Andover is attempting to make development easier and faster for developers. This month, the city of Andover’s Council unanimously approved changes to its policy on public infrastructure financing for developments up for special assessments. The changes will reduce the financial guarantee requirements of developers and modify bond servicing terms for the city — among other things. Special assessment petitions are methods utilized by cities to finance public infrastructure improvements — such as streets, sidewalks, storm drainage, sanitary sewer, water and traffic control signals — by charging the cost directly to the properties benefiting from the improvements. The method allows the costs to be shared by developers and property owners in the district that is benefitting from the development.
Source: Wichita Business Journal
