After much deliberation and a Public Hearing two weeks ago, property owners at Coyote Ridge will be assessed Special Assessment taxes to pay for water, street, and other infrastructure improvements.
Normally, housing developers pay the cost for instrastructure in their developments, then pass the cost on to the buyers through the sale of the lots. Four years ago however, Wellington, at the urging of a local developer, established a Developers Incentive Policy in which the City absorbed the cost of the infrastructure, then recuperated the cost through Special Assessment taxes. The incentives also allowed for a three year deferment in the payment of those taxes, with Coyote Ridge reaching the end of it's deferment period.
The infrastructure, originally built three years ago, was paid with Temporary Notes. Two weeks ago, the City Council held a Public Hearing before issuing bonds to pay off those Notes. It was at the Public Hearing when objections were voiced by the property owners. Some questioned the high cost, some requested spreading the tax over a 20 year period rather than 15. The savings of extending the term an additional five years amounted to only about $30 per month, not counting the additional interest that would accrue and have to be paid during that extra five years.
After lengthy questioning, listening to comments from the property owners, and deliberating the issue, the Council voted 5-3 in favor of assessing the full cost of the infrastructure over the 15 year period.
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