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CITY OF CENTERVILLE - 2013 STREET AND UTILITY IMPROVEMENT PROJECT • <br /> Assessments <br /> Special assessment law requires that assessments not exceed the benefit afforded to <br /> adjoining properties by the project improvements. One way of estimating this benefit is <br /> to have a qualified real estate appraiser examine a number of properties throughout the <br /> project area and give an opinion of the special benefit the project would produce. If <br /> bonding for the project, a minimum of 20% of the project costs must be specially <br /> assessed. It is our understanding that the City will or has hired an appraiser and is <br /> proposing assessments as follows: <br /> Full Reconstruction $3,500 - $4,200 /lot (assumes 90' lot) <br /> Estimated assessments $130,000 - $160,000 <br /> Full Bituminous Rem. & Replacement $2,000 - $2,600 /lot (assumes 90' lot) <br /> Estimated Assessments $116,000- $150,000 <br /> Per city policy and practice, an assessment rate will be calculated on a per foot basis, <br /> based on the numbers above. Then, the assessments will be figured on a front -foot <br /> basis for each individual lot. For side yards, 20% of the footage will be assessed in <br /> addition to the front yard footage. <br /> The city is proposing to assess street improvements only. Sewer and water work will be <br /> paid through the respective enterprise funds. The city has adopted a fee schedule for <br /> water hook -ups, with separate charges for those who have been assessed and those <br /> who have not. A summary of the proposed assessments is presented below: • <br /> Assessment rates for both areas A and B are comparable to those for similar street <br /> improvements done in 2009. <br /> Area A — Center Street Area <br /> TABLE 9 - AREA A ASSESSMENTS <br /> Item Recommended Estimated Annual <br /> Improvement Assessment* Payment on <br /> Taxes ** <br /> Street Full $4,141 $372.45 <br /> Reconstruction <br /> *For average sized lot <br /> * *Based on 15 year payback period <br /> Area B — Houle, Fox, Peterson, Hayfield <br /> TABLE 10 - AREA B ASSESSMENTS <br /> Item Recommended Estimated Annual <br /> Improvement Assessment Payment on <br /> Taxes ** <br /> Street Full Bituminous $2,004* $247.08 <br /> Remove /Replac <br /> *For average sized lot • <br /> City of Centerville Project No: 19 3801520 <br /> Sl1 2013 Street and Utility Improvement Project Page 19 <br /> 50 <br />