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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />Agcnda Item 8.C <br /> <br />October 21,2003 <br /> <br />TO: <br /> <br />Mayor and Council <br />Michelle Wolfe, City Administrator <br /> <br />(j) <br /> <br />FROM: <br /> <br />Aaron Parrish, Director of Community Development / Asst. City Admin. <br /> <br />SUBJECT: <br /> <br />Karth Lake Pumping Project Financing <br /> <br />ENCLOSURES: <br /> <br />1. Parcel Specific Estimate <br /> <br />Overview <br /> <br />Based on discussion at the October 21, 2003 Work Session, the following option for financing <br />the Karth Lake Pumping Project is being brought forth for Council consideration and approval: <br /> <br />Construction Contract Expense Only; Equal Percentage Distribution <br /> <br />Resident Cost <br />City Share Cost <br />City Total Cost <br /> <br />1 Year Average 3 Year Average <br />$49.35<l $356 $1,073 <br />$49,350 N/A NfA <br />$67.636 <br /> <br />3 Year Range <br />$465 to $1603 <br />NIA <br /> <br />Key Assumptions andFJgures <br />1. Project Gost Used: Construction Contract Only $98,700 <br />2. City Percentage Cost Allocation 50% <br />3. Improvement District Cost Allocation 50% <br />4. Indirect expenses such as reduced interest earnings, ongoing maintenance of the district, and staff time are not included in the project cost <br />5. Direct expenses for design engineering, construction engineering, and legal expenses are not included in the total project cost <br /> <br />This option maintains the equal split between the City and Lake Improvement District, but only <br />takes into account the expense associated with the construction contract. A spreadsheet outlining <br />parcel specific impacts is attached for your review. The project is proposed to be funded out of <br />the surface water management fund. <br /> <br />Requested Action <br /> <br />I. Consider approval of the following: <br />a. That the $98,700 construction contract cost be split equally (50/50) between the City <br />and Lake Improvement District. <br />b. That taxes be levied against the Lake Improvement District for a period of three years <br />in an amount not to exceed $49,350 beginning with taxes payable in 2005. <br />c. That the City portion of the overall project cost be funded out of the surface water <br />management fund. <br /> <br />\\Earth\Finance\Connnunity Services Director\Stonn Water Utihty\IO-2l-03 Memo to Council RE Karth Lake Financing.doc <br />