The Board of Supervisors adopted the ordinance establishing the Tall Oaks Water and Sewer Special Revenue Fund pursuant to the Code of Virginia, Section 15.2, Chapter 24, on January 11, 2017. the ordinance also imposed a special assessment on the ten commercial properties whose owners petitioned for the creation of this special tax district to fund the installation of water and sewer lines by Loudoun Water. The ten commercial properties are located along the west side of Cascades parkway, south of Maries Road, and north of Woodland Road.
Each of the property owners entered into the Special Assessment Agreement pursuant to which the cost of water and sewer improvements is apportioned among the properties based upon parcel acreage. The special assessment is estimated to generate $1,115,210 in revenue over twenty years which equals the initial estimate of the cost of the project. Consistent with past practice this amount will be adjusted to reflect the actual cost incurred by Loudoun Water once the project is complete.
The Board of Supervisors and the county are only responsible for imposing the special assessment, collecting the semi-annual installments, and forwarding collected monies to Loudoun Water solely from the special assessment revenues.
There is no local tax funding in the District/Fund.