wingle, Financial Operations and Control Analyst
Reviewed by: Matthew V. Horning, Treasurer and Interim CFO
Approved by: Tom Crawford, Interim City Administrator
Body
Whereas, The City owns capital described as follows:
Parcel ID 09-09-18-401-031 (2115 Victoria Circle)
Water Main:
Water Main constructed in Victoria Circle in 2004
Calculated and adjusted as set forth per Section 2.22b(4) of Chapter 27 of City Code
Net Water Capital Recovery Charge $2,654.00
Sanitary Sewer:
Sanitary Sewer Main constructed in Victoria Circle in 2004
Calculated and adjusted as set forth per Section 2.42.4(5) of Chapter 28 of City Code
Net Sanitary Sewer Capital Recovery Charge $ 4,472.00
TOTAL OF CAPITAL RECOVERY CHARGES: $7,126.00
Whereas, the owner of 2115 Victoria Circle is provided with sanitary sewer and water service; and
Whereas, Pursuant to Section 1:278, Chapter 12, of the ...
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