Agenda - Council - 06/27/1995 - Laserfiche WebLink

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attributable to project #95 -17 and those costs which have been attributable to oversizing. An eight inch sanitary sewer and an eight inch watermain are considered lateral size mains. Improvements oversized beyond these lateral sizes are eligible for funding from a sewer and water trunk fund. TABLE 1 RIVER'S BEND 4th ADDITION ESTIMATED PROJECT COST Improvement IP 95 -17 Cost Trunk /MSA Cost Total Project Cost 1i Sanitary Sewer 33,145 350 33,495 Watdrmain 32,990 5100 38,090 Storm Sewer 16,050 0 16,050 Street Improvement 461955 12,860 59.815 Construction Cost Total 129,140 18,310 147,450 Overhead @ 30% 38,742 5,493 44,235 Total Project Cost $167,882 $23,803 $191,685 FINANCING The Improvement Project cost of $167,882 identified in Table 1 is proposed to be distributed as assessments over the benefitted property. In this case it is anticipated that the 15 residential 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. j 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 percent and the commercial area 46.7 percent of the project cost. This will resu in an assessment of over the 15 residential lots for a per lot unit assessment of $5,965.40. Similarly, the total assessment on the commercial area would be $78!401. These assessment will be payable over a five year period with interest at a rate of two percent above the prime lending rate. The above costs do include any sewer and water trunk charges. It is the understanding that these charges were collected on this property at the time Rivers' Bend was platted. 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 noted that portions of the total project cost have not been covered 3 � L4