(1) Actual cost means all direct or indirect costs incurred by the city before assessment in order to undertake a local improvement. The term "actual cost" includes the portion of the total actual cost allocated to a particular lot. "Actual cost" includes, but is not limited to, the costs of labor, materials, supplies, equipment rental, property acquisition, permits, engineering, financing, reasonable program delinquencies, return on investment, required fees, insurance, administration, accounting, depreciation, amortization, operation, maintenance, and repair or replacement. Actual cost may include the salaries, wages and benefits payable to employees of the city to the extent the same are reasonably allocable to the work or services performed by the employees in connection with a local improvement. However, as a condition to inclusion of any salaries, wages or benefits payable to employees of the city as costs of a local improvement, the city shall establish a record keeping system to track the actual work done or services performed by each employee on or in connection with such local improvement.

(2) Bond issuance and administration costs means all costs associated with issuance, registration, transfer and payment of bonds for long-term financing of assessments and systems development charges.

(3) Deferred improvement agreement means an acknowledged and recorded agreement executed by a property owner which runs with the land in which the owner agrees that the city has jurisdiction to construct certain local improvements and assess a pro rata share of the cost against owner’s property described therein. A deferred improvement agreement may also contain a non-remonstrance agreement.

(4) Estimated assessment means, with respect to each property to be assessed in connection with a local improvement, the total assessment that, at the time of giving notice of the assessment and the right to object or remonstrate, the city estimates will be levied against the property following completion of the local improvement. The estimate shall be based on the city’s estimate at that time of the actual costs of the local improvement and the proposed formula for apportioning the actual costs to the property.

(5) Final assessment means, with respect to each property to be assessed in connection with a local improvement, the total assessment levied against the property following completion of the local improvement. The total assessment shall be based on the actual costs of the local improvement and the formula for apportioning the actual costs to the property. Bond issuance costs shall be separately stated and shall not be entered on the lien docket unless and until the owner files an application to pay in installments. If bond issuance costs are added, the total amount shall then be deemed to comprise the "final assessment."

(6) Finance Director means the department head designated by the City Manager to keep records of assessments and installment payments.

(7) Financing means all costs necessary or attributable to acquiring and preserving interim or permanent financing of a local improvement. Financing costs that are to be incurred after the levy of a final assessment may be included in the final assessment based on the city’s reasonable estimate of the financing costs if the city first documents the basis for the estimate and makes the documentation available to interested persons on request.

(8) Local improvement. An improvement constructed by the city for which a special assessment may be made on property specially benefitted.

(9) Lot. A platted lot or other contiguous parcel of land to which a single tax lot number has been assigned.

(10) Owner. The owner of title to real property or the contract purchaser of real property of record as shown on the last available complete assessment roll in the office of the county assessor of Jackson County, Oregon.