Item 4: Resolution Forming LID for Crest Drive

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Costs listed below are the estimated assessment costs calculated using the low bid, known and projected costs. The calculations are consistent with adopted Council policy. Paving 9-foot (per front foot) $133.63 Sidewalk and drive aprons (per square foot) $5.34 Total Estimated Assessable Cost $ 2,025,907.11 Total Estimated City Cost: w/o Low Income Subsidy: $ 1,765,469.23 Total Estimated Project Cost $ 3,791,376.34 Assessment financing, a 10-year payment plan through the City, is available to all property owners within the improvement district as identified by Eugene Code, Chapter 7. An interim interest rate of 8 percent is set by administrative order and is in effect from the time assessments are levied until assessment bonds are sold. The administrative order will be reviewed in the next several months with the goal of more closely aligning the interim interest rate with the market interest rate. The final interest rate is dependent upon the interest rate received on the bond sale. LOW INCOME SUBSIDY Approximately 107 residential property owners were notified of the Low-to-Moderate Income Street Improvement Subsidy program. The subsidy program is available to property owners who occupy a single family dwelling or duplex and meet other program criteria. Owners were sent fact sheets which describe the household size and income levels for the subsidy program which is based on the current Lane County Median Family Income. Application forms were also included in the mailing. Property owners were given until May 5, 2009 to return their application forms to determine eligibility. Eighteen property owners responded. At this time it appears that fourteen owners qualify for this program. If the project goes forward there will be one more opportunity for property owners to apply for the program at the time of final assessment, currently estimated to be in early 2011. REMONSTRANCE PROVISION Eugene’s Code specifies that unless properties are associated with previously signed irrevocable agreements with the City, property owners who will bear a share of the cost of an improvement can formally remonstrate (object to the project in writing). If those who will bear over 50 percent of the assessable cost of the improvement sign and submit valid petitions or written objections to the project, there must be a two-thirds majority vote of Council to override the remonstrance and approve the project. The City has received a petition with the following wording: “Petition of Remonstrance Again Crest-Storey-Friendly Area Road Improvement Project. The following citizens directly involved in the assessment of the Crest-Storey-Friendly Area Road Improvement Project hereby formally remonstrate.” Since the submittal of the petition, two of the property owners who signed the petition have contacted City staff to remove their name from the petition. One signature was for a property with no frontage along an assessed street and was removed from the tally. Taking these exceptions into account, the petition represents 84 properties and 72% of the assessable frontage, excluding the public property owned by the City of Eugene, EWEB and School District 4J. The following parcels have recorded irrevocable petitions: 18-03-07-22 Lot 3202 18-03-07-22 Lot 3203 (Signed Remonstrance Petition)