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anticipates utilizing a number of:financing Sources. A summary of the project costs is <br />presented below: <br /> <br />FINANCING <br /> <br /> Lateral Watermain Street Total <br />Funding Source Sewer & Looping Improvements Project <br /> Water <br /> <br />Special Assessments $ <br />Sewer & Water $ <br />Trunk Funds <br />City General Funds $ <br />TOTAL $ <br /> <br />48,960: $ - $ 24,199 $ 73,159 <br /> - $ 33,113 $ - $ 33,113 <br /> <br />- $ - $ 24,199 $ 24,199 <br />48,960 $ 33,113 $ 48,397 $ 130,470 <br /> <br />In addition to the Special Assessment cOsts shown above, trunk assessments in the amount <br />of $17,793 will be levied on the parcels, which will be receiving sewer and water <br />availability. This amount will partially offset the trunk fund expenditure caused by this <br />project. If adjacent parcel subdivide or develop to a more intensive land use, this project <br />also provides the potential to collect additional trunk and lateral benefit charges in the <br />future without incurring additional construction costs. The feasibility study should be <br />reviewed to insure that the Committee is in agreement with methods proposed for <br />assessment or funding of the various project elements. A summary of the funding scheme <br />utilized in the study is as follows: <br /> <br />Lateral sewer and water - shall be 100% assessed to the petitioning property <br />owners based upon front footage. This cost also includes the removal and <br />replacement of the bituminous base course of the street. <br />Watermain looping - shall be paid by the City's sewer and water trunk fund. <br />This cost includes:the removal and restoration of the bituminous base course <br />attributable to the Watermain looping. <br />Street Improvements - shall be assessed 50 % of the cost to all property owners <br />based upOn front footage. This is consistent with the assessment practices <br />followed under our street maintenance program. However concrete curb and <br />gutter could be considered a new improvement since bituminous berm cubing is <br />currently in place. The remaining 50% of the street improvement are proposed <br />to come from the City's general fund, which relates to an amount of $24,200. <br /> <br />City staff recommended that the Committee recommend to City Council that it receive the <br />feasibility study, subject to any changes desired by the Committee, and set a date for a <br />public hearing on this project. <br /> <br />Motion to recommend that the City CoUncil accept the feasibility study and set a date of <br />March 8, 2005 for a public hearing :with :the following funding scheme: <br /> <br />· Street improvements will be assessed 50 percent to all parcels <br /> <br /> <br />