Laserfiche WebLink
Subdivision Enhancement Lots <br />Abutting Lots <br />ARTICLE IV <br />1.00 Benefit Units <br />1.25 Benefit Units <br />IMPROVEMENT ASSESSMENTS <br />SECTION 4.01. ESTIMATED CAPITAL COST. The estimated Capital Cost, inclusive of interest, <br />for the Summerset North Subdivision Wall is <br />The Project Cost of the Summerset <br />North Subdivision Wall will be funded through the imposition of Improvements Assessments against <br />property located in the Summerset North Assessment Area. <br />SECTION 4.02. IMPOSITION OF IMPROVEMENT ASSESSMENTS. The Improvement <br />Assessments shall be imposed against all Tax Parcels located within the Summerset North Assessment <br />Area, other than Undevelopable Tracts, for each of Fiscal Years, the amount of which shall be <br />computed in accordance with this Article IV. When imposed, the Improvement Assessments for each Fiscal <br />Year shall constitute a lien upon the Tax Parcels located in the Summerset North Assessment Area, <br />pursuant to the Ordinance. <br />SECTION 4.03. PREPAYMENT AMOUNTS. <br />(A) Upon adoption of the Final Resolution, an Initial Prepayment Amount for each Tax Parcel <br />located within the Summerset North Assessment Area shall be calculated as the amount computed by (1) <br />dividing the number of Benefit Units attributable to such Tax Parcel by the total number of Benefit Units <br />attributable to Tax Parcels within the Summerset North Assessment Area, and (2) multiplying the result by <br />the estimated Capital Cost of the Summerset North Subdivision Wall. <br />(B) Following issuance of the Original Obligations, an Adjusted Prepayment Amount for each <br />Tax Parcel, other than those Tax Parcels as to which the Improvement Assessment has been prepaid prior <br />to issuance of the Original Obligations, shall be computed by multiplying (1) the amount computed by <br />dividing (a) the Initial Prepayment Amount established herein for such Tax Parcel by (b) the aggregate Initial <br />Prepayment Amounts for all Tax Parcels within the Summerset North Assessment Area, excluding those <br />Resolution No. 04-1511 <br />Page 12 of 23 <br />