Under the Federal stimulus package, Los Osos was awarded funding of $ 87 Million from the US Dept of Agriculture; $83 Million is in the form of low interest loans- 3.25% for 40 years and $4 Million in Grants. The financing of the balance of the $165 Million project is now in process for low interest State Revolving Loans.
In order to move forward with the funding, the County was required to set the monthly rates/charges of the project. The monthly fee is now set at a high of $194/month. Because the decisions regarding how water usage will be charged are still in process, individual bills may actually be lower. Additionally, if the County is able to satisfy the requirements that will allow for future building on the vacant lots, the vacant land owners will share in the cost of the project, bringing the rate down to a high of $163/month.
This monthly fee is the total; it includes the payment for the lien on the property, ~$25,000, as well as the monthly operating & maintenance costs.
As things now stand, Construction is to begin in ~October of 2011 and the project is to be completed by late 2014. Monthly charges will not begin under the sewer is operational.
LYNN BATES, Keith Byrd Team, North Coast Realtor of San Luis Obispo County including Morro Bay, Cayucos, Cambria and Los Osos. 805 458-4409. Lynn@LynnBates.Com