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Assessment Rates <br />5 <br />Project Area Proposed Final <br />Unit Rate <br />Feasibility <br />Unit Rate <br />Snelling Avenue N $4,958 $4,524 <br />Cummings Lane $4,935 $4,071 <br />The Council sets the Interest Rate on Assessments. <br />The Assessment can be payable over a 10-year period. <br />Cummings Lane Assessment Calculation: <br />•Street Project Costs = $78,967 <br />•50% of the Street Project Costs = $39,483.50 <br />•Divided by the Number of Lots (8 Units) = $4,935 <br />Snelling Avenue N Assessment Calculation: <br />•Street Project Costs = $858,055 <br />•50% of the Street Project Costs = $429,027.50 <br />•Divided by the Total Length of Roadway Frontage (8,220 LF) = $52.19 <br />•The Cost per Foot is Multiplied by the Minimum Lot Frontage for an R1 Zoned Property (95 LF) = $4,958