Laserfiche WebLink
VII. ASSESSMENT POLICY <br /> A. PURPOSE <br /> The assessment policy assures uniform and consistent treatment of <br /> properties affected by capital projects. <br /> B. POLICY <br /> The city will evaluate its assessment policy on properties benefitting from <br /> a capital project at the outset of each project. <br /> The city will provide a payment period with minimum interest rate of a 2.5 <br /> percent over the debt payment rate for each project as follows: <br /> Streets Reconstruction 10 years <br /> Storm Sewer 10 years <br /> Street Resurfacing 5 to 10 years <br /> Sanitary Sewer Water To be determined <br /> When several improvements are included in the same project, the <br /> assessment period will be 10 -20 years. <br /> The city will assess residential property at 45 percent of the project cost <br /> for infrastructure replacement and 100 percent for new improvements. <br /> C. IMPLEMENTATION <br /> The 1993 street improvement project was assessed to residents at 45% of <br /> project costs over ten years. <br />