Laserfiche WebLink
CITY OF BLAINE - PUBLIC IMPROVEMENT - SPECIAL ASSESSMENT POLICY <br />i) Financing the Improvement: Most special assessments may be paid over a period of <br />several years. Consequently, necessary funds are generally obtained through bonds <br />issued at the time the improvement is made. The bonds are then paid as funds become <br />available through collection of the assessments and any taxes levied for the purpose of <br />paying the bonded debt. The bonds are guaranteed by the pledge of a property tax levy <br />to cover any shortfall in funding. <br />11. POLICY STATEMENT <br />It is the overriding policy that development shall occur, whenever practical and reasonable, in a <br />planned and contiguous fashion. "Leap frogging" development leading to community sprawl and <br />associated higher infrastructure and operation costs is to be avoided. <br />It is further the policy that all properties shall pay a fair share of the cost of local improvements as <br />those properties benefit. It is intended that no property shall be provided the benefits of improvements <br />without paying for them. <br />III. POLICIES RELATING TO SPECIAL ASSESSMENTS <br />1. Assessment Limitations <br />The total of assessments cannot exceed the project cost and must be apportioned equally <br />within properties having the same general land use (residential and institutional, multiple <br />family, and commercial, or industrial), based on benefit. Total assessment against any <br />particular property may not exceed benefit to that property with benefit being defined as the <br />increase in market value of the property because of the improvement. Project cost may <br />include part or all of the cost of previously installed projects not previously assessed. <br />2. Assessment Period <br />Improvements installed to serve a new residential subdivision and petitioned for by the <br />Developer shall be assessed for a period up to five years. Improvements to serve new <br />commercial and industrial subdivisions petitioned for by the Developer shall be assessed for a <br />period up to ten years. Assessments for improvements not included as part of a Developer's <br />development shall be assessed for a ten-year period. Assessments for street improvement <br />projects shall be assessed for a ten-year period except for bituminous overlays which shall be <br />assessed for a five-year period. <br />3. Interest Rate <br />The interest rate will be calculated annually by the Blaine Finance Department. <br />H:ITEANIIGISENGIPVMT•MGTISPECIAL ASSESSMENT POLICYISPECIAL ASSESSMENT POLICY.DOC 3 <br />