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t <br /> Increase Tax Base <br /> In order to generate tax revenue without increasing the rate,the tax capacity of the properties along <br /> North Washington Street needs to increase. This can be done in a couple of ways: <br /> 3 <br /> • Increase density <br /> • Increase property values <br /> In total,there are 12 tax paying properties along North Washington Street. Those properties only <br /> generate a fraction of what is required to cover the maintenance for that street. There are four vacant <br /> parcels along North Washington Street that could easily be developed. If homes were built on the <br /> vacant land,the tax base of the street would increase and more revenue could be generated. <br /> The vacant parcels along the street are the biggest drain on capturing value. These properties are <br /> primed for development and are adjacent to public infrastructure, but they do not generate any <br /> significant revenue. The City has found that properties adjacent to the water and sewer systems should <br /> be required to pay a charge. Having access to the public right-of-way is similar in that the cost to <br /> maintain a section of street adjacent to a certain property should be offset by the tax revenue generated <br /> by that property. <br /> The tax revenue generated by the four vacant parcels on North Washington Street only covers 3.2%of <br /> the cost to maintain the pavement adjacent to those properties. <br /> ` <br /> Feet of Pavement adjacent to vacant parcels: 300 <br /> Total land Value(four vacant parcels):$42,900 <br /> Cost of Adjacent Street(300 ft x$75/ft): $22,500 <br />} <br /> Amount Paid for Adjacent Infrastructure over 20;yrs:$734 <br />? Revenue Shortfall:$21,766 <br /> t <br /> i <br />? Sr <br /> �2 <br /> k ' <br /> 1 <br /> � t� 7 <br />