Math is hard-----Muskegon revives street light assessment idea, this time for LED fixtures

Muskegon revives street light assessment idea, this time for LED fixtures | MLive.com:
OK.
City experts promise $355,000/yr savings with new lights.
Also promised cost of conversion to new lights is $2.73 million.
Let's see $2.73 million/$355 thousand=7.69 year payoff.
Why is an assessment needed?
The promised savings pay the entire bill in 8 or so years!
Something stinks in city hall.
Again!
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"...The city currently pays about $585,000 per year for its approximately 2,900 high pressure sodium vapor lights, according to city figures.
That cost would drop to about $230,000 with a two-year phase-in of LED fixtures, or $243,000 with a five-year phase-in.
Savings over 15 years are estimated at between $5.1 million and $5.9 million depending on a 2-year or 5-year phase in.
City staff is suggesting an $18 assessment for 10 years for each property owner in the city.
...The $18 assessment would raise an estimated $272,985 per year, according to city estimates.
The cost of converting to LED lights is estimated at $2.73 million.
Last October, a divided commission, on a 3-3 vote, rejected a $26-per year assessment to offset sodium vapor lighting costs.
This year's plan is more proactive and aimed at a long-term reduction in the city's costs, most commissioners agreed..."