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2. Each recommended assessment is reasonably proportionate to the special benefit <br />adhering to that parcel and all other parcels due to the LID -funded project. <br />Completion of the first assignment results in a formation special benefit study report which <br />outlines the recommended LID boundary and provides a narrative summary of the study and a <br />tabulation of recommended assessments to all assessable parcels specially benefitted by the <br />project. This special berefit/proportionate assessment study may be utilized by the municipality <br />and property owners as part of the basis of their decision to form or to oppose formation of an <br />LID. <br />Subsequent to completion of this assignment, the analyst can be engaged to make a <br />presentation at the LID formation roll hearing. If requested, the special benefit analyst's <br />presentation at the formation hearing outlines: (i) basis for location of the LID boundary, (2) <br />economic feasibility of the project and (3) general description of the assumptions, data, analysis, <br />and appraisal techniques. The purpose of this hearing is to inform property owners, respond to <br />their concerns, and provide a forum for the municipality to decide if an LID is to be established <br />within the boundaries they designate, taking into consideration proposed improvements, <br />aggregate special benefits and total amount of proposed assessment. The various <br />recommendations are presented to the municipal council for use in their decision on LID <br />formation. <br />Final Special Benefit Study <br />A special benefit study for the tinal assessment roll hearing is typically the Tina] phase of this <br />portion of the LID process. This study may occur prior to construction of the LID -funded project, <br />during construction, or some time after project completion. The final special benefit study may <br />be the initial special benefit study made on a LID project, in this event the study would follow a <br />sequence of research and analysis similar to the preceding discussion relating to a formation <br />special benefit study. if the final study was preceded by a formation special benefit study, an <br />update is made of relevant market data, the base studies are reviewed and current trends <br />resulting in indications of market value for each parcel are analyzed. <br />Available records are again verified to research and document changes in ownership of all or any <br />portions of the subject parcels. The impact of ownership changes, subdivision activity and trends <br />affecting highest and best use and market value of each parcel is analyzed. <br />Presentations are made at informational hearings or meetings with individual property owners, <br />when requested by the municipal authority, prior to the final assessment roll hearing. Pertinent <br />information provided by property owners is also noted and considered. Any discrepancies in <br />factual data, such as usable land areas, are researched and resolved. <br />The probable market value of each parcel without and with the special benefit characteristics <br />resulting from the LID project is estimated (typically as of the date of the final assessment roll <br />hearing) in order to arrive at an opinion of special benefit to each parcel. Two appraisals are <br />made of each parcel or economic entity. One appraisal results in an opinion of market value of <br />existing property rights without the influence, if any, of the LID -funded protect. The second <br />appraisal results in an opinion of marketvalue of property rights adhering to the property with the <br />project constructed or to be completed within a specific time period. Property characteristics, <br />highest and best use and marketvalue opinions in the without and with appraisals are considered <br />as of the same date of valuation. <br />Local and Road Improvement Districts Manuel for Washington State Sixth Edition 55 <br />