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Page 3 Feasibility Report 02-06 (2007) May 17, 2007 other companies provided five years ago. Midwest Aqua Care, Inc. does a lot of similar projects and appears to be a good and reputable company. If the neighborhood is in concurrence, we would recommend using Midwest Aqua Care, Inc. for the next five year project. Midwest Aqua Care, Inc. quotation $9,247.00 City Administration $1,250.00 Interest on 2007 expenses (6%) $120.00 Total Project Cost for Five Years $10,617.00 Annual Project Cost $2,654.25 Annual Storm Improvement District Levy (75%) $1,990.69 Annual City Levy (25%) $663.57 The annual project cost is based on four years because the first tax levy cannot start until 2008. The interest for 2007 represents the carrying cost the City will incur for expenses in 2007. Depending on when treatments start in 2007, the cost of the fist year's treatments may be less and the 2008 levy will be prorated lower. 75 percent of the project will be collected as a special tax against the 14 properties on Bicentennial Pond and the remaining 25 percent will be paid from the City's Storm Water Utility fund. The $1,990.69 will be levied against the 14 properties in the storm sewer improvement taxing district based on property valuation. The annual cost for an average valued home would be one fourteenth of $1,990.69 or $142.20. The residents requested they meet annually to discuss the project and want to reserve the right to terminate the project prior to reaching the end of the five year period. STORM SEWER IMPROVEMENT TAXIING DISTRICT The storm sewer improvement taxing district was established by city ordinance and consists of the following 14 properties which are shown on the attached Project Map. 2266 Bicentennial Court 2250 Bicentennial Court 2234 Bicentennial Court 2218 Bicentennial Court 2202 Bicentennial Court 2186 Bicentennial Court 2170 Bicentennial Court 2154 Bicentennial Court 1923 P Street NW 1887 3`' Street NW 274 Kimberly Drive 258 Kimberly Drive 232 Kimberly Drive 224 Heritage Lane This ordinance was adopted by a two-thirds vote of the City Council on April 9, 2002.