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CitY policy allows the recovery of the total assessable cost over a ten-year period for existing <br />residential properties. The assessment policy utilizes an interest rate of two percent over prime rate <br />in effect at the time the assessment resolution is passed. The interest rate to be charged on this <br />project is estimated to be 11 percent. <br /> <br /> TABLE 2 <br />PROJECT 95-14 FINANCING <br /> <br />Total Project Assessable Cost <br />Total Assessable Footage <br />Total Assessable Unit Price <br /> <br />$156,826.00 <br /> 2,303.07 <br /> 68.09/ft. <br /> <br />Front Project Trunk <br />Footage Cost Cost <br /> <br />462.44 31,490 1539 <br />439.41 29,921 1539 <br />266.80* 18,168 1539 <br />520.42* 35,438 1539 <br />307.00 20,905 1539 <br />307.00 20,905 1539 <br /> <br />Total <br />Assessable <br /> <br />Annual <br />Assessment <br /> <br />33,029 <br />31,460 <br />19,707 <br />36,977 <br />22,444 <br />22,444 <br /> <br />5,608 <br />5,342 <br />3,346 <br />6,279 <br />3,811 <br />3,81I <br /> <br />*FoOtage does not include trail easement. <br /> <br />OTHER COSTS <br /> ; <br />In addition to the assessed costs identified in the previous section, each property owner will incur <br />v~ous out-of-pocket costs when a residence is connected to the system. The City has a policy of <br />re~uifing connection to an existing unit to the system within two years of availability. A $1,300 <br />v~ater Availability Charge (W.A.C.) is collected to defray the depreciation costs of the municipal <br />water system. A $1,025 Sewer Availability Charge (S.A.C.) is collected by the City to be paid to <br />thC Metropolitan Waste Control Commission to defray the reserved capacity designed into <br />treatment and transmission facilities. A $195 fee is collected to cover the cost of the water meter, <br />remote meter reader, and installation. Each property owner will incur the costs of extending the <br />seXVer and water laterals from the property line to their dwelling. The estimated cost to extend both <br />u~lities in a common trench is approximately $16 per foot. The existing well must be abandoned if <br />it Is no longer going to be used for irrigation. Finally, there may be plumbing changes required <br />w~th~n the dwelling, particularly if the exit location of the house plumbing is to be redirected. <br />~ese costs are highly variable depending on the degree of alteration required. <br /> <br />3 <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />