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December 22, 2008 Item No. 7C <br />Page 6 <br /> - These improvements have been included in the final plans. It should be <br /> noted that all costs for the improvements are being paid by the Silver Lake <br /> Woods Condominium Association. There is no additional cost to the City <br /> due to the inclusion of these improvements in the construction contract <br /> with the 2009-2010 Street and Utility Improvement Project. <br />Cost Estimate <br />Detailed cost estimates have been prepared for the 2009-2010 Street and Utility <br />Improvement Project based on the construction plans. Copies of the cost estimate are <br />included with this Staff Report. Also included is a cover letter from Bonestroo that <br />provides a detailed comparison of the current construction cost estimate to the previous <br />estimates. The previous estimates were taken from either original 2007-2008 Feasibility <br />Report or through preliminary estimates provided to the Streets and Utilities Committee <br />and City Council in consideration of the supplemental project issues during the recent <br />development of the project. <br />A brief summary of the estimated construction costs for the project is shown in the <br />following table: <br />2009-2010 Street and Utility Improvement Project <br />Summary of Estimated Construction Cost <br />Item Previous <br />Estimate <br />Current <br />Estimate <br />State Aid Streets $1,314,100 $1,331,500 <br />All Other City Streets 3,146,800 3,085,300 <br />Total – City Streets $4,460,900 $4,416,800 <br />Silver Lake Woods Streets $237,000 $238,200 <br />Total Project Construction Cost $4,697,900 $4,655,000 <br />From the previous table, it can be seen that the current estimated total costs for the <br />construction of the City streets in the 2009-2010 Street and Utility Improvement is <br />$44,100 less than the previous estimated total ($4,460,900 - $4,416,800). This is <br />approximately 1% of the total estimated construction cost of the work. <br />While the total estimated construction costs are very close, there are larger variations <br />within individual parts of the project. This is shown in the construction cost breakdown <br />included with the letter from Bonestroo. Most notably, the current estimated cost of the <br />stormwater improvements is significantly lower than the previous estimates provided in <br />the Feasibility Report, as described previously.