AgdaPkt 2013-09-23 Closed and Regular

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8.A. - Page 330 B.A. - Page 88 2) 1 remount; if any, the City should pay for the preparation of the EIR POMIC NOTINCAITON Staff has notified interested Laurel Way properly owners of this meeting (see attached letter) and clarified that it was M a puha hearing. A pubes hearing will be scheduled when the financing deWb an revhnved by the City Counca. Also property owners wlll have the opporturdty to c+omntent on the draft MR when it is completed. REIMBURSEUMNT ACMEMMT T A reimbursement agreement would be an agreement between the applicant whose appeal was denied and the City, whereby one or both parties amm to pay up front the endue cost of the lI. The City could contribute a portion of the MR coat while the odw party would pay the balance. To qualify far formation of a reimbursemmt ag�+eement pt+oce+ecli:tg, at least $50, M of�the aM of "impro�tenis" Ge the ? must benefit properties otheerthm the applicant's. h s at cunt is based an the of the City's Reimbursement Agreement Ordinance. The City would prepare and administer the reimburseumt agr+aemenL As each va=t pard develops, the property owner would be nquir2d to pay his or her "fair share" of the SIR to the City, based on some formula rekW to benefits oanterred on emb property. The City would then distribute the appropriate share, when recdved, to the other puerty unAw the reimbbursemeat agresutent. The City may choose to contribute a portion of the EIR wet. The City's contribution could be based on the amount of city land, i.e. unimpwv ed Public right of way, as it percent of the toW laurel Way subdivision area. it example, the entire unimproved public right of way is approxataWy 18% of the wal, lot area in the Laurel Way 5ubdividon. This pac+ae mV applied to the estimated ER poet is mately $146". T wWbre the City could contribute $1MM toward the RM and the other party would pay the balance, or $bS4W. OF Page $