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� _ F � 4 . .. . . . . . . . . 7 . . . . . � � .. � . . . � . .. �.._ � . . � . � . . . . � MAYOR WOODBURN:`- O.K., Mr: Deans is Mere tonight, our Bond `Counsel. Mr. Deans, w�u1d you like to explain some of the financing possibilities. MR. DEANS: Mr. Mayor and members of the Council, first of ' - all this project would be, it is my understanding, built next year. It would be built and assessed next year. The bond issue would be sold next year, tonight is not the assessment hearing. Ifi bonds were sold, it has typically been the City's policy'to charge 1% above the rate on the bonds for the assessments to the extent'that that is within the usury 1aw. Under Alternate 1, which was the proposal with a single side assessment footage would be approximately 3500' to be assessed; if assessed at $35/ft. that would be $122,500. There is apparently 35 acres that would be available for an area assessment - that 'would raise about $28,000; total assessment of $150;500. Under Alternate 2, there is apparently 4300 feet that could ° be assessed at $35/foot ($4300) and 35 acres that would raise $28,000; total assessment of $178,500. If all that property were able to be assessed, that would be within the 20`6 of the total cost of either one of these projects. Total cost of al't'ernate 1 is estimated at this time at $548,040. ` Alternate 2 is a little bit more expensive; is estimated at $579,570. . It does not appear, unless you went to a much higher per foot level of assessment. For instance, look back at the Ja,nuary 27th memo, if sti11 fiave that in your files, in alternate #1 you would ' have to be assessing that 3500 feet at $124/foot to get it up to actually pay for most-of that project. For assessment of 100� for Alternate #2 you'd have to be assessing 4300 feet at $108.22jft. ! to get you to the total of the'project. There is money coming in from the City in either one because of the park land in th`e area. This was based on your 19�1 policy of paying 80%. Obv'iously you cannot assess the property more than it is'benefitted: As I understand it in Alternate #2, part of the sewer runs through some swamp. I don't know !how developable that'swamp is. That would be determined either by the Cou;ncil or ... b1R. CHRISTOFFERSEPJ: Regarding that swamp, the drawings I have illt�strated on the board, and in the comp'utations, the : footage through the swamp was included. MAYOR WOODBURN: And tfie potential park footage too? MR. CHRISTOffERSEN: That's right. - MAYOR WOODaURN: Mrs. McNiesh, were there any written comments? MRS. MCNIESH: None, your honor. 3