Laserfiche WebLink
Mayor & City Council <br />January 21, 1994 <br />Page 3 <br />range of assessments is created. For the Viking Drive <br />project, assessments would appear to be in the range of <br />$5,000 to $6,000 per lot. For Keller Parkway, <br />assessments would seem to fall in the range of $4,000 <br />to $4,500 per lot. Keep in mind that some of the <br />variables which generate the higher costs of the Viking <br />Drive project include the amount of water main needed <br />to reach the benefitted area as well as the high <br />restoration costs associated with the property due to <br />the proposed location of the water main. Keller <br />Parkway costs have been reduced by the elimination of <br />major street restoration due to the potential for <br />combining with the County's recycling project of that <br />roadway. <br />3) 50/50 Policy with Maximum Assessment Rate: Under this <br />option, costs would still be allocated on the 50/50 <br />basis as previously discussed. However, in the event <br />that assessment rates appear to be higher than what <br />benefits received will allow, a maximum assessment rate <br />would be established to minimize the impact to the <br />affected property owners. The maximum rate could be <br />based on the assessment utilized under the Edgerton <br />water main project adjusted by the construction cost <br />index for each year after 1993. The Edgerton <br />assessment rate was $3.24 per lineal foot or $2,898 per <br />lot. Another amount could be chosen instead and <br />adjusted on the same basis. <br />4) Flat Rate Assessment: Under this option, a flat rate <br />assessment would be used in all cases based on our <br />previous policy criteria. Again, this assessment could <br />be based on the Edgerton assessments adjusted by <br />construction cost index or some other amount chosen by <br />the Council and adjusted yearly by that same index. <br />5) 1970 Costs Carried Forward: In 1970, the City was <br />assessing water main at a flat rate of $6.50 per lineal <br />foot. By adjusting that amount by the construction <br />cost index to 1993 equivalents, that $6.50 rate would <br />translate into a $24.05 rate in 1993. This amount <br />could be adjusted into the future as well. The <br />rationale in using this approach is that it is <br />consistent with past costs assessed which have been <br />effectively subsidized by all taxpayers in the City. <br />The problem in using this approach is that it results <br />in a lower assessment than the people on Edgerton <br />experienced. <br />Page 40 <br />