Ordinance No. 20288 - Laserfiche WebLink

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Parcels of land that are vacant or partially developed will pay an equivalent assessment at the time of futm'e development. City funds will cover the costs of the delayed assessments from the time of levying assessments until an equivalent assessment is collected sometirne in the future. Assessment financing, a 10-year paymem plan through the City, is available to all property' ov, mers within the improvement district as identified by City Code, Chapter 7. Of the 10 properties in the LID, three property owners qualify for the low-to moderate income subsidy program. This program only applies to owner~occupied properties in the LID. The City will pay in full ~?or the subsidy share, two at moderate income (1/3) and one at very low income (5/6). The total cost for the low income subsidies is $2,763.09. The property ova, ed by Lydum's (TL#1704291100100) is a comer lot of approximately 0.34 acres that was assessed for Terry Street improvement for a frontage of 95 feet under an older version of the code. Primary access (the driveway and address) for this lot is from Royal so a paving assessment was assessed for Royal f~ontage of 80 feet. Property o'wned by Jones' (TL#t 7042000 03800) is a comer lot that is subject to a deferred assessment ~br Terry Street improvements. The driveway access is off Terry Street. There is not a driveway off of Royal Avenue. The Jones' have one address on Royal Avenue so by EC would be considered to have primary access on Royal. Staff will not grant an access off of Royal Avenue in order to maintain traffic flow on the minor arterial. At the LID formation consideration was given to physical access, assessments already levied to this property and the intent regarding assessments for residential comer properties. It was determined that no pavement assessment on Royal would be levied against this property. Only sidewalks have been assessed per (EC 175 (5)(e)). Properties that abut the street were assessed for 3.5-width of improvement on a per front foot basis and for driveway aprons and adjustments. Below are the final unit assessable costs: 3.5-t~0ot Paving (per fi:ont foot) Wastewater (per square foot, 160 foot depth) Sidewalks/Driveway Apron Wastewater Service Line (each) $ 20.29 $ .16 $ 3.01 $1,258.97 Total Assessable Cost Low Income Subsidy Delayed/On Hold Total City Cost Total Project Cost $ 82,081.48 $ 2,763.47 $ 39,286.72 $ 421,256.47 $ 503,337.95 The City will pick up the cost for paving beyond 3.5 feet, non-assessable curb and gutter and sidewalk, street lights, street trees and a portion of the storm drainage system as identified by City Code, Chapter 7.