04/20/2005 Council Packet - Laserfiche WebLink

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Draft Draft 04 -18 -2005 Draft • 2. Medium & High Density Residential, Commercial and Industrial Districts • • (a) One half of the total cost of the improvements shall be divided by the total front footage for the improvement, as determined under this policy. The quotient of this shall be the Calculated Assessment Rate. (b) The Calculated Assessment Rate shall be compared to the Maximum Assessment Rate, as provided for under this policy and the lesser of the two shall be the Assessment Rate. (c) The Assessment Rate shall be multiplied by the minimum required lot width of the respective zoning district that applies. The product of this shall be the Lot/Unit Assessment. (d) Parcels shall be converted into an equivalent number of parcel units by dividing the area of the parcel by the minimum lot area of the respective zoning district. The quotient of this shall be the Unit Assessment Multiplier. (e) The Lot /Unit Assessment shall be multiplied by the Unit Assessment Multiplier. The product of this shall be the assessment amount. 3. When an assessable parcel from an improvement project is subdividable under City Code, the City will assign the maximum number of Lots/Units to the parcel that would result from a future subdivision under the current City Code. 4. Nothing herein shall preclude the City Council from assessing 100% of a project cost upon receipt of a Petition and Waiver of Irregularity and Appeal from 100% of the property owners benefiting from the project. VIII. MAXIMUM ASSESSMENT RATE The base year for the street assessment under the Pavement Management Program will be 2005. The maximum assessment rate shall be $77.00 per front footage. This rate shall be adjusted annually (January 1) using the National Engineering News Record (ENR) cost index. IX. TERM OF ASSESSMENTS Project costs assessed under this policy will be collected over a 15 year period. Pavement Management Policy 5 04/18/05