4.1. SR 06-02-1997 - Laserfiche WebLink

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4~97 CIP FINANCES IMPACT FEES Funds are limited and designated for a specific purpose. For example, the City collects a park dedication fee, which could be considered an impact fee, on all new plats for future park projects. Additionally, the City collects a seal coating impact fee from developers to finance the first seal coat needed in a subdivision. The SWM fee could be considered an impact fee. Impact fees can also be collected from developers for such off site items as new signals. Impact fees are obtained when a project has an impact on City programs, projects, or services. SPECIAL ASSESSMENTS A number of street and utility improvements are assessed out to benefited property owners either in their entirety or as a partial assessment. Projects can be pursued by a petition of benefited property owners or initiated by the City Council. TIF PROJECTS Monies are only available for special projects subject to State law and City Council approval. These projects are sometimes initiated by the EDA or HRA. Each project is reviewed on the individual merits of the proposal. BOND REFERENDUM Monies are only available if approved by the citizens through a public vote. Money is typically used for larger scale items such as a major park land purchase or park improvement program, or for a community center. The only recent bond referendum that the City has had relates to the purchase of the aerial platform ladder truck for the Fire Department. WASTE WATER TREATMENT PLANT All WWTP improvements are financed through the WWTP reserves or WWTP revenue bonds (if they are not assessed out to benefited property owners). The City has recently undertaken a major plant improvement to increase the capacity from 1.04 MGD to 1.64 MGD. Twenty year bonds were issued for this improvement. A small additional expenditure for equipment in a few years will further increase the capacity to 2.04 MGD. Page 16 of 16