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Gray'el Streets- Option 2 <br /> <br />Since the project area has existing unpaved streets, the current staff direction <br />states that the City will not pick any of the street construction costs.' This is <br />reported below as Option 2. <br /> <br />OPTION 2 <br /> <br />Construction Cost of Streets <br />Plus 33% Overhead <br />Total Construction cost <br /> <br />$ 101,878 <br />$ 33,620 <br /> <br />$ 135,498 <br /> <br />Plus Right-of-Way Cost <br />Total Cost of Street Construction To Be Assessed <br /> <br />$ 8,000 <br />$ 143,498 <br /> <br />Total Front Footage to be Assessed <br />Total Assessment Per Front Foot <br /> Total Assessment For a 100-Foot Wide Lot <br />Annual Assessment For 100-Foot Lot <br />Annual Maintenance Cost for 100-foot Lot <br />Total Annual Cost <br /> <br />3,898.45 <br />$ 36.81 <br />$ 3,681 <br />$ 524 <br />$ 70 <br />$ 594 <br /> <br />See Table 6 for individual lot front footage for assessment. The annual cost to <br />each proper-b/ owner is:based on amortizing over 10 years at 2.0 percent over <br />the prime rate at the time of the assessment hearing. A 7.0 percent interest rate <br />is used in these calculations. <br /> <br />Page <br />G&M unicip a~kAP,.AM S ~Y~633\RA633F S R,do ¢ <br /> <br /> I <br />i <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />i <br />I <br /> <br /> <br />