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MINUTES <br />CITY COUNCIL <br />OCTOBER 24, 1995 <br />owners to be assessed. <br />The Administrator reported that the final cost of the <br />project is $434,679. The City is proposing to assess <br />$225,311 with the City paying $209,368, or 48%. <br />Including the City-owned property which is being <br />assessed, the City is actually paying over 600 of the <br />cost of the project. <br />The Administrator pointed out that the assessment <br />policy provides that storm sewer improvements are not <br />assessed. Therefore, the City is paying 100% of the <br />cost of the storm sewer improvements. <br />The Administrator went on to explain that the <br />assessment policy tries to equalize the assessments for <br />street within residential areas. Jackson/Old <br />C/Lakeshore are heavily-traveled, therefore, were <br />constructed to a wider and heavier standard than the <br />typical 8/3 section for a residential street. <br />Assessments to residential property owners are based on <br />the cost of an 8/3 section. An 8/3 section involves 8 <br />inches of base and 3 inches of bituminous. <br />The Administrator proposed a change in the assessment <br />roll as originally presented. In the original roll, <br />the railroad property was not included in the <br />assessment. The revised roll calls for assessment of <br />the railroad, which reduces the assessment rate from <br />$43.67 per lineal foot to $41.27. Commercial property <br />is being assessed at the commercial rate of $49.48 per <br />lineal foot. It is proposed that the assessment would <br />be spread over a ten year period at an interest rate of <br />7.25 percent. The City's fiscal advisors have <br />indicated that to spread the assessment over a longer <br />time period would increase costs since the interest <br />rate would be higher. The Administrator also reported <br />that the City had an appraiser look at the project. <br />The appraiser indicated that the assessment level is <br />supportable. The amounts proposed to be assessed are <br />consistent with projects assessed a couple of years ago <br />which were upheld in court. <br />The Administrator explained that there are two options <br />for deferment of assessments. The first is a senior <br />citizen deferral and the second is a development <br />deferral, for properties large enough to be subdivided. <br />Interest would accrue under either deferral option. <br />The Administrator also noted that for large parcels <br />where the property owner agrees that the property will <br />never be subdivided, and files a deed restriction to <br />this effect, the assessment for the additional lots <br />4 <br />