Agenda - Council - 03/28/1983 - Special

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I I I I I I I I ! ! ! I I I i I I I III. GENERAL POLICY It is the policy of the City of Ramsey that all properties shall pay their fair share of the cost of local improvements as they benefit; it is not intended that any property shall receive the benefits of improvements without paying for them. Local improvements will include water, sanitary sewer, streets, storm drainage, sidewalks, street lighting, recreational facilities, etc. IV. POLICIES RELATING TO SPECIAL ASSESSMENTS ASSESSMENTS The total of assessments cannot exceed the project cost and must be apportioned equally within properties having the same general land use (residential and institutional, multiple family and commerical, or industrial) based on benefit. Total assessment against any particular parcel shall not exceed benefit to that parcel. Project cost may include part or all of cost of previously installed projects not previously assessed. ASSESSMENT PERIOD Improvements installed as.a part of a new residential subdivision and petitioned for by the Developer shall be assessed for a period of five (5) years. New commercial a~ industrial subdivisions petitioned for by the Developer shall be assessed for a period of ten (10) years. Assessments for improvements not included as a part of a new development shall be assessed for a ten (10) year period. INTEREST RATE The rate of interest on assessments shall be one and one-half percent (1-1/2%) greater than the rate of interest the City paid on the bonds which were issued to finance the project or, in the event no bonds were issued, then one and one- half percent (1-1/2%) greater than the average rate of interest on all bonds issued in the previous calendar year or the current market rate. INDEXES Depending upon the appropriate resolution or authorization, the construction cost index or consumer price index may be used. The construction cost index is a number computed by "Engineering News Record" derived from prices of construction materials, labor and equipment for the Minneapolis area base year of 1913 equals 100. The consumer price index is a number computed by the U. S. Department of Labor derived from prices of goods and services for the Minneapolis area, base year of 1967 equals 100.