Agenda - Council - 10/08/1996 - Laserfiche WebLink

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City policy allows the recovery of the total assessable cost over a ten-year period for existing residential properties. The assessment policy utilizes an interest rate of two percent over prime rate in effect at the time the assessment resolution is passed. The interest rate to be charged on this project is estimated to be 11 percent. TABLE 2 PROJECT 95-14 FINANCING Total Project Assessable Cost Total Assessable Footage Total Assessable Unit Price $156,826.00 2,303.07 68.09/ft. Total Front Project Trunk Assessable Annual Parcel Footage .Cos.t Cost Cost Assessment A 462.44 31,490 1539 33,029 5,608 B 439.4I 29,921 1539 31,460 5,342 C 266.80* 18,168 1539 19,707 3,346 D 520.42* 35,438 1539 36,977 6,279 E 307.00 20,905 1539 22,444 3,811 F 307.00 20,905 1539 22,444 3,811 *Footage does not include trail easement. .OTHER COSTS In addition to the assessed costs identified in the previous section, each property owner will incur various out-of-pocket costs when a residence is connected to the system. The City has a policy of requiring connection to an existing unit to the system within two years of availability. A $1,300 Water Availability Charge (W.A.C.) is collected to defray the depreciation costs of the municipal water system. A $1,025 Sewer Availability Charge (S.A.C.) is collected by the City to be paid to the Metropolitan Waste Control Commission to defray the reserved capacity designed into treatment and transmission facilities. A $195 fee is collected to cover the cost of the water meter, remote meter reader, and installation. Each property owner will incur the costs of extending the sewer and water laterals from the property line to their dwelling. The estimated cost to extend both utilities in a common trench is approximately $16 per foot. The existing well must be abandoned if it is no longer going to be used for irrigation. Finally, there may be plumbing changes required within the dwelling, particularly if the exit location of the house plumbing is to be redirected. These costs are highly variable depending on the degree of alteration required. 13,4 I I I i I !, I I I I I I I I I I I I