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~~2",iJ::~: f ../ t '~ 6.1F Page 7 This balance of $65,600 could then be equally distributed over the total 23 vacant lots on Laurel Way which would result in $2850 per lot. This option directly benefits the property owners since the City makes an initial . contribution up front, thereby reducing the property owner's contribution to the EIR. Also, this option allows the City to make its "fair share" contribution based on the land area it will hold in the Laurel Way Subdivision (the public right-of-way). However, as with every reimbursement agreement, there are certain long and cumbersome proceedings that must occur, and there is no guarantee that the EIR will be completed since the reimbursement agreement is subject to a majority protest, which can be overriden by Council by a 4/5th vote. Possible Ci~ Share: Option #2 The City may also elect to split the cost of the EIR in half and pay $40,000. Under such a scenario, the property owners of the 23 vacant lots would pay about $1740 per lot. This option provides a greater benefit to the property owners, although the City puts more money up front at risk and may be paying more than its fair share. Possible City Share: Option #3 and #4. The City could also decide to pay none or all of the EIR costs. If the City chose not to contribute any funds, Le. the vacant property owners would be responsible for the entire $80,000 cost, and then the assessment would be $3480 per vacant lot. The payment options are summarized in the following table: City pays2 Prope~ Owners Estimated EIR Cost (23 Vacant Lots) $0 $80,000 ($3480 /lot) $80,000 $14,400 $65,600 ($285O/10t) $80,000 $40,000 $40,000 ($174O/10t) $80,000 $80,000 $0 $80,000 2 Costs do not include City's administrative costs which usually run anywhere from 10% to 20., of EIR cost.