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-212- <br /> <br />OPTION 1-B <br /> <br />Construction Cost of Streets,. <br />Plus 33% Overhead <br />Total Construction cost <br />Less 50% of Street Cost (Including C&G) to Be Paid By <br />City, Including 33% Overhead. <br />Plus Right-of-Way Cost <br />Total Cost of Street Construction To Be Assessed <br /> <br />$ 181,245 <br />$ 59,811 <br /> <br />$ 241,056 <br /> $120,528 <br /> <br />$ 8,000 <br />$ 128,528 <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 />3,898.45 <br />$ 32.97 <br />$ 3,297 <br />$ 469* <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 <br />G:\MunicipalV~RAM,..q EY\633\RA633FS R2.doc <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 />I <br />I <br />I <br />i <br />I <br />I <br /> <br /> <br />