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<br /> <br />2017 STREET AND UTILITY IMPROVEMENT PROJECT <br />FEASIBILITY REPORT <br />CITY OF ST. ANTHONY VILLAGE <br />WSB PROJECT NO. 2170-34 PAGE 9 <br />5. FINANCING <br />5.1 Opinion of Probable Construction Cost <br />A detailed breakdown of the Cost Opinion for the proposed project is included in <br />Appendix B. The opinion of cost incorporates the construction costs experienced during <br />2014, 2015 and 2016, and includes a 10% contingency factor. Administrative costs are <br />projected at 25% of the construction cost and include engineering, legal, financing, and <br />other administrative costs. A summary of the project costs is as follows: <br /> <br />2017 STREET AND UTILITY IMPROVEMENTS <br />City of Saint Anthony Village, Minnesota <br />Opinion of Probable Cost <br />Proposed Improvements Total Cost <br />Total Street Improvements $1,705,400 <br />Total Sanitary Sewer Improvements $449,800 <br />Total Water Main Improvements $579,100 <br />Total Storm Sewer Improvements $215,400 <br />Total Mill & Overlay Improvements $60,700 <br />Total Proposed Improvements $3,010,400 <br /> <br />5.2 Funding Sources <br />The total project cost is projected to be approximately $3.01 million. Funding for the <br />project will come from the 429 Public Improvement Bonds and Special Assessments to <br />benefiting properties. <br /> <br />The City’s policy for street assessment is based on front footage along improved roads. <br />For road reconstruction projects, the property owner is assessed 35% of total street and <br />local drainage construction costs and each property owner that receives a new water <br />service will be assessed 100% of the actual service cost. The proposed assessed parcels <br />for the the road reconstruction improvements of the 2017 Street and Utility Improvement <br />Project are shown on Figure 2 in Appendix A. <br /> <br /> <br /> <br />27