Form revised April 10, 2006

FISCAL NOTE FOR NON-CAPITAL PROJECTS

Department:	Contact Person/Phone:	DOF Analyst/Phone:
Legislative	Christa Valles/684-5336

Legislation Title:

AN ORDINANCE modifying, approving and confirming the final assessments and assessment roll of Local Improvement District No. 6750, for the construction of a modern streetcar line serving downtown Seattle, Denny Triangle, and South Lake Union, as provided by Ordinance 121951 as amended by Ordinance 122046, and levying and assessing a part of the cost and expense thereof against the several lots, tracts, parcels of land and other property as shown on the final assessment roll.

· Summary of the Legislation:

 This legislation approves the final assessments and assessment roll of Local Improvement District (LID) No. 6750.  The LID is approximately $26.2 million, of which $25 million will be available to help pay for the construction of a streetcar line in South Lake Union and $700,000 is available for administrative costs.

· Background:

The City Council formed LID 6750 in October 2005 via Ordinance 121951.  This ordinance approves the final assessments for LID 6750.

· Please check one of the following:

____ This legislation does not have any financial implications. (Stop here and delete the remainder of this document prior to saving and printing.)

__x__ This legislation has financial implications. (Please complete all relevant sections that follow.)

This legislation does not appropriate any funds nor does it create any positions.  However, this legislation approves the final assessment roll for LID 6750, which will enable the City to collect assessments from property owners within the LID boundaries to help pay for the construction of a modern streetcar line in South Lake Union.

Fund Name and Number	Department	Budget Control Level*	2006 Appropriation	2007 Anticipated Appropriation
TOTAL

Anticipated Revenue/Reimbursement: Resulting From This Legislation: This table should reflect revenues/reimbursements that are a direct result of this legislation.  In the event that the issues/projects associated with this ordinance/resolution have revenues or reimbursements that were, or will be, received because of previous or future legislation or budget actions, please provide details in the Notes section below the table.

Fund Name and Number	Department	Revenue Source	2006 Revenue	2007 Revenue
TOTAL

Notes: 

Total Regular Positions Created Or Abrogated Through This Legislation, Including FTE Impact:  This table should only reflect the actual number of positions created by this legislation  In the event that positions have been, or will be, created as a result of previous or future legislation or budget actions, please provide details in the Notes section below the table.

Position Title and Department*		Fund Name	Fund Number	Part-Time/ Full Time	2006 Positions	2006 FTE	2007 Positions**	2007 FTE**
	TOTAL

*   List each position separately

** 2007 positions and FTE are total 2007 position changes resulting from this legislation, not incremental changes.  Therefore, under 2007, please be sure to include any continuing positions from 2006

Notes:

· Do positions sunset in the future?  (If yes, identify sunset date):

Spending/Cash Flow: This table should be completed only in those cases where part or all of the funds authorized by this legislation will be spent in a different year than when they were appropriated (e.g., as in the case of certain grants and capital projects).  Details surrounding spending that will occur in future years should be provided in the Notes section below the table.

Fund Name and Number	Department	Budget Control Level*	2006 Expenditures	2007 Anticipated Expenditures
TOTAL

* See budget book to obtain the appropriate Budget Control Level for your department.

Notes:

· What is the financial cost of not implementing the legislation?

This legislation enables the City to collect assessments for LID 6750.  The LID is approximately $26.2 million.  If this legislation were not implemented, the City would not have sufficient funding to pay for construction of a modern streetcar line in South Lake Union.

· What are the possible alternatives to the legislation that could achieve the same or similar objectives?

Not sure.  City could have pursued additional grants in lieu of a LID, but unlikely it would receive full funding for the project in this manner.

· Is the legislation subject to public hearing requirements:  A hearing on appeals to the Hearing Officer’s Findings, Conclusions, and Recommendations was held on July 11, 2006.