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language to be used. Bond counsel is also an important resource for discussions relating <br />to arbitrage compliance and securities regulations. Consequently, itis importantto make <br />Bond counsel an early member of the financ,ng team. <br />5. Due to legal considerations and/or the quality of information available regarding the value <br />of the properties to be assessed, an MAI appraiser may also be a necessary member of <br />the team. The MAI is retained by the municipality and will establish the market value of <br />the properties before and after the proposed improvements from which the preliminary <br />and final assessment rolls can be "spread" among the property owners to be assessed. <br />The before and after market values established by the MAI may also be critical in <br />determining the municipality's abilityto obtain funding forthe project. The appraiserwill <br />also provide the necessary support in the event of a legal challenge by property owners <br />regarding the amount of assessment charged to their property. <br />Casts to Be Included in an LID <br />Statutes provide for the inclusion of virtually all of the costs associated with the creation, <br />formation, construction, confirmation and related financing costs of an LID. Since, in most cases, <br />the individual property owners realize a significant gain in the value of their property as a result <br />of the project improvements, it makes sense to charge property owners for costs associated with <br />the project as part of the LID financing rather than far the municipality to absorb those costs. All <br />costs intended to be included should make it to the preliminary and final assessment rolls and <br />be included in the financings. To assure that no costs are inadvertently missed, the financing <br />team should reviewthe costs priorto the preparation of the preliminary and final assessment rolls <br />to assure their inclusion. Once the final assessment roli is confirmed it is very diff icultto go back <br />to include costs accidentally left out. <br />Examples of cost related to an LID that can be assessed include are: <br />µ Construction <br />Engineering and design <br />• Legal fees <br />Rights-of-way acquisition <br />• Interim (construction) financing interest and any issuance costs (including underwriting, <br />bond counsel, note printing) <br />+ MAI appraisal fees <br />Funding of the guaranty fund or reserve, if needed <br />• The municipality's cost of: <br />o administering the roll over the life of the LID; <br />o administration of the LID project before formation to after confirmation; <br />o annual bond registrar expenses; <br />o arbitrage rebate tracking services; and <br />o legal printing and publication. <br />46 Local and Road Improvement Districts Manual for Washington State Sixth &mien <br />