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PROPOSED FUNDING <br />It is proposed that these projects be financed similar to past Pavement Management <br />Program proj ects. The current assessment policy has a set rate of 25 °/a of the total proj ect <br />cost. These rates are set based on the individual street segment cost. <br />State Statute 429 has two major points to consider when justifying assessments, first, the <br />assessment has to treat similar properties equally, and second, the amount of the <br />assessment has to he equal to or less than the resulting increase in property value. <br />The following City assessment policies are all being followed: <br />• The assessments shall not he for more than 25% of the project cost for properties <br />zoned R.-I and R-2. <br />• Infrastructure funds shall pay for all costs not collected by special assessments. <br />� Any utility replacernentlrepair be �unded by the appropriate utility fund and not <br />become part of the assessable portion of the project. <br />• The benefiting property owner shall pay for private sanitary sewer repair. This cost <br />may be added to the properry's assessment. <br />• The benefiting property owner shall pay for private driveway work. This cost must be <br />paid in full prior to such work and may not be added to the property's assessment. <br />Assuming this project is constructed in 2005, the final assessment amount would be <br />determined following a thorough review of the proposed assessments by the City Council <br />at an assessment hearing in the fall of 2006. <br />�3 <br />