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Council adopts revised deficiency assessments for 7th Street project
Summary
Council adopted a revised schedule of deficiency assessments for the 7th Street project after two lots were split and increased in value; staff said the city can now assess 90% of the project cost on those lots because a year has passed, reducing assessable amounts by 10%.
After accepting the 7th Street project, staff explained the revised deficiency assessment process to the council. The lot at issue had been split into three parcels after project completion; because the parcels now carry higher values, the city can reassess more of the project cost back to the previously undeveloped lots.
Staff noted a statutory or policy limitation that reduces the assessable amount to 90% (0.9) because one year has elapsed since the relevant valuation date: "0.9 of what we could have. Only 0.9 because it's been 1 year, so we lose that 10%." Council members discussed notice to the property owners, the city’s ability to collect deficiency assessments for up to 10 years, and whether previously sent letters had alerted owners to the deficiency. The council then moved and passed a resolution adopting the revised final schedule of deficiency assessments by roll call.
Why it matters: revising assessments affects how project costs are distributed among benefitting properties and may change the financial obligation of the owners of the recently split lots.
