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-210- <br /> <br />OPTION 1-A <br /> <br />Construction Cost of Street~ <br />Plus 33% Overhead <br />Total Construction cost <br />Less 50% of Street Cost (excluding $ 34,650 For. C&G) to <br />Be Paid By City, Including 33% Overhead. <br />Plus Right-of-Way Cost <br />Total Cost of Street Construction To Be Assessed <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 /> <br />181,245 <br />59,811 <br /> <br />24t,056 <br />97,486 <br /> <br />$ 8,000 <br />$ 151,570 <br /> <br />3,898.45 <br />$ 38.89 <br />$ 3,889 <br />$ 553* <br /> <br />*Maintenance for bituminous streets will be assessed at the time of completion. <br /> <br />See Table 6 for individual 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 9 <br />G:\MunicipaRARAMS EY\633\RA633FSR2.doc <br /> <br /> I <br /> i <br /> ! <br /> I <br />I <br /> I <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 />