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VI. PROJECT FINANCING <br />This Project will be financed by assessments to benefiting properties and from the City's <br />general levy. <br />Item Amount <br />Estimated Project Cost $ 214,250.00 <br />Assessable Cost $ 54,978.00 <br />City Cost $ 159,272.00 <br />VII. PROJECT ASSESSMENTS <br />The City's assessment policy on street improvement projects is to assess each property <br />uniformly, according to zoning classification. The assessment rate is held consistent year <br />to year, with only an adjustment for inflation. For this Project, all properties are in the R-1 <br />(SRD) zone, and have a proposed assessment rate for this Project of $1,309.00 per <br />buildable lot. There are 42 assessable units on this Project. <br />Vlll. RIGHT-OF-WAY <br />No additional right-of-way is required. <br />IX. PROJECT SCHEDULE <br />The proposed Project schedule is as follows: <br />1. Feasibility Report Received by City Council <br />2. Public Hearing <br />3. City Council Authorizes Preparation of Plans and Specifications <br />4. City Council Approves Plans, Authorizes Advertisement for Bids <br />5. Open Bids <br />6. City Council Awards Bid <br />7. Contractor Begins Construction <br />8. Contractor Completes Construction <br />9. Assessment Hearing <br />June 20, 2006 <br />July 5, 2006 <br />July 5, 2006 <br />July 18, 2006 <br />August 11, 2006 <br />August 15, 2006 <br />August 28, 2006 <br />October 1, 2006 <br />September 1, 2006 <br />3 13688.000 <br />