Laserfiche WebLink
2020 STREET AND UTILITY IMPROVEMENT PROJECT <br />FEASIBILITY REPORT <br />CITY OF ST. ANTHONY VILLAGE <br />WSB PROJECT NO. R-011648-000 PAGE 6 <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 Appendix B. <br />The opinion of cost incorporates the construction costs experienced during 2016, 2017 and 2018, <br />and includes a 10% contingency factor for 32nd Avenue NE and Croft Drive and a 5% contingency <br />factory for Silver Lake Terrace and Silver Lane. Administrative costs are projected at 25% of the <br />construction cost and include engineering, legal, financing, and other administrative costs. A <br />summary of the project costs is as follows: <br />2020 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 $1,251,900 <br />Total Sanitary Sewer Improvements $267,600 <br />Total Water Main Improvements $382,000 <br />Total Storm Sewer Improvements $197,800 <br />Total Mill and Overlay Improvements $346,900 <br />Total Proposed Improvements $2,446,200 <br />5.2 Funding Sources <br />The total project cost is projected to be approximately $2.45 million. Funding for the project will <br />come from the 429 Public Improvement Bonds and Special Assessments to benefiting properties. <br />The City’s policy for street assessment is based on front footage along improved roads. For road <br />reconstruction projects, along single family residential (R1) zones, the property owner is <br />assessed 35% of total street and local drainage construction costs and each property owner that <br />receives a new water service will be assessed 100% of the actual service cost. The proposed <br />assessed parcels for the road reconstruction improvements of the 2020 Street and Utility <br />Improvement Project are shown on Figure 2 and Figure 3 in Appendix A. <br />103