Item 6: Ord.on Assess/Garden Way

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Costs listed below are the estimated assessment costs calculated at the time of the formation of the LID. A contingency was included in the estimate. Paving 7- foot (per front foot) $ 74.48 Paving 10-foot (per front foot) $ 106.39 Sidewalk (per square foot) $ 3.95 Wastewater (per square foot) $ 0.30 Wastewater service (per each) $ 3,650.30 Total Estimated Assessable Cost $ 927,261.89 Total Estimated City Cost $ 2,790,851.61 Total Estimated Project Cost $ 3,718,113.50 Below are the final unit assessable costs: Paving 7- foot (per front foot) $ 71.65 Paving 10-foot (per front foot) $ 102.36 Sidewalk (per square foot) $ 3.90 Wastewater (per square foot) $ 0.27 Wastewater service (per each) $ 3,560.29 Total Final Assessable Cost $ 740,651.37 Total Final City Cost $ 2,873,162.40 Total Final Project Cost $ 3,613,813.77 Of the assessable cost, $357,799.58 are delayed street assessments and $200,708.29 are on-hold wastewater assessments. Assessment financing, a 10-year payment plan through the City, is available to all property owners within the improvement district as identified by City Code, Chapter 7. Of the 33 properties in the LID, 6 property owners qualify for the low-to-moderate income subsidy program. This program only applies to owner-occupied properties in the LID. The City will pay in full for the subsidy share, one at moderate income (1/3), three at low income (2/3), and three at very low income (5/6). The total cost for the low income subsidies is $34,110.92. The total City cost includes the subsidy amount plus the non-assessable City share for the project. The subsidy is funded from the Street Subsidy fund and the nonassessable portion of the project is funded from Transportation SDC's, storm water SDC's, and from the Oregon Department of Transportation (ODOT). Systems development funds are paid by new development to finance the non-assessable share of this type of improvement project. The non-assessable costs are paid for by the City for paving, additional pavement thickness, intersections, medians, bus turnouts, bike lanes, street lights, street trees, traffic signal, and non-assessable storm drainage system costs. In addition, the City paid for the costs of improvements built through the I-105 right of way, across the Q-Street Channel, and for unassessable improvements on Martin Luther King Boulevard. In addition to funding received from ODOT through the Federal Surface Transportation Program for this project, ODOT paid for additional pavement L:\CMO\2005 Council Agendas\M050613\S0506136.doc