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RECONSTRUCTED STREET-NEW REDEVELOPMENT ASSESSMENT POLICY <br /> The streets are proposed to be reconstructed five to ten years prematurely. Abutting <br /> property owners would be paying assessments five to ten years earlier than they normally would <br /> and theoretically, are losing the interest earnings on those premature assessments. However, <br /> construction costs should also be increasing during that same time period. Staff is proposing a <br /> redevelopment assessment policy that could be prepared that would result in abutting property <br /> owners being assessed for half of the assessments they would have been assessed had not <br /> redevelopment accelerated the time frame for the street reconstruction. Such an assessment <br /> policy would require development and adoption of a street improvement plan, and definitions of <br /> qualifying redevelopment projects and improved areas. <br />