Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Riverside Village Mid Fee topic
No spam. Unsubscribe anytime.
Finance director: 13 Riverside Village parcels face mid‑fee assessments totaling $736,522
Summary
Finance Director Linda Williamson said annual revenue shortfalls in the Riverside Village financial model will trigger mid‑fee assessments on 13 parcels this year, totaling $736,522; staff showed two examples where one parcel’s revenue exceeded its assessment while another senior-living parcel will receive a $401,306 mid‑fee.
The city’s finance director reported to the council that Riverside Village special-assessment parcels that did not meet projected tax revenue will be levied mid‑fee assessments totaling $736,522 across 13 parcels.
Linda Williamson reviewed the three-step method used to calculate the so‑called mid‑fee: (1) compare the annual revenue requirement (debt service, administrative costs and any available funds) to the annual assessment; (2) compare aggregate tax revenues to the annual assessment; (3) for parcels that fall short, calculate an annual parcel credit (projected property tax) and subtract it from the parcel’s assessment to determine a mid‑fee added to the tax bill.
Williamson used tract J (apartments) and tract K (a senior living parcel under development) as examples. Tract J’s projected tax revenue, she said, is $751,106 which exceeds its annual assessment of $351,144, so no mid‑fee will be charged on that parcel. Tract K’s projected tax revenue is about $20,438 versus an assessment of $421,744, producing an annual shortfall and a computed mid‑fee of $401,306 for that parcel.
Bottom line: 13 parcels will receive mid‑fee assessments this year and the aggregate additional tax will be $736,522, Williamson said.
Quote: “If our annual revenue requirement is more than our annual assessment, we need to move on to step two,” Williamson told the council while walking through the appendix tables.
Ending: Council received the financial update; staff did not request a specific vote during the study session and will proceed with the assessment calculations and billing under the established process.
