|Published:||Jul 24, 2013 7:31 PM EDT|
|Updated:||Jul 24, 2013 7:31 PM EDT|
CAPE CORAL, Fla. -- It's your money, and thousands of people will have to spend more than $15,000 of it to pay for a controversial Cape Coral project.
People in the southwest section of the city will be hooked up to city sewer, water, and irrigation.
"I have no idea whats going to happen with this whole thing," Nicholas Kravcov lives in Southwest 6 and 7, which is slated to get hooked up to city sewer, water and irrigation.
"I don't know how much its going to cost, is there a cheaper payoff? If you pay it up front, it's cheaper than if I have to pay installments?" he asked.
More than a hundred of his neighbors have the same questions. In a packed city council chamber, some of them clapped as a sign of support for residents who spoke out against the utilites expansion project
There are payment options.
If you go with an initial prepayment, August 22, 2013 - Octover 31st, 2013 the estimated cost is about $15,400 dollars, spread out through 20 years. You can get a 20 percent discount on a section of the project, called the CFEC, or Capital Facilities Expansion Charge.
If you wait and pay an amount later on, from November 1, 2013 to July 31, 2014, that total will cost you an about $15,800.
If you don't prepay anything and wait until August 2014, the price starts to increase up to around $17,200.
If you enter into the city's payment plan, it's going to end up costing you the most.
The first 6 years will cost you just over 2,000 dollars a year. Years 7-through 20 will cost you about 810 dollars a year, It all adds up a total of $24,414.
No matter how you pay, you're going to get this on your tax bill each year. The amount on your taxes depends on the plan you choose.
Once these numbers are approved Wednesday, if you live in that area, you're going to get a notice telling you about the payment plans.
An official vote on the numbers will take place Aug 21st in the city council chambers. Construction is expected to start in September.
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