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VI. ESTIMATED PROJECT COST <br />The estimated construction and project cost for the proposed improvements is provided below: <br />Estimated Total Construction Cost $ 518,400 <br />Contingency (10%) $ 51,840 <br />Overhead (15%) $77,760 <br />Total Overall Project Cost $ 648,000 <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 />VII. PROJECT FINANCING <br />As has been the City's practice on past overlay projects, it is proposed that 100 percent of the cost of <br />the improvements be financed by assessments to the benefiting properties. As established by <br />previous similar projects, all properties with frontage abutting the roads or properties dependent on <br />the road to be overlaid shall be assessed on a per unit basis. Each residential property is considered <br />one unit. Each multi family unit is assessed at 75% of the residential rate. The apartment units are <br />assessed at 25% of the residential rate <br />The total number of assessable units in the project is 330. Dividing the total project cost of $648,000 <br />by 330 units, the cost per unit is $1,963 <br />The existing parcels and corresponding property identification numbers for the benefiting properties <br />are shown on Figures 3 through 12. <br />11 <br />