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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 opinion of cost incorporated the construction costs <br /> experienced during 1999 and 2000, and include a 10% continency factor. <br /> ' Administrative costs are projected at 30% of the construction cost and include <br /> engineering, legal, financing and other administrative costs. A summary of the <br /> project costs is as follows: <br /> ' Sanitary Sewer Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . $196,710. <br /> • Watermain Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $326,700. <br /> 1 Storm Sewer Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $323,500. <br /> • Street Reconstruction . $729,200. <br /> ' Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,576,100. <br /> 5.2 Funding Sources <br /> ' The total project cost is projected to be approximately$1,576,100. Funding for the <br /> project will come from a variety of sources including City is Street and Utility <br /> ' Reconstruction Funds (Public Improvement Bonds), Special Assessments to <br /> benefitting properties, and the Minnesota Department of Natural Resources. <br /> ' The City's assessment policy for street assessment is based on front footage along <br /> improved roads. The property owner is assessed 35% of total street and local <br /> ' drainage construction costs. Each property owner that receives a new water service <br /> will be assessed a flat rate of$400 per service hookup to new watermain. <br /> City of St.Anthony-2001 Street&Utility Improvement Project <br /> Feasibility Report <br /> WSB Project No. 1065-511 <br /> Page 7 <br />