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(a) A special assessment district may not be formed if it violates any of the following restrictions:

(1) No assessments shall be levied in excess of twenty-five percent (25%) of the fair market value of property after giving effect to the benefit accruing from the work or action for which assessed.

(i) For the purposes of this restriction, the estimated amount of the assessment against a parcel will be reduced by the amount of a prepayment of the assessment for the parcel that is received by the City before the Council acts on the resolution to form the district and proceed with the improvement. If the Council does not approve the resolution to form the district and proceed with the improvement, the City will refund the prepayment.

(ii) Any such prepayment must be received no later than the close of business at least fifteen (15) days prior to the date the Council will act on the resolution to form the district and proceed with the improvement.

(2) In no case shall a special assessment district be approved by the Council where properties that will bear more than ten percent (10%) of the estimated costs of the improvement are subject to unpaid, past-due Kenai Peninsula Borough or City property taxes at the time the Council approves the resolution to form the district and proceed with the improvement.

(i) For the purposes of this restriction, the delinquent tax may be paid before the City Council acts on the resolution to form the district and proceed with the improvement. Any such payment must be received no later than the close of business at least fifteen (15) days prior to the date the Council will act on the resolution to form the district and proceed with the improvement.

(b) The legal description of parcels within the proposed district as of the date of the City Council resolution to approve the petition report and recommend a match will be used to determine assessment. No subdivision, reversion of acreage, or lot line adjustment will be recognized for assessment purposes after the City Council approves a resolution to approve the petition report.

(Ord. 3034-2018)