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Gravel Streets- Option 2 <br /> <br />Since the project area has e. xisting 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 />$ 33,62O <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 />$ 7O <br />$ 594 <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 /> 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 />I <br />I' <br /> <br /> Page 'I3 <br />-214- G:\MunicipaltARAMSEY\633\RA633FSR2.doc <br /> <br /> <br />