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<br />VI. ESTIMATED PROJECT COST <br /> <br />The estimated construction and project cost for the proposed improvements is provided below: <br /> <br />Estimated Total Construction Cost <br />Contingency <br />Overhead (15%) <br /> <br />$650,000 <br />32,500 <br />97,500 <br /> <br />Total Overall Project Cost <br /> <br />$780,000 <br /> <br />The project cost includes both construction and overhead costs. In accordance with the City's <br />assessment manual, the overhead costs are estimated as 28 percent of the total construction cost. <br />The overhead cost includes City administration, engineering design, construction staking and <br />inspection, and fiscal and legal costs. Since this project will not require detailed plans and <br />specifications, the overhead has been reduced to 15 percent. <br /> <br />VII. PROJECT FINANCING <br /> <br />As has been the City's practice on past overlay projects, it is proposed that 100 percent of the <br />cost of the improvements be financed by assessments to the benefiting properties. As outlined in <br />the City's Assessment Manual, all properties with frontage abutting the roads or properties <br />dependent on the road to be overlaid shall be assessed on a per unit basis. Each residential <br />property is considered one unit. <br /> <br />The total number of assessable units in the residential areas of the project is 340. Dividing the <br />total project cost of $780,000 by 340 units, the cost per unit is $2,300. <br /> <br />The existing parcels and corresponding property identification numbers for the benefiting <br />properties are shown on Exhibits 2 through 10. <br /> <br />x. PROJECT SCHEDULE <br /> <br />The following project schedule for the 2006 Overlay Improvement Project is based upon <br />guidelines in Minnesota State Statues Chapter 429 for assessment of local improvements and the <br />schedule followed in previous overlay projects: <br /> <br />3 <br />