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market value of the property which equals or exceeds the <br />assessment levied against the property. <br />D. Division of Cost Between City and Affected Property Owners <br />1. City -Owned Property. The City will pay its share of a <br />street project in the amount of a sum equal to the <br />abutting footage. <br />2. Cost of Intersections. The cost for intersections of <br />streets and similar parts of public improvements not <br />immediately fronting on private or publicly -owned <br />property shall be distributed over the benefitted <br />property within the assessment district. <br />E. Amount of Assessments <br />1. Rehabilitated /Reconstructed Rural Streets: The costs of <br />rural streets that are rehabilitated or are reconstructed <br />as a rural section shall be financed 100% through <br />assessments to the abutting properties. <br />Residential - As rural street sections are not <br />considered desirable, no City funding assistance <br />shall be available other than application of the <br />Modified Assessment Rate. <br />Commercial - 100% of project costs. <br />2. Upgraded Rural Streets: It is the City's desire to <br />upgrade rural street sections to urban street sections <br />where possible. Therefore, when a rural street is <br />scheduled for an improvement, upgrading to urban design <br />will be the objective unless otherwise determined by the <br />City Council. In making such a determination the City <br />Council may consider a petition from property owners to <br />perpetuate a rural street. <br />Residential - The affected property owners will be <br />assessed 100% of the cost for new curb and 85% of <br />street reconstruction costs based on an 8 "/3" <br />section for the actual width of the street up to <br />30 feet. Costs associated with providing <br />subsurface drainage and /or a heavier section will <br />be borne by the City. The Modified Assessment <br />Rate shall apply. (See Example #1) <br />Commercial - The commercial formula shall be <br />determined on an 80/20 allocation of total project <br />costs associated with street construction (less <br />storm sewer) between the property owners and the <br />City. The costs of storm sewer improvements will <br />be borne 100% by the City. The costs of new curb <br />and gutter will be assessed 100% to the affected <br />property owner. <br />-6- <br />Page 9 <br />