Agenda - Council - 06/13/1995 - Laserfiche WebLink

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TABLE 1 ESTIMATED PROJECT COSTS Projec~ Improvcmcr~t Assessable Cost Tr0nk Cost Tgt~ Sanitary SeWer 26,300 10,000 36,300 Watermain ~ 32,360 0 32,360 Total Constt~uction Cost 54,720 10,000 64,720 Overhead ati30% 16,416 3,000 19,416 Total Projcci Cost 71,136 13,000 84,136 FINANC.I~ The City will und. ertake this project as a public improvement project and construct the improvements and ~Ssess the project cost to the benefitted properties over a total term of five years. In addition to the l[~roject cost associated with improvement project 95-18, an uniform trunk assessment will be ~made on all developable property. It is anticipated that this trunk charge rate, which is currently $8,436 per acre, will be charged against the 2.4 acres anticipated to be platted from the lot to be o~ccupied by Super America. Additional trunk charges will be collected at the then current rate fo~' any benefitted outlots which will be re-platted in the future for commercial development. This iproject is anticipated to expend $13,000 in trunk funds and assess $20,323 for the trunk fund. In ~ddition, platting of the outlots into future commercial lots will generate an add!tional $33,872 Ib.ased on the current trunk rate. Table 2 (below) presents a summary of the project financing. [c~ty policy allows the recovery of the total assessable cost over a five year period for commen~ial properties. The assessment police utilizes an interest rate of two percent over prime rate in{ffect at the time the assessment resolution is passed. The interest rate to be charged on this project is estimated to be 11%. TABLE 2 PROJECT 95-18 FINANCING Total Project Cost Total Assessable Project Cost Trunk FundlCost 84,136 71,136 13,000 Trunk Assessment1 Total AssesSment Annual Assessment2 20,323 91,459 24,746 I $8,436 per acre oS_ 2.4 acres 2 5-Years at 11 percbnt