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<br />. \ <br />.....l <br /> <br />. " ) <br /> <br />6.1F <br />Page 8 <br /> <br />Reimbursement agreements are approved only after conducting proceedings <br />similar to assessment district proceedings. Also reimbursement agreements <br />usually involve the construction of improvements, not just preparation of an <br />EIR. Finally, approval of such an agreement is subject to a majority protest by <br />landowners which, if made, must be overridden by the Council by a 4/5th vote. <br /> <br />TRADITIONAL ASSESSMENT DISTRICT <br /> <br />The CitY could pay up front for the EIR while establishing an assessment <br />district. The assessment district would issue bonds, the proceeds of which <br />would reimburse the City for the EIR costs and could also ultimately pay for the <br />roadway improvements. The issuance costs (approx. $50,000) associated with a <br />relatively small amount of bonds make this option impractical unless the <br />construction of street improvements is also involved. <br /> <br />SPECIAL IMPROVEMENT DISTRICT <br /> <br />The City pays up front for the EIR. Instead of issuing bonds through an <br />assessment district, the City would establish a special improvement district and <br />advance costs for the EIR. Each property owner within the district would then <br />have to pay back the City via an additional assessment on their tax rolls. <br /> <br />Costs associated with such a district would approximate those forming a <br />traditional assessment district. <br /> <br />Such a district is subject to a majority protest by landowners which, if made, <br />must be overridden by Council by a 4/5th vote. <br /> <br />VOLUNTARY AGREEMENT <br /> <br />This option is similar to that proposed by the owner of 3738 Laurel Way during <br />the appeal of the denial of his application for variances. If the Council desires, <br />this agreement could include the City as a contributing party but would not <br />guarantee development approval since development could only be approved <br />in accordance with the zoning ordinance and any adopted mitigation measures <br />in the fIR. <br /> <br />Since this is a voluntary agreement, owners of unimproved lots (who would <br />presumably benefit from the EIR) could be invited to share in the cost of the <br />EIR. Those owners who expect to develop these properties in the near future <br />would benefit from spreading the cost over all the vacant lots, and should be <br />motivated to participate to the extent no one owner wants to bear the entire <br />