ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel With a Request to ADOPT an ORDINANCE Levying a Special Service Area Real Estate Tax, in the Total Amount of $115,011.00, Against Parcel Identification Nos. 14-16-452-038, 14-16-452-039, 14-16-452-040, 14-16-452-042, 14-16-452-043, 14-16-451-014, and 14-16-34-016, for the 2015 TAX YEAR for the KNOXVILLE JUNCTION SPECIAL SERVICE AREA.
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BACKGROUND:
On June 9, 2015, the City Council created the Knoxville Junction Special Service Area pursuant to Ordinance No. 17,236 for the purpose of the construction of a new intersection on Knoxville Avenue with lighted traffic signals and acceleration and deceleration lanes on Knoxville Avenue; for the relocation and burial of overhead power and communication lines; for the relocation and construction of storm water facilities; and for other improvements and administrative matters as the City Manager deems appropriate and necessary to implement the Ordinance. On same date, the City Council authorized the City Manager to enter into a Redevelopment Agreement with the Redeveloper, Junction City, LLC, relating to the operation of the Knoxville Junction Special Service Area and such Redevelopment Agreement was entered on June 15, 2015.
On September 30, 2015, the Redeveloper, Junction City, LLC, submitted a request to set a real estate tax levy for 2015 in the amount of $115,011, which is the amount set forth in the Project Budget and the costs described in the Redevelopment Agreement. See Knoxville Junction SSA Annual Request to Levey Special Taxes included with this Council Communication. Pursuant to this request, the Ordinance sets the 2015 real estate tax levy for the Knoxville Junction Special Service Area, in the requested total amount of $115,011, against the specified parcels as outlined in Exhibit A attached to the Ordinance. This is the first year for such tax levy.
FINANCIAL IMPACT: Revenue neutral.
NEIGHBORHOOD CON...
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