Residents of Yale Street will be called on to applaud or object to the costs of improvements to their road and parkway. City Council plans to set a public hearing on September 25 to hear any protests to the confirmation of costs for a street improvement project that was completed this February.
The Yale Street Improvement Project was a collaborative project between area residents and the city to preserve the character of Yale Street between Montana Avenue and Wilshire Boulevard. The project widened the existing parkway which preserved the street’s tree canopy while allowing for necessary street repairs.
Homeowners will pay per lineal foot of their affected property for the improvements, but may be pleased to find out that the improvements cost less than initially forecast; residents voted to approve a cost of $195 per lineal foot, while the final estimate came to $188.03 per front footage for both commercial and residential property owners, a difference of $6.97 for each foot.
Property owners have the option of either paying for the improvements over ten years at an 8 percent interest rate, or paying their assessment in full within 30 days after being invoiced. Owners of controlled rental units may not pass through the cost of the assessment to their tenants.
Residents of Yale Street will be informed of the official hearing date at least 45 days before the meeting.
Originally published in the Santa Monica Daily Press print edition on July 24, 2007. Read the original PDF.