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<br />\ <br />J <br /> <br />~ <br /> <br />6.1F <br />Page 9 <br /> <br />.., <br /> <br />cost. However, participants in the agreement would have no recourse to <br />recover their costs for preparation of the EIR from non-participating owners. <br />A voluntary agreement would not be subject to the Reimbursement <br />Agreement Ordinance. <br /> <br />CONCLUSION There are several financing options available to fund the <br />Laurel Way EIR, i.e. a reimbursement agreement, a traditional assessment <br />district, special improvement district, and voluntary agreement. However, <br />from a practical standpoint, the assessment district, special improvement <br />district, and reimbursement agreement options usually assume the <br />construction of improvements which ultimately become publicly owned. For <br />purposes of financing an EIR, those options are cumbersome and relatively <br />expensive, unless improvements are also going to be financed, and the cost of <br />the EIR is included as an incidental expense. <br /> <br />RECOMMENDA TION Of all the types of financing mechanisms, staff believes <br />that the voluntary agreement would be the best, possibly with a city <br />contribution. It is the simplest and least cumbersome to administer. If the City <br />Council decides to pay for a portion of the EIR cost, then the conbibution <br />should be based on the percentage of total public right of way within the Laurel <br />Way Subdivision, i.e. a contribution of approximately $14,400. However, even <br />with the payment, there is no guarantee that the ElR will be completed if the <br />voluntary agreement cannot be finalized among property owners. There is <br />always the chance that the City could lose its contribution with no result. <br /> <br />The second. best alternative would be a formal reimbursement agreement, with <br />possibly a city contribution. However, such a reimbursement agreement <br />requires participation of vacant property owners and is also subject to the <br />regulations outlined in the Reimbursement Agreement Ordinance. This <br />option would require formal proceedings and is subject to a majority protest. <br /> <br />Following your decision, staff will prepare a detailed financing plan and bring <br />it back to you for further review which will include the opportunity for input <br />from property owners in the Laurel Way area. <br /> <br />Charles J <br />Acting Planning . <br /> <br /> <br />c/~~ <br /> <br />Tom Passanisi <br />Senior Planner <br /> <br />Ed Everett <br />City Manager <br />