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State,County and City,and to address the respective ownership and maintenance responsibilities for the new <br />improvements.The City cost share is estimated to be $10,374,000.However,the expected net cost share by the <br />City is estimated to be $2,430,000 after applying $7,940,000 in outside grant funding being applied toward City’s <br />costs. <br />Key elements of the Agreements are as follows: <br />The total estimated project cost is $42,913,300, including $9,950,000 in right-of-way acquisition. <br />The total estimated Net cost share by Lake Elmo is $2,430,000. <br />The City’s estimated cost share is not fixed.The agreement outlines the elements of the project that the <br />City will be responsible for,the invoicing and payment terms,and indicates that the City share will be <br />based on the actual costs incurred for those project elements less the application of the designated <br />outside funding sources. <br />Project changes can be made and approved solely by the County,and the costs assigned to the City by the <br />County in accordance with the County Cost Participation Policy.The County must obtain concurrence from <br />the City regarding cost changes that exceed a 10% contingency over the estimated City cost share. <br />Upon completion of the project,the City shall own and maintain,without cost or expense to the State or <br />County,the South Frontage and all improvements constructed under this project within the South <br />Frontage Road right-of-Way.This includes all pavement,pavement markings,signing,curb and gutter, <br />streetlights, and relocated trunk watermain utilities. <br />Upon completion of the project,the City shall own and maintain all storm sewer pipes and stormwater <br />management basins as outlined and depicted in Cooperative Construction Agreement 1060495 between <br />MnDOT,Washington County and the City,or as amended within MnDOT Contract No.1060495.In general, <br />the City shall own and maintain all storm sewer pipes as depicted on Exhibit A (Drainage Ownership and <br />Maintenance),the Keats Wet Pond,and shall share in the non-routine maintenance costs for all other <br />storm water basins by the percentage of contributing drainage area at the time of maintenance. <br />FISCAL IMPACT: <br />The County is requesting cost participation in the Project by the City of Lake Elmo for the actual construction costs <br />for specified project components and line items,plus a prorated share of the project engineering costs and County <br />furnished materials.The current estimated Net cost share participation by Lake Elmo is $2,430,000.The actual <br />cost share will be determined once the Project is complete and the final costs are known. <br />The financing plan in the CIP included roughly 50%bonding for the project.As the project cost is less than planned, <br />Finance staff believes we will be able to pay cash for the entirety of the project.Final bonding amounts will be <br />determined later in 2026.