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8.A. - Page 90 �, 6.1 F <br /> ��` r � Page 8 <br /> Reimburs�ment a�reements are approved only after candv.cting proceedings <br /> simi�ar to assessment district proce�ciings. A,lso reirntrursement agreem.ents <br /> usually invo�ve the constructio� af improvemer�ts, not just preparat�on of an <br /> EIR. Finally, approval of such an agr�ement is subject to a majority pm�est by <br /> landowners which, if made, must be ovez�ridden by the Council by a 4/5�h vote. <br /> TRADITIDNAL ASSESSMENT DIS'TRICT <br /> The Ci�y couid pa� up front for the EAZ while establishtng an assessment <br /> district. The assessment district would issu� bonds, the prflceeds of whirh <br /> wou�d reimbu�se fhe City #or the EiR costs and could a�so �.ittirna�ly pay for the <br /> roadway impravements. The zssuance costs (apprax. $50,0p0) associated with a <br /> rela�iveiy small amount of bonds make thas oprion unpractical unless the <br /> canstru�tian of s�reet improvements is �lsu involved. <br /> �PECL4L IMPR�VEMENT DISTRICT <br /> The City pays up fronk for �he EIR. Ins#ead of issuing bonds through an <br /> assessment district, the City would establis� a special ianprovement dist�ict and <br /> ad�ance eosts for the EYR. Each property owner vvithin the d'asixict wau�d then <br /> have to pay back the City via an additional ass�ssmert# on their tax r�Ils. <br /> Cos�s as�ated with such a disi �,rould approximate thase Earming a <br /> traditianal assessment distric#. <br /> Such a dis�rict is subject to a majority prptest by landowners which, if made, <br /> must be ovexridden by Council by a 4/5�h vote. <br /> VQLUNTARY AGREEMENT <br /> This option is sirnilar ta that proposed by #he owner o� 3738 LawreI Way d�riu�g <br /> the appeal of the denial of his application for variances, If #h� CounciY d�sires, <br /> this agreemenf cou�d include the City as a contributiakg parfy but w�vul� nof <br /> guarar�tee developr�ent apprav�l si�ce development could onTy be approved <br /> in aceordanre with the zvning ordinance and any adapfed mi#igation mer�sures <br /> in the EIi�. <br /> Since this is a vo[untury agreem�nt, owners of unimproved Iots (who would <br /> presumaUty �enefit from #he EIIt� ca�ld be invited to share in the cast of the <br /> EIR. Those awners whs� expect to deveiop these prop�rdes in the nea,r fixture <br /> wQuid benefit from spreading th� cos� over all the vacant loi�, and shou�d b� <br /> motivated ta participate to the Extent no one owner wants ta bear the entire <br />