Chapter 14.15.040 ADMINISTRATION (§ 14.15.040.010 – § 14.15.040.020)

The following procedures are established relative to the administration of benefit districts: A.

Value Adjustment Process. If the benefit district was approved by the City Council with a specific provision to allow a value adjustment to occur to the initial cost of installing the improvements, then the City Engineer shall make the adjustments as follows:

1.

On the first January 1st following the formation of a benefit district, the City shall increase the costs of the improvements by a dollar amount equivalent to the result of multiplying the original cost amount(s) in the benefit district by the interest rate of the one year U.S. Treasury bill. The percentage of increase for the first adjustment will be prorated based on the number of months since the approval of the benefit district. These new amounts will be effective until January 1st of the next year and will be the new basis of costs for calculating the value adjustment for the following year;

2.

On each January 1st following the first adjustment noted in subsection A.(1) of this section, the City shall increase the costs of the improvements by a dollar amount equivalent to the result of multiplying the current cost amount(s) in the benefit district by the interest rate of the one year U.S. Treasury bill. These new amounts will be effective until January 1st of the next year and will be the new basis of costs for calculating the value adjustment for the following year; and

3.

Other than the adjustments noted in subsections A.(1) and (2) of this section, no other adjustments shall be made during the year.

B.

Payments to the Benefit District. Each benefit district shall establish criteria for when the benefit district charges are due for each of the properties. That criteria will either be in the resolution establishing the district or included within the Engineer's Report. In the absence of any criteria in those two documents, the payment will be due for a particular property upon the recording of a parcel map or final map, or the obtaining of a building permit for a new use or a substantial increase to an existing, nonresidential use. In addition to the payment listed in the Engineer's Report, properties in the benefit district will pay to the City an administrative fee as established by resolution of the City Council.

C.

Changes to the Beneficiary. The name and address of the beneficiary of the benefit district shall be set forth in the Engineer's Report. Until the City Engineer has received and acknowledged a written notice from the beneficiary set forth in the Engineer's Report, the City will not recognize any change of beneficiary, regardless of subsequent changes of ownership of land. If the beneficiary is changed, it shall be changed to a single person or entity.

D.