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RESOLUTION 4590 <br /> A Resolution of intent to limit sewer LID assessments egisi%,/":am <br /> ZIT <br /> WHEREAS, uncertainty concerning potential sewer costs in the Eastmont area has caused the City <br /> Council to clarify the maximum cost of extending and connecting to City sewers; and <br /> WHEREAS, there are existing single-family residences in Everett not connected to sewers; and <br /> WHEREAS, encouraging the connection to Everett sewers by its residents will benefit the public <br /> health and welfare; and <br /> WHEREAS, the Everett City Council has previously adopted Ordinance No. 1561-89, to encourage <br /> the sewering of the remaining unsewered areas in Everett by providing a $4000 reduction in LID <br /> assessments replaced with a rate surcharge and waiving sewer connection charges; and <br /> WHEREAS, The Everett City Council finds that based on reasonable engineering estimates <br /> prepared by the Public Works Department, the average cost of single-family home sewer LID <br /> assessments is expected to be $10,000; and <br /> WHEREAS, a maximum sewer assessment of $10,000 at current interest rates over 30 years and <br /> utilizing Ordinance 1561-89, will result in average annual costs of less than $600 per year which is <br /> an average of less than $50 per month; <br /> NOW, THEREFORE,BE IT RESOLVED THAT: <br /> 1. It is the intent of the City of Everett Council to set a cap on sewer LID assessments for existing <br /> single-family homes on lots that cannot be further subdivided. The LID assessment shall not <br /> exceed $10,000 per such lot. This cap shall continue for LIDs formed within three years of the <br /> date of this Resolution. <br /> 2. LID assessments may be paid over 30 years at tax-exempt bond rates, currently 5.75%. <br /> 3. For such LIDs there shall be no sewer connection charges,pursuant to Ordinance No. 1561-89. <br /> 4. This Resolution shall also apply to areas annexed to the City of Everett. <br /> 864 dir^dite/7 <br /> Councilmember Introducing Resolution <br /> Passed and approved this 29th day of April, 1998 <br /> ouncil President <br />