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FINANCINGI <br /> <br />The total project: costs have been identified in the previous section. The project assessable costs are <br />proposed to be 4ivided equally among all lots determined to be benefitted by the project regardless <br />of frontage of tl~e individual properties involved. The trunk attributable costs will be paid from a <br />fund generated I~y sewer and water trunk charges, which consists of a uniform charge to all users. <br />The current 19~4 trunk charge rate for sanitary sewer and water will be $1,503 per residential <br />connection. <br /> <br />In determining the project cost for each individual property, the total number of assessable units <br />must be determir{ed. The exhibit in Appendix A identifies existing legal parcels in the project area. <br />Parcels 2, 6, 9, ~0, and 12 are occupied by existing single family residences. Parcel 10 has a <br />single family residence constructed over a common lot line. All the remaining parcels will be <br />buildable lots wt~en sewer and water are available. It is proposed that all 12 parcels share equally <br />in the lateral co,ts associated with this projects, including Lot 10 which contains the residence <br />which is constructed across the property line. Therefore the total project costs attributable to the <br />lateral project co,;ts w~ll be shared equally among the 12 benefitting parcels. In addition, each of <br />thc 12 parcels wi!l be assessed the standard sewer and water trunk charge as a contribution towards <br />the trunk fund w~ich pays for the oversizing of the water and sewer improvements. A summary of <br />the total assessed icosts for each benefit parcel is presented in Table 2 below. <br /> <br />TABLE 2 <br /> <br /> ESTIMATED PROJECT <br /> <br />Total Assessable ~roject Cost <br />Number of AssesSable Parcels <br />Assessable Project Cost per Parcel <br />Trunk Sewer and..~ater Charge <br />Total Assessable Unit Cost <br />Annual Per Unit A~ssessment (10 Year Term) <br /> <br />#94-22 COST SUMMARY <br /> <br />74,455 <br />12 <br />6,205 <br />$1,5O3 <br />7,708 <br />1,241 <br /> <br />City policy has be~n to allow for the recovery of the total assessable costs over a ten year period of <br />existing property owners. It has also been policy to charge interest at a rate of two percent over the <br />prime rate in effect at the time the assessment resolution is passed. The interest rate to be charged <br />on this project is e~timated to be 9.75% <br /> <br /> <br />