Saturday, June 11, 2011

Steps Required to Form a Services District for Funding

We are still waiting on AGEC to finalize their analysis of the landslide and provide us with a description of the properties affected and the estimated cost to stabilize the hillside.   Once we have this report, a meeting of all affected property owners will be held to evaluate the recommendations and formulate a plan for halting the continuing damage to property caused by the landslide.  
Meanwhile we did receive from attorney Mark Anderson information as to the steps required to form a Special Assessment District so that the affected property owners can vote whether or not to sell a type of municipal bond to raise the funds required to pay for the landslide abatement and property repairs.  The bonds would be repaid over time by a separate property tax collected by the Special District of property owners.   The amount assessed to each property owner would be based on the assessed value of each parcel as a percentage of the total assessed value of the combined properties forming the Special Assessment District.  This appears to be the least costly and fairest way to apportion the costs of stabilizing the hillside and repairing the damaged properties among the various property owners.

Here is a link to the Memorandum from Mark Anderson that details the steps required.
Funding Memorandum Link

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