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Below is an outline of the process should the Council d oice to <br />undertake the assessment for the street lighting project. As <br />noted before in order to order the project, as this was not a <br />petitioned item, would require 4/5's vote by the Council. <br />Public i:earing <br />Order Project <br />Project Construction <br />Project Completion <br />Special Assessment Hearing <br />The proposed cost fcr front foot is as follows: <br />$7.00 per front foot - Residentially used property <br />$14.90 per front foot - Commercially used property <br />As noted in Attachment C the residential figures are below that <br />being charged by the City of Mound for its assessment. Should <br />the Council choose, thr staff would recommend that this be <br />assessed over a period of ten (19) years at approximately a 7.5- <br />8.0% interest charge to be determined at a subsequent assessment <br />hearing. For a residential property that is 100 front feet this <br />would amount to a total assessment of $790.00 or an annual <br />principal payment of $79.30 per year plus at 7.5% an interest <br />payment the first year of $52.00 decreasing to approximately <br />$5.00 plus the 570.0' :ncipal payment for the tenth year. <br />Consideration would t !en for those owners who have double <br />frontage. <br />Based on the revised numbers for administr-.:ion from the County <br />the financing for the project would look as follows including the <br />approximate decreases of lost income if the City decided to go <br />wit`i the total of its share out of MSA funding. <br />Street Lighting <br />(increased City costs) <br />Cons`ruction & ROW <br />Financing <br />Special Assessments <br />MSA/General <br />Maximum allowable <br />MSA($401, 822) <br />$119,397 <br />384,000 <br />S503,397 <br />97,000 <br />406,397 (44,500) estimated <br />PiSA loss if '".SA used <br />for maximum <br />allowable <br />Staff has reviewed the 1 i --ting plans particularly a hey relate <br />to the possible reduction mid a--:ch light that is rem(, ad from the <br />system saves about $1, For example if the two lights that <br />are r t of 19 were _ it would save about $2,300.00. (See <br />circled lights on At' lent E) Any redesign, however, in the <br />spacing for the ba'_a, oe the project would nece s i'_ate some <br />2 <br />