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• location. Councilmember Warshawsky introduced Subcommittee member Andrew Colman to Council. He presented a power point presentation of the R. W. Beck engineering report and findings. The Beck report concluded that the costs for undergrounding all the Town's utilities would be approximately $52 million at an estimated cost of $150/foot or $17,500 per household (parcel). This would include burying all 64 miles of overhead utilities (power and telecom); providing a new and properly-sized system with connections to individual homes and an open conduit for future use. The Subcommittee determined that a town-wide staged process is much more cost effective than a"piecemeal approach"with projected costs at$300-$500/foot. Subcommittee member Steve Schmidt reviewed the financing findings and options of the project with Council. He explained that the Town has a challenging bi-polar household income demographic. Approximately 40% of the Town's residents have an annual average income of$75,000 or less. These are predominately long-term residents who are served by overhead utility drops and are largely opposed to the undergrounding of utilities. 20% of the community falls in the middle with average incomes of$150,000 per household. The remaining 40% of residents are in the high-income bracket with an average annual income of$400,000 or more. This group is comprised of relatively newer residents to the Town who are being served by underground drops and they are, for the most part, in favor of undergrounding Town-wide. Schmidt reviewed assessed property values and property taxes of all three scenarios. The Subcommittee after reviewing this information, realized it was important to select a financing tool that would be acceptable to the highest number of residents. After considering several financing options, they • determined that the general assessment method of financing would be the most appropriate. Even though this approach would require a two-thirds majority vote, it would distribute the cost of the project to residents in proportion to their property taxes. Andrew Colman presented the Godbe Research telephone survey results to Council. Their report identified that 49% of respondents were opposed to a town-wide undergrounding project and 44% support the project. Brian Godbe, Godbe Research explained the format they had used to conduct the telephone survey. They employed a stratified voter sample that represented the demographics of the Town. Within each identified group (segment of the community), efforts were made to complete interviews from the appropriate pool of residents. Approximately 2500 calls were placed, with 1200-1500 calls completed and 250 interview surveys conducted and completed. Councilmember Warshawsky summarized the Subcommittee's report and recommendations for Council noting that they believe there will be consequences of inaction: continued electrical reliability issues, continued fire hazard due to downed wires, no progress on a significant town-wide issue and available Rule 20A funds for the Town will sit idle. Warshawsky explained that significant support exists in Town for undergrounding. The Subcommittee had thoroughly investigated the issue, hired outside consultants to do feasibility studies and cost projections and conducted a scientific poll to • evaluate the community's interest. He reiterated the Subcommittee's findings that a town-wide project would be the most cost effective approach to undergrounding of the 2 Special City Council Meeting Minutes May 6,2004