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09 <br /> February 8,1989 <br /> Phone, power and natural utilities <br /> systems a conduits r also <br /> installed by the respective in Phase I of the projeut and .I <br /> Ill be installed to Phase II. <br /> Because the private utility installations are beyond the <br /> theprojectdescription <br /> esc rption given in the formation ordinance, they will <br /> not be financed through the LID. This determination required-and s <br /> ome <br /> of the wn private utilities have quired-end <br /> will pr <br /> operty owners. owners <br /> front.et quire pro potty to pay for their installations up <br /> I. <br /> The estimate of total project cost given in the formation ordinance Is <br /> was $7,300,000 end theactual Coo of the project is $8,394.038. 1 <br /> Other than the 5%guaranty fund contribution, the project increased <br /> In cost 9.99%. He pointed out the cost figure does not include <br /> $60,000 previously paid by the city for the initial study, $343,461 <br /> the city's utilities division will contribute for sewer end water <br /> pipeupgrades and $007,786 chargeable to Merrill Creek Assoc. for <br /> .!.. <br /> xra drainage work the Phase II contractor did for them, sac <br /> Thehearingtohcoonnfirm the of e fiassessment roll is being conducted 4'!� <br /> to non interest. scheduledcompletion a4 Phase II In order <br /> total cost the expanses. Accordingly <br /> aflen calculating the <br /> construction and litigation project, <br /> However these addedts were for <br /> nnot v;. <br /> litegatthe,the cost f extensive hearing continuations or complex ` <br /> He said most <br /> nominally higher!thane those listed In listedthe 'elin the final loll are f�r <br /> assessments are, however significantly pes was hthan the spall. All the ',.. <br /> benefits resulting from the improvements,a special <br /> LID was formed. The $8,390,038 a s al promised when the C�. <br /> percent of the$20,826,000 in total assessment total is my 00.o <br /> the ownerships. special benefits attributable to <br /> . <br /> He <br /> said that Mrs.e11gard,who is within the limits of the LID,does <br /> not have access to Merrill Creek Parkway and will not have a <br /> so she has not been assessed. ccees, <br /> 4 <br /> he then <br /> presented the City Clerk with the staff report which w <br /> as <br /> marked Ehibit $la the slides, masked Exhibit $2 and the final II <br /> assessmentroll,marked Exhibit 03. }` <br /> Lee Vorhees, bond counsel for the city, said there are tea interim }€! <br /> Principal amount of bond of othose anticipationissueisabout 88$7.7 outstanding. <br /> They tbear <br /> interest thatu costs about$1,000 a day. The reason for the final <br /> P rthefnissuence a r4 n9RN$ior If ethpl roll Lae a inject Ise to:vote im <br /> received from the sale of the LID yPoovetl he mon y <br /> help pay for the balance o4 the projects could pay Pf the ERNS end <br /> Charles Macaulay, of Macaulay and Assoc., reviewed the special <br /> benefit/proportionate <br /> aeaess assn ne the <br /> estulue he <br /> the ed on LID 726, He <br /> had based his ss property before the <br /> LIO d the value after the LID. He pointed t that at the <br /> formation of the LID Parcel 4 and OR Hw combined and since the <br /> formation Parcel 00 has been sold the title changed. Because of <br /> II <br /> , <br />