09-24-1990 Council Packet - Laserfiche WebLink

Home Browse Search

3. Total Ccsts of Pro'^ec’^. In consideration of the action of the City Council authorizing the construction of the laprovenents, Petitioners hereby agree to be assessed their fair share of the cost of the Improvements, including reasonable engineering, legal and administrative costs incurred by the City, according to the number of units allocated to each Petitioner (as set out opposite their signatures hereto). The City Engineer has estimated that the assessment for each unit will total $1,810.00 for Phase I Improvements and $3,240.00 for Phase II Improvements. The City may, at its election, may determine to perform certain Phase II Improvements as a part of Phase I and increase assessment for Phase I Improvements by up to $1,000.00, provided that the Phase II Improvements are ratably reduced such that the total assessment for Phase I and Phase II Improvements, regardless of when constructed or assessed, does not exceed $5,050.00 (plus capitalized interest, if any). Nevertheless, Petitioners agree to be assessed for up to 10% more than such amount. The final assessment roll shall be based upon the final cost of the Improvements and the units allocated to each assessed Petitioner. 4. Special Assessment Installments; Interest. Each Petitioner's share of the cost of the Phase I Improvements shall be paid by the Petitioner to the City as a special assessment levied against such Petitioner's benefitted parcel or parcels in five (5) equal annual installments of principal and capitalized interest (if any), and with interest on unpaid installments at an annual percentage rate to be established by the City at the t.i.me of the sale of the Improvements bond issue. Each Petitioner's share of the cost of Phase II Improvements shall be levied against such Petitioner's benefitted parcel or parcels, in seven (7) equal installments of principal and capitalized interest (if any) beginning in the fourth year following the payment of the initial annual installment for Phase I Improvements. 5. Reimbursement of Assessments. The City will reimburse any Petitioner who fails to b-: able to utilize the number of units reserved herein, only if the Ci cy refuses to approve a development plan allowing use of the total number of units reserved herein, in an amount equal to the total assessment paid for each unit the Petitioner is unable to use, together with interest thereon. Reimbursement by the City shall be paid in lump sum if accruing after all installments of special assessments have been paid. If final City action denying development utilizing the reserved number of units is taken prior to payment in full of a Petitioner's installment obligations, then the City shall reimburse such Petitioner in lump sum for the portion of the assessment already paid (including interest paid thereon) with respect to unused units, and in equal yearly pa>'ments over the remaining term of the special assessment period for that portion of the remaining installments (and interest thereon) allocated to the unused units. Notwithstanding any right to reimbursement that has accrued or may C;\D0CS\TTU\PETITIOM.7/21/89