MEMORANDUM

KENAI PENINSULA BOROUGH

FINANCE DEPARTMENT

TO: Pete Sprague, Assembly President

Members of the Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Jeffrey Sinz, Finance Director

DATE: January 23, 2003

SUBJECT: Assembly Ordinance 2003-04 K-B Subdivision Road Improvement Assessment District

Attached please find the ordinance of assessment and the final assessment roll for the K-B Subdivision Road Improvement Assessment District. The road improvements and paving have been constructed on Forest Wood Avenue, Ravenwood Street, Huntington Drive, Rockwood Drive, and Homewood Way, which are the access and interior roads of K-B Subdivision. The road improvements and paving benefit 60 parcels within the district. The total cost of the project is $347,400.83. The Road Service Area Board approved a 25 percent match of $83,389.69 at its November 12, 2002 board meeting (see attached Road Service Area Resolution 02-07). (The actual match will be $86,850.21 due to a change order.) The net total cost of the assessment is $260,550.62. Based on total assessed value of each parcel allocation of the net total cost of the assessment, the special assessment per lot in the district varies from $386.05 to $6,426.32. The assessment may be prepaid without interest within thirty days of the notice of assessment. If not prepaid, the assessment is payable over a ten-year period in equal installments with interest accruing as provided in the attached ordinance. The assessment constitutes a lien on each parcel within the district.