MEMORANDUM

TO: William Popp, Assembly President

Members of the Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Jeffrey Sinz, Finance Director

DATE: September 14, 2000

SUBJECT: Assembly Ordinance 2000-45 Timberland Terrace Utility Special Assessment

Attached please find the ordinance of assessment and final assessment roll for Timberland Terrace Utility Special Assessment District. The gas mainline is currently being constructed and a bill will soon be presented to the borough for payment. The gas mainline benefits 17 lots within the district. The total cost to be recovered through the assessment is $58,514.94 less $6,099.67 in prepayments resulting in net assessments of $52,415.27. Based on equal allocation of the total cost of the project, the special assessment per lot in the district is $3,442.06. The special assessments may be prepaid without interest within thirty days of the notice of assessment. If not prepaid within thirty days, the assessments are payable over a ten-year period in equal installments with interest accruing at a rate of 11.5%. The assessment constitutes a lien on each parcel within the utility special assessment district.