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VTI-3 MEMO To: Honorable Mayor and City Council From: Nick Egger -City Engineer Date: October 31, 2007 Re: Public Hearing - 2006 Improvement Program Assessments The Public Hearing for the 2006 Improvement Program Assessments will include the following projects: • 200b-1 3`d Street Area - aid Street between Vermillion Street (TH 61) & Farm Street, Eddy Street between 2"d & 5`h Streets, Ashland Street between 2"d & 3`d Streets, Forest Street between 3"~ & 4`h Streets, Maple Street between 3`d & 4`~' Streets, Prairie Street between 2nd & aid Streets, and State Street between aid & 4`h Streets 2006-2 North Frontage Road -North Frontage Road between Pleasant Drive and 650 ft east of Westview Drive 2006-3 Industrial Park 7~h Addition - Lightborne Court and surrounding lots ASSESSMENT POLICY Under the City's assessment policy, assessments are based on the benefit received from the improvement and not on the cost to construct the improvement. Benefit is defined as the increase in property value directly attributable to improvement constructed. The policy assesses properties based on 90% of estimated benefit received from the improvements and reduces the assessment to the long side of a corner lot to 25% of the estimated benefit front foot cost Project 2006-1, aid Street, had two assessment rates -one rate was for sections of the project which had previously contained curb and gutter, and the other rate was for areas that did not previously contain curb and gutter. Project 2006-2, North Frontage Road, although not a Municipal State Aid route, was treated as such under the assessment policy due to its function as a commercial access street and collector road like traffic volumes. The character of the street work performed on this section also was similar to that on South Frontage Road. Therefore, the assessment rate that was used for South Frontage Road in 2005 was applied. Project 2006-3, Industrial Park 7`h Addition was assessed for 100% of the construction costs, as the benefit to the affected properties is equal to the entire improvement.