9.1. SR 01-07-2013 - Laserfiche WebLink

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3. FINANCING 3.1 Opinion of Cost Detailed opinions of cost for the various project areas can be found in Appendix C of this report. The opinions of cost incorporate estimated 2013 construction costs and include a 10% contingency factor. Indirect costs are projected at 15% of the construction cost and include engineering, legal, financing, and administrative costs. Table 2 below provides a summary of the opinions of probable cost for the 2013 Street Improvement Project. Table 2—2013 Street Improvement Project Summary of Cost Total Schedule A—Surface Improvements $2,988,638.40 Schedule B—Sanitary Sewer Improvements $63,250.00 Schedule C—Water Main Improvements $539,307.45 Schedule D—Storm Sewer Improvements $94,609.35 TOTAL $3,685,805.20 3.2 Funding Financing for the 2013 Street Improvement Project will come from City Funds, Elk River Municipal Utility Funds and Special Assessments to benefitting properties. The water main repairs are proposed to be financed by the Elk River Municipal Utility Funds. The sanitary sewer repairs are proposed to be financed by the City's Sanitary Sewer Operating Fund. Special Assessments to benefitting properties are proposed to fund 100% of the bituminous wear course and edge mill and overlay improvements identified for the project. Special assessments to benefitting properties are proposed to fund 33% of full depth reclamation and reconstruction improvements identified for the project, with the remaining 67% funded using City funds. Assessments for this project were calculated on a per parcel (unit) and/or front foot basis. The funding level anticipated through the levy of Special Assessments to benefitting property owners for street improvements is $1,868,680 with the following proposed assessments: • Eagle Marsh Unit Assessment Rate.............................................$4,048.79 per unit • Hillside Estates Unit Assessment Rate........................................$4,976.63 per unit • K& L Addition Unit Assessment Rate........................................$4,788.03 per unit • The Woods at Hillside Unit Assessment Rate.............................$2,159.59 per unit • 202nd Avenue NW Unit Assessment Rate ................................... $6,600.00 per unit • Country Side Acres Unit Assessment Rate..................................$4,300.00 per unit • Avon Acres Front Foot Assessment Rate (50% Cost).............$18.46 per front foot • Avon Acres Unit Assessment Rate (50% Cost)...........................$4,249.14 per unit Feasibility Report 2013 Street Improvement Project City of Elk River,MN WSB Project No.1992-01 Page 14