The Salina City Commission has given the green light to the certification of final costs for 2023 Special Assessment Projects and set April 22, 2024, as the date for a public hearing to consider authorization of special assessment financing.
The decision follows a comprehensive review of the city's special assessment policy and financing procedures. The city's longstanding practice of utilizing special assessment financing for public infrastructure improvements has been revisited, with adjustments made to accommodate the evolving needs of the community.
Under the revised policy, developers now have the option to request a 20-year installment payment period for special assessments, as opposed to the previous 15-year period. This change comes in response to rising material costs and concerns over housing affordability, with developers citing the potential benefits of extended payment terms for homebuyers.
The certification of final costs encompasses various public improvement projects undertaken in 2023, including street upgrades, storm drainage improvements, water system enhancements, and sanitary sewer upgrades. The costs associated with these projects will be apportioned between the improvement district and the city at large, with assessments levied accordingly.
The upcoming public hearing on April 22, 2024, will provide an opportunity for property owners within the special assessment benefit districts to voice their opinions and concerns. While the primary focus will be on finalizing assessment details, property owners will also have the option to pay their share upfront or have it amortized over the authorized term of the bonds issued for the projects.
