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I <br /> <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />METHOD OF PAYMENT AND SUM]~ARY OF COSTS <br /> <br />Based on the City's current assessment ordinance, all laterals <br />will be assessed on a unit or R.E.C. basis. The recommended <br />assessment period for residential development is five (5) years <br />and ten (10) years commercial and industrial development. Since <br />a majority of the property is residential, it is recommended that <br />a five (5) year assessment period be used. The interest charged <br />would be one and one-half percent (1.5%) greater than the current <br />rate of interest on the bonds. <br /> <br />The following table provides a summary of the lateral projects <br />costs, assessed costs, number of asssessed R.E.C.'s and cost per <br />R.E.C. <br /> <br /> TABLE V <br />SUMMARY OF ESTIMATED LATERAL COSTS <br /> <br />Utility <br /> <br />Sanitary Sewer <br /> <br />Watermain <br /> <br />Storm Sewer <br /> <br />Streets (commercial <br /> & residential) <br /> <br />MSA Street <br /> <br />Totals: <br /> <br /> No. of <br />Project Cost Assessed Cost Assessed R.E.C.'s <br /> <br /> $ 78,000 $ 78,000 82, <br /> 89,700 89,700 78 <br /> 28,600 28,600 62** <br /> <br /> 78,000 78,000 62** <br /> 46~800 5~300 ~6 <br /> $321,100 $279,600 <br /> <br />Cost Per <br />R.E.C. <br /> <br />$ 951.22 <br /> <br />1,150.00 <br /> 461.29 <br /> <br /> 1,258.06 <br /> <br />331.25 <br />$3,820.57*** <br /> <br />*Based on 78 R.E.C.'s in the proposed Flintwood Hills 2nd Addition - <br />Phase II and 4 R.E.C.'s for the sanitary sewer to the City shop. <br /> <br />**Excludes 16 R.E.C.'s for quad lots on Dysprosium Street. <br /> <br />***Typical residential lot. <br /> <br />9 <br /> <br /> <br />