To the Portland City Council:

 

The Undersigned, being the owner or contract purchaser of the property described below within the boundary of the LID herein described, hereby petitions the Portland City Council to form an LID to assist in funding the capital cost of the Portland Streetcar Phase 3 (Project), subject to the terms and conditions of this petition.

 

Project Description. The Project will include the design and construction of tracks, overhead wiring, station stops and other capital improvements, enabling Streetcar service to be extended approximately 0.6 mile from S.W. 5th and Montgomery to S.W. River Parkway and Moody. The Project will be constructed and maintained in accordance with the preliminary design adopted by Resolution No. 36075 approved by the City Council on May 28, 2002. The total estimated cost of the Project is $18.2 million, which includes the construction of a new extension of Harrison Street ($3.1 million) and the purchase of two Streetcar vehicles ($3.6 million), neither of which will be financed by this LID.

 

LID Boundary. The LID will include all properties that lie within 720 feet of a Streetcar Street, without measuring across S.W. Naito Parkway or the I-5 Freeway Ramp, except for properties that were in the Portland Streetcar Phase 1 LID or Phase 2 LID except for properties owned by the State of Oregon and used by Portland State University (PSU). For the purposes of this LID, a Streetcar Street will be the street and adjacent intersection rights-of-way of S.W. 4th and 5th between Mill and Harrison, S.W. Mill between 4th and 5th, S.W. Harrison from S.W. 5th to Naito Parkway, the new extension of Harrison from S.W. Naito Parkway to S.W. River Parkway and S.W. River Parkway from S.W. Harbor Way to S.W. Moody.

 

Maximum LID Assessment. The Total Assessment Amount will not exceed $3.0 million.

 

Assessment Method. The Total Assessment Amount will be apportioned among properties in the LID based on a calculated rate times its Land and Improvement Value (Value) or a fixed rate times its Land Area and its nearest distance to a Streetcar Street, except for PSU properties that will be assessed a lump sum of $500,000.

 

Assessment Formula. Properties, other than PSU properties, will be assessed an amount equal to their Value times a calculated Value Assessment Rate, not to exceed $6.00 per thousand dollars of Value, but not less than the fixed Land Area Assessment Rate of $0.90 per square foot of Land Area; multiplied by a Distance Factor (a number that is inversely proportional to the ratio resulting from dividing the distance from a Streetcar Street, not measured across S.W. Naito Parkway or S.W. Harbor Way, by 720 feet). Properties fronting on a Streetcar Street will have a Distance Factor of 1.0, while a property 360 feet from a Streetcar Street will have a Distance Factor of 0.5. In making the calculations, contiguous properties with the same ownership will be treated as a single property.

 

For example, the assessment on a property with a Value of $5 million and a Land Area of 10,000 square feet that is 200 feet from a Streetcar Street is estimated to be $21,600, computed as follows: Value method = $6.00 ÷ $1000 x $5,000,000 = $30,000. Land Area method = $0.90 x 10,000 square feet = $9,000. Distance Factor = 1 - (200 ÷ 720) = .72. In this case, the Value method applies and the estimated Assessment = $30,000 x 0.72 = $21,600. If financed over 20 years as provided below, annual payments would equal about $1,880 per year at 6% interest.

 

Value and Land Area. The LID will be assessed and property owners billed after the project is substantially completed, presently scheduled in

 

 

 

August 2004. The Values and Land Areas used in determining the assessments will be the real market values and land areas contained in the property tax records of the Multnomah County Assessor at the time that the district is assessed. If such information is not available in the county records, the Value and/or Land Area will be established by a professional estimate. There presently is about $481 million total Value and about 3.3 million square feet of total Land Area within the district. The distances and Land Areas used in estimating the assessments are not likely to change between now and the time of assessment. However, total and individual property Values may change due to new development, inflation and changed market conditions. Accordingly, individual assessments and the overall Value Assessment Rate may also change. However, increases in the total Value will serve to reduce the Value Assessment rate below the $6.00 per thousand-dollar maximum and not to increase the $3.0 million maximum amount of the Total Assessment.

 

Financing. The City will arrange long-term financing of the LID Assessments and make such financing available to property owners. Such financing will be for a term of up to 20 years at interest rates estimated not to exceed 6 percent. The actual interest rate charged to property owners will be the interest rate at which municipal bonds for the LID are sold plus the percentage markup specified in the Portland City Code.

 

Future Streetcar LIDs. Properties within this LID will not be included in any future LID to finance improvements for further extensions of Streetcar service.

 

Time Limit. This petition is valid provided that the LID is formed by the City Council before December 31, 2002.

 

It is understood that this Petition constitutes a commitment by the undersigned to support the formation of an LID subject to the conditions of this petition and requirements of Title 17, Portland City Code.

 

For the following property (State ID No.):

 

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Signed: __________________________________________

 

Name: ___________________________________________

 

Address: _________________________________________

 

Phone: ___________________________________________

 

Date: __________________________________

 

Direct Inquiries/Return to:

 

Roger Shiels, Executive Director

Portland Streetcar, Inc.

115 N.W. First Avenue, Suite 200

Portland, OR 97209

Phone: (503) 242-0084

Fax (503) 299-6769