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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Appendix D describes the informational hearing in more detail including minutes and a <br />signup sheet. <br /> <br />IX. ESTIMATED PROJECT COST <br /> <br />The estimated construction costs and associated overhead costs for the proposed <br />improvements are summarized in Table 1. Based on past experiences on similar <br />complex-type projects in the City, the overhead costs have been estimated at 28% of the <br />total construction cost. The overhead costs include city administration, engineering <br />design, construction staking and inspection, and fiscal and legal costs. <br /> <br />Table 1 <br /> <br />Project Cost Estimate <br /> <br />Street/Drainage <br /> <br />$1,190,650 <br />$137,410 <br />$115.860 <br />$1,443,920 <br />$404,300 <br />$ 144.390 <br />$1,992,610 <br /> <br />Sanitary Sewer <br /> <br />Watermain <br /> <br />Total Construction Cost <br /> <br />Administration, Engineering, Fiscal, & Legal <br /> <br />Contingency (10%) <br /> <br />Total Project Cost <br /> <br />X. FINANCING AND ASSESSMENTS <br /> <br />The improvements discussed in this report are proposed to be financed through a <br />number of different methods. Benefiting properties would be assessed on a per unit <br />basis for street, curb and gutter, sidewalks, and storm sewer. A residential lot that could <br />not be further subdivided would be assessed as one unit. Lots that can be subdivided <br />would be assessed as multiple units as appropriate. Churches and other non-residential <br />property would be assessed as multiple units determined by the lot area. The number of <br />assessable units is approximately 75, as shown on Exhibit 8. In accordance with the <br />adopted Pavement Rehabilitation Report, the proposed assessment is $6,000.00 per <br />unit. The total assessment amount would then be $450,000. <br /> <br />The Elk River Municipal Utilities and City Sewer Department would be responsible for <br />funding all sanitary sewer and water improvements, including construction cost plus <br />associated overhead. Based on the estimated total project funding from the utility <br />enterprise fund is $253,000. <br /> <br />Based on the estimated total project cost of $1,992,610, total assessments of $450,000 <br />and Elk River Municipal Utilities contribution of $253,000, the remaining project cost to <br />be funding by the City is $1,289,610. Discussion is currently under way with MN/DOT, <br /> <br />7 <br />