§ 52.08. Initial Assessment Resolution.

The initial proceeding for imposition of an Assessment shall be the Council's adoption of an Initial Assessment Resolution. The Initial Assessment Resolution shall (A) describe the Local Improvement or Local Service proposed for funding from proceeds of the Assessments and the location thereof; (B) estimate the Capital Cost or Operating Cost; (C) describe the Assessment Area specially benefitted by such Local Improvement or Local Service and describe with particularity the proposed method of fairly and reasonably apportioning the Capital Cost or Operating Cost proportionate to the benefit among the parcels of property located within the Assessment Area, such that the owner of any parcel of property can objectively determine the amount of the Assessment, based upon its value, use or physical characteristics; (D) describe how and when the Assessments are to be paid and, if payable in installments, the interest rate or interest rate determination method to be used (which may include variable rate demand obligations and may include charges for credit enhancement, remarketing and other fees); and (E) include specific legislative findings that recognize the equity provided by the apportionment methodology.

(Ord. of 1-22-1996, Doc. #29102)