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<br />Assumptions <br />The following assumptions are used as a basis for the fmancing of these improvements. <br /> <br />· Separate Financing Packages for the Floodwater Diversion Project ($2.5 million) and <br />the Local Inflow Improvements ($2.7 million). <br /> <br />· Floodwater Diversion Project <br />· Properties in the City and County would be treated the same. <br />· Construction of the diversion project in 4-5 years, anI:! finance it over a multi- <br />year time frame. (CWCB loan and revenue bonds) <br />· Financing would be from properties located in the floodplain. <br />· Estimated annual cost of $201,400 per year. Based on floodplain area the City <br />share would be $127,480 per year and the County $73,920 per year, or <br />$0.06/sq. ft. or $52 per year for a 8,600 sq. ft. lot. <br />· Collection of the revenues would be through a Local Improvement District. <br /> <br />· Local Inflow Improvements <br />· Property owners in the basin pay based on runoff contribution from their <br />developed property. <br />· Collection mechanism through the Stormwater Utility (SWU) similar to other <br />basins in the City. <br />· Improvements are financed and .constructed over a 20 to 25 year time frame. <br /> <br />Floodwater Diversion Financin~ Option <br />The following is considered at this time to be the most feasible. <br /> <br />Local ImDrovement District (LID) <br />1bis would involve collection of special assessments specifically for the project from properties <br />located in the floodplain both in the City and the County. The County would be the logical entity <br />to create the LID since it has experience in this area and properties are located both in the City <br />and the County where the County has LID powers. <br /> <br />Pro's <br />· The County has extensive experience in LID's. <br />· Assessments would be billed and collected annually with property taxes. <br />· County can form an LID in City with the City's consent. <br />· Can assess vacant property. <br />· Removing the property from the floodplain is a direct benefit of the assessment. <br />· An Intergovernmental Agreement could specify administration, management, and <br />maintenance of the improvements. <br />· Property owners have the option to pay the assessment overtime or in a lump sum. <br />· Property owners have the ability to delay payment for up to five years. <br />· Funding would allow the improvements to be installed in the desired time frame and paid for <br />in installments over a number of years. <br /> <br />