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Ordinance 996ORDINANCE NO. ' r ,rp AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF THIRD AVENUE IN THE CITY OF EDMONDS, FROM MAIN STREET SOUTH TO PINE STREET, BY CONSTRUCTING CURBS, GUTTERS AND SIDEWALKS AND BY PAVING THE STREET, IN ALL AREAS THEREIN WHERE SAID CURBS, GUTTERS, SIDEWALKS AND PAVING DO NOT PRESENTLY EXIST, TOGETHER WITH ANY NECESSARY GRADING OR BASE PREPARATION AND RELATED WORK NECESSARY TO MAKE A COMPLETE IMPROVEMENT IN ACCORDANCE WITH CITY STANDARDS; CRE- ATING AN ASSESSMENT DISTRICT; CREATING A CONSTRUCTION FUND THERE- FOR; CREATING A LOCAL IMPROVEMENT DISTRICT FUND THEREFOR; PRO- VIDING THE RATE OF ASSESSMENT SHALL BE FIXED ON THE BASIS OF THE SPECIAL BENEFITS CONFERRED ASSET FORTH IN R. C. W. 35—:1.040; AND FURTHER PROVIDING FOR PAYMEN't BY THE CITY OF COSTS EXCEEDING THE ENGINEER'S ESTIMATE BY MORE THAN TEN (1076) PER CENT. WHEREAS, by Resolution of Intention No. 168 passed by the City Council of the City of Edmonds m Mav 7, 1963, proposing a local improvement district as hereinafter set out, and doing all other work necessary in connection therewith to make a complete improvement, in accordance with the plans and specifications prepared by the City Engineer, a hearing date was set to consider such improvement, and WHEREAS, at said hearing on the preliminary assessment roll on said local improvement as provided by Resolution of Intention No. 168, the written objections zemecfiled, did not constitute a majority of the lineal frontage of the improvement and of the area within the limits of the proposed improvement district; NOW, THEREFORE, THE CITY COUNCIL. OF THE CITY OF EDMONDS DOES ORDAIN: Section 1. That Third Avenue, in the City of Edmonds, from Main Street south to Pine Street, be improved by installing standard curbs and gutters and by pr,ving with asphaltic type concrete, together with any necessary grading or base preparation and related work necessary to make a complete improvement in • accordance with City Standards. Section 2. That the cost and expense of such improvement shall be borne by and assessed against the property included in the assessment district created in accordance with law, and provided the rate of assessment shall be as set forth in R.C.W. 35.44.040; PROVIDED, FURTHER, that inasmuch as this is an arterial street improvement as contemplated within the definition of arterial streets under the laws of the State of Washington providing for the expenditure of public f unds for the improvement of arterial streets, the City • shall participate in and share the cost of such local improvements to an ex- tent of 35% of the total cost of such improvement; PROVIDED, FURTHER, in uie event the cost of the said improvement shall exceed by more than ten ( 100/6) per cent the engineer's preliminary estimate, the City of Edmonds shall pay, from its Street Fund, sums sufficient to make up the difference between the actual cost of the improvement and the engineer's estimateft cost plus ten per cent; PROVIDED, FURTHER, that at the time of the hearing on the f inal assessment roll on said improvement, if the City Council, fitting as a Board of Equalization, shall determine that certain inequities exist, and adjustments are necessary, but in an amount less than the cost of re -assessing the property in the local improvement district, then the Council may, at its discretion, decide to absorb the cost of such inequities and adjustments. Section 3. That there is hereby established a local improvement district to be called Local Improvement District No. '20, noncontinuous, as provided for under R. C.W. 35.43. 050, will ch district shall include the follow- ing described property, to -wit: Beginning at the intersection of the centerline o. Main Street and the centerline of 3rd Ave.; thence northwesterly along the center- line of Main Street 150.00 feet; thence southwesterly along the easterly margin of the alley in Block 1 of Gephart's 1st Addition . to Edmonds, as recorded in Volume 5, page 43, records of Sno- homish County, Washington, to the northerly margin of James Street; thence south to the north margin of Dayton Street at a distance of 119. 00 feet west of the west margin of 3rd Ave.; thence southerly to a point on the south margin of Dayton Street at a dis- tance of 128.00 feet west of the west margin of 3rd Ave.; thence south to the centerline of Alder Street; thence east to the extended we! t margin of 3rd Ave.; thence south 50.00 feet; thence east 200. 00 feet; thence north to the south margin of Block C, plat of Edmunds as recorded in Volume 1, pages 26 & 27; thence west to the east line of Lot 11, said Plat of Edmonds; thence northeasterly along the east line of Lots 11. 10, 9, 8 and 7 of said Plat of Edmonds to the centerline of Main Street; thence northwesterly to the point of beginning. ALSO beginning at the intersection of the centerline of 3rd Avenue and the centerline of Pine Street; thence east 165. 00 feet; thence north parallel to the east margin of 3rd Ave. to a point 210. 00 feet north of the north margin of Howell Street; thence west to the east margin of 3rd Ave. ; thence south to the south margin of Howell Street; thence west to a point 135. 00 feet west of the west margin of 3rd Ave. ; thence south to the centerline of Pine Street; thence east to the point of beginning. • Section 4. A special fund is hereby created, to be called Construction Fund for Local Improvement District No. 120. Into said fund shall be paid the proceeds from the sale of interest-bearing warrants by the City of Edmonds to the purchasers of said warrants. Out of said construction fund shall be paid, by cash warrants, the costs of the improvements as the same shall become due. Section 5. A special fund is hereby created, to be called Loc -.l Improvement District Fund No. 120, which shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots and parcels of land in said local improvement district and the proceeds of the sale of bonds of the said district. Out of said fund shall be paid the bonds, the interest thereon, and the entire cost of such improvement. Section 6. The cost of such in provement, excluding the thirty-five(35%) per cent share of the cost to be paid by the City of Edmonds, shall be defrayed by special assessment payable in ten (10) egjal annu I installments, with interest thereon at no more than the rate of six (616) per cent per annum, payable 3nnt.ally, under the mode of payment b,, bonds, as provided by law and the ordinances of said City, Bonds bear- ing interest at the rate of no more than six (616) per cent per annum, payaole on or before twelve (12) years from date of issue, shall be issued to pay the costs and ex - 0 penses of such improvement, or the City of Edmonds may, at its election, sell said bonds and make payment in cash in the manner provided by law and the ordinances of said City. �/ p ATTEST: - - - - - - MAYOR - - - - - - - - - - - �- CITY YCLEK Passed:µ �_ : /�/',Published: /_, , Filed with City Clerk: - i (,