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8.A. - Page 333 <br />8.A. -Page 91 <br />Page 9 <br />coat. HoweT,►er, paracipmts in the agreenuW would have no recouM to <br />recover their costs for preparation of the EM from eon -part cipadng ownem <br />A voluntary agent would not be subject to the Iteimburaeuhent <br />Agreement Ordinanpe. <br />CONCLUSION Theme are several financing options available to fund ft <br />Laurel Way EMk i.e. a reimbursement agremnm4 a traditional as anent <br />distad, special Improvement dishict, and voluntary went. However, <br />from a practical standpoin4 the assessment districk, agedA fpmvenwnt <br />diatarkt, and reimburoment agreement options usually assunu the <br />construction of impronnneets which ultimately become pub tidy owned. For <br />purposes of financing an M those options are cumberscme and relatively <br />expensive,, unless improvements ,am also going to be fixtanoed, and the cost of <br />the EM is I nduded as an incidental expense. <br />R£COh M MATION Of all the types of financing medumismk staff believes <br />that the voluntaary agreement would be the best, possibly with a city <br />contribution. It is the simplest and least cumbersome to admiunietw. If the City <br />Council deddes to pay for a portion of the MR costs then the contributim <br />should be basad on the percehta p of total public right of way Wild n the laawd <br />Way Subdivision, i.e. r. contribution of approximately Slt4OO. However, erten <br />with the payment, there is no guarantee #hat the ER win. be comped if the <br />voluntary Mpeanent mnot be finalized ar mg pwpe" owners. There is <br />always the chance that the City could lose its contribution with no s+iest t. <br />The second best alternative would be a formal reimbursement agreement, with <br />possibly a city comtributim. Howaever, sunt a reimbursement agreement <br />requires participation of vacant property owners and is also subject to the <br />regulations outlined in the Re mburement A,greectuent Ordinance This <br />option would require formai proceedings and is subject to a majority pmt <br />Following your decision, staff will preps e a detailed financing plan and baring <br />It back to you for further review which will indwde the opportunity for input <br />from property owners in the laurel Way area. <br />Tam pa "Masi _ merles ` Bd Everett <br />Senior Plauhner Acting Planutf ng City ALnager <br />