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; 8.A. - Page 89 � <br /> ° � � Page 7 <br /> This balance of $65,60Q could khen be equally dis�ributed over the tota123 <br /> vacant lots on Laurel Way which wo�Id resu�t in $2850 per lot. <br /> This option direc�y benefits #he property owners since the City makes an irutia.l <br /> �ontributian up fron�, thereby reducing thE propert� awner's contribution to <br /> the �II�. Also, this opfion allows the City �a make its "Fa�r share" eoniribution <br /> based on the land area it will hold in the Laurel Way Subdivision {th� public <br /> right-of-way). Hvwever, as with every reimbursement agreement, there ar� <br /> cerfain long and cumbexsome proceedin�s that must oc�ur, and there is no <br /> guararitee that the EIR will be completed sinc� the reimbursement agr�ment is <br /> subject to a majorit�► prate�t, which can be overrider� by Cauncil by a 4/5th vote. <br /> Possible Ci#v Share: Ovtinn #2 <br /> 'I'he City may �lso elect to sp�it the cos� of the �TR in half and pay $4D,Dq0. <br /> Under such a scen�r�o, Fhe property owners of the 23 vacant ��ts would pay <br /> about $174Q per ldt. <br /> This option provides a greater benefit �o the property owners, although #he Cit�r <br /> puts rYtore money up front at risk and may be pay�r�g more than its fair share. <br /> Possibie Citv Share: Dvfion #3 and #4 <br /> The Ci�y could atso decide ta pay none Qr a�1 of the EIR cost�. If the Cfty chose <br /> not to rontribute any funds, i.e. the vacant property owners wa�d be <br /> responsible for the entire $8D,p00 cost, and then the assessment would be $3480 <br /> per vacant lot. <br /> 'Y'he paymen# options are summariz�d in the following table: <br /> Citv Pavs� Provertv Owners Es#i.mated EIR �ost <br /> (?_3 VaCant Lots) <br /> $0 $80,O�f0 {$348�/1ot) $St).�i10 <br /> ���,4oa ��,�oo ��zs���oc) �so,aoa <br /> �o,aoo �o,000 c�l�4o�%�� �so,o�o <br /> �so,aoo �o �so,000 <br /> Z Casts do not includ� City's administrative costs whic5 usually n:n anywhere <br /> frarn IO% to 20�'0 of E[R cost, <br />