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VI. PROJECT FINANCING <br />This Project will be financed by assessments to benefiting properties, and a General Fund <br />Contribution. Funding from our Grant from 3M for the watermain project would cover about <br />$7,000 of the cost. <br />' Because this project is not in the City's Capitol Improvement Plan, there is no funds <br />I budgeted for this project in 2006. <br />VII. PROJECT ASSESSMENTS <br />This street has not previously been upgraded to City Standards. The City needs to <br />determine an assessment rate for the project. <br />Recent appraisals by the City have shown that the increase in value for an upgraded road <br />for a neighborhood such as this is about $2,500.00 per buildable lot. <br />The City may also choose to assess the full value of the project to the benefiting <br />properties, since there has been no previous road built here. <br />ASSESSMENT OPTION 1: <br />Base on an assessment of $2,500.00 to each buildable lot which uses this street, the City <br />would collect $17,500.00. The City would contribute the remaining $41,000.00 <br />ASSESSMENT OPTION 2: <br />Entire project cost to be assessed equally to each buildable lot. Allowing for the <br />contribution from 3M, this would yield an assessment rate of $8,300 per buildable lot. <br />VIII. RIGHT-OF-WAY <br />No additional Right -of -Way is required. <br />3 13593.000 <br />