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2003 Street Program Financing <br /> <br />Funding Source Seals Overlays Total <br />MSA Funds 23,618 0 23,618 <br />City Contributions 33,000 98,525 131,525 <br />Assessments 33,000 98,525 131,525 <br />Total 89,618 197,050 286,668 <br /> <br />Assessment Policy <br /> <br />A significant amount of the financing associated with the Street Maintenance Program is <br />obtained through special assessment. Attached to this case is a summary of current assessment <br />practices. The Committee may wish to review these practices and suggest policy changes. At <br />least one project scheduled for the 2003 programs, tP 03-04, appears to warrant some new policy <br />with regard to assessments, since this commercial area contains lots having widely varying sizes <br />and some businesses occupy multiple lots of record. Staff is recommending that assessments in <br />this case be based upon lot area. <br /> <br />Committee Action: <br /> <br />The Committee should direct the preparation of a feasibility study for the 2003 Street <br />Maintenance Program and the Committee may wish to direct changes to the existing assessment <br />policy <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Director of Public Works <br />Finance Officer <br /> <br />PW: 01/21/03 <br /> <br />54 <br /> <br /> <br />