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Page 3 <br /> Assessments <br /> 11/8/93 <br /> We suggest they be advised to seek payment of the assessment by the <br /> railroad as part of their agreement. This should not be a concern of <br /> the City. It is a matter to .be decided by 'the railroad and willemette. <br /> A tabular summary of all the recommended changes for the five affected <br /> parcels is listed as follows: <br /> PROJECT PROPERTY ORIGINAL REVISED <br /> NUMBER DESCRIPTION ASSESSMENT ASSESSMENT <br /> 92-03 Primrose Off. Bldg* 2 4 0 747.4 5 Reduced to <br /> 3101 old Hwy. 8 10,302.47 <br /> 05-29- 3-21-0004 <br /> 92-03 George Roiling 731941. 04 Reduced to <br /> 05-29-23-21-0007 30,740933 <br /> 92-03 O'Connor Apartments 7,878. 16 No change <br /> goo Nighcrest <br /> 05-29-23-23-0035 <br /> 9 -25 willemette Industries 18, 197972 No change <br /> 2425 Term inal Rd. <br /> 08-29- 3-24-0007 <br /> 9 - 5 614 Company 13,877. 09 Reduced to <br /> 2550 Walnut 21522088 <br /> 05-29- 3-23-0001 <br /> We seat letters to all of the five property owners who have -filed <br /> written object ions* We have made settlement offers -to the three parcels <br /> for which staff recommended assessment changes. We have given property <br /> owners until November 1, 1993, to respond to our settlement offer. All <br /> three owners have accepted our offer of settlement. Written letters of <br /> acceptance are attached for each of the three parcels. <br /> Financial implicationsee If the assessment rolls are amended as <br /> recommended, available project financing for these two improvements will <br /> be reduced significantly. For project 9 -03, old Highway 8, the <br /> original assessment amounts to the Primrose office Building and the <br /> Reiling parcel will be reduced from $98,588049 to $41, 042 .80. In this <br /> case, assessment revenues will be reduced by $5'x,545.69. <br /> It should be noted that this project has adequate financing using a <br /> combination of Municipal State Aid funds and assessments. In this cases <br /> the assessment polio allows assessments in addition to receiving state <br /> aid revenues. This allows the project to be over financed. The loss of <br /> .assessment revenue wi l 1 not affect the overall financing for this project <br /> but will reduce the amount that -would accrue to the state aid street <br /> fund for future improvements by the amount of the reduced assessments <br />