The first of a series of two ordinances needed to establish the Greek Row Special Service Area taxing district will be presented to the DeKalb City Council at its regular meeting tonight.

Assistant City Manager Gary Boden said features of this ordinance show the need for the district and announce the date and time of the public hearing needed to give those people affected by the district an opportunity to voice their opinions.

The ordinance also will establish the maximum bond financing limits on the money to be borrowed, the term and the interest rate. It also will include details of the Notice of Public Hearing, which includes the legal description of the proposed taxing district, he said.

If this ordinance is approved, a second ordinance will be presented Feb. 22, Boden said.

Two bond issues are required to do this project and according to statute, one issue must be designated specifically for the tax district, Boden said. The other issue is the city’s responsibility and will have a general obligation designation, he said.

Maximum limits on the bond cost must be established in the ordinance as required by state statute, Boden said. It was estimated $117,000 will be needed annually if the project cost is $750,000, he said. The bond term is 10 years and the interest rate is nine percent, he said.

But it is estimated that the actual cost to the tax district will range between $90,000 and $100,000 per year because several variables might lower the stated maximum project and bond cost, Boden said.

Bond interest rates are at 7.5 percent and it is believed bond rates will not fluctuate more than about one percent within the next year, he said.

Public Works has estimated that if the project were to be completed within two construction seasons, the cost would be about $1.3 million, Boden said. But this cost could be reduced by about $100,000 if the project was to be completed during the 1989 season, he said.

Through the design process, Public Works still has to determine if the project could be completed in one season, Boden said. They need to determine if construction can begin before the end of the spring semester without significantly disrupting traffic flow, he said.

The bonds are planned to be placed during February or March of 1989, Boden said.

In other business, the proposal of the establishment of Sunday Champagne Brunch hours for Class E licensed establishments also will be presented to the council, Boden said.

At Mayor Greg Sparrow’s request, the new ordinance was drawn up to allow restaurants to serve alcohol with their meals beginning at 10:00 a.m. instead of noon, he said.

Sparrow said the ordinance still would not allow establishments to open their bar areas until noon.