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Below is an outline of the process should the Council decide 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 [fearing <br />Order Project <br />Project Construction <br />Project Completion <br />Special Assessment Hearing <br />The proposed cost for front foot is as f.cllows: <br />$7.00 per front foot - Residentially used property <br />$14.00 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, the staff would recommend that this be <br />issessed over a period of ten (11.1) years at approximately a 7.5- <br />8.0% interest charge to he 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 $700.00 or an annual <br />principal payment of $70.00 per year plus at 7.5% an interest <br />payment the first year of $52.00 decreasing to approximately <br />$5.00 plus the $70.00 principal payment fir the tenth year. <br />Consideration would be given for those owners who have double <br />frontage. <br />Based on the revised numbers for administration 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 />with the total of its share out of MSA funning. <br />Street Lighting <br />(increased City costs) <br />Construction 6 ROW <br />Financing <br />Special Assessments <br />MSA/Gener -:1 <br />Maximum allowable <br />MSA ($401,822) <br />$119,397 <br />384,000 <br />$503,397 <br />97,000 <br />406,397 (44,500) estimated <br />MSA loss if MSA used <br />for maximum <br />allowable <br />Staff has reviewed the lighting plans particularly as they relate <br />to the possible reduction and each light that is removed from the <br />system saves ahout S 1 , 1 SA.OA. For eAample if the two lights that <br />,trey east of 19 were removed it would save Mahout $2,300.0v. (See <br />circled lights on Attachment F) Any rer',rsign, however, in the <br />spacing for the balance of the project would necessitate some <br />2 <br />