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December 16,1387 527 <br /> benefit special properties. These are the type of bands that will <br /> be sold to pay for this construction. He said special benefit <br /> shouldlbe similarity at sessed.s assures propdxtionate similarity located properties <br /> Celia Strong presented s the staff report and asked that it be marked <br /> Exhibit Cl. She said the Southpoint LID Project 1s a demonstration <br /> project of the goad things that can happen when 120 property owners <br /> join together to upgrade their neighborhood. The city's role has <br /> beebeen to help lead project. <br /> property ownersin their efforts to pursue,this <br /> street improvement:pular project. The major intent of the project a <br /> provement:however,utilities constructeto a sell <br /> re total <br /> underlying the w streets that werenot already served. <br /> The total rproject cost is be$,541. The total assessment to <br /> property owners is proposed to be$6,672,673. Public funds for the <br /> project total $452862. There have been property a who e <br /> re <br /> red about their assessments. The number of property owners <br /> owners who <br /> have t had a substantial cost change,uop end down from the preliminary <br /> Beate to age Snel ass sment r 10 Ss about 0$: gest they <br /> there is a , If t project ryst stsr are o vexrrthe 30y <br /> Project (there If the preliminary costs are property <br /> for the overrunwith <br /> substantiallyr different ain Sfinalabout <br /> ass assessments. <br /> the property ovnexs w1tM1 <br /> There was anticipation by staff that the compromise preliminary <br /> (quick)special benefit study would be better then the mathematical <br /> preliminary methods. That anticipated advantage did not happen. <br /> The challenge Southpoint <br /> atProject, Itty was processed, x certainly a <br /> something thatbut because itisstreet, <br /> have <br /> you c see, and because the property owners in the <br /> areaexpendedacan <br /> e <br /> n a <br /> revitalization P Lire energy <br /> Staff a efforts t have been n Dwell <br /> worthwhile. There has been somecity staff and consultants who have <br /> maintained that Southpoint should have been one LID or that each <br /> separate LID should have been separated by two or more years, rather <br /> than the concept that was used. And, the co c <br /> concept has caused some <br /> problems. Even so there have been unit costsavings that are nice <br /> to pass along. <br /> Mrs. Strong said each LID has its share of issues. When looked at <br /> individually the projects are reasonable) thessesoents <br /> reasonable,falx and proportionate. After careful review at each t <br /> re <br /> of <br /> thehearings City Council should adopt the <br /> recommendations of the <br /> consultants,staff and administration. <br /> Steve Castles, of Harper McLain and Co. said thewere the <br /> underwriters f the city's LI: bonds. He said the projects , <br /> ere <br /> funded by Bond Anticipation Notes which are due in 1388 ed will be <br /> taken market out id bondssued City torepay <br /> Everette hasthe t a Very ry reviewed <br /> o Ld record <br /> the witond <br /> h <br /> these types of bonds and expects the record will continue r <br /> Celia Strong then presented the following exhibits: <br /> Ex.2 Tabulation of Composite Special Benefits <br /> Ex.3. Evergreen way Study <br /> Ex.6. Sno.Co.Assessors Real Property Holl <br /> Ex.5. Slides <br />