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Year <br />Principal Payment <br />Interest Payment <br />Total Payment <br />Balance <br />6500.00 <br />2016 <br />650.00 <br />308.37 <br />958.37 <br />5850.00 <br />2017 <br />650.00 <br />228.15 <br />878.15 <br />5200.00 <br />2018650.00 <br />202.80 <br />852.80 <br />4550.00 <br />2019 <br />650.00 <br />177.45 <br />827.45 <br />3900.00 <br />2020 <br />650.00 <br />152.10 <br />802.10 <br />3250.00 <br />2021 <br />650.00 <br />126.75 <br />776.75 <br />2600.00 <br />2022 <br />650.00 <br />101.40 <br />751.40 <br />1950.00 <br />2023 <br />650.00 <br />76.05 <br />726.05 <br />1300.00 <br />2024 <br />650.00 <br />50.70 <br />700.70 <br />650.00 <br />2025 <br />650.00 <br />25.35 <br />675.35 <br />0.00 <br />- <br />Total <br />$ 6,500.00 <br />$ 1,449.12 <br />$ 7,949.12 <br />- <br />IP #13-10 Estimated Special Assessments <br />5 - Year Term <br />3.900% <br />Pay-off <br />Year ' <br />Principal Payment <br />Interest Payment <br />Total Payment <br />Balance <br />6500.00 <br />2016 <br />1300.00 <br />308.37 <br />1608.37 <br />5200.00 <br />2017 <br />1300.00 <br />202.80 <br />1502.80 <br />3900.00 <br />2018 <br />1300.00 <br />152.10 <br />1452.10 <br />2600.00 <br />2019 <br />1300.00 <br />101.40 <br />1401.40 <br />1300.00 <br />2020 <br />1300.00 <br />50.70 <br />1350.70 <br />0.00 <br />Total <br />$ 6,500.00 <br />$ 815.41 <br />$ 7,315.37 <br />Recommendation: <br />Staff recommends Alternative Action #1 to ensure this project can be completed in 2015 thereby preventing the <br />City from falling further behind on its long-term street maintenance program. <br />Staff supports Alternative Action #2 if Council wishes to make minor modifications to the project. <br />Staff does not support Alternative Action #3 due to the potential to jeopardize delivery of this project in 2015. <br />Action: <br />Approve or deny adoption of Resolution #15-02-034 ordering final plans and specifications for Improvement <br />Project #13-10; Garnet Street and 168th Avenue Reconstruction. <br />Resolution 15 02 034 <br />IP 13 10 Feasibility Report <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 02/05/2015 02:57 PM <br />Form Started By: Bruce Westby Started On: 02/02/2015 09:35 AM <br />Final Approval Date: 02/05/2015 <br />