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A. The real property in the district shall be subject to an annual special assessment based upon the special benefit to the property within the district as authorized by SDCL § 9-55-2. The special assessment shall be fair and equitable as required by SDCL § 9-55-7. The rate of each special assessment shall be determined pursuant to SDCL § 9-55-13 based upon the following formula:
1. For property in Zone 1, an assessment of $1.50 per $1,000 of assessed valuation of property.
2. For property in Zone 2, an assessment of $0.75 per $1,000 of assessed valuation of property.
3. The maximum assessment on each property shall be capped at $3,000 for the year 2010, and such cap shall be increased each year thereafter by 3.5%.
B. The assessments shall be subject to adjustment by the City Common Council by resolution as provided in SDCL Ch. 9-55.
(Ord. 5591 (part), 2010)