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5. FINANCING <br /> 5.1 Opinion of Probable Construction Cost <br /> Detailed breakdowns of the Cost Opinion for the various construction: areas are <br /> included in Appendix B. The costs incorporated construction costs experienced <br /> during 1997 and 1998, -and include a 10% continency factor and all related <br /> administrative cost. Administrative costs are projected at 30% of the construction <br /> cost and include engineering, legal, financing and other administrative costs. A <br /> summary of the project costs is as follows: <br /> ' Sanitary Sewer Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . $164,000 <br /> • Watermain Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 <br /> • Storm Sewer Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $269,000 <br /> • Street Reconstruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $480,000 <br /> • Construct Stormwater Ponding Improvements . . . . . . . . . . . . . . $202,000 <br /> Total $1,215,000 <br /> 1 5.2 Funding Sources <br /> The total project cost is projected to be approximately$1,215,000. Funding for the <br /> ' project will come from a variety of sources including City Storm Water Utility <br /> Funds,Special Assessments to benefitting properties,FEMA Flood Mitigation Grant <br /> Funds, and the Minnesota Department of Natural Resources. <br /> ' The City's assessment policy for improvement projects states that 65 percent of the <br /> total cost for street reconstruction and 100 percent of the total project costs for trunk <br /> watermain improvements will be funded by the City. The remaining 35 percent of <br /> the total cost for street reconstruction will be assessed to benefitting property owners <br /> adjacent to the proposed improvements. Each property owner is also assessed a flat <br /> rate of $400.00 per service hookup to the new watermain. In addition, all <br /> improvements to alley's are 100%assessed to the abutting residents. <br /> The street costs are assessed on a front footage basis in accordance with the City's <br /> assessment policy. Below is a summary of the City costs and those costs which are <br /> assessed to the property owners. <br /> 1 <br /> City of St.Anthony-1999 Street&Utility Improvbment Project <br /> Feasibility Report A <br /> WSti Project No.1065.21 `Y_SB <br /> s <br /> Page 8 <br />