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