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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 />IX. PROJECT FINANCING <br /> <br />It is proposed to fund these improvements from various sources, including assessments to abutting <br />properties. The water improvements are proposed to be funded by the Elk River Municipal Utilities. <br />The sanitary sewer improvements are proposed to be funded by the City Sewer fund. The street and <br />storm sewer improvements are proposed to be funded by assessments and Municipal State Aid <br />funds. <br /> <br />As in previous street reconstruction projects, it is proposed to assess all abutting properties not <br />previously assessed for prior reconstruction projects. Exhibit 7 shows the properties proposed to be <br />assessed. The assessment is proposed on a unit basis per single-family property at a rate of $6,500 <br />per unit. There are two duplex properties and three six-plex properties and an apartment building <br />included in the project. These multi-unit parcels are proposed to be assessed at 0.75 units per <br />dwelling unit. (The apartment building is treated as if it has six units on Highland Road). <br /> <br />There are estimated to be 26 single-family units and 28 multi-family units. The School District <br />owns one ofthe single-family units which serves as the entrance to Salk Middle School. <br /> <br />The project funding scenario is proposed as follows: <br /> <br />City Sewer Funds <br />Elk River Municipal Utilities funds <br />Assessments (47 units @$6,500) <br />Municipal State Aid funds <br />Total <br /> <br />$280,000 <br /> <br />95,000 <br /> <br />305,500 <br /> <br />684,500 <br /> <br />$1,365,000 <br /> <br />7 <br />