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<br />e <br /> <br />there is a limited amount of preliminary and administrative work associated with an overlay <br />project, the estimated overhead cost has been reduced to 10 % of the construction costs. <br /> <br />Table 1. <br /> <br />Estimated Project Cost <br /> <br />Peterson Addition <br />Estimated Construction Cost $ 41,380.00 <br /> <br />Engineering, Administration <br />Fiscal and Legal costs ( 10 % ) <br /> <br />4, BR 00 <br />$ 45,518.00 <br /> <br />Greenhead Acres 2nd Addition <br />Estimated Construction Cost <br /> <br />$ 36,465.00 <br /> <br />Engineering, Administration, <br />Fiscal and Legal costs (10%) <br /> <br />1,04n 00 <br />$ 40,111.00 <br /> <br />e <br /> <br />TOTAL ESTIMATED PROJECT COST <br /> <br />$ 85,629.00.00 <br /> <br />FINANCING <br /> <br />In accordance with the Elk River city's Assessment Manual, the cost of a bituminous overlay will <br />be assessed on a lot unit basis, to the benefiting properties. Therefore, the costs of the <br />improvements would be divided equally among all of the adjoining properties. In the Peterson <br />Addition, there are 29 properties that would benefit from the proposed improvements. These <br />properties would each be assessed $1,570.00 per unit. In the Greenhead Acres 2nd Addition, 26 <br />parcels would be assessed $1,543.00 per unit. Since there is only a 1.7 percent difference in the <br />costs of the two projects, it may be beneficial to combine the costs and assess each property owner <br />$1,557.00. It is difficult to predict with exact accuracy the amount of material each street will <br />require, and since this overlay project involves two different areas in the city, it may impossible <br />to separate the cost of each street's improvements, depending on the Contractor's method. <br />e Assessing each of the properties the same amount for the same improvement is likely to be the <br />most equitable method. <br /> <br />FEAS-230.219 <br />