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<br />Option 2 <br />Buy Property <br />Raze house & Foundation <br />Construct Roadway <br />Total Cost <br /> <br />Option 3 <br />Buy Property <br />Purchase new lot <br />Relocate House <br />Remove Foundation <br />New Foundation & Utilitil3S <br />Sell Relocated House <br />Construct Roadway <br />Total Cost <br /> <br />$ 283,000 <br />$ 10,000 <br />$ 26,000 <br />$ 319,000 <br /> <br />$ 283,000 <br />$ 75,000 <br />$ 20,000 <br />$ 5,000 <br />$ 20,000 <br />$ (250,000) <br />$, 26,000 <br />$ 179,000 <br /> <br />. Additional Costs - In addition to the costs associated with the purchase of this property it <br />would be necessary to fund the construction of the connecting roadway and the. <br />underlying utilities. Curremtly the abandonment of the River Pines lift station is scheduled <br />for 2007 at a cost of$75,OOO. In addition thewatermain should be looped through this <br />roadway at a cost of$7,500. <br />. Financing Options- Possible funding sources to facilitate this proposal could be as <br />follows: <br /> <br />Source <br />Sewer <br />Trunk Fund <br />Water <br />Trunk Fund <br /> <br />Amount <br /> <br />.$ 49,000 <br /> <br />$ 5,000 <br /> <br />$ 125,000 <br />to $265,000 <br /> <br />PIR Fund <br /> <br />Comments <br />The CIP has:anticipated $75,000 however the reduced cost of <br />the sewer installation would be $26,000 <br />This represents a contribution from the water trunk fund toward <br />the cost of the property to make this looping feasible <br />The Public Improvement Revolving Fund would~be the <br />remaining source available for this project. <br /> <br />. Neighborhood Considerations- Although the City Council has taken action to direct the <br />acquisition for a right of first refusal on this parcel, there has been no discussion <br />regarding this acquisition with the property owner or the River Pines neighborhood. It is <br />foreseeable thatthere could be neighborhood concerns regarding traffic caused by this <br />connection. <br /> <br />Recommendations: <br /> <br />Based upon the previous direction provided by Council it would be consistent for staffto <br />recommend that an offer on this property be made. Staff therefore recommends the following in <br />preparation for such an offer: <br />1. Solicit house moving costs and lor purchase from house moving contractors <br />2. Locate a suitable lot for house relocation <br /> <br />4 <br />