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Howard R. Green Company <br />Project No. 814700J <br /> <br /> Feasibility Study <br />2001 Overlay Improvements <br /> Elk River, Minnesota <br /> <br />TABLE 1 <br />2001 OVERLAY IMPROVEMENTS <br />ESTIMATED COST <br /> <br />Estimated Total Construction Cost <br /> <br />Overhead (15%) <br /> <br />TOTAL OVERALL PROJECT COST <br /> <br />$336,000.00 <br /> <br /> 50,400.00 <br />$386,4OO.OO <br /> <br />FINANCING <br /> <br />As has been the City's practice in past overlay projects, it is proposed that 100% of the cost of the <br />improvements be financed by assessments to the benefiting properties abutting the improvements. <br />As outlined in the City's Assessment Manual, all properties with frontage abutting the roads or <br />properties dependant on the road to be overlaid shall be assessed on a per unit basis. Each <br />residential property is considered one unit. Lots in McChesney Industrial Park were considered two <br />units. The apartments and commercial properties along Freeport and Gates Avenues were <br />assigned assessable units based on their size. The assessable units based on size range from two <br />units for the Bank of Elk River, eight units for North Memorial Health Care, and fourteen units for <br />Evans Meadows Apartments. <br /> <br />The total number of assessable units in the residential, industrial, and commercial areas of the <br />project is 250. Dividing 250 by the total project cost of $386,400.00 results in a per unit cost of <br />$1,550.0O. <br /> <br />The existing parcels and corresponding property identification numbers forthe benefiting properties <br />are shown on Exhibit lA through Exhibit 1E. <br /> <br />PROJECT SCHEDULE <br /> <br />The following project schedule for the 2001 Overlay Improvement Project is based upon guidelines <br />in Minnesota State Statues Chapter 429 for assessment of local improvements: <br /> <br />Order Feasibility Study <br /> <br />Receive feasibility study, order public hearing <br />Determine cost to be assessed/Order Assessment Hearing <br /> <br />Order plans and specifications. <br />Authorize advertisement for bids <br /> <br />Open bids <br /> <br />Hold public hearing <br />Award contract <br /> <br />Begin construction <br /> <br />Complete construction <br /> <br />April 9, 2001 <br />July 9, 2001 <br /> <br />July 9,2001 <br /> <br />August7,2001 <br /> <br />August13, 2001 <br /> <br />August2001 <br /> <br />September 2001 <br /> <br />O:\PROJ\814700j\Feasibility Study2.doc 3 <br /> <br /> <br />