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2004 Assessment Policy – Page 4 section. This assessment rate shall be determined by the City Council. All properties with frontage abutting a street that is reconstructed shall be assessed on a per unit basis at the tax exempt equivalent assessment rate. This rate shall apply, regardless of the street's classification (local, collector, arterial, trunk highway); designation (County State-Aid Highway, Municipal State-Aid Street); or jurisdiction (State, County or City). Mill and Overlay Improvements Mill and overlay improvements are placed as a cost-effective measure to extend the useful street life of a particular roadway and to delay street reconstruction needs. As bituminous mill and overlays are constructed as long-term rehabilitation improvements, the cost of these improvements shall be assessed as described below. From time to time, however, the City's Operations and Maintenance Department may determine that small street areas need immediate bituminous overlay improvements for short- term maintenance purposes. These types of bituminous overlays, determined to be "stop gap" maintenance needs rather than long-term street rehabilitation improvements, shall not be assessed to abutting properties and shall be funded by the City. A. Residential Equivalent Assessment Rate All R-1 and R-2 residentially zoned properties with frontage abutting a street that is overlaid with bituminous surfacing shall be assessed on a per unit basis at the residential equivalent assessment rate. This rate shall apply, regardless of the street's classification (local, collector, arterial, trunk highway); designation (County State-Aid Highway, Municipal State-Aid Street); or jurisdiction (State, County or City). The residential equivalent assessment rate shall be based on fifty percent (50%) of the cost of bituminous overlay plus all associated overhead costs for a typical residential street section. This residential equivalent assessment rate shall be determined by the City Council. B. Commercial/Industrial Equivalent Assessment Rate All commercially or industrially zoned properties with frontage abutting a street that is overlaid with bituminous surfacing shall be assessed on a unit basis at the commercial/industrial equivalent assessment rate. This rate shall apply, regardless of the street's classification (local, collector, arterial, trunk highway); designation (County State-Aid Highway, Municipal State-Aid Street); or jurisdiction (State, County or City).