Agenda - Council - 07/25/1995 - Laserfiche WebLink

Home

TABLE 1 ESTIMATED PROJECT COSTS Project Improvement Assessable Trunk Cost Tg~l Sanitary Sewer $46,970.88 $24,193.80 $71,164.68 Watermain 51,316.40 41,747.70 93, 064.10 Total Construction Cost 98,287.28 65,941.50 164,228.78 Overhead Cost@ 30% 29,486.18 19,782.30 49,268.48 Total Project Cost 127,773.46 85,723.80 213,497.25 The City will ~undertake this project as a public improvement project and construct the improvements~and assess the project cost to the benefitted properties over a total term of five years. In '.addition to the project cost associated with Improvement Project 895-19, a uniform trunk ~ssessment 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 acres anticipated to..be platted from the lot. to be occupied by Pro Sporting Goods and Anchor's Away. Addm0nal trunk charges will be collected at the then current rate for any benefitted outlots which Will be re-platted in the future for commercial development. This project is anticipated to ~xpend $85,723.80 in truck funds and assess $51,152 for the trunk fund. In addition, plattiog of the ouflots into future commercial lots will generate an additional _ _ based on the Current trunk rate. Table 2 (below) presents a summary of the project financing. City policy allows the recovery of the total assessable cost over a five year period for con~'mercial properties. The assessment policy utilizes an interest rate of two percent over L:~rime rate in effect 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 #95-19 FINANCING iTotal Project Cost Total Assessable Project Cost $213,497.25 127,773.46 Trunk Fund Cost 85,723.80 ~Trunk AssessmentI 51,152.00 Total Assessment 178,925.46 Annual Assessment2 48,411.74 $8,436 per acre on 6.06 acres 5 years at 11 percent