Broadmoor NID Project - Public Hearing


Public notice is hereby given that the City Council of the City of Chesterfield, Missouri, will hold a public hearing on May 2, 2016, at 6:45 p.m. in its Council Chambers at 690 Chesterfield Parkway West, Chesterfield, Missouri, for the purpose of considering proposed neighborhood improvement assessments in the Broadmoor Condominiums Neighborhood Improvement District and taking written and oral objections to same.  The District was formed by the City on August 3, 2015, pursuant to Section 67.457.3 of the Neighborhood Improvement District Act, Sections 67.453 to 67.475 of the Revised Statutes of Missouri, as amended (the “Act”), for the purpose of financing improvements known as the Broadmoor Condominiums  Neighborhood Improvement District Improvement Project (the “Improvements”).  The general nature of the Improvements is the replacement of streets and parking lots, all within the Broadmoor Condominiums subdivision and within the City of Chesterfield, including Claymoor Drive, Broadmoor Drive, Green Circle Drive and Green Circle Court, as provided in Section 67.453(5) of the Act, together with the costs associated with the establishment of the District. 

The boundaries of the District to be assessed are as follows: 

All of the real property within the Broadmoor Condominiums  Subdivision, the plat of which is recorded with the St. Louis County Recorder of Deed’s office in Plat Book 199, Pages 66 and 67.  

The estimated cost of the Improvements (less contingency and NID fees) is $1,303,428 and shall be divided and assessed equally against each parcel of property or lot located in the District and benefited by the Improvements.  Total estimated project costs, including contingency, incentives & administrative fees are $1,515,000.  Actual assessment payable to the City of Chesterfield cannot exceed the estimated costs by more than 25%, are payable in not more than twenty (20) annual installments, and shall bear interest at rates to be determined by the City Council.  The cost of the Improvements shall be financed by utilizing the City’s fund reserves, as set forth by City Council, under the provisions of the Act.