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* 8.A. - Page 91 : a ---- ` Page 9 cost. However, partiapants i�t the agreement wauld have no recourse to reco�er their costs f�r prepara�ian of the EIR from non-partiapating o�vners. A voluntary agreement would not be subject to the Reirrtk�ursement Agreement O�rdinance. C�1�CLiISIDN 'T7�ei�e a�e several finaziang aptions �vai�ab�e to fund f�e Lauxel Way EIR, i.e. a reimbursemen� agre�ment, a#radi#ionat assessment disfrict, special impravem�nt dis#rict, and voluntary agreement. However, from a practi�al standpoint, the assessrnent dis�rict, sp�ial improvement district, and reimbursement agreement op#iorts usually assume the �onatruction of unprovements which ultimately become publicly owned. For purpose� oE financing an EIR, those options are cumbersame and rela#ively expensive, uriless improvements are also going to be financed, and the �ost of the E�R is included as an incidental expense. I�ECDMMENDAx'YQN Of all the types of finanaing mechanisms, staff beiieves that the voIuntary agreement wou�d be the best, possibly with a aty contribution. It is the simples# and Ieast cumbersome ta administer. If the �ity Council decides to pay for a portion of the EIR rost, then the �ontributinn shouid �+e based on the percentage of total public right of way within �he Laurei Way Subdivisian, i.e. a rontribution of approximately $14,40D. However, even with the payment, there is na guarantee that the EIR will be cornpleted if the voluntary agreement cana�ot be finalixed among property owners. '�."here is always the chanee tha� the City could Iose its contribu�ion with no resui#, The second. best alterr€ative would be a formai r�irnbursement agreement, with possibly a city contr�butian. Hawever, such a reimbursement agr�ment requires participation of vacant prope�ty owners and is also subject to fhe regula#ians outiined i� the Reirr€bursement Agr�ement Ordinance. This c�ption would require farma� proceedings and is subject to a majority protest. FoIlowing your decision, staff wi�.i prepare a deta€�ed financ�ng plan and bring it back ta you for furth�r review which will inc�ude the opport�nity for inpu� from property owners in the �.aurel Way area. i t � ` , � � " C�d7r� /� � m � � �.. P I �� ,- Tom Passanisi Charles ]ar�� w � � Ed Everett Seniar Planner Acting Flanning�?ir�or City 1V�anager