19-3108 Public Purpose of Financing the Design and Construction of the Sausalito Shores Subdivision Wall

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(d) The City Commission has found development of the Sausalito Shores Subdivision Wall to be a proper public purpose that will achieve important City objectives such as: stimulating economic development within the City, enhancing aesthetics for the Red Bug Lake Road corridor, improving safety for the traveling public, raising property values (pursuant to the report prepared by the real estate appraisal firm of Bledsoe & Ebaugh, Inc. dated June 6, 2018), increasing the City's tax base, and decreasing noise and light intrusion for surrounding property owners and the traveling public; and (e) Sausalito Shores Subdivision has a voluntary homeowners association that does not have the authority to lien properties in order to collect funds needed to design and construct the wall; however, the officers of the homeowners association have pledged to maintain and insure the Sausalito Shores Subdivision Wall once complete; and (f) The City is contemplating imposing special assessments on benefitted properties within the Sausalito Shores Subdivision in an amount sufficient to cover debt service on the financing incurred to fund the design and construction of the Sausalito Shores Subdivision Wall; and (g) Such financing will be secured by a pledge of the special assessments; and secondly, if necessary, a covenant to budget and appropriate non -ad valorem revenues to the extent the special assessments are insufficient to cover annual debt service on such debt; and (h) The City is acting with a public purpose to achieve the above-mentioned City objectives and to benefit all citizens; and (i) The City has determined that design and construction of the Sausalito Shores Subdivision Wall is in the best interest of the public health, safety and welfare of the City, and will also provide a special benefit to the owners within the Sausalito Shores Subdivision. 19