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FUNDING Costs for the new water main and service lines to existing buildings will be assessed to all properties abutting Centerville Road between Westview Street and Chauncey Barett Gardens. Several assessment options, either by front foot or per lot, are provided in Appendix B. As a policy in the past, the City has contributed monies to fund a percentage of new water main construction in fully developed areas. In this case, the City will pay the additional cost for 8" diameter main vs. 6" main (trunk cost). In addition, to keep assessments at an amount considered equal to the benefit, the City will cover 25% of the remaining water main costs. For informational purposes, it is pointed out that each parcel is subject to connection charges. For new water main along Centerville Road, connection fees are $1,300 per residential equivalent unit (REU). The total estimated cost for streetscape improvements is $157,036.42. It is assumed that the City will fund the amount through grants, TIF monies, and special accounts. The following shows the City's financial commitment to this project. Trunk Water Main $10,913.17 25% of Water Main Improvements 49,587.04 Streetscape Improvements 157,036.42 Total City Cost $217,536.63 Assessments: Appendix B shows the estimated assessment amounts for each property. The total length of assessable front footage from Westview to Chauncey Barett is 2,085 feet. There are 21 separate property owners (7 commercial and 14 single family residential). Front footage distances for residential lots vary from 43' to 160'. Several options are shown using combinations of front footage and per lot basis. The following calculation shows how the total assessable cost was determined. Total Water Main Cost $209,261.32 Trunk Cost: $7,995.00 x 1.05 x 1.30 (10,913.17) Subtotal $198,348.15 City Share of Improvement: Assume 25% (49,587.04) Total Assessable Cost $148,761.11 4