CC_Minutes_1977_0509 - Laserfiche WebLink

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MR. POPOVICH: This project is at an e~tirn2ted cost pub- lished in the legal notice ~f $485.411. AR you know. it1s divided into a number of items. The street, concrete curb and gutter portion will cost $180,000 which wo,-lo be 100% assessed and would amount to $28.36 a front foot for the 8ssessment. The sanit8ry sewer portion would cost $40.000J and would amount to $10.35 a front foot for the assessment. In cddition to that, there would be the sanitary sewer service"3 in addition to the frontage of $355 per ~ervice. The wCltermain cost i,,; ~76,OOO and the estil'flClted front footage cost i~ ~11.63. The watermain services from the line to the lot line would be an additional S223. The storm sewer costs would be at the new formula that the Council has adopted for those lots that are benefited, which would be $295 for those lots. The total cost of the project then would leave an amount to be raised by general taxes of $5;,718 of the total $485,412 and the re~t would be picked up by assessments. If one - and this is particularly true of the newly platted lots - if you add the street assessment of $28.36. sanitary sewer of $10.35, the water of $11.63, you would have ~ total of $50.34 you would multiply times the frontage. If it's an 85 foot lot that would total $4,278.90. In addition to that. you'd have to add the storm sewer of $295 and the services, which is another $874, so on an 85 foot lot the total cost would be $5,150 approximately. That1s not an insignificant amount, and obviously it's got to be paid over a period of time. We would recommend a 20 year period of time with an unpaid interest carrying charge of those who do not prepay of 8%. The first year's costs would be the most difficult because you'd hClve one-twentieth of $5,000, or $250, and ~/o of $5,000 is another $400 so that would be $650 that first year. In the twentieth year it would be $250 plus $20 interer,t - so $270, so it's a constant decline. 11m talking primarily about the newly platted lots. If there are any that have received an assessment before for trunk sewer or water. there's a proposed amount that would be credited to these figures that I have given. It1s $2.75 a foot for sewer, and $1.50 a front foot for water. For those people that have already paid some asses~mentsQ the ~taff has calculated the cost on the map and they would be able to see on the older lots where there have been assessments for any previous improvement - a credit that would be given to them. -6-