Laserfiche WebLink
The Engineering Department will plan and organize improvement projects of <br />large enough scope such that good bid prices will be obtained. To help insure proper <br />planning, all petitions for local improvements should be submitted to the City by the 1st <br />meeting in April of the year when construction of the improvement will be considered. <br />If the petition is not received by April 1st, the City Council at their discretion may move <br />forward with the improvements even though the proposed project may be carried into <br />the following year. This may result in additional interest costs that will increase the <br />total cost of the improvements. <br />III GENERAL POLICY <br />The policy states that all properties shall pay their fair share of the cost of local <br />improvements as they benefit: it is not intended that any property shall receive the <br />benefits of improvements without paying for them. Local improvements may include, <br />but are not limited to: water, sanitary sewer, streets, storm drainage, sidewalks, street <br />lighting, recreational facilities, etc. <br />IV POLICIES RELATING TO SPECIAL ASSESSMENTS <br />Assessments <br />The total assessments cannot exceed the total project cost and must be <br />apportioned equally amongst properties having the same general land use (residential, <br />institutional, multiple family, commercial or industrial), based on benefit. Total <br />assessment against any particular parcel shall not exceed benefit to that parcel. <br />Project cost may include part or all of the cost of previously installed projects not <br />previously assessed. (Examples include but are not limited to: sewer trunk, water <br />trunk, source and storage, sanitary sewer lateral, water lateral and street and storm <br />drainage) <br />Assessment Period <br />Improvements installed as a part of a new residential subdivision and petitioned <br />for by the Developer shall be assessed for a period of up to eight (8) years. New <br />commercial and industrial subdivisions petitioned for by the Developer shall be <br />assessed for a period of up to eight (8) years. Assessments for improvements not <br />included as a part of a new development shall be assessed for a period up to eight (8) <br />years. A Senior Citizen deferral is permitted (See State Law). <br />Interest Rate <br />The rate of interest on assessments shall be 1 % greater than the rate of <br />interest the City paid on the bonds which were issued to finance the project. In the <br />event that bonds were not issued, the rate shall be 1 % greater than the average rate <br />of interest on all permanent bonds issued in the previous calendar year or the current <br />market rate, whichever is higher, <br />-6- <br />