2016-05-09-minutes-public-works-study-session

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Next, investigation of physical and economic characteristics of each parcel and abase study are undertaken, consisting of the assemblage of pertinent market data and study of the environmental, economic, governmental and social forces influencing the subject area. Consideration is given to current zoning, land use trends, existing building improvements, highest and best use and other factors influencing market value for each property type or ownership, without and with the amenity of the LID project. All tracts within the designated LID boundary are outlined on a map, with each tract's owner of record noted. Taking into consideration unity of ownership, continuity of the tracts and unity of use, a LID parcel map is prepared. This map provides a basis for preparation by engineers of a legal description of the district. When the probable increase in market value disclosed from this preliminary analysis is greater than the proposed assessment, the LID project is concluded to be feasible without modification. At this point, the analyst can also provide further insight for the municipality into the influence of alternative design elements of a project and the resulting change in the ratio of special benefit to total assessment. Completion of the analytical portion of the formation special benefit study results in the following major conclusions: 1. Recommendation as to location of the LID boundary, 2. Recommendation as to the assessment/special benefit ratio for the proposed project, 3. Recommendation as to a preliminary assessment to each benefitted parcel. Following is a brief discussion of the formation special benefit portion of the study that generates the results listed above. After exterior inspection of each parcel within the LID, the economic base study of the neighborhood is utilized to prepare estimates of highest and best use and probable market value of each parcel within the LID boundary without the proposed improvements. The base study is thea expanded to include the study of market data with e!ements of similarity to the subject parcels, assuming completion of the project. This expanded base study, relating to the LID under the assumption that LID project special benefits are attached, is utilized to prepare an estimate of highest and best use and probable marketvalue foreach parce, assu ming completion of the proposed improvements within a defined time span. The terms "without" and "with" LID -funded improvements are intended to be virtually synonymous with "before" and "after" references in precedent -setting legal decisions, The terms are utilized within this portion of the LID Manual to avoid an implication that the date of valuation is controlled by the date of physical construction of LID improvements. The increase In probable market value adhering to each parcel is the measure of special benefit dueto the LID project. The municipal LID administrator provides the total proposed assessment amount. The sum of special benefits estimated for each parcel is the total special benefit attributable to assessable property within the proposed LID; this total divided into the total UD assessment provides the assessment ratio, or the LID cost per dollar of special benefit. The special benefit to each parcel multiplied by this cost/benefit ratio results in the individual assessment recommended to that parcel. The recommended preliminary assessments meet the following two criteria: 1. Each recommended preliminary assessment is equal to or less than the special benefit adhering to that particular parcel. 54 local and Road Improvement Districts Manual for Washington State Sixth Edition