80A - PH - AMEND DOWNTOWN MGMT PLAN

Home Browse Search

Land Area Fee is calculated by multiplying the square footage of the parcel by the Land Area Rate (10 cents per square foot) Building Area Fee is calculated by multiplying the square footage of a structure, as derived from its gross exterior dimensions, by the Building Area Rate (15 cents per square foot). Flat Parcel Fee – each individual Assessor’s Parcel is assessed the Flat Parcel Rate ($425). Street Frontage Rate Land Area Rate Building Area Rate Flat Parcel Rate $6.00 per linear foot 10¢ per square foot 15¢ per square foot $425 per parcel During the term of the CMD, the annual budget and corresponding assessments may be adjusted to reflect an annual cost of operations increase of five percent. Since the CMD is planned for a five-year term, maximum assessments for future years (years 2-5) must be set at the inception of the CMD. While future inflationary and other program cost increases are unknown at this point, a built-in maximum increase of five percent per year is incorporated into the projected program cost and, in turn, the resulting assessment rates for the five-year life of the CMD. These figures are shown in the table below. Assessment rates may not exceed those indicated below. Five-Year Maximum Assessment Rates (Includes a 5 percent cap on annual increases) Rate Year One Year Two Year Three Year Four Year Five Street Frontage Fee $6 $6.30 $6.62 $6.95 $7.30 Land Area Fee 10¢ 10.5¢ 11¢ 11.6¢ 12.2¢ Building Area Fee 15¢ 15.8¢ 16.6¢ 17.4¢ 18.3¢ Flat Parcel Fee $425 $446 $469 $491 $516 Any annual budget surplus or deficit will be incorporated into the subsequent year’s CMD budget, and subsequent annual assessments will be set to account for surpluses or deficits carried forward. 15