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VIII. INFORMATIONAL HEARING <br />An informational hearing was held on April 22, 2009 with the affected property owners. <br />The project was discussed and residents were encouraged to voice their concerns and <br />to ask questions. Residents from 27 of the 60 properties notified for the informational <br />meeting were in attendance. <br />Detailed minutes and the sign in sheets from the informational meeting can be found in <br />Appendix B. <br />IX. ESTIMATED PROJECT COST <br />The estimated construction costs and associated overhead costs for the proposed <br />improvements are summarized in Table 1. Based on past experiences on similar <br />projects in the City, the overhead costs have been estimated at 21 % of the total <br />construction cost. The overhead costs include city administration, engineering design, <br />fiscal, and legal costs. <br />Table 1 <br />Project Cost Estimate <br />Street & Storm Sewer Improvements <br />Watermain Improvements <br />Total Construction Cost <br />Administration, Engineering, Fiscal, & Legal (21%) <br />Contingency (5%) <br />Total Project Cost <br />X. FINANCING AND ASSESSMENTS <br />$ 395,000 <br />$ 16,000 <br />$ 411,000 <br />$ 86,500 <br />$ 20,500 <br />$ 518,000 <br />The improvements discussed in this report are proposed to be financed through a <br />number of .different methods. Benefiting properties would be assessed on a per unit <br />basis for street, curb and gutter, sidewalks, storm sewer, and street lighting. A <br />residential lot that could not be further subdivided would be assessed as one unit. <br />Apartment units would be assessed at 0.25 of a residential unit, townhomes would be <br />assessed at 0.75 of a residential unit. Lots that can be subdivided would be assessed <br />as multiple units as appropriate. Commercial property would be assessed at 2.0 <br />residential units. The number of assessable units is approximately 55 for the area, <br />which is graphically shown in Exhibit 7. The proposed assessment rate is $4,500.00 <br />per unit The total assessment amount would then be $247,500. <br />The Elk River Municipal Utilities would be responsible for funding all water <br />improvements, including construction cost plus associated overhead. The water <br />improvements are estimated at a total project cost of $20,000. <br />6 <br />