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Based on the estimated total project cost of $518,000, total assessments of $247,500 <br />and Elk River Municipal Utilities contribution of $20,000 the remaining project cost to be <br />funding by the City is $250,500. The City's portion would be funded by the Street <br />Improvement Reserve Fund (SIR). <br />Financing of the assessed portion is proposed to be over a 7 year period. Residents can <br />request extending this period to a total of 10 years. <br />XI. PROJECT SCHEDULE <br />Informational Meeting April 22, 2009 <br />Resolution Ordering Feasibility Study May 4, 2009 <br />Feasibility to City Council May 18, 2009 <br />Plans and Specifications Ordered May 18, 2009 <br />Prepare plans and Specifications May /June 2009 <br />Advertise for Bid June /July 2009 <br />Public Hearing /Assessment Hearing July 20, 2009 <br />Bid Awarded July 20, 2009 <br />Begin Construction August 2009 <br />Construction Substantially Complete October 2009 <br />First Assessment Payment with Real Estate Taxes May 2010 <br />XII. CONCLUSION <br />The total estimated project cost for street, storm sewer, and watermain including <br />overhead costs is $5?8,000. The project is necessary and cost-effective. As previously <br />stated, this cost will be financed through a combination of assessments to benefiting <br />properties, Elk River Municipal Utilities funds, and City funds. <br />Based on the information gathered and the analysis presented, the proposed <br />improvements discussed in this study are feasible from an engineering standpoint. <br />7 <br />