AgdaPkt 2011-08-22 - Laserfiche WebLink

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8.A. - Page 88 6.1 F � � � Page 6 �) What amount, if any, the City should pay far the preparation of the EIR PtIBLIC NOTIFICATi Staff has no�ified interested Laurel Way prvpearty ox�vners af this meefing �see atta�hed Ietter) and ctarified that it was � a public heari�g. A public hearing wi�l be s�eduled whean th� financing details are reviewed by �lie City Council. Alsa property o�►rners will have Ehe opportunity to ramment on the draft EIR when it ks completed. TENTATdV� FIN�N�,�]VG OPT.��Ns� REIMBURSEMENT AGItEEMENT A reimbursement agreernent would be an agreemenf between the applicant whose appea�l was denied and the City, where6y one or bath par�ies agre�e #n pay up Erant the enare cost of the EIR, The Cifry rnu�d contribu�e a� poation of the EIR cost while the ather party would pay the baiance. To qualify for farmatian of a reimbursement agreement proceec�ing, at least $50,0�0 oF �he �st of "improvements" (i.e. the EIR) must benefit properti� oEher �han the applicant's. This amount is basec� on the requirements of the �ity's Reimburseme,�t Agxeement Qxdinance. The City wou�d prepare and administer th� reimbursement agaeement. As each �acanf parcel cieveiops, the property awner would be requir�d to pay his or her "fair share" of th� EII7 �o the Ci�y, based on some formula re�ated to benefi#s conferred on eaeh praperty. The �ity wauld then distxitiute t�e appropriate shaxe, when receiv�d, t� the other party under the reimbursement a�reement. Possible City Share: �3vtion #1 Th� City may choose to contribute a partion of the EiR Cost. The City's contributian couid be based on the amount of city tand, i.e. unimpraved public right af way, as a per�ent of khe tota� i.aurel Way subdivision area. Far example, the entire unimprvved publi� z�gl�t of way is appr�xirnately 18% of the total lot area in the Laure� Way Subdivision. 'T'his percentage applied t� the es#ima�d EIR cdst fs appr�ximately $I4,4U0. Therefore the �i#y cvu�d �ontrib�te $I4,�1Q toward th� EIR and fhe other party would �ay the �O�lar.�, or �G�.60Q.