The purposes of this Assessment District is to provide financing to underground power, telephone and cable facilities in the area generally bounded by G Street / East Balboa Boulevard / Channel Road / Ocean Boulevard. The proposed underground utility improvements will provide conversion to an upgraded utility system and will enhance neighborhood aesthetics, safety and reliability.
Associated Documents
Summary of the Assessment Engineer's confirmed costs for Project
(A more detailed table can be located in the Engineer's Report)
|
Engineers Estimate |
| Constructions Costs |
|
| Electrical Costs (Southern California Edison) |
|
| Electrical Construction Costs |
3,053,100 |
| Construction Contingency (~10%) |
305,310 |
| Edison Design Engineering |
135,800 |
| Total Electrical Costs |
$ 3,494,210 |
| Telephone Costs (AT&T) |
|
| Telephone Construction Cost |
992,998 |
| Construction Contingency (~10%) |
99,300 |
| AT&T Design Engineering |
102,000 |
| Total Telephone Costs |
$ 1,194,298 |
| |
|
| Street / Alley Rehabilitation |
1,000,000 |
| Construction Contingency (~7.5%) |
75,000 |
| Total Rehabilitation |
$ 1,075,000 |
| Utility Contribution for Overhead |
(678,621) |
| Total Construction Costs |
$ 5,084,887 |
| Less deduct from contingency |
(19,744) |
| Modified Total Construction Costs |
$ 5,065,143 |
| Incidental Expenses |
|
| Assessment Engineering |
64,000 |
| Contract Inspection |
75,000 |
| Disclosure Counsel |
20,000 |
| City Administration |
100,000 |
| Financial Advisor |
15,000 |
| Filing Fees |
5,000 |
| Bond Counsel |
25,000 |
| Paying Agent |
3,000 |
| Dissemination Agent |
3,000 |
| Financial Printing, Registration and Servicing |
10,000 |
| Incidental Contingencies |
28,113 |
| Total Incidental Costs |
$ 348,113 |
| Less deduct from contingency |
(1,352) |
| Modified Total Construction Costs |
$ 346,761 |
| Total Incidentals & Construction Costs |
$ 5,411,904 |
| Financing Costs |
|
| Uderwriter's Discount |
77,759 |
| Bond Reserve/ Credit Enhancement |
373,396 |
| Funded Interest at 12 months at 5.75% |
357,693 |
| Total Financial Costs |
$ 808,848 |
| Total Amount to Assessment |
$ 6,220,752 |
*Time Warner Cable is required to pay for undergrounding through the Franchise Agreement with the City