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<br />'y , <br /> <br />6.1F <br />Page 6 <br /> <br />2) What amount, if any, the City should pay for the preparation of the <br />EIR <br /> <br />PUBUC NOTIFICATION <br /> <br />Staff has notified interested Laurel Way property owners of this meeting (see <br />attached letter) and clarified that it was DQt a public hearing. A public hearing <br />will be scheduled when the financing details are reviewed by the City Council. <br />Also property owners will have the opportunity to comment on the draft EIR <br />when it is completed. <br /> <br />TENTATIVE FINANCING OPTIONS <br /> <br />REIMBURSEMENT AGREEMENT <br /> <br />A reimbursement agreement woul~ be an agreement between the applicant <br />whose appeal was denied and the City, whereby one or both parties agree to pay <br />up front the entire cost of the ElR. The City could contribute a portion of the <br />EIR cost while the other party would pay the balance. To qualify for formation <br />of a reimbursement agreement proceeding, at least $50,000 of the cost of <br />"improvements" (i.e. the EIR) must benefit properties other than the <br />applicant's. This amount is based on the requirements of the City's <br />Reimbursement Agreement Ordinance. <br /> <br />The City would prepare and administer the reimbursement agreement. As <br />each vacant parcel develops, the property owner would be required <br />to pay his or her "fair share" of the EIR to the City, based on some formula <br />related to benefits conferred on each property. The City would then distribute <br />the appropriate share, when received, to the other party under the <br />reimbursement agreement. <br /> <br />Possible City Share: Option #1 <br /> <br />The City may choose to contribute a portion of the EIR cost. The City's <br />contribution could be based on the amount of city land, i.e. unimproved p\lblic <br />right of way, as a percent of the total Laurel Way subdivision area. For <br />example, the entire unimproved public right of way is approximately 18% of <br />the total lot area in the Laurel Way Subdivision. This percentage applied to the <br />estimated EIR cost is approximately $14,400. Therefore the City could <br />contribute $14,400 toward the EIR and the other party would pay the balance, or <br />$65,600. <br />