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93 <br />3. ELIGIBLE IMPROVEMENTS <br />Improvements are limited to flood relief improvements as approved by the City <br />Council and may include, but are not limited to, any of the following items: <br />1. Constructing lateral storm sewer or grading drainage ways from the City's <br />trunk drainage system along property lines, within Right -of -Way (ROW), or <br />drainage and utility easements. <br />2. Easements or Rights of Entry will be granted to the City for the <br />improvements if they do not exist. The City will not purchase easements <br />for these improvements as the improvements are voluntary and requested <br />by the property owner or owners. <br />3. City will provide the lateral systems, property owners will be responsible to <br />complete their own grading, piping or draintile to connect into the lateral <br />system. These costs are 100% the responsibility of the property owner or <br />owners and will not be included in the City's project costs. These <br />connections must be reviewed, inspected and approved by the Public <br />Works Director. <br />4. PAYMENT PROCEDURES <br />1. 35% of the improvement costs will be assessed to the contributing or <br />benefitted properties as identified in the feasibility evaluation. <br />2. Assessments will be over 15 years and have an interest rate equivalent to <br />the most recent Street & Utility Improvement Assessments. If no <br />assessments have been levied for two years prior to improvements, the <br />interest rate will 2% points above the average municipal bond rates for the <br />previous year. <br />3. Assessed property owners can prepay assessments and avoid all interest <br />charges. Dates for prepayment will be included in the feasibility evaluation <br />and presented at the neighborhood meeting. <br />