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VI. SUMMARY OF ESTIMATED PROJECT COSTS <br />Included in the Appendix are detailed estimates of probable Project costs. These cost <br />estimates are based on recent construction projects of similar character and assume that <br />the proposed improvements would begin in 2012. <br />The following is a summary of estimated Project costs for the recommended street/storm, <br />watermain, sanitary sewer improvements, and the subsequent assessment that would be <br />imposed to each benefiting property for Phase No. 1. <br />Total Street/Storm Costs: <br />Total Watermain Extension Costs: <br />Total Sanitary Sewer Costs: <br />Total Project Costs <br />Utility Trunk Credit <br />Total to be Assessed <br />Number of Benefiting Properties Owners: <br />Assessment (by Lot Unit): <br />VII. FINANCING OF IMPROVEMENTS <br />$ 771,000.00 <br />$ 78,000.00 <br />$ 46,000.00 <br />$ 895,000.00 <br />$ - 22,850.00 <br />$ 872,150.00 <br />2 <br />$ 436,075.00 <br />This Project is to be financed by imposing special assessments against the properties <br />benefiting from the improvements. Special assessments are levied in accordance with <br />Minnesota Statutes Chapter 429 and the City of Lino Lakes Special Assessment Policies <br />and Procedures for Public Improvements. Construction of the new sanitary sewer and <br />watermain will be assessed to the two benefiting properties with the City covering the trunk <br />utility costs. The street costs will be assessed to the two benefit properties. <br />Street and drainage improvements have typically been levied over a 10 -year period. The <br />City will have to incorporate any upfront costs incurred in the process with the <br />assessments. <br />Page 11 14817.004 <br />