Laserfiche WebLink
Many of the current residents are living on fixed incomes. These residents have elected <br />to retire here in Kittitas County. The current assessment based on $450,000 appears to be <br />near the maximum tolerable limit for many residents. The forecast annual cost over a ten <br />year period using three (3) percent interest as presented to petitioners is about $776 per <br />lot per year for the ten year period. PW suggest the Board consider the following <br />approach to funding: <br />Interest = 4% (likely current conventional rate) <br />Load period = 15 years (while five years longer, there is no maintenance cost beyond) <br />Present value = $600,000 (Board authorizes a $150,000 County contribution) <br />Payment is due at the beginning of the first year <br />Annual payment = $786.20 for 66 lots. <br />While the signed petition is nearly all 66 lots, not all lot owners are electing to <br />participate. Providing the Board contributes $150,000; PW encourages the Board to <br />formulate by resolution and force mandatory participation by all 66 lot owners. This is <br />the only way to keep costs down for all participants. <br />FISCAL IMPACTS: <br />$150,000 will come from PW Road Fund reserves <br />ATTACHMENTS: <br />Exhibit 1: PW plan and profile design <br />Exhibit 2: PW cost estimate for public road construction <br />Page 2 of 4 <br />PUBLIC WORKS BOARD OF COUNTY COMMISSIONERS WORK SESSION STAFF REPORT <br />