04/28/1997 Meeting Minutes - Laserfiche WebLink

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- t-7?.cer\A io ??.??,.,r?es a? 91 zedc-i _ t To: Mayor Rinker Council President Fixler All Members of Council From: Finance Director Brett Apri128, 1997 Reference: Report of Actual Construction Costs and Revised Assessments for Worton Pazk Sanitary Sewer Improvement Project Cc: Law Director Bond Counsel Per Ohio Revised Code Section 727.25 I am reporting on the actual costs and the proposed revised assessments for the Worton Pazk Sanitary Sewer Project. Find below a summary of the final revenue sources and the final expenses: Total Revenue Total Expenses Issue II Interest Grant $7,914 Legal Fees $8,500 Issue II Grants $275,000 Engineering $103,615 Issue II Loans $299,329 Construction $853,599 WPCLF $339,178 Principal Repaid $5,699 Village's Contribution $57,907 Interest Expense $7,914 Total Revenues $979,327 Total Expenses $979,327 The Village committed to 10% of the project costs. When the Village contribution and the Issue II grants are taken into account the assessment per household in Worton Park would be as follows: Total Construction Costs $979,327 Less Village Contributions to date -$57,907 Less Future Village Contribution -$12,526 Less Issue II Grant -$275,000 Net Construction Costs $633,894 Divided by 84 Homes The total amount owed by each homeowner if he or she pays the assessment up front would be $7,546. It is interesting to compare this amount to the $14,841.86 estimate which was sent to Worton Park . homeowners on June 28, 1995. In earlier estimates the Village was unable to take into account the various grants and subsidized interest programs for which it had applied and would ultimately receive. Though annual payments can not be accurately estimated until such time as residents in Worton Park have ? been afforded an opportunity to pay up front, it is estimated that they wi ll be between $ 4 4 0 an d $ 4 7 7 per ' ?- year. If you have any questions, please feel free to give me a call.