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that the reconstruction assessment amount should be reduced to $6,500 per residential lot, a new <br />amortization schedule will be sent to each property after the assessment hearing, indicating the <br />action the Council has taken. The second resolution awards the contract. It would only be <br />appropriate to consider this resolution if the resolution adopting the assessment roll is passed by <br />the City Council. Award of the contract should be conditioned on the ERMU Commission's <br />agreeing to pay for the water improvements. Bryan Adams will be recommending this at their <br />Commission meeting on April 10" `. <br />Financial Impact <br />Based on the low bid received, the total project cost including overhead and a 5 percent <br />contingency is estimated at $1,952,814.77. There are a total of 136.5 street reconstruction <br />assessment units at $6,500 and 30 overlay assessment units at $1,950. Therefore, the total <br />assessment is $945,750. The remaining project cost is proposed to be funded by the City and the <br />Elk River Municipal Utilities, who have a small amount of watermain replacement in the project. <br />Attachments <br />• Sidewalk petition <br />• Assessment roll <br />• Bid tabulation <br />• Resolution adopting final assessment roll <br />• Resolution awarding bid and authorizing execution of the contract <br />Action Requested <br />The City Council is asked to consider adoption of the attached two resolutions at the conclusion <br />of the assessment hearing. <br />Council Action Motion by _ Second by _ Vote <br />Follow Up <br />S: \Enginea1mprovPmj \2007 Improvement Projects \Irving Ave Aces \04 02 07 CC nx mo.doc <br />