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RCM 1 <br /> 0408.0 1 <br /> PROJECT COSTS AND ASSESSMENTS <br /> The City has established assessment policies for improvement projects which state that 65 percent of the total <br /> cost for street reconstruction and 100 percent of the total project costs for trunk watermain improvements will <br /> be funded by the City. The remaining 35 percent of the total cost for street reconstruction will be assessed to <br /> benefitting property owners adjacent to the proposed improvements. Each property owner is also assessed a flat <br /> rate of$400.00 per service hookup to the new watermain. <br /> The street costs are assessed on a front footage basis in accordance with the City's assessment policy. The <br /> following table summarizes the City costs and those costs which are assessed to the property owners. <br /> Table 6 <br /> Breakdown of Street Costs <br /> Total Assessable Footage for all Streets=5000 LF <br /> Total Street Project Cost(includes engineering) $546,000 <br /> Assessable Amount(35 1%) $191,100 <br /> City Amount(65%) $354900 <br /> Estimated Assessment Rate per Foot=$38.22 <br /> (does not include water service connection assessment) <br /> Table 7 <br /> Breakdown of Watermain Costs <br /> Total Watermain Project Cost(includes engineering) $177,419 <br /> Assessable Amount($400 per connection,61 Connections) ($24,400) <br /> City Amount $153,019 <br /> Table 8 <br /> Breakdown of Total Estimated Project Costs <br /> Assessed Share(Streets and Water Connection) $215,500 <br /> City Share(Streets and Watermain) 507,919 <br /> Sanitary Sewer(includes engineering) 4,000 <br /> Storm Sewer(includes engineering) 42.581 <br /> ' Total Estimated Project Cost $770,000 <br /> 1 <br /> 11 <br />