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

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I I attributable t~ project #95-17 and those costs which have been attributable to oversizing. Aq eight inch sanitary sewer and an eight inch watermain are considered lateral size maihs. Improvements oversized beyond these lateral sizes are eligible for funding from a sewer and water trunk fund, I I I I I TABLE 1 RIVER'S BEND 4th ADDITION ESTIMATED PROJECT COST Improvement IP 95-17 Cost Sanitary Sewer 33,145 Watermain 32,990 Storm Sewer ; 16,050 Street Improvement 46.955 Construction dost Total 129,1 40 Overhead ~ 30% 38,742 Total Project COst $167,882 Trunk/MSA Cost Total Project Cost 350 33,495 5100 38,090 0 16,050 1 2.860 59.81 5 1 8,310 147,450 5,493 44,235 $23,803 $191,685 FINANCING I I I I I I I i The Improvement Project cost of 9167,882 identified in Table 1 is proposed to be distributed as assessments over the benefitted property. In this case it is anticipated that the 1 5 resi~lential lots identified in Exhibit A will constitute the platted lots in this development. -,The parcels in Exhibit A labeled as C1 and C2 are future commercial lots which will be platted in a subsequent phase, but will have immediate benefit as a result of these improvements. it is proposed that the project benefit be distributed between the residential and commercial based upon area, which will result in the residential area being responsible for 53.3 percen~ and the commercial area 46.7 percent of the project cost. This will result in an assessment of over the 1 5 residential lots for a per lot unit assessment of 95,965.40. Similarly, the total assessment on the commercial area would be 978,401. These assessment will be payable over a five year period with interest at a rate of two p~rcent above the prime lending rate. The above co~ts do include any sewer and water trunk charges. It is the understanding tH. at these charges were collected on this property at the time Rivers' Bend was plattJed. An audit of any overpayment of assessments or amount due should be addressed in the development agreement and adjustments made at the time of assessment. It should also be inoted that portions of the total project cost have not been covered I I 3