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<br />Prepared by: Bolton & Menk, Inc. FINANCING <br />Allen Avenue Improvements ǀ N15.119846 Page 9 <br />V. FINANCING <br />All streets that are proposed to be rehabilitated are considered residential streets. The properties <br />adjacent to the residential streets include 114 residential properties and 1 commercial property. <br />Street: The assessment policy is for 50% of the street costs to be assessed. Remaining street costs <br />will be funded using the City’s Pavement Management Fund. <br />Water, Sewer, and Storm: This project includes only minor water, sanitary, and storm sewer <br />repairs. As such, in accordance with the City’s Special Assessment Policy, water, sanitary, and <br />storm sewer improvements will not be assessed. Instead, they will be funded by the City’s utility <br />funds. <br />Sidewalk: In accordance with the City’s Special Assessment Policy, sidewalk installation will not <br />be assessed. <br /> SPECIAL ASSESSMENT – STREET COSTS ASSESSED <br />Per the City’s current assessment policy, properties that benefit from full or partial access to <br />the improved streets will be assessed. A per unit assessment method is being utilized for this <br />project due to the consistency of adjacent property uses. <br />The per policy assessments for street improvements are: <br />· Unit Assessment Rate $2,549 <br />Appendix C identifies the Assessment Roll and benefiting properties. <br /> SPECIAL ASSESSMENT – PITRINA TERRACE ASSOCIATION <br />The Pitrina Association culdesacs and utilities discussed in this report are privately owned by <br />the association. As such, if the association wishes to proceed with the work, they would be <br />responsible for 100% of the street and utility costs. The association would therefore be <br />responsible for the costs shown below. <br />· Lump Sum Special Assessment $439,670 <br />