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The City Attorney has now received an appraisal opinion on this project. A copy of the <br />opinion from The Taylor Appraisal Company and a clarification letter I sent on July 20, 2000, <br />is attached. The appraisal opinion indicates the increased value for houses with functioning <br />septic and well systems is about $2,000 to $3,000; it also indicates the increased value for <br />houses experiencing problems with these systems is about $5,000 to $10,000. <br />Even if the maximum benefit is assumed to be $10,000 for each affected lot, the City would <br />not even be able to cover the cost of the construction contract for this project, let alone the <br />proposed assessment. The City will not be able to recover the project costs through 100% <br />assessment of this project. Unless other funding sources could be identified to pay for this <br />project, it cannot proceed as currently proposed. <br />OPTIONS: <br />1. Adopt the assessment roll for the Twilight Acres 1st and 2nd Addition project. <br />2. Do not adopt the assessment roll for the Twilight Acres 1st and 2nd Addition project. <br />3. Refer to staff for further review. <br />RECOMMENDATION: <br />Option 2 — Do not adopt the assessment roll for the Twilight Acres 1st and 2nd Addition <br />project. <br />