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DESCRIPTION <br /> <br />ELI PARIS CENTER: (mbsrrY c°`" <br />Construction of trunk sewer and water to the northeast <br />area <br />Construction of Freeport Avenue between School Street <br />and Jackson Avenue <br />Reconstruction of School Street and Jackson Avenue <br />from intersection to Highway 169 <br />HILLSIDE III ADDITION: <br />Construction of streets and sewer and water <br />Capital Improvement Program (CIP) Year - 1~J94`RS <br />AND <br /> <br />Trunk sewer and water will be assessed out to the <br />benefited property owners as will any lateral sewer and <br />water associated with this project. <br />Freeport Avenite will be assessed out to the benefited <br />property owners. <br />School Street and Jackson Avenue will be jointly <br />financed by the developer, through assessments to Elk <br />Park Center, and the City via MSA turnback funds. <br />$4.5 million total project - $1.1 million for trunk and <br />lateral sewer and water and $3.4 million for new and <br />reconstructed streets. <br />$4.5 million total project -The developer will finance and <br />pay $750,000 for some of the street and sewer and water <br />unpravements. The City will hoed for $3.75 minion <br />worth of improvements in the s rin of 1994. $600,000 of <br />this amount will be financed through MSA turnback <br />funds and the $3.15 million balance for the trunk sewer <br />and water and street improvements will be assessed out <br />(15 year repayment schedule) to the benefited property <br />owners which are mainly the commercial lots in the Elk <br />Park Center development project. <br />$350,000 -The City will bond for this entire project in <br />the summer of 1994. The entire project will be assessed <br />against the lots in this residential development project <br />based on a 3 year repayment schedule. <br />Page 2 <br />