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I <br /> I <br /> I <br />'1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />FINANCING AND ASSESSMENT: <br /> <br />In accordance with the City of Ramsey's current assessment policy, <br />a portion of the proposed improvements are proposed to be financed <br />by special assessment to the abutting property owners on a front <br />~oot basis for the equivalent cost of a residential or industrial <br />street. As shown on Exhibit A, the area of benefit includes only <br />those areas proposed to be assessed. Large tracts of land with <br />more than 330 front feet and only one dwelling are proposed to be <br />assessed for one typical lot with 330 front feet. The remaining <br />cost of improving the street to MSA standards shall be financed by <br />MSA funds. <br /> <br />Based on the current bond market situation, the estimated annual <br /> <br />costs will be determined by using an interest rate of 10 percent. <br /> <br />The following table shows an assessment for a typical 330 foot <br />wide residential lot and annual amortized unit costs projected at <br />10 percent for a period of 10 years. <br /> <br /> Table II - Proposed Typical Assessments <br /> <br />Residential Lot' <br /> <br />Front Foot Cost <br /> <br />Typical Lot Cost (330' wide) <br /> <br />Annual Lot Cost <br /> <br />$6.25* <br /> <br />$2,062.50 <br /> <br />$335.57 <br /> <br />* Based on average front foot costs on 1982 street projects. <br /> <br />- 4 - <br /> <br /> <br />