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 Unit (Lot). Unit is a parcel or lot in a residential area that is a minimum of eighty feet by one hundred thirty five feet (80' x 135'). Any lot which contains adequate width and depth to allow for subdivision shall be assessed for the maximum number of units the parcel can be subdivided into. The location of an existing structure shall not be reason to exempt large lots from additional assessments. The types of improvements to be assessed on this basis are: Trunk and lateral water, sanitary sewer and street and storm drainage improvements for subdivision of residential, industrial and commericial properties. Front Footage (Short Side). Trunk and lateral water, sanitary sewer and street and storm drainage improvements for subdivision of residential, industrial and commercial properties. Equivalent Unit. Large lots on M.S.A. streets are assessed a cost equivalent to the cost of a typical residential street in an area with eighty foot (80') lots. 5. Variable Costs. Driveways and special services. Residential Equivalent Connection (R.E.'C. A residential equivalent connection is a unit of measure to compare residential with commercial and industrial development. Based on the 1980 census, a R.E.C. is equal to 3.6 persons per residential unit. Therefore, the number of R.E.C.'s charged per acre of commercial and industrial land shall be 5.5. TERMS USED IN DETERMINING ASSESSABLE COSTS Contract Cost. Amount paid to contractors (construction costs*) for contructing the improvements and engineering, legal, right-of-way and condemnation costs. Construction Interest. Cost of financing during the time period of the improvement process starting when the amount paid the contractor equals the amount paid as escrow (if any) until the assessment roll is approved by the City Council. The interest rate will be at the expected assessment rate. Expenses to be Assessed. Cost incurred by the City in addition to the contract costs, including advertising, financing charges, administration and assessing. 4. Project Cost (Total Cost of Improvements). Total of contract costs, interest and expenses and work previously done but not assessed. Construction cost is the amount paid to contractors for constructing the improvements and cost of first time seal coating as estimated in new developments.