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MR. POPOVICHg That had certain assumptions on growth and valuation, but assuming the whole city went through at that time, it was under three mills. MR. HIGHUM: One figure I have been given to work with was the $6 direct assessment against the property owners. The feasibility report came out calling for $7.36. Would you explain where that came in? MR. HONCHELL: When you were in I talked of $6 to $7 as our anticipated norm. At the time this petition came in it was not possible, due to scheduling of other projects, to combine it with any other improvement project in the city which is typically the case. To give you an example, these estimates of unit prices are probably running something like lO% higher than they would if combined with several other projects of the same size around the city. NOW, it may be possible, depending on what happens on another feasibility study, to combine this project with a second one which hopefully would lower the unit prices, but this is conservative in that this may have to go out to a contract on its own. We would not propose to have a price that would be too attractive and then find out it would cost people more than that. MR. HIGHUM: Something else that disturbs us a little - the estimated cost is $56,246. It's been hinted that possibly the engineering department may have come in with a low figure in order to get us property owners to allow a project and that it might start - using somebody else's figures - as high as $80,000 for this block of paving and instead of $7 a foot it would be $11 or $12 a foot. MR. HONCHELL: I partly covered that in my earlier statement. We have tried to be conservative. I don't know that I've ever exceeded a bid by 10%. I'm trying to think when I was over our estimate. I can't recall any time being over the estimate. MAYOR DEMOS: Not one time that I've been on the council that he has been over an estimate. MR. HONCHELL: Normally it runs 5% to 10% under our estimate. There's usually one hungry contractor out there. 4