11/24/1992 - Laserfiche WebLink

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TO: James Chandler County Administrator THROUGH: James W. Davis, P. . Public Works Direct and Roger D. Cain, P.E County Engineer FROM: Michelle A. Gentile, C.E.T. Civil Engineer SUBJECT: Public Hearing for the Paving & Drainage Improvements to the Roads in Floral Park and Ranch Estates Subdivisions DATE: November 3, 1992 On July 28, 1992 the Board of County Commissioners adopted Resolution No. 92-133 providing for certain paving and drainage improvements to the roads in Floral Park and Ranch Estates Subdivisions. On September 1, 1992, a public hearing was held to discuss the advisability, cost and amount of the assessment against each property owner. Due to the fact that there were only three commissioners on the Board that day, the Public Hearing was continued until November 24, 1992. All of the property owners in the benefited area have been notified by certified mail of the date and time of this hearing continuation. It has previously been agreed between the County and Neighborhood Variety Stores, Inc. that Neighborhood Variety Stores, Inc. would grant the necessary right-of-way for 56th Avenue, but would not be included in the assessment. The County has sent the deed to Neighborhood Variety Stores, Inc., and is awaiting its execution. The original agenda item is attached for reference for the new commissioners. a pay back cost analysis is tabulated below to show what the overall costs would be for a 2 year, 5 year and 10 year pay back plan, using as a basis the average lot size of 11,443 square foot. These costs are just for comparison and discussion purposes for today's meeting only, and do not reflect the actual cost for any particular lot in the Floral Park and Ranch Estates Subdivisions. The actual cost will be computed by the Tax Assessor's office when the "As -Built" Resolution is approved. Assuming an average lot size of 11,443.21 square foot at a cost of $0.1558 per square foot is $1,782.85. Assuming a 9 3/49o' interest rate, the approximate payments are as follows: Yearly Payment $1,023.82 Yearly Payment $ 467.31 Yearly Payment $ 287.04 2 Year Payback Period 5 Year Payback Period 10 Year Payback Period 23 Total Interest Paid $264.78 Total Interest Paid $553.71 Total InterestPai $1,087.50 L NOV � 41992 BOOK.