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4 <br />Memo to Mayor and Council: Karth Lake Pumping Project Financing <br />October 14, 2003 <br />Page 2 of 2 <br />2. Scenario 42. This scenario is an equal split between the Lake Improvement District and <br />the City, but only takes into account the expenses associated with the approved <br />construction contract. <br />3. Scenario #3: This scenario takes into account all direct expenses incurred by the City as a <br />result of the project, but changes the percentage allocation to 60% City and 40% Lake <br />Improvement District. <br />4. Scenario #4: This scenario only take into account expenses associated with the current <br />construction contract and changes the percentage allocation to 60% City and 40% Lake <br />Improvement District. <br />The net financial impact for all of the scenarios is outlined on the attached spreadsheet titled <br />"Karth Lake Pumping Project Financing Scenarios." In addition, parcel specific estimates were <br />compiled for each of the scenarios and are included for your review as well. Finally, staff has <br />done a review of the potential impact of this project to the Surface Water Management Fund. <br />Since the Fernwood Channel Pond is eligible for reimbursement from our Municipal State Aid <br />Construction Account, the retained earnings for the fund are higher than previously estimated for <br />year end 2003. <br />Reguested Action <br />1. Provided for discussion and direction. <br />11Earth\Finance\Cotnmunity services Director\Storm Water Utility\] 0- 14-03 Memo to Council RE Karth Lake Financing options.doc <br />r� <br />LJ <br />• <br />