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Boor . 01 FACE 242 Preliminary Estimates* Final Cost County's Cost $158,659.22 County's Cost $199,671.76 Property Owner's Cost $158,659.22 Property Owner's Cost $157,631.96 2% Tax Collector's Fee 3173.18 2% Tax Collector's Fee 3,152.64 Total Property Owner's Cost $161,832.40 Total Property Owner's Cost $160,784.60 (261.02 Acres) (259.33 Acres) * * $620.00/per Acre $620.00/per Acre * At the October 24 1995 Public Hearing property owners stated that the costs of $873.43 per acre was too high of an assessment, therefore the Board of County Commissioners reduced the per acre assessment to $620.00 per acre. The original cost estimate and minutes are attached. The final cost estimate shows that the county would pay 56% of the final assessment and the property owners pay 44% in order to keep the -cost to the property owners at $620.00 per acre. ** The Tax Assessor's updated records for the total acreage of the benefited area vary somewhat from the preliminary assessment roll. The final assessment roll has been prepared and is ready to be delivered to the Clerk to the Board. Assessments are to be paid within 90 days or in 2 equal installments, the first to be made twelve months from the due date and subsequent payments to be due yearly from the due date at an interest rate of 81/4% established by the Board of County Commissioners. ALTERNATIVES AND ANALYSIS Since the final assessment to the benefitted owners will not exceed the approved preliminary assessment roll, the only alternative presented is to approve the final assessment roll. RECOMMENDATION & FUNDING It is recommended that the final assessment roll and the "As -Built Resolution" for the paving of the above mentioned road be approved by the Board -of County Commissioners and that it be transferred to the Tax Collector for recording in the "Assessment Lien Book" and for collection. Funding for the property owners share will come from the Petition Paving Account No. 111-214-541-035.51 and the county's share will come from the Local Option Gas Tax. MOTION WAS MADE by Commissioner Adams, SECONDED BY Commissioner Tippin, to approve staffs recommendation as set forth in the memorandum Under discussion, Commissioner Gnn commented that the 8'/4% interest rate was somewhat high, and Administrator Chandler explained that the Board considers and sets the interest rate each year. THE C11AIRMAN CALLED THE QUESTION and the motion carried unanimously (4-0, Commissioner Macht absent). (Resolution No. 97-35 adopted) M April 22, 1997 M M M