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The LID manual
Don’t be intimidated: The “Washington State Local Improvement District Manual” is lengthy (114 pages), but fairly easy to read. “What’s a LID?” “How do you do one?” “Why are they doing this or that?” Should be all in this document; Charles and Robert Macaulay, of Macaulay and Associates (Ocean Shores Street LID; proposed Illahee-Oyehut Sewer LID) are given credit as contributors:
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Oh the magic of positive thinking and slight of hand.
“. . . The amount of the special benefits attaching to
the property, by reason of the local improvements,
is the difference between the fair market value of
the property immediately after the special benefits
have attached, and the fair market value of the
property before the benefits have attached.” (Emphasis in original.)”
I have read this statement in a couple of places so far, my question is, how in the world are they going to determine this based on fair market value, when the value has decreased over the last three years instead of increased?
Thanks for providing a link to this, it’s interesting reading. Just a question Tom, does Ocean Shores have an attorney (legal council) that serves the city?
Pretty hard to miss this on Monday November 26,2007
6:00 PM Regular Council Meeting:
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
OCEAN SHORES, WASHINGTON, AUTHORIZING THE
ISSUANCE AND SALE OF BOND ANTICIPATION NOTES IN
THE AGGREGATE PRINCIPAL AMOUNT OF $24,660,000 TO
PROVIDE INTERIM FINANCING FOR IMPROVEMENTS
WITHIN LOCAL IMPROVEMENT DISTRICT NO. 2007-01;
AUTHORIZING THE FORM, TERMS AND MATURITY OF THE
NOTES; CREATING A SPECIAL FUND AND A CAPITALIZED
INTEREST ACCOUNT THEREIN FOR THE PAYMENT OF THE
NOTES; AUTHORIZING AN OFFICIAL STATEMENT; AND
APPROVING THE SALE OF THE NOTES.
APPROVED ON DECEMBER 10, 2007
PREPARED BY:
K&L PRESTON GATES ELLIS LLP
Seattle, Washington
Thanks, Tom. I skim read it and it is very helpful in explaining the process. I cannot help but wonder, though, with this manual available, how they missed the interest on bonds as part of the overall cost?