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City of Elk River <br />May 15, 2020 <br />Page 4 <br />parcels that are located within or adjacent to the lakeshore of the project area. The amount to be <br />assessed to each single family REU will not exceed $4,000 <br />The proposed assessment roll is included in Appendix C of this report, along with Assessment <br />Maps highlighting the benefitting properties and the assessment calculations for benefitting <br />property owners. <br />Table 2 — Lake Orono Restoration and Enhancement Project <br />Funding Summary <br />Funding Source <br />Amount <br />State of MN Bonding Dollars <br />$ 1,500,000 <br />City Local Sales Tax Dollars <br />$ 1,000,000 <br />Special Assessments <br />$650,000 <br />City of Elk River Funds <br />$ 100,000 <br />TOTAL <br />$ 3,250,000 <br />4.0 PROJECT SCHEDULE <br />The proposed project schedule for the 2020-2021 LORE Project is as follows: <br />Accept Feasibility Report / Set Improvement Hearing <br />Public Improvement Hearing <br />Advertisement for Bid <br />Open Bids ............................. <br />Compute Bid Assessment..... <br />Begin Lake Drawdown .......... <br />Award Construction Contract <br />Complete Lake Drawdown <br />Begin Construction............ <br />Substantial Completion... . <br />............... October 21, 2019 <br />June 1, 2020 <br />.....July 20, 2020 <br />August 18, 2020 <br />August 20, 2020 <br />.....August, 2020 <br />. September 8, 2020 <br />September 15, 2020 <br />October 2020 <br />March 15, 2021 <br />