The City of Steinbach is officially giving notice for local improvement plans that include a fire department pumper truck purchase, Lumber Avenue water and sewer main extension, Third Street surface reconstruction and Third Street water and sewer main replacement.
Public hearings will be held on Tuesday, November 20, 2012, 7:35 p.m. at City Hall, Council Chambers, 225 Reimer Avenue. Council will hear any person who wishes to make a presentation, ask questions, or register an objection.
The first of the four proposed plans is detailed below.
Plan 2013-01 – Fire Department Pumper Truck Purchase
Intent:
In order to maintain adequate emergency service coverage, an additional pumper truck is required to be added to the City’s fleet.
Estimated Costs:
Total costs of the project are estimated to be $550,000.00 to be financed with a borrowing of $550,000.00. The borrowing is to be repaid over a five-year period with annual principal and interest amounts payable on December 1st of each year from 2014 to 2018 inclusive. The annual payment for the borrowing will amount to $134,139.88 based on a maximum estimated annual interest rate of 7.0%.
Taxpayers Affected:
The payments for the borrowing and related financing costs for this project are to be borne by a mill rate levy on all taxable, grant-in-lieu, and otherwise exempt property within the General Local Improvement District.
Taxpayer Impact:
The realty tax levy required to pay for this project will be included in the overall municipal mill rate which is set annually by the City of Steinbach. The annual payment to service the borrowing is equivalent to a realty tax levy of approximately 0.19 mills. This mill rate will result in property taxes of approximately $17.10 per year, during the term of the borrowing, for a residential property having a market value assessment of $200,000.00.
Download a copy of all proposed 2013 local improvement plans
