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,~~~, 2/95 <br />CIP FINANCES <br />IMPACT FEES <br />Funds are limited and designated for a specific purpose. For example, the <br />City collects a park dedication fee, which could be considered an impact fee, <br />on all new plats for future park projects. Additionally, the City collects a seal <br />coating impact fee to finance the first sealcoat needed in a subdivision. <br />Impact fees can be collected for such items as new signals. Impact fees are <br />obtained when a project has an impact on off-site City programs, projects, or <br />services. <br />SPECIAL ASSESSMENTS <br />A number of street and utility improvements are assessed out to benefited <br />property owners either in its entirety or as a partial assessment. Projects can <br />be pursued by a petition of benefited property owners, developers, or initiated <br />by the City Council. <br />TIF PROJECTS (New) <br />Monies are only available for special projects subject to City Council approval <br />• and/or concurrence with the EDA or HRA. Each project is reviewed on the <br />individual merits of the proposal. <br />BOND REFERENDUM <br />Monies are only available if approved by the citizens through a public vote. <br />Money is typically used for larger scale items such as a major park land <br />purchase or improvement program, or for a community center. The only <br />recent bond referendum that the City has 17ad relates to the purchase of the <br />aerial platform ladder truck for the Fire Department. <br />WASTE WATER TREATMENT PLANT <br />All WWTP improvements are financed thr©ugh the WWTP reserves or <br />WWTP revenue bonds (if they are not assessed out to benefited property <br />owners). The City has recently financed sgme minor plant improvements and <br />the purchase of the WWTP sludge land through the reserve funds. Also; <br />Phase I of the plant expansion project was financed through revenue bonds in <br />1994. WWTP monies are not available for non-WWTP projects. A major <br />plant expansion ($4.5 million) is anticipated in 1996-98, and this project will <br />have to be financed through reserves and future revenues. This will be <br />accommodated through the selling of a WWTP G.O. Revenue Bond. <br />• <br />Page 13 of 13 <br />