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271 The City Council will direct the preparation of an engineering report under _ the Municipal Improvement Act of 1913. The report will include a reasonably detailed plan of the improvements to be construction (although not necessarily a bid-ready plan), a detailed cost estimate (including allowance for antici- pated inflation), and a division of the cost among benefited parcels of land, in accordance with benefit. During preparation of the report, the engineers will consult with affected property owners., The City Council will conduct a public hearing on the report. At the con- clusion of the hearing, if the City Council Judges that the proposed improve- ments should be made and that the proposed assessments are fair, an assess- ment will be levied and recorded as a lien against each parcel of benefited land. Thereafter, the Cit~ will direct the final design and construction of the project -- in segments -- on the basis of priorities established by the location and timing of development in the north area. Improvement. bonds will be sold from time to time, as required, to pay for construction costs. Bonds will be issued under the Improvement Bond Act of 1915, on the best terms available at the time of sale. Assessed property owners will pay only their prorata share of the principal and interest on bonds actually issued and outstanding at any time, regardless of the original amount of the assess- ments. Mr. Brunsell stated the following concerns should be clearly understood: 1. Any estimate of the cost of the improvements must include a prediction about the effect of inflation on future construction costs, extending over a !0-year period. 2. Since all improvements will not be scheduled at the same time, there may be disagreements among property o~ners, or between owners and the City, about the order in which work is to be done. 3. Property owners who do not have immediate development plans could be frustrated by future changes in zoning, either by the City Council or by referendum, or by the unavailability of utilities. Because of these concerns, Mr. Brunsell stated he felt the following conditions should be attached to the proposal: First, the property owners should be given the following assurances: 1. Bonds will not be issued except to fund construction contracts ready for award, together with incidental expenses, reasonably required reserves, and a reasonable construction contingency. 2. Authority to issue bonds will expire ten years from the levy of the assessments; i~ bonds issued at that time amount to less than the total assessment, all assessments will be reduced to match the total of bonds issued. 3. Acceptance of the assessment by any property owner will be treated by the City as a complete liquidation and settlement of all off-site traffic improvements required as a condition of development, if development occurs before 1995. 4. 11/9/81