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REQUEST FOR COUNCEL ACTION DATE: 6/8/98 ITEM INTO.: F Department Approval: Manager Reviewed: Agenda Section. Reports and Recommendations Item t Settlement Assessment Appeal, PIK Tena final, Twin Lakes Pond-- T- 6-14 Background: In 1996, the City constructed a new regional pond to serve the westerly portion of the Twin Lakes redevelopment Area. This new pond, constructed as City Project ST-96-14 2 is located west of Cleveland Avenue and immediately north of the County Road C exit ramp. The costs of this project were assessed in the fall of 1997. The followin g properties owned by P Terminal and Eugene Pikovsky were assessed for this project: Assessment Amount PIN 04-29-23-32-0007 1611296.50 PIN 4- 9- 3-3 2-0012 315550.02 PIN 04-29-2 33-0007 23,858.08 TOTAL: $ 711704.60 Following the adoption of the assessment role by the City Council on September 22, 1997, PI Terminal appealed the assessment to district court. A trial to resolve this matter is scheduled for later this fall. State law requires that properties benefit by at least the amount of the assessment. Traditionally, benefit is measured b y an increase in market value. Therefore, to determine benefit, an appraiser calculates the d erence between the market value of a property before the improvement and the market value of the property aver the improvement. An important part of this determination is decidin g what the "highest and best use" of the property is. The highest and best use is the allowable use of a given property that would support the highest sale price on the open market. In redevelopment areas, the highest and best use is often different than the existing use.