MEMORANDUM

TO: Pete Sprague, Assembly President

Members of the Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Scott Holt, Finance Director

DATE: August 26, 2004

SUBJECT: Assembly Ordinance 2004- ____ Char Subdivision Utility Special Assessment District

Attached please find the ordinance of assessment and the final assessment roll for the Char Subdivision Utility Special Assessment District. The gas mainline has been constructed and a bill has been presented to the borough for payment. The gas mainline benefits 74 lots within the district. The total cost of the assessment is $161,809.88. Based on equal allocation of the total cost of the project, the special assessment per lot in the district is $2,186.62. 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.