Agenda - Council - 10/27/1992 - Laserfiche WebLink

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FINANCING The total project costs have been identified in the previous sections. In addition to these costs, benefitted parties must also contribute a uniform standard amount into the City's sewer and water trunk fund. It is these ~unk funds which finance the oversizing of lines required in the system. At the present time, the combined sewer and water trunk fees are $1,357 per potential residential connection. This section will also present the distribution of project costs as it relates to individual property owners. For Parcels 2 through 10, which are located in the Pondvale Estates subdivision, each parcel obviously has the potential for one residential lot. Parcel 1 may be further subdivided into four 100 foot frontage lots and has been assigned four potential residential units. Parcel 3 can be reasonably divided into two lots due to the placement of the existing residence. Although Parcel 11 has sufficient frontage along 149th Land N.W. to allow two lots, the fact that a garage has been built east of the residence casts doubt that a parcel split would be likely. Also, the eastern portion of this parcel may be a good location to anticipate some form of easement to extend sewer and water north to service I50th Lane N.W. Such an easement would encumber at least 35 feet of this lot and would further reduce the practicality of subdividing it into two units. For these reasons Parcel l 1 has been assigned only one potential residential unit. TABLE 3 SUMMARY OF BENEFITTED PROPERTIES Owner/Address P.I.N. ~ John Bona 24-32-25-33-0014 4 5540 149th Lane Michael Sverel 23-32-25-44-0016 3 5620 149th Lane 23-32-25-44-0017 23-32-25-44-0018 Elinor Deemer 23-32-25-44-0013 3 5655 149th Lane 23-32-25-44-0014 23-32-25-44-0015 Cleyon Toftum 23-32-25-44-0010 3 5621 149th Lane 23-32-25-44-0011 23-32-25-44-0012 Douglas Jones 24-32-25-33-0017 I 5565 149th Lane Roger Ottem 24-32-25-33-0015 2 5535 149th Lane Total: 16 The total project cost identified in Table 2 would be divided equally among the benefitted units as enumerated in Table 3, yielding a per unit share of $4,754. In addition, each unit would be assessed a water and sewer trunk charge of $1,357, for a total of $6,111 per unit. This assessment would be payable over a ten year period with interest. An estimated interest rate of eight percent would result in the assessment schedule presented in Table 4 below. I I I I I I I I I I I I I I I I I I