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Table 2 utilizes a 20 year amortization, which was identified at the April 25th meeting as the preferred time frame. <br /> <br />TABLE 2 <br /> <br /> Total Installation Total Annual <br /> Annual Cost Annual Carrying Billable Billing <br />Priority ~IIlO. II. Gll).2(.~ ]}jl]iBg..CA~ 1 Costs2 Costs Households Costs <br /> <br />Existing 2,520 5,880 0 8,400 4,900 1.50 <br />A 7,316 5,880 147 13,343 4,900 2.73 <br />B 10,621 5,880 213 16,7 I4 4,900 3.42 <br />C 13,711 5,880 275 19,866 4,900 4.06 <br />D 26,145 5,880 523 32,548 4,900 6.65 <br /> <br />1Based on 4,900 households at 30¢ per household per quarter <br />2Carry costs to be recovered over 3 years at 6% <br /> <br />Based on the above calculations, if A priority arterial street lights are installed, and 4,900 residential properties <br />are billed directly, the annual cost to each property would be $2.73, or approximately $.69 per quarter (30¢ of <br />which for billing costs). This is for a total of only 51 lights. If all levels are installed, a total number of 157 <br />lights, the annual cost to each property would be $6.65, or approximately $1.67 per quarter. As the City grows, <br />so will the number of residential properties and the need for additional priority arterial street lights. It is <br />anticipated that the quarterly billing, in the amounts stated above, would continue to be sufficient to recover the <br />costs of installation. It may be necessary to adjust this rate periodically if there is a significant increase in costs <br />for installation and/or operation and maintenance. <br /> <br />Recommendation: <br /> <br />Staff recommends approval of the installation of all levels of priority lights with billings to residential properties <br />in the amount of $1.67 per quarter. Billings would commence upon the completion of the installations and would <br />be in addition to the quarterly recycling charge. The total quarterly bill, for residential properties without <br />municipal water and sewer, would be $4.72. Each line item would continue to be shown separately on the <br />billings. <br /> <br />Committee Action: <br /> <br />Based on discussion - order installation of all levels of priority street lights and establish billing rate of $1.67 per <br />quarter to all effected properties, with billing commencing the first full quarter after completion of the <br />installations. <br /> <br />Reviewed By: <br />City Administrator <br />Finance Director <br />City Engineer <br /> <br />FC: 05/27/95 <br /> <br /> <br />