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Summary of Current Capital ILnprovement program <br />The existing CHP anticipated an average of $1,030,000 per year to replace streets. The City's <br />current Assessment Policy requires streets to be reconstructed with new bituminous pavement. <br />The following is the existing funding summary for street reconstruction: <br />Current program Financing <br />Average Street Length <br />3,700 feet / year <br />Street CIP Budget <br />$1,030,000 <br />Residential Assessment Rate <br />35% <br />Funding from Special Assessments <br />$360,500 <br />Funding from City's General Fund <br />$669,500 <br />Funding from City's Routine Maintenance Budget (over <br />Life Cycle)0) <br />$422,368 <br />Funding from City's Non -Routine Maintenance Budget <br />(over Life Cycle) <br />$11,400 <br />Total City Contribution <br />$1,103,268 <br />Average Assessable Front Footage (feet) <br />5,659 <br />Average Assessment per Front Foot <br />$63.70 <br />(1) 15,760 SY / Year x $26.801 SY <br />The average assessment of $63.70 was derived from the average assessments for the 2007 Street <br />and Utility Improvement project, based on the average (not low) bid. Overall, assessable costs <br />are set by the City's Assessment policy for 35% of the total improvement cost, which is <br />$360,500 amorally. The City's responsibility is for 65% of the total street reconstruction cost, <br />or $669,500 annually. <br />Additionally, the City would be responsible for ongoing maintenance costs of the roadway. <br />These costs, as outlined in Tables 3A — 3C, would total an estimated $433,770 over 60 years for <br />every 3,700 feet of roadway. The total life cycle cost for the City would be $1,103,270. <br />Street Reconstruction Task Force Findings Report <br />November 13, 2008 <br />WSB Project No. 1626-03 <br />