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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />x. PROJECT FINANCING <br /> <br />Typically it has been the City's past practice to fund these types of improvements with a per unit <br />assessment. Units are determined by residential single family lots equivalents. If a property can be <br />further subdivided, creating more single family lots after the improvements are made, that parcel <br />would be assessed more units. If a property is unable to further subdivide even with the proposed <br />improvements, that property would be given one unit. However, in this area, there is no unified <br />property shape. Some properties have much more frontage and less area; others have a larger area. <br />Table 2 provides a listing of properties by owners name and PIN number, together with their frontage <br />and acreage and an example of how much the assessment would be if the total project cost were <br />spread 100 percent on front footage versus 100 percent on an area basis. <br /> <br />As it can be seen by the previous table, there is no clear cut way to assess these costs against the <br />benefited properties. The other item that is clear from this exhibit is that the assessment amount in <br />100 percent assessed scenario against these properties will likely result in assessment amounts which <br />cannot be sustained through an assessment appeal. It is staffs opinion that if this project is to move <br />forward, the City will have to subsidize the cost of the improvements to get the proposed assessments <br />to a level that is sustainable through an assessment appeal. If this project is to move forward, staff <br />would recommend that before the public hearing, an appraiser be hired to determine generally what is <br />a sustainable assessment level against these properties for street and utility improvements. <br /> <br />5 <br />