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IllSummary of January, 2008 meeting Time of assessment: City Council needs to be informed of the impacts of timing. If assessments are levied at the beginning of the project, the City will not have to front the money. However, if assessments are levied upon project completion, residents will be assessed for actual costs, ensuring that residents aren't over/underpaying. Overhead costs: List what is included in determining overhead costs, but don't list a fixed percentage- allow this to be modified for each project(ie, engineering fees, legal fees, etc.) Appraisals: Complete property appraisals as needed if/when assessments are appealed. Interest rate: Modify language so that interest rate is not set to prime rate plus two percent, but something that moves with the economy, such as two percent over going bond rate for the type of project being proposed. Other discussion points: • Consider a longer payment period for commercial/tax-exempt properties • Change the assessment payments to be equal annual installments instead of equal principal payments. Outstanding discussion points:• ■ Commercial properties are being assessed 70%; residential properties 50%. Is 70% an appropriate rate for commercial properties? Is 50% an appropriate rate for residential properties? • Addressing double frontage lots, whether it is two streets(non-corner) or street and alley. • Do we want to set a minimum number of years between assessments? • How should City lots be addressed in relation to assessments? Included or not included in calculations? Roseville Funding Summary Roseville adopted a Pavement Management Program (PMP) in 1985 that had a two prong funding approach. A Roseville street reconstruction project was funded using a combination of bonding and assessments. The policy was to assess 25%of the reconstruction costs to properties zoned single family residential, 70% for high density residential, and 100% for all other property zoning, including institutional uses. The City Council changed this policy in 2003 to apply the 25% of reconstruction costs to be assessed for all property zoning. Roseville's PMP also established a tax levy in 1986 to create the Street Infrastructure fund. This fund is dedicated to major street maintenance, such as mill and overlay projects. This fund has grown considerably over the years and now funds 100% of non Municipal State Aid Street mill and overlay projects. All Roseville taxable properties paid over the years in order to establish this fund. • \\Metro-inet.us\ardenhills\PR&PW\Engineering\Assessment_Policy\Summaryof Jan08_mtg.doc