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• <br />IV. FINANCING OF IMPROVEMENTS <br />It is proposed that 100% of the project cost be assessed to benefiting properties. A <br />benefiting property is defined as a lot or parcel of record abutting a road or gaining its legal <br />access from the road proposed for improvement. Each lot of record is evaluated for <br />subdivision based on current road frontage and acreage requirements, then is assessed <br />on a per lot unit basis. <br />V. PRELIMINARY ASSESSMENT RATE <br />It is recommended that the Unit Method of assessment be used. A "unit" is defined as a <br />directly benefiting unit. The assessment rate formula can be derived as follows: <br />Total Amount to be Assessed <br />Number of Direct Assessable Units <br />= Preliminary Assessment Rate <br />The resulting preliminary assessment rate for the Lino Lakes portion is as follows: <br />Pine Street from Lake Drive to 4th Avenue /Jodrell Street <br />$199,250 <br />21 <br />= $9,488.10 /Unit <br />Pine Street from Lake Drive to Western Terminus <br />$349,750 <br />38 <br />= $9,203.95/Unit <br />See map in the Appendix for determination of benefited units. <br />VI. STATEMENT OF FEASIBILITY <br />The paving of Pine Street from Lake Drive to 4th Avenue /Jodrell Street and the paving of <br />Pine Street from Lake Drive to the western terminus is feasible and should best be made <br />as proposed. Resident support for the project exists on the east portion of the project from <br />Lake Drive to 4th Avenue /Jodrell Street. <br />4 0014292.005 <br />