Agenda - Workshop 11/20/06
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MEETING NOTICE
I, KATHRYN FIGLEY, THE DULY ELECTED MAYOR OF THE CITY OF
WOODBURN DO HEREBY CALL A SPECIAL WORKSHOP OF THE WOODBURN
CITY COUNCIL TO BE HELD ON MONDAY, NOVEMBER 20, 2006, AT 6:30 P.M.
IN THE WOODBURN CITY HALL COUNCIL CHAMBERS, 270 MONTGOMERY
STREET, WOODBURN, OREGON TO DISCUSS THE FRONT STREET WIDENING
AND RECONSTRUCTION PROJECT.
THIS MEETING IS CALLED PURSUANT TO THE WOODBURN CITY
CHARTER AT THE REQUEST OF THE MAYOR.
DATED THIS 15TH DAY OF NOVEMBER 006
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Identified Sources of Funds
Project Section
Amount Cumulative Total
1 U R Fund $2,050,000
2 Current C IP $250,000 $2,300,000
3 STP Exchange $375,000 $2,675,000
4 STP Exchange $185,000 $2,860,000
5 Gas Tax, Resurfacing $50,000 $2,910,000
6 SDC
.14 x 1,206,000 $168,840 $3,078,840
Additional Funds Need
Total Project Cost- Identified Revenue
$4,091,000 - $3,078,840 = $1,102,160
Options:
1 Eliminate Components of the Project
2 Identify additional so
2 Delay Certain Components of Entire Project
3 Combination of Option 1, 2 and 3
Front Street Estimated Project Costs
Project Section
Prior Estimate Current Estimate Difference
A. Undergrounding
1. Cleveland To Hardcastle $720,000 $1,286,000 $566,000
2. Hardcastle To Hwy 214 $350,000 $429,600 $79,600
Sub total $1,070,000 $1,715,600 $645,600
B. Front Street Improvement
1.a) Cleveland To Hardcastle $380000 $870,000 $490,000
Note: Includes $300,000 for the
Section between Harrison & Hardcastle
1 . b) Side Streetto Alley $0 $300,000 $300,000
Sub Total $380 000 $1,170,000 $790,000
2. Hardcastle to Hwy 214 $850,000 $1,206,000 $356,000
Total
$2,300,000 $4,091,600 $1,791,600
: i-") 'ali\ c1arl1aOecj sectlc;l~ '.Jf Sidewalk and curbs were considered to be replaced
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DRAFT
Portland General Electric
City of Woodburn Underground Scenarios
Surcharge Percentages
Scenario A
Comment
Conversion Cost $ 278,995 $ 278,995 $ 278,995 $ 278,995
Annual Interest Rate 0.063 0.063 0.063 0.063
Payments per year 12 12 12 12
Rate per period $0.00525 $0.00525 $0.00525 $0.00525
Number of years 5 10 15 20
Total Number of payments 60 120 180 240
Monthly Payment $5,432 76 $3,13961 $2,399.78 $2,047.39
Annual Payment $65,193.11 $37,675.38 $28,797.32 $24,568.70
Coversion cost plus interest $325,965.56 $376.753.77 $431,959.75 $491,374.09
Revenue Subject to Surcharge" $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61
Surcharge 0.51% 0.29% 0.2Pk 0.19%
Scenario B
Comment
Conversion Cost $ 1,168,995 $ 1,168,995 $1,168,995 $ 1,168,995
Annual Interest Rate 0.063 0.063 0.063 0.063
Payments per year 12 12 12 12
Rate per period 0.00525 0.00525 0.00525 0.00525
Number of years 5 10 15 20
Total Number of payments 60 120 180 240
Monthly Payment $22,763.38 $13,155.05 $10,055.11 $8,578.62
Annual Payment $273,160.53 $157,860.63 $120,661.37 $102,943.40
Coversion cost plus interest $1,365,802.67 $1,578.606.33 $1,809,920.55 $2,058,867.92
Revenue Subject to Surcharge" $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61
Surcharge 2.12% 1.23% 0.94% 0.80%
Scenario C
Comment
Conversion Cost $ 723,995 $ 723,995 $ 723,995 $ 723,995
Annual Interest Rate 0.063 0.063 0.063 0.063
Payments per year 12 12 12 12
Rate per period 0.00525 0.00525 0.00525 0.00525
Number of years 5 10 15 20
Total Number of payments 60 120 180 240
Monthly Payment $14,098.07 $8,147.33 $6,227.45 $5,313.00
Annual Payment $169,176.82 $97,768.00 $74,729.34 $63,756.05
Coversion cost plus interest $845,884.11 $977,680.05 $1,120,940.15 $1,275,121.00
Revenue Subject to Surcharge. $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61 $ 12,865,140.61
Surcharge 1.32% 0.76% 0.58% 0.50%
" from 2005 Revenue Report for City of Woodburn
PLEASE NOTE These rlltes are estimates: they are subject to change
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