2006 Ordinances - Laserfiche WebLink

Home Browse Search

. A = the Special Assessment of the Parcel B = the Special Assessment of the Parcel prior to the subdivision C = the Equivalent Units of a Parcel D = the sum of the Equivalent Units of all of the new Parcels of Assessed Property that result from the subdivision. The computation of the Equivalent Units shall be calculated by the Administrator, based on the information available regarding the use of the Parcel, and the estimate of the Administrator shall be final. The Administrator shall use consistent standards in preparing the calculations and shall prepare and keep in the records of the CDA the computations made according to this section. In all cases, the Special Assessment after the subdivision of a Parcel shall equal the sum of the Special Assessment before the subdivision of the Parcel. 3. Reduction in the Special Assessment . If the Board of Directors resolves that the total actual costs to be incurred by the CDA, including the costs of the Public Improvements and the costs related to the issuance and repaying of Bonds, including refunding bonds, and Administrative Expenses are less than the total amount of the Special Assessment, then the Board of Directors shall reduce the Special Assessment (including the Principal Portion of the Special Assessment and the Annual Installment, as applicable) such that the sum of Special Assessment equals the total costs incurred or to be incurred. The Special Assessment shall be reduced for every Parcel of Assessed Property in the CDA in the following manner. First, if the Public Improvements were not completed and any Parcels were not fully improved by the Public Improvements, the Special Assessment shall be reduced on these Parcels to represent the Public Improvements made to these Parcels compared to the Public Improvements made to the other Parcels, taking into consideration the use of the Public Improvements by each land use class, as represented by the Equivalent Unit factors and the Public Improvements actually provided. The Board of Directors may provide for the reduction in the Special Assessment to by equal percentage for each Parcel if the Board of Directors determines this would be the most fair or practical method of reducing the Special Assessment. Second, if additional reductions are to be made in the Special Assessment, the Special Assessment shall be reduced by an equal percentage such that the sum of the resulting Special Assessment for every Parcel equals the actual costs to be incurred by the CDA. Equal percentage shall be calculated by the amount of the reduction as a percent of the Special Assessment prior to the reduction. . The Special Assessment as reduced according to the provisions of this section shall not be reduced to an amount that is less than the outstanding amount of the previously issued Bonds, debt service on the outstanding bonds, and estimated Administrative Expenses. The CDA shall provide a recordable notice of the reduction of the Special Assessment to the owner of each Parcel (or provide for the recordation of such notice) within a reasonable period of time after the approval of the reductions by the Board of Directors. Page 5 of8