Agenda - Council - 03/09/1993 - Laserfiche WebLink

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The total project costs have been identified in the previous section. The project assessable costs are proposed to be diwided equally among all lots determined to be benefitted by the project regardless of frontage of the individual properties involved. The trunk attributable costs will be paid from a fund generated by sewer and water trunk charges, which consists of a uniform charge to ail users. The current 1993 trunk charge rate for sanitary sewer and water will be $1,415 per residential connection. In determining the project cost for each individual properties, the total number of assessable units must be determined~ The exhibit in Appendix A identifies existing legal parcels in Pondvaie Estates, Pondvale Estates 2nd Addition and proposed future lots in Ramsey Meadows. Parcels 1, 5, 7, 12, 14, 21 ',,md 22 are occupied by existing single-family residences. Parcels 16 and 17, which have the same owner, has a single-family residence constructed over the common lot tine. Parcel I 1 has a detached garage serving the residence owned by Parcel 12. All of the remaining numbered parcels will be buildable lots when sanitary sewer and water are available and lots are legally recorded. This study proposes that since it is unrealistic to anticipate that the existing residence on Parcels 16 and 17 will be moved, the combination of these two parcels should be assessed a single share of the total project. The garage on Parcel 11 could be razed and the resulting clear lot be sold at an economic gain. A full share of the total project cost is therefore proposed for this parcel. All other vacant or developed parcels are proposed for a full share. Therefore the total project cost is proposed to be divided equally among 31 benefitting parcels. A summary of the total assessed cost for each benefitting parcel is presented in Table 2. TABLE 2 ESTIMATED PROJECT ,~2-22 COST SUMMARY Total Assessable Project Cost Number of Assessable Parcels Assessable Project Cost per Parcel Trunk Sewer and Water Charge Total Assessable Unit Cost Annual per Unit Assessment (Parcels t-24)* (l 0 year term) Annual per Unit Assessment (Parcels 25-32) (5 year term) $211,115 31 $6,810 $1,415 $8,225 $1,225 $2,060 *Excepting Parcels 16 and 17, which will receive only one share, City policy has been to allow for the recovery of the total assessable costs over a ten year period for existing property, owners and to recover this amount over a five year period for new lots created by developers. It has also been policy to charge interest at a rate of two percent over the prime rate in effect at the time the assessment resolution is passed. The interest rate to be charged on this project is estimated to be 8%. 3