6.2. SR 01-13-2003 - Laserfiche WebLink

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and sidewalks. The residents were assured that every effort would be made to minimize tree removals. A walk through will be scheduled with the residents prior to construction. Appendix C describes the informational hearing in more detail including minutes, mailing list, signup sheet, and handout material. IX. ESTIMATED PROJECT COST The estimated construction costs and associated overhead costs for the proposed improvements are Summarized in Table 1. Based on past experiences on similar complex-type projects in the City, the overhead costs have been estimated at 35% of the total construction cost. The overhead costs include city administration, engineering design, construction staking and inspection, and fiscal and legal costs. Table 1 Project Cost Estimate Street/Drainage Watermain Total Construction Cost Administration, Engineering, Fiscal, & Legal Contingency (5%) Total Project Cost $985,000 ~3701000 $1,355,000 $474,300 $ 68,000 $1,897,300 X. FINANCING AND ASSESSMENTS The improvements discussed in this report are proposed to be financed through a number of different methods. Benefiting properties would be assessed on a per unit basis for street, curb and gutter, sidewalks, and storm sewer. A residential lot that could not be further subdivided would be assessed as one unit. Lots that can be subdivided would be assessed as multiple units as appropriate. The Hanke School, library, and churches would be assessed as multiple units determined by the lot area and front footage. The number of assessable units is 92, as shown on Exhibit 8. In accordance with the adopted Pavement Rehabilitation Report, the proposed assessment is $5,000.00 per unit. The total assessment amount would then be $460,000. The Elk River Municipal Utilities would be responsible for funding all water improvements, including construction cost plus associated overhead. Based on discussions between the City and Municipal Utilities regarding these costs, the estimated total project funding from the Elk River Municipal Utilities is $444,000. Based on the estimated total project cost of $1,897,300, total assessments of $460,000 and Elk River Municipal Utilities contribution of $444,000, the remaining project cost to 6