Title
Establishing the 2011 Residential Street Vitality Program Assessment Rates.
Body
WHEREAS, in 2010 the assessment rate for street paving, including curb and gutter in connection with the Residential Street Vitality Program (RSVP) was $40.97 per assessable foot; and
WHEREAS, in 2010 the assessment rate for the modified lantern style lighting was $7.25 per assessable foot, and the alternative bent straw lighting was $4.55 per assessable foot; and
WHEREAS, it has been a City policy to assess approximately 25% of the construction costs; and
WHEREAS, bond financing regulations require a minimum of 20% be assessed to benefiting property owners; and
WHEREAS, a 0% rate increase will keep assessment collections to approximately 22.69% of the construction costs; now therefore be it
RESOLVED, that in order for the assessment to reflect the increased construction costs and benefit to the property owners, the assessment rate for street paving in connection with RSVP is $40.97 per assessable foot for all such RSVP projects approved by Final Order after October 1, 2010, to be constructed in 2011; and
BE IT FURTHER RESOLVED, that the assessment rate for the modified lantern style lighting is $7.25 per assessable foot, and the alternative bent straw lighting is $4.55 per assessable foot for all such RSVP projects approved by Final Order after October 1, 2010, to be constructed in 2011.