Agenda - Council - 08/08/1995 - Laserfiche WebLink

Home

TABLE 1 ESTIMATED PROJECT COSTS Proj~t Improvement Assessable Trunk Cost Total 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 improvement~ and assess the project cost to the benefitted properties over a total term of five years. I~. addition to the project cost associated with Improvement Project g95-19, a uniform trunk assessment will be made on all developable property. It is anticipated that this trunk ch~ge rate, which is currently $8,436 per acre, will be charged against the acres anticipated t~ be platted from the lot to be occupied by Pro Sporting Goods and Anchor's Away. Additional 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 t6i expend $85,723.80 in truck funds and assess $51,152 for the trunk fund. In addition, plaiting of the outlots into future commercial lots will generate an additional $25,645 basegt 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 f.~r commercial properties. The assessment policy utilizes an interest rate of two percent Over prime 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 Total Project Cost $213,497.25 Total Assessable Project Cost 127,773.46 Trunk Fund Cost 85,723.80 Trunk Assessment1 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