Agenda - Council - 07/11/1995 - Laserfiche WebLink

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I I i I I I I I I I I I I I I I I I I TABLE 1 ESTIMATED PROJECT COSTS Project Improvemen~ Assessable Cost Trunk Cost Total Sanitary SeWer 26,300 10,000 36,300 Watennain 32,360 0 32,360 Total Construction Cost 54,720 10,000 64,720 Overhead at 130% 16,416 3,000 19,416 Total Project Cost 71,136 13,000~ "84,136 The City will undertake this project as a public improvement project and construct the improvements and ~sess the project cost to the benefitted properties over a total term of five years. In addition to the i~roject cost associated with improvement project 95-18, an uniform trunk assessment will be tnade 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 ciccupied by Super America. Adclitionai trunk charges will be collected at the then current rate fo~ any benefitted outlets which will be re-platted in the future for commercial development. Thislproject is anticipated to expend $13,000 in trunk funds and assess $20,323 for the trunk fund. In .addition, platting of the outlets into future commercial lots will generate an additional $33,872ibased on the current trunk rate. Table 2 (below) presents a summary of the project financing, iCity 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,fleet at the time the assessment resolution is passed. The interest rate to be charged on this proj'ect is estimated to be 11%, TABLE 2 Total Proj~t Cost PROJECT 95-18 FINANCING 84,136 Total Assessable Project Cost 71,136J Trunk Fundl Cost 13,000 Trunk Assessment1 -' 20,323 Total AssesSment 9 I.,459. Annual Assessment2 24,746 per acre on 2.4 acres 5-Years at 11 perOent