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Feasibility Report 2021 Street and Utility Improvement Project City of St. Anthony Village WSB Project No. 015900-000 PAGE 10 5. FINANCING 5.1 OPINION OF PROBABLE CONSTRUCTION COST A detailed breakdown of the Cost Opinion for the proposed project is included in Appendix B. The opinion of cost incorporates the construction costs experienced during 2018, 2019 and 2020, and includes a 5% contingency factor. Administrative costs are projected at 25% of the construction cost and include engineering, legal, financing, and other administrative costs. A summary of the project cost is as follows: 5.2 FUNDING SOURCES The total project cost is projected to be approximately $2.53 million. Funding for the project will come from the 429 Public Improvement Bonds and Special Assessments to benefiting properties. The City’s policy for street assessment is based on per unit along improved roads. For road reconstruction projects along single family residential (R1) zones, the property owner is assessed 35% of total street and local drainage construction costs. Each property owner that receives a new water service will be assessed 100% of the actual service cost. The proposed assessed parcels for the road reconstruction and mill and overlay improvements of the 2021 Street and Utility Improvement Project are shown on Figure 2 and Figure 3 in Appendix A. The proposed assessments are shown in Appendix C. Proposed Improvements Total Cost Total Street Improvements $825,100.00 Total Sanitary Sewer Improvements $164,500.00 Total Water Main Improvements $222,500.00 Total Storm Sewer Improvements $145,500.00 Total Mill and Overlay Improvements $990,300.00 Total Chandler Drive and Foss Road Sanitary Sewer Improvements $185,600.00 Total Proposed Improvements $2,533,500.00 2021 STREET AND UTILITY IMPROVEMENTS City of Saint Anthony Village, Minnesota Opinion of Probable Cost Proposed Improvements Assessments City Cost Total Total Street Improvements $165,780.00 $659,320.00 $825,100.00 Total Sanitary Sewer Improvements $0.00 $164,500.00 $164,500.00 Total Water Main Improvements $25,730.00 $196,770.00 $222,500.00 Total Storm Sewer Improvements $50,900.00 $94,600.00 $145,500.00 Total Mill and Overlay Improvements $349,980.00 $640,320.00 $990,300.00 Total Chandler Drive and Foss Road Sanitary Sewer Improvements $0.00 $185,600.00 $185,600.00 Total Proposed Improvements $592,390.00 $1,941,110.00 $2,533,500.00 2021 STREET AND UTILITY IMPROVEMENTS Funding Summary City of Saint Anthony Village, Minnesota 47