CCP 09-23-2008 - Laserfiche WebLink

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' 2008 SPECIAL ASSESSMENT REPORT PROJECT FUNDING The project costs associated with the reconstruction of the streets are proposed to be paid for through City taxes and special assessments in accordance with the assessment policies adopted in the City's Comprehensive Street Plan. According to the plan, 25 percent of the street resurfacing cost and 25 percent of the curb repair are to be special assessed with the remaining 75 percent being paid by the City. The total cost of the change order to mill and overlay the 1694 Service Drive is to be paid by the City since this work is considered maintenance. PROPOSED ASSESSMENT RATES - The special assessment portion of the project costs are proposed to be special assessed against the benefiting properties. Benefiting properties are those properties that have frontage on a street that was reconstructed with corner lots being assessed if the short side of the lot abuts a street improved, regardless of address or house orientation. We are proposing the benefiting properties be assessed on the per lot basis in which all the benefiting lots in the project area are assessed an equal amount. This has historically been the most common and equitable type of special assessment for street projects where lots are generally the same size and receive the same benefit. There are a total of 8 townhomes and one twin homes on 14th Terrace NW. Since the lietownhomes were originally platted as 5 residential lots, we are proposing to assess each townhome for 5/8ths or 0.625 of a residential lot. The twin home has two separate ownerships and we are proposing to assess each owner 1/2 or 0.50 the proposed assessment rate of a residential lot. There are a total of 86 properties equaling 82 assessable residential lots benefiting from Project 07-1. Maps showing the benefiting lots proposed to be assessed can be found on pages 6, 7, and I8 Proposed Street Reconstruction Assessment Rate i $1.002.07 Rer residential lot The estimated assessment rate was $1,340.00 per lot. $626.30 per townhome unit We- estimated assessment rate was $838.00 per townhome. $501.04 per twin home unit e estimated assessment rate was $670.00 per twin home. ' An example assessment payment for a typical residential lot can be found in Appendix B. 1 RECOMMENDATION To APPROVE THE R SOLUTION ADOPTING THE SPECIAL ASSESSMENTS FOR PROJECT 07-112007 STREET RECONSTRUCTION, found on page 9. ' This resolution includes a 5.65 percent interest rate and a 10 -year collection period.