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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 <br /> are included in Appendix B. The costs incorporated construction costs <br /> experienced during 1998 and 1999, and include a 10% contingency factor <br /> and all related administrative costs. Administrative costs are projected at <br /> ' 30% of the construction cost and include engineering, legal, financing and <br /> other administrative costs. A summary of the project costs is as follows: <br /> 1 • Sanitary Sewer Improvement . . . . . . . . . . . . . . . . . . . . . $250,000 <br /> • Watermain Improvement . . . . . . . . . . . . . . . . . . . . . . . . . $215,000 <br /> • Storm Sewer Improvement . . . . . . . . . . . . . . . . . . . . . . . $880,000 <br /> ' 0 Street Reconstruction . . . . . . . . . . . . . . . . . . . . . . . . . . $1,288,000 <br /> Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$2,633,000 <br /> 1 <br /> 5.2 Funding Sources <br /> ' The total project cost is projected to be approximately $2,633,000. Funding <br /> for the project will come from bonding against the City Storm Water Utility <br /> ' Funds and Municipal State Aid Funds. <br /> The City's assessment policy for improvement projects states that the City <br /> ' will not assess for street improvements of MSA roads. However, each <br /> property owner will be assessed a flat rate of$400 per service hookup to the <br /> new watermain. It is proposed that this fee be charged to the residents' <br /> ' water bill in 2001. Following is a summary of the project costs: <br /> 1 <br /> 1 <br /> 1 <br /> t <br /> ' City of St.Anthony A <br /> 2000 Street& Utility Improvement Project WSB <br /> Feasibility Report 16 1 <br /> WSB Project No. 1065.25 <br /> ' Page 8 <br />