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TABLE 2 <br />Summary of Financing <br /> <br />Total Project Cost: <br />Cost to be Levied Against Rum River Drainage District <br />Length of Assessrhent <br />Interest Rate <br />Total Tax Capacity of District <br />Cost per Year <br />Additional Tax Capacity Rate <br /> <br /> $27,950.00 <br /> $28,206.21 <br /> 1 year <br />11% <br />$5,296,843.00 <br /> $28,206.21 <br /> .533% <br /> <br />Based upon the a~ditional tax capacity rate of .533%, we have estimated the additional taxes in <br />1996 for residential and commercial property with market values of $100,000. These costs are <br />shown below in T~ible 3: <br /> <br /> TABLE 3 <br />Estimated Tax Increases <br />Rum River Drainage District <br /> <br />Estimated Increase~n Tax Capacity Rate <br />Increase in Taxes, ~$100,000 Residential Home <br />Increase in Taxes, $100,000 Commercial Property <br /> <br />.533% <br /> $7.49 <br />$27.46 <br /> <br />Project Schedule: <br /> <br />The following projgct schedule will be implemented with this project: <br /> <br />City Council receiyes Feasibility Study, sets Public Hearing <br />City Council condacts Public Hearing <br />City Council apprc~ves plans and specifications, orders work <br />Project constmctioO <br />Tax certified to An0ka County <br />Tax appears on property-tax statement <br /> <br />February 28, 1995 <br />March 14, 1995 <br />March 14, 1995 <br />March - June, 1995' <br />Fall, 1995 <br />Spring, 1996 <br /> <br />* The Marchiconstmction date assumes permission to enter onto necessary lands will be <br />granted and the lat .or date assumes eminent domain will be required. <br /> <br /> <br />