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9 . We have only shown a cost of landscaping in the median islands in this area. We didn't show a cost even though we show them on the picture and we didn't figure the cost in the interim designs. We find that either of the concepts is a feasible undertaking. MAYOR CREPEAU: I'd like tQ, at this time, ask our fiscal consultant, Mr. Popovich, to briefly explain the finances. MR. POPOVICH: The published notice of the project was rounded off to the total cost of $630,000. The reason we had to have that..figure is to have the highest figure that you could possibly go based on the engineer's estimates. On page 27 of your report the mat ter is broken down into the Ultimate Design and the two aspects of an Interim Design. The cost of the ultimate design was $601,400. That's the figure we added 5% to, not knowing about the cost of issuance of bonds or easement costs, if any. The interim design with the under- ground utilities comes to $538,500 without the excess that we added on the first amount, and with overhead utilities it's down to $274,400. You can see the various items that were left out on each one of these matters, so the purpose of the hearing tonight - being a feasibility hearing - is to determine the feasibility of which approach and also discuss as part of the feasibility, some methods of financing. While it's not required to commit yourselves tonight to the method of financing, I notice the Task Force recommended 50% of the cost be assessed and 50% be borne by general taxes. If, for example, the entire improvement was put in, which would be the ultimate design of $630,000, that would run approximately $150 a foot. If you use the interim it's approximately $135 a foot, and if you use the one with overhead utilities that's down to approximately $70 a foot. Those are approximate figures because, as the Council knows, these are based on engineering estimates and you don't know until you have your bids in hand and can compute the actual costs. . While we should discuss the financing, obviously the assess- ment hearing will come at a later point in time, at least a year from now assuming you can complete the whole project this year, and then next year the assessment hearing would be held before the middle of next September. Depending on how the Council is then organized and intervening facts, that Council determines the percentage to be assessed - whether 50% or 75%. The law requires that you assess a minimum of 20% and you can't assess more than the cost of the improvement so it's 100% of whatever the cost of the improvement is. The law also permits you to incur costs up to 25% more than what you estimated. We have run into that where it's estimated at $100,000 and you end up at $125,000. That doesn't vitiate the fact that you're that much over. We won't know until next year if we're at the $630,000 or $650,000 or $595,000,