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• <br />• <br />• <br />WS -5 <br />WORK SESSION MEMORANDUM <br />To: Mayor and City Council <br />From: James E. Studenski <br />Date: November 22, 2005 <br />Re: Work Session Item 5 — Lois Lane Utility Extension <br />Background <br />The Lois Lane Utility Extension would benefit 8 property owners. The current 8 lots <br />have the ability to be split into 17 lots once City sanitary sewer and water become <br />available: The total proposed project assessment is $395,762.50 as shown on the attached <br />Preliminary Assessment Role. The City covers the construction cost until it is paid off <br />through the assessments. <br />If the future lot assessments were to be deferred, the City would have to carry a cost of <br />$138,428.30 until the residents decide to subdivide their lots. The lot subdivision would <br />then start the assessments payoff process. Attached please find the Preliminary <br />Assessment Roll with Deferred Future Lots. <br />Due to the current balances and projected expenditures of the City Trunk Fund, staff does <br />not recommend the deferral of any assessments at this time. <br />Requested Council Direction <br />Staff is requesting direction from the City Council as to the action to be taken regarding <br />the utility extension. <br />Page 1 <br />