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<br />MAYOR LINEBARGER: If you would. <br /> <br />MR. HONCHELL: The primary problem at this location is that <br />there is a steep grade coming down Marion and this water then <br />all goes out at a single point just behind the property at 2234 <br />which has caused water standing in the back yard at this <br />location and also had water entering the home. This is the most <br />critical portion of the proposed work. <br /> <br />In addition to this, it is desirable to have the water <br />picked up off the roadways to a series of catch basins which aid <br />in keeping the streets in good condition and reduce the amount <br />of maintenance costs that are necessary over the years. That's <br />the primary reason. <br /> <br />MAYOR LINEBARGER: I will ask our fiscal agent, Mr. <br />Popovich, to present a summary of the financing. <br /> <br />MR. POPOVICH: As the engineer indicated, the total cost <br />is $22,422 and applying the assessment formula, that commences <br />at $250 a buildable lot, unbuildable is $500; buildable acreage <br />is $800 and unbuildable acreage $1600. using that formula, we <br />find there are 19 lots in the area and one and a half acres. <br />Multiply 19 lots by $250 and you raise $4,750; and one and a <br />half acres at $800 so you have a total of $5,950 raised by assess- <br />ments. That's less than thirty percent - about twenty-five <br />percent of the project. It can't get much lower - and the rest <br />of the total improvement would be paid by general taxes spread <br />over a 20 year period and we would propose recommending at the <br />assessment hearing that there be an 8% carrying charge on the <br />assessments for those that did not pay in cash to save the <br />assessment carrying charge. <br /> <br />MAYOR LINEBARGER: I will now open the meeting to the <br />public to anyone in the audience who either wants to ask a <br />question or state his position as to whether he's in favor of <br />or in opposition to this proposed improvement. Before calling <br />for people in the audience, I will ask our Manager, do you have <br />any letters or communications? <br /> <br />MR. ANDRE: We have none. <br /> <br />MAYOR LINEBARGER: I would ask that anyone who speaks give <br />his name, address and the address of the property he's referring <br />to if it's different than his own. <br /> <br />MR. RAY McDONALD, 2241 Marion: The question is, do I make <br />the assumption that the $250 is the same whether it be a corner <br />lot or a standard lot? <br /> <br />2 <br />