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PETITION TO ESTABLISH THE SHERMAN HILL HISTORIC STREET LIGHTING SELF-SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT #2

TO THE MAYOR AND MEMBERS OF THE CITY COUNCIL OF THE CITY OF DES MOINES, IOWA:

We, the undersigned, being owners of property within the Sherman Hill Historic District, a duly designated historic district within the City of Des Moines, Iowa, and within the self-supported municipal improvement district proposed and hereinafter defined by this petition, hereby petition the Mayor and City Council of the City of Des Moines, Iowa pursuant to the provisions of Chapter 386 of the 1995 Code of Iowa, as amended (the "Act") as follows:

  1. To establish a self-supported municipal improvement district in accordance with the Act in the City of Des Moines, Polk County Iowa:

  1. The name of which shall be the "Sherman Hill Street Lighting Self-Supported Municipal Improvement District #2" (hereinafter referred to as the "Proposed District")

  2. The purpose of which shall be the undertaking of actions authorized by the Act designed to encourage and support the acquisition, installation and maintenance of historic or decorative street lighting fixtures and related improvements within the Proposed District, including the funding of the maintenance and operating expenses associated with such improvements;

  3. The area, which shall include the properties, described on the attached Exhibit A and reflected on the map of the Proposed District attached hereto as Exhibit B.

  1. To undertake the construction within the Proposed District of an "improvement", as defined in the Act and in accordance therewith, consisting of the construction, acquisition and installation of a decorative pedestrian oriented street lighting system within the boundaries of the Sherman Hill Historic District (see Exhibit A & B maps) EXCLUDING WOODLAND AVENUE and 15TH STREET SOUTH OF CENTER within the Proposed District (the "Proposed Improvement"), utilizing available federal funds, and any other available funds.

  2. To establish an operation fund with respect to the Proposed District to be known as the "Sherman Hill Street Lighting self-supporting Municipal Improvement District Operation Fund", and to levy the annual tax described in paragraph 4 hereof (the "Operation Tax") upon the property, as defined in the Act (including property assessed as residential property tax purposes), within the Proposed District (the "Property") for the purposes described in paragraph 5 hereof, for an initial period of twenty (20) years, commencing with the levy of taxes for the collection in the fiscal year beginning July 1, 1998 and continuing for twenty (20) additional years thereafter. The City of Des Moines may renew the levy of the Operation Tax for subsequent five (5) year periods unless a petition containing signatures of at least forty percent of all owners of property within the Proposed District or signatures which together represent ownership of property with an assessed value of forty percent or more of the assessed value of all property within the Proposed District, is filed with the City Clerk at least 6 months prior to the expiration of the current period. The City of Des Moines shall not renew the levy of the Operation Tax if such a petition is timely received.

  3. To provide by ordinance that the rate of Operation Tax to be levied annually as aforesaid shall not exceed the amount per thousand dollars ($1,000) of taxable value of the Property in any one year specified by the table below, in addition to all other taxes, and to include within said ordinance appropriate options consistent with such maximum levy and the time limits specified in paragraph 3, to increase, extend and renew the Operation Tax based upon the useful life of the Proposed Improvements and the cost associated with the operations of the Proposed District.

  4. Fiscal Years of Levy

    Levy per thousand dollars taxable value

    1998/9 to 2002/3

    $1.50

    2003/4 to 2007/8

    $2.00

    2008/9 to 2012/13

    $2.50

    2013/14 to 2017/18

    $3.00

    2018/19 and thereafter

    $3.50




     

  5. To use the proceeds of the Operation Tax for the purposes of paying (or reimbursing the City with respect thereto) all or part of the cost incurred in connection with the operation and maintenance of the Proposed Improvements, any administration expenses (as defined in and authorized by the Act) of the proposed District, including legal and engineering fees, and any other expenses reasonably incurred in fulfilling the purposes of the Proposed District, all as may be determined from time to time by the City Council.

We do hereby certify that we are owners of the properties described below and are shown as owners on transfer books in the office of the County Auditor. Subject to any ownership limitation set forth, the undersigned have full authority to execute this petition and to commit our property to its terms. Signers on behalf of corporations certify that they hold the corporate offices set forth opposite their names and have signed this petition with authorization by the Board of Directors and have full authority to bind and commit the corporation to the terms hereto.

Done and signed at Des Moines, Iowa, by the persons and on the dates shown below.