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MINUTES <br />CITY COUNCIL <br />MARCH 11, 1992 <br />Based on these life expectancies using an 8% interest <br />rate results in the annual cost estimated above for the <br />various options. <br />The Engineer then presented a break -down of the annual <br />cost of each option for comparison purposes. <br />Option A <br />Option B <br />Option C <br />Estimated <br />Total Cost <br />$845,640 <br />$681,954 <br />$235,226 <br />Estimated <br />Assessable <br />Footage <br />5,600 <br />5,600 <br />5,600 <br />Estimated <br />Cost Per Foot <br />151.01 <br />121.78 <br />42.00 <br />The Engineer reported that there are 25 <br />commercial /industrial lots within Ryan Industrial Park <br />with a typical lot having 225 feet of front footage. <br />Therefore, the estimated cost per typical lot under <br />Option A would be $33,840 and $9,400 under Option C. <br />Roger Stanke, property owner within the Park, suggested <br />that the improvement be broken down into two phases. <br />Stanke felt that there were two areas within the park <br />each having different needs. The area from the Stanke <br />property going out to Country Drive could be considered <br />one phase and the remainder of the park another. <br />Stanke pointed out that his property is already <br />connected to City watermain. This watermain is <br />available to those properties in his area, therefore, <br />they did not need the watermain portion of the <br />improvement. Stanke pointed out that he had 500 feet <br />of frontage, and his assessment under Option C would be <br />$20,000 to $22,000. Stanke questioned that the <br />improvement would increase his property values to this <br />extent. <br />Hanson asked if Stanke's suggestion for two different <br />improvement areas was feasible. <br />The City Engineer replied that the differing conditions <br />of the area would make it practical to look at the <br />improvement as Stanke has suggested. The Engineer <br />reported that he could not recommend more than a patch <br />and overlay for Ryan Drive, but pointed out that soil <br />conditions in other areas of the Park are better. <br />Hanson asked if storm sewer costs would be spread over <br />the entire Park. <br />The City Engineer reported that all the properties <br />within the Park contribute to the drainage area, <br />however, there may need to be some give and take in <br />determining an equitable method for distributing <br />assessments. <br />Page 10 <br />Page 4 <br />