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AGENDA ITEM 6C <br />STAFF ORIGINATOR: John Powell, City Engineer <br />COUNCIL MEETING DATE: November 8, 1999 <br />TOPIC: Consideration of Resolution No 99 101, Adopt Assessment Roll, <br />Lakes Addition Street Reconstruction <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND: <br />On October 25, 1999, the City Council held a Public Hearing for the proposed <br />assessments for the Lakes Addition Street Reconstruction project. Adoption of <br />the proposed assessment was delayed to allow the City time to review the cost <br />impact to the property owners if the repayment period was extended from 15 to <br />20 years. <br />A comparison of the costs related to the two repayment periods is as follows: <br />Annual Payment* Total Interest Paid <br />15 year repayment $334.32 $1,996.72 <br />20 year repayment $287.43 $2,730.39 <br />(Change) ($ 46.89) ($ 733.67) <br />*After the first year. <br />Extending the repayment period by five years will result in significant additional <br />interest costs and will extend the repayment period beyond the boding period. It <br />is staff's recommendation the repayment period remain at 15 years as originally <br />proposed. <br />OPTIONS:, <br />1. Return to staff for further review. <br />2. Adopt Resolution No 99 -101 adopting the assessment roll for the Lakes <br />Addition Street Reconstruction project. <br />RECOMMENDATION: <br />Staff recommends Option No 2, the adoption of Resolution 99 -101. <br />