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City Council Regular Meeting Minutes February 8, 2005 Page 3 Mayor Faust further explained that corner lots must be considered differently in an assessment policy. This policy was set many years ago. Though this seems tike an aberration, it is not. When the other street is improved on a corner lot, the assessment will be less. It is the fairest way possible to treat corner lots. 6 Walter Leba, 3317 Roosevelt Ct NE, stated he has 47 feet of frontage, and is being assessed for 7 11.1 feet of frontage. Mr. Hubmer explained that since he lives on a cul-de-sac, the calculations 8 according to the assessment policy are more complicated. The total area of the lot in square 9 footage is divided by the average of two sides. In his case, this comes out to be 111 feet. 'He 10 emphasized that the calculations for different -shaped lots is the method the city used to try to 11 equalize them with the other lots in the city. 12 13 Mr. I.cba suggested each resident in the area of street improvements be assessed the same 14 amount. Mayor Faust stressed the policy was created for equality, and follows typical appraisal 15 practices in real estate. He noted that a cul-de-sac lot may have more footage than what the pure 16 footage indicates. The front footage must have a factor in order to square the lot off so it would 17 be similar to a. rectangular lot. If everyone paid the same, then those above or below the average 18 may not be pleased. Ile stated the city will follow the current policy until a new policy is 19 written. 20 21 Mayor Faust closed the public hearing at 7:28 p.m. 22 23 Mayor Faust noted there is a ps'ocedtue to follow and that: is why the bond rate is not known. Ile 24 explained the project schedule is that the bids have been received and will be awarded in March. 25 The bonds will be sold in the next couple of months and at that time, the interest rates will be 26 known. The assessment was based on the bids received. Construction will likely be in May 27 when the weather permits. Ne noted the residents may see Mimregasco in April in conjunction 28 with the city's project. The street improvements will be divided into two stages. The 'hist stage 29 includes 31" and Roosevelt. After this part is complete, the second stage will begin. 30 31 Motion by Councilmember Stille, seconded by Councilmember Gray, to approve Resolution 05- 32 22, Ordering 2005 Street Improvements. 33 34 Motion carried unanimously. 35 36 B. Resolution 05-23; Adopt and Confirm Assessments for 2005 Street.In�rovements_ 37 38 Motion by Councihncmber Stille, seconded by Councilmember Thuesen, to adopt Resolution 05- 39 23, Adopting and Confirming Assessments for 2005 Street and Utility Improvements subject to 40 changing Item #3 to read "2% over the true interest cost" rather than 2% over the prime rate. 41 42 Motion carried unanimously. 43 44 V. REPORTS FROM COMMISSION AND STAFF. 45 None. 46 M