Title
Resolution Authorizing Water Capital Recovery Charges for 485 Riverview Dr. ($18,275.00)
Memorandum
Your approval is requested to levy water capital recovery charges totaling $18,275.00 on the property known as 485 Riverview Dr. This parcel was annexed prior to 2004.
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 $18,275.00 Water Capital Recovery Charge is to be levied and then made payable in 15 annual installments and will accrue interest at 2.8384% per annum on the unpaid balance.
The water main was constructed by the city in 2019.
It is therefore recommended that Council levy this capital recovery charge according to the terms described above.
Staff
Prepared by: Michael J. Pettigrew, City Treasurer
Reviewed by: Tom Crawford, Financial Services Area Administrator and CFO
Approved by: Howard S. Lazarus, City Administrator
Body
Whereas, The City constructed a Water Main in 2019 located in Huntington Pl., which is a part of the city's water system;
Whereas, The owner of the real property commonly referred to as 485 Riverview Dr.
(which has a Parcel ID No. 09-09-27-401-032) connected to that Water Main on or about November 14, 2019;
Whereas, Pursuant to Chapter 27 (Section 2:22b) of the City Code, a property that newly connects to the City's Water System is required to pay a Water Capital Recovery Charge in accordance with the Code;
Whereas, The net (and total) Water Capital Recovery Charge for such connection, calculated as set forth per Section 2.22b(3) of Chapter 27 of City Code, is
$20,971.00;
Whereas, the owner of the property has paid the Water Capital Recovery Charge of $2,696.00 upfront and has a remaining balance of $18,275.00 for the Water Extension Charge; and
Whereas, Pursuant to Section 1:278, Chapter 12, of the Code of the City of Ann Arbor, the fair share of the cost of said capital is levied agai...
Click here for full text