HomeMy WebLinkAbout9759. '7~ Resolution NO. _ /1.-/
A RESOLUTION of the City of Kent,
authorizing deferred payment in lieu of
assessment.
WHEREAS, the City of Kent has a number of water mains
and sewer lines which were constructed with financing which did
not include adjacent property participation; and
WHEREAS, when such property applies for service, the
applicant is required to pay the proportionate share for the
property to be served; and
WHEREAS, when the payment is for a line installed at a
developer's expense, it is called a "latecomers payment" and is
refunded to the developer; and
WHEREAS, when the financing was with City of Kent funds,
it is called a "payment in lieu of assessment" and the payment
goes into the appropriate City fund; and
WHEREAS, Chapter 35.91 RCW sets forth the authority and
standards which allo\~ a payment in lieu of assessment to be spread
over time rather than paid in its entirety at the time of
application;
NOW THEREFORE THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON DO HEREBY RESOLVE AS FOLLOWS:
1. Installment payments must be authorized by the City
Council.
2. A promissory note providing for such payments are to
be executed and recorded with King County.
3. $10.00 is added to the amount of the charge in lieu
of assessment to cover the cost of the note filing, the filing of
the release, and other costs.
4. The note shall not include permit charges or water
service charges.
5. The note shall be for not less than $300.
6. The note shall be for a period of five years, or
less.
7. The interest rate shall be 75 percent of Peoples
National Bank prime rate, but not to exceed the maximum amount of
interest to be charged by a governmental agency according to state
statute.
8. Installment payments are only applicable to
properties which are zoned for single family or duplex use and
such properties served are not included in an approved preliminary
plat or in a final plat filed within two years preceding the
application. This requirements is intended to restrict the
installment payment program to non-commercial and non-developer
use.
9. Eligible property must be located within a ten (10)
mile radius of the corporate limits of the City of Kent.
PASSED by the City Council of the City of Kent,
Hashington, at its regular meeting this _}f_ day of ~'-j-;--
1~.
ATTEST: a-~~ . ISABEL HOG~YOR
APPROVED AS TO FORM:
3219-94A
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