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Feasibility Report 2022 Street and Utility Improvement Project City of St. Anthony Village WSB Project No. 018118-000 Page 9 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 2019, 2020 and 2021, and includes a 5% contingency factor. Administrative costs for the street reconstruction improvements are projected at 20% of the construction cost and include engineering, legal, financing, and other administrative costs and 10% for the mill and overlay improvements. A summary of the project cost is as follows: 2022 STREET AND UTILITY IMPROVEMENTS City of Saint Anthony Village, Minnesota Opinion of Probable Cost Proposed Improvements Total Cost Total Street Improvements $1,103,900.00 Total Sanitary Sewer Improvements $190,100.00 Total Water Main Improvements $371,700.00 Total Storm Sewer Improvements $94,000.00 Total Mill and Overlay Improvements $533,900.00 Total Proposed Improvements $2,293,600.00 5.2 FUNDING SOURCES The total project cost is projected to be approximately $2.29 million. Funding for the project will come from the 429 Public Improvement Bonds, MSA funds 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 10 0% of the actual service cost. • For mill and overlay projects along single family residential (R1) zones, the property owner is assessed 50% of total street construction costs. • For improvements along alleyways, the property owner is assessed 100% of total street construction costs. The proposed assessed parcels for the road reconstruction and mill and overlay improvements of the 2022 Street and Utility Improvement Project are shown on Figure 2, Figure 3A, Figure 3B, and Figure 3C in Appendix A. The proposed assessments are shown in Appendix C. 2022 STREET AND UTILITY IMPROVEMENTS City of Saint Anthony Village, Minnesota Funding Summary Proposed Improvements Assessments City Cost Total Total Street Improvements $153,000.00 $950,900.00 $1,103,900.00 Total Sanitary Sewer Improvements $0.00 $190,100.00 $190,100.00 Total Water Main Improvements $20,700.00 $351,000.00 $371,700.00 Total Storm Sewer Improvements $25,670.00 $68,330.00 $94,000.00 Total Mill and Overlay Improvements $283,700.00 $250,200.00 $533,900.00 Total Proposed Improvements $483,070.00 $1,810,530.00 $2,293,600.00 42