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I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br />;i <br /> <br /> I <br /> I <br />,I <br /> <br />,I <br />:1 <br /> I <br /> I <br /> I <br /> <br />7.0 COST ALLOCATION <br /> <br />Streets <br /> <br />Since the project area has no streets, the City Policy states that all of the street <br />construction costs are to be assessed to the benefited area. Following is a <br />breakdown of the costs for the proposed project: <br /> <br />Construction Cost of Streets <br />Plus 33% Overhead <br />Total Construction cost <br /> <br />$ 153,643 <br />$ 5O,7O2 <br /> <br />$ 204,345 <br /> <br />Right-of-Way Cost <br />Total Cost of Street Construction To Be Assessed <br /> <br />$ 130,000 <br />$ 334,345 <br /> <br />Total Front Footage to be Assessed <br />Total Assessment Per Front Foot <br /> Total Assessment For ~ 100-Foot Wide Lot <br />Annual Assessment For 100-Foot Lot <br /> <br /> 2,503 <br />$ 133.58 <br />$ 13,358 <br />$ 1,901.86 <br /> <br />See Table 6 for indi~'idual lot front footage for assessment. The annual cost to <br />each property 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 7 <br />G:\Municipal\ARAMS E¥\3168\RA3168FSR1 .doc <br /> <br />-183- <br /> <br /> <br />