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float" oil during the gravel road upgrade this year to Schnebly Road. This <br />construction verifies our ability delivering the project in late September 2016. <br />RID participants have previously been presented preliminary costs associated <br />with the improvement and all have indicated acceptance. One property owner, <br />the original land owner and subsequent developer of the community, has not <br />attached to the petition but has verbally committed to participating and owns <br />several lots within the proposed RID boundary. <br />Upon passing the resolution of intention to formulate, staff will prepare and send <br />out (via postal service) the required notice to all, property owners as appearing on <br />the roles of the County Treasurer. Staff will publish the resolution of intention in <br />two consecutive issues of the newspaper of record (Kittites County). Property <br />owners who desire being removed from the district are required to state their <br />desire to the Board prior to five o'clock PM of the day before the hearing. <br />FISCAL IMPACTS: <br />Public Works is estimating the total cost of RID improvements at $133,000 (15 <br />years). Preliminary costs have been reviewed and given initial approval by all <br />petitioners. The cost of the RID is proposed to come from Public Works cash <br />reserves (this negates the need for a bond sale and associated costs). Annual <br />payments from petitioners will retire the debt in 15 years. Public Works is <br />funding the project at a three percent interest rate. Cost impact to the <br />Treasurer's Office is anticipated (forecast at $50ONR). Public Works will contact <br />Treasurer's Office providing a charge code against project costs. Final costs are <br />presented as EXHIBIT 5 contains the preliminary cost estimate provided to <br />property owners_ <br />Several property owners have multiple properties within the RID. Annual <br />assessments per lot equal $371.37. The following property owners (multiple lots) <br />are assessed as follows: <br />a Eberhart Associates: $2,228.19/year <br />Chiawana Orchards: $2,599.56/year <br />Kennedy: $742.73/year <br />Chance: $742.73/year <br />ATTACHMENTS: <br />Exhibit 1: Petition to formulate the Biltmore RID <br />Exhibit 2: Amended property owner information <br />Exhibit 3: RID boundary map <br />Exhibit 4: Turn -around <br />Exhibit 5: Final cost estimate/Lot assessments <br />Page 2 of 7 <br />PUBLIC WORKS BOARD OF COUNTY COMMISSIONERS WORK SESSION STAFF REPORT <br />