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EDGERTON STREET WATER MAIN IMPROVEMENTS <br />LITTLE CANADA, MINNESOTA <br />Our File No. 37213 <br />ASSESSMENT HEARING <br />Cost Summary: <br />Total Project Costs <br />Assessed Amount <br />City Cost <br />Public Hearing <br />$485,127.00 <br />$312,703.00 <br />$172,424.00 <br />Project Costs: <br />Construction Cost $310,000 <br />Engineering and Testing $41,452 <br />Legal $1,253 <br />Fiscal $5,342 <br />Publish., Admin. and Assess. Fee $11,004 <br />Construction Interest (5 %) $1,214 <br />Subtotal $60,265 <br />Total Project Cost $370,265 <br />Final Costs <br />$370,265.00 <br />$252,533.65 <br />$117,711.35 <br />Basis of Cost Distribution: <br />1). Project costs based on a 6" water main being <br />installed from Labore Road to Co. Rd. D. <br />2). Assess 50% of Assessable costs on a lot basis <br />50% on a front foot basis. <br />Assessment Rate: <br />Construction Cost <br />Project Cost <br />$138,291 <br />$138,291 x 1.1944032 = $165,179 <br />Lot Basis: 0.50 x $165,179 = $1448.938596/Lot <br />57 lots <br />and <br />Front Foot Basis: 0.50 x $165,179 = $15.12489699/L.F. <br />5460.50 L.F. <br />Assessment Income: <br />Front Foot Basis: 8842.42 L.F. x 15.12/L.F.= $133,740.69 <br />Lot Basis: 82 Lots x $1639.9123/Lot = $118,812.96 <br />Total Assessment Income $252,533.65 <br />Page 36 <br />