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gutter and essentially the westerly portion of Grey Fox Road was 32 feet wide in width, it had concrete curb and gutter but needed some repair, and also needed on one side - it was removed to allow the widening needed to meet M.S.A. standards. Grey Fox Road was a part of the City's M.S.A. improvement program and in . the five year improvement program. The westerly portion - curb and gutter on the south side where it needed to be replaced - new curb and gutter along the north side - this reach right in here, approximately five feet of this street was constructed (inaudible) and a completely new section was constructed in the middle, from this point to Dunlap Street - there was no existing street in that area - that con- sisted of paving, curb and gutter and grading. From this point on it was constructed to a 36 foot width, concrete curb and gutter. The Grey Fox existing prior to construction was a 32 foot wide street with no concrete curb and gutter. MR. POPOVICH: Mayor and members of the Council, when the original feasibility hearing was held, it was estimated that the costs would be $543,900.00 and on an alternative basis, $482,900.00. The actual costs, as it now works out, are $285,790.00. At the time of the feasibility hearing, we projected a 100% assessment and that would have worked out to $110.00 a front foot. At that time we left it open because we wanted to give the worst possible picture and how much might go on general taxes and things like that. For the hearing tonight, we're recommending that 75% be assessed. That will raise $217,240.12 and the balance will be picked up by City funds - the balance between the $217,240.12 and the $285,790.00. That then makes an assessment rate of $50.00 a front foot instead of $110.00 a front foot that we had originally estimated. There were some properties - a couple of them - that were assessed in 1970 and were assessed at the rate of $8.42 a foot. Those properties will receive credit for that and they will then be assessed on this project at $41.58 a front foot, where the others that weren't assessed before will be assessed at $50.00 a front foot. The recommendation is that this be spread over a ten year period of time, with the interest carrying charge at 10.01%, which is roughly 2% less than what other cities are charging, but in view of the interest rate we got on our bond issue earlier, we're recommending that particular rate. . Obviously, if the assessment roll is adopted, you have 30 days to prepay without any interest penalty. If not, it will be assessed and start collecting with taxes next year. So 1/10 of the total dollar amount will be collected the first year, to- gether with interest at 10.01%, with a declining amount each year until in the tenth year it's only 1/10, plus 10.01% on that ]/10 principal. They have the right to prepay during that ten year period as well as during the 30 day period immediately after the assessment roll is adopted. 2