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The following table summarizes the project costs and the respective funding sources: <br />Street Recon. <br />Storm Sewer <br />Sanitary Sewer <br />Watermain <br />Total Funding <br />Total Cost <br />$1,667,447.44 <br />$ 292,913.46 <br />$ 57,182.82 <br />$ 234,082.61 <br />$2,251,626.33 <br />Assessments Referendum Area & Unit <br />$366,000 $1,301,447.44 $ 0.00 <br />$191,300 $ 101,613.46 $ 0.00 <br />$ 0 $ 0.00 $ 57,182.82 <br />$ 0 $ 0.00 $ 234,082.61 <br />$557,300 $1,403,060.90 $ 291,265.43 <br />From the above noted costs, the total estimated cost of street and storm sewer work is <br />$1,960,360.90 ($1,667,447.44 plus $292,913.46). Per the ballot question, the total <br />funding for the street and storm sewer work is $1,969,110; $557,300 from special <br />assessments and $1,411,810 from taxes. <br />Project Schedule <br />The proposed schedule for the <br />Council Approves Plans <br />Bid Opening <br />Council Awards Bid <br />Construction Begins <br />Substantial Completion <br />project is as follows: <br />March 23, 1998 <br />April 21, 1998 <br />April 27, 1998 <br />May, 1998 <br />October, 1998 <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 98 -27 approving the plans and specifications and <br />authorizing advertisement for bids for the Lakes Addition Street Reconstruction <br />Project. <br />3. Not adopt Resolution No. 98 -27. <br />RECOMMENDATION: <br />Staff recommends that Resolution Number 98 -27 be adopted. <br />