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2016 STREET AND UTILITY IMPROVEMENT PROJECT FEASIBILITY REPORT CITY OF ST. ANTHONY VILLAGE WSB PROJECT NO. 2170-13 PAGE 10 5. FINANCING 5.1 Opinion of Probable Construction Cost A detailed breakdown of the Cost Opinion for the proposed project is included in Appendix B. The opinion of cost incorporates the construction costs experienced during 2014 and 2015, and includes a 15% contingency factor. Administrative costs are projected at 25% of the construction cost and include engineering, legal, financing, and other administrative costs. A summary of the project costs is as follows: 2016 STREET AND UTILITY IMPROVEMENTS City of Saint Anthony Village, Minnesota Opinion of Probable Cost Proposed Improvements Total Cost Total Surface Improvements* $2,292,590 Total Sanitary Sewer Improvements $228,110 Total Water Main Improvements $471,720 Total Storm Sewer Improvements $618,990 Total Salo Park Sidewalk Improvements $115,050 Total Railroad Crossing Improvements $172,500 Total Proposed Improvements $3,898,960 *Includes bituminous sidewalk and 37th Place NE 5.2 Funding Sources The total project cost is projected to be approximately $3.90 million. Funding for the project will come from the City’s Street and Utility Reconstruction Funds (Public Improvement Bonds), Municipal State Aid funds (MSAS), Special Assessments to benefiting properties, and cost participation funds with the City of Columbia Heights. The City’s policy for street assessment is based on front footage along improved roads. The single family property owner is assessed 35%; commercial and multi-family residential are assessed 50% of total street and local drainage construction costs for a 32- foot-wide, 7-ton roadway. Each property owner that receives a new water service will be assessed 100% of the actual service cost 54