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Funding for signalization is not part of the SID. <br />McCaslin and Via Appia is part of Homart's <br />obligation. Other signalization will be assumed <br />by the City in the future. <br />Hundley explained that the City's recreation <br />center site is located to the south of Via Appia <br />and therefore, the City would pay the pro rata <br />share on a front faot basis for that section to <br />cover the cost of Via Appia. The City is <br />assisting in the project indirectly. McStain is <br />entitled to reimbursement, cost recovery, on their <br />construction of Pine Street even though Pine is <br />not the major thoroughfare that Via Appia is; and <br />they are not entitled to cost recovery for Via <br />Appia. With this being somewhat opposite of how <br />the recovery costs should have been, the City will <br />reimburse to McStain the amount they are entitled <br />to for Pine Street and also the $200,000 (approx.) <br />that they would be entitled to for frontage along <br />the recreation center site as credits to the Major <br />Thoroughfare payments that they make. Major <br />Throughfare payment is $1,650; $450 goes to Homart <br />for reimbursement; the remainder, $1,200, would be <br />used by the City to pay off the bonds. In <br />essence, the City is paying a total of $725,000 of <br />Via Appia construction costs in an indirect route, <br />Hundley stated. There is a provision for 6~ City <br />administrative costs. <br />Anderson asked for <:larification regarding payment <br />of assessment. Anderson: "It is my understanding <br />that when McStain sells a lot, if they don't <br />develop it, the assessment is passed along to the <br />builder and the assessment would be paid at the <br />time of the transfer to an improved property." <br />Hundley agreed with Anderson's summary. <br />Hundley explained treat McStain is paying $875,000; <br />the City will be incurring approximately $845,000 <br />in reimbursements or credits. Broken down, the <br />recovery on Pine Stz•eet equals $525,000; the <br />recreation site frontage equals $200,000; and <br />there is a portion from Lafayette St. through the <br />Wood Brother's Subdivision will cost $120,000 to <br />finish that the City will be doing in-house. <br />Therefore this figure is not represented in the <br />total bid cost of the SID project of $1.6 million. <br />Currently this is a 2-lane non-curbed and guttered <br />street. Two additional lanes in addition to <br />bringing it all up to specification must be <br />completed. <br />Mayor asked for anyone wishing to speak in favor <br />of or in opposition to Ordinance #882. None. <br />4 <br />