05-06-1997 Council Packet - Laserfiche WebLink

Home Browse Search

pie assessment notice indicates an interest rate of 8%, with the ai>sessment payable in 15 annual installments. The City anticipates that the actual interest rate charged will be somewhat lower, perhap pound 7% depending on the rate at which the bonds for the project are sold. The following table indicates your approximate annual payment at an interest rate of 8%: Annual Annual Total Equivalent Principal Interest Annual Monthly Pavment Pavment Pavment Pavment Year 1 $930 $1,395*$2,325 $194 Year 2 930 1,042 1,972 164 Years 930 967 1,897 158 Year 4 930 893 1,823 152 Year 5 930 818 1,748 146 Year 6 930 744 1,674 140 Year 7 930 670 1,600 133 Year 8 930 595 1,525 127 Year 9 930 521 1,451 121 Year 10 930 446 1,376 115 Year 11 930 372 1,302 109 Year 12 930 298 1,228 102 Year 13 930 223 1,153 96 Year 14 930 149 1,079 90 Year 15 930 $13,950 74 $9,207 1.004 $23,157 84 ♦First year interest period is estimated from 10/1/97 to 12/31/98. Additional up-front costs which will be incurred by the property owner include the following: 1. Metropolitan Council Sewer Availability Charge (SAC): S950 for 1997, subject to typical annual increase of $50, payable to City at time of connection. 2. Connection costs: Property owner must hire a contractor to make the connection from your residence to the sewer stub provided at your property line. This cost can vary considerably depending on the nature of the connection (i.e. length, depth, whether plumbing re-routing in basement is required, etc.) but may range from $1,000 to $5,000. 3. City connection permit: $35.50 Upon connection, the property owner will no longer be charged the annual $50 septic system service charge, but will begin paying a quarterly Municipal Sewer Charge, currently $74.50/quarter. The City code allows up to 16 months to connect, from the date service becomes available. Properties wth failing septic systems will be required to connect as soon as service is available.