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PROJECT AND DESCRIPTION <br /> <br />LOWELL AVENUE: <br />The reconstruction of Lowell Avenue between Main <br />Street and Highway 10. <br /> <br />JOPLIN STREET: <br />Reconstruction of Joplin Street between County Road 30 <br />and Riverview Drive <br /> <br />ORONO LAKE 3RD ADDITION: <br />Installation of lateral sewer and water, storm sewer, <br />street lighting, and reconstruction of the streets to urban <br />standards. <br /> <br />COST AND FINANCING <br /> <br />$80,000 - $32,500 will be assessed to the benefited <br />property owners based on $42 per front foot. The $47,500 <br />balance will be financed by the city with its capital <br />projects reserve. <br /> <br />$202,000 - 50% of this project will be financed by the city <br />with its capital projects reserve. The other 50% of this <br />project will be financed by the developer of the Country <br />Crossing 3rd Addition. <br /> <br />$425,000 - City will assess the entire cost of this project <br />out to the benefited property owners. In 1993, sewer and <br />water was installed into part of this addition and the <br />assessments were '~held" until the entire subdivision <br />received the municipal improvements. Accordingly, with <br />this project the city will begin receiving payments for <br />expenses incurred with the 1993 project. The benefited <br />property owners from the 1993 project are being assessed <br />$7,275 for this project and the other property owners are <br />being assessed $12,150 for the improvement project. <br /> <br />Capital Improvement Program (CIP) Year- 1997 Page 6 <br /> <br /> <br />