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, JUL-27-~995 14: ],~ FROM CITY CIF BLF~INE 4~, ~)54~, P. D1 <br /> <br />subdivisions of residential, industrial and commercial <br />properties. <br /> <br />Equivalent Unit/Lot: Parcels larger than the minimum <br />allowable unit/lot will be assessed a cost equivalent <br />to ~he whole number of minimum allowable lots they <br />would yield if subdivided. The location of principal <br />buildings on parcels shall be factored into the deter- <br />mination of equivalent units. <br /> <br />In either unit or equivalent unit determination, any <br />lot that exceeds the minimum by 20% will be assessed <br />at a lot/equivalent unit, plus a fraction of that <br />portion which exceeds 20%. <br /> <br />Front F~otage (~hort s~de) Method: Lateral water, <br />~tera~-sanitary sewer, street and storm drainage <br />improvements for subdivision of residential, industri <br />al and commercial properties may be assessed on the <br />front footage (width) of the parcel. In addition, <br />corner Industrial and Commercial properties will be <br />assessed for any improvement on the long side, excep~ <br />that the first 150 feet adjacent to the corner on th, <br />long side will be excluded. Tkis method would gener, <br />ly be utilized when the lot unit basis is determined <br />to be inappropriate. <br /> <br />AS$pssmen% <br /> <br /> a. Contract Cost: Amount paid to contractors for con- <br /> structing the improvement, plus <br /> <br />Financinq Costs: Amounts paid for bond counsel, <br />bond'~sal~'- c0~t'~, and interest, ~tarting with payme' <br />to the contractor until the assessment roll is ap- <br />proved by the City Council. The interest rate will <br />set by the Finance Director, plus <br /> <br />Other Costs: Project.costs such as advertising, <br />administration, engineering, legal, and right-of-way <br />acquizition. <br /> <br />ASSESSMENT DEFERRALS: <br /> <br />a. S .en..ior C.itizen, ._Deferrals:. . . .. <br /> <br />A determination by the Council allows a senior citizen <br />property owner to defer special assessments if the proper- <br />ty owners meet the criteria as established by Council <br />Resolution. (See Exhibit 3) <br /> <br />~on-~etitioqing Parcels O.utsid? of t.~ Development <br />Area: <br /> <br />With the exception of trunk sanitary sewer improvements, <br />those improvements benefitting non-petitioning properties <br />located outside of a Developers' development, which <br /> <br />- 6 - <br /> <br /> <br />