(A) The City Engineer shall review the application for the establishment of a reimbursement district and evaluate whether a district should be established. The Engineer may require the submittal of other relevant information from the applicant in order to assist in the evaluation.
(B) The Engineer shall prepare a written report for the City Council, considering and making recommendations concerning the following factors:
(1) Whether the applicant will finance or has financed some or all of the cost of a street, water or sewer improvement, thereby making service available to property, other than property owned by the applicant;
(2) The area to be included in the reimbursement district;
(3) The actual or estimated cost of the street, water or sewer improvements within the area of the proposed reimbursement district and the portion of the cost for which the applicant should be reimbursed for each improvement;
(4) A methodology for spreading the cost among the parcels within the reimbursement district and where appropriate defining a “unit” for applying the reimbursement fee to property which may, with city approval, be partitioned, altered, modified or subdivided at some future date. The methodology should include consideration of the cost of the improvements, prior contributions by property owners, the value of the unused capacity, rate-making principles employed to finance public improvements and other factors deemed relevant by the City Engineer. Prior contributions by property owners will only be considered if the contribution was for the same type of improvement and at the same location;
(5) The annual fee adjustment which shall be applied to the reimbursement fee beginning on the first anniversary of the date of the reimbursement agreement as a return on the investment for the person or the city. The annual fee adjustment shall be fixed and determined by the City Council and computed against the reimbursement fee as simple interest and will not compound. The City Engineer may take into account the cost of any financing, including prepayment penalties, loan fees, the actual percentage rate of interest being paid by the applicant and opportunity costs lost when recommending the annual fee adjustment to the City Council;
(6) The amount to be charged by the city for administration of the agreement. The administration fee shall be fixed by the City Council and will be included in the resolution approving and forming the reimbursement district. The administration fee is due and payable to the city at the time the agreement is signed;
(7) The period of time that the right to reimbursement exists if the period is less than five years; and
(8) Whether the street, water and sewer improvements will or have met city standards.
(Prior Code, § 2.10.030) (Ord. 244, passed 4-15-1996)