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Department Approval: <br />~ <br />111:1 1 <br />Agenda Section., <br />Reports and Recommendat, ions <br />Item Description: Settlement—Assessment Appeal, Lakeland Avenue Prop <br />In order to support special assessments, the City mnist prove that the property assessed benefits by <br />more than the winount of the assessment. In practice,, we must', show that, the fair market value of <br />the property has m'creased at least as much as the amount of the assesisment. <br />he Benjamins property may not have <br />The City's appraiser, Shenehon Company has, 'Indicated that t & <br />benefited by the total $79,5188,,531 assessed. With guidance from our appraiser, we have negotiated, <br />with Benjamii to reduce the total amount assessment by $91,5188.531 to, $70,,O00. The property <br />owner has asked that the reduction be taken ftom Project P-93-10. <br />Mnancial Implications: This project is financed through, a, combination of special asisessments <br />and MUM'Cipal state W*d, funds. The portion of project costs not collected by special assessments <br />will be financed through our state ii account., <br />Approval of a resolution reducing the total, assessment to the Lakeland, Avenue Properties/ <br />Benjanu'ns parcel from $791588.53 to $7'0,0100.00 for Impirovementsi P-93-10 and P-,9,4-10 and, <br />authofizing the mayor and manager to sign a settlement agreement on behalf' of the City. <br />Prepared by-, Karl, Keel <br />