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5 <br />take this mock assessment role, which is basically a spread sheet, and add <br />columns with varying percentage rates to illustrate impacts on actual properties <br />with an actual project. If directed by Council, Staff can also perform a financial <br />analysis to determine the long-term impacts the assessment percentage may <br />have on the City’s bonding capacity. <br /> <br />Staff recommends that Council consider an assessment policy that assigns a <br />percentage of the total project cost to the benefited property. The percentage will <br />need to be determined at a future date. <br /> <br />The following is a draft roadway major maintenance financing policy. It is <br />recommended that this policy be used as the frame work for a street major <br />maintenance assessment policy. The percentages shown are recommended by <br />staff. <br /> <br /> ROADWAY MAJOR MAINTENANCE FINANCING POLICY <br />DRAFT: FOR DISCUSSION PURPOSES <br />The following policy sets forth guidelines for the financing of roadway major maintenance <br />projects. <br /> <br />I. DEFINITIONS <br /> <br />A. Benefited Property: Property with frontage (rear, side, or front) along a <br />roadway will be considered to receive benefit from any <br />major maintenance projects. In the low-density <br />residential lots, only those properties with front frontage <br />with an access to the roadway will be considered to <br />receive benefit. <br /> <br />B. Major Maintenance: For the purpose of this policy, major maintenance will <br />consist of overlays, partial or total reconstruction <br />together with other associated infrastructure repairs, <br />reconstruction, and construction. <br /> <br />C. Minor Maintenance: For the purpose of this policy, minor maintenance shall <br />consist of pothole patching, crack sealing, seal coating <br />and minor skin overlays. Funding of these maintenance <br />activities are not addressed as part of this major <br />maintenance policy. <br /> <br />D. Project Cost: Included in the improvement cost to be assessed shall <br />be the roadway major maintenance activity cost, lateral <br />storm sewer, sanitary sewer, and water main costs, <br />engineering, administrative, legal, easement acquisition, <br />and fiscal costs incurred to implement the <br />improvements. <br />