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Feasibility Report <br />2024 Street Improvement Project <br />City of St. Anthony Village <br />WSB Project No. 023088-000 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. The <br />opinion of cost incorporates the construction costs experienced during 2021, 2022, and 2023, and <br />includes a 5% contingency factor. Administrative for the mill and overlay improvements are projected at <br />10% of the construction cost and include engineering, legal, financing, and other administrative costs. A <br />summary of the project cost is as follows: <br />2024 STREET IMPROVEMENT PROJECT <br />City of Saint Anthony Village, Minnesota <br />Opinion of Probable Cost <br />Proposed Improvements Total Cost <br />Total Mill and Overlay Improvements $2,428,700 <br />Total Proposed Improvements $2,428,700 <br />5.2 Funding Sources <br />The total project cost is projected to be approximately $2.43 million. Funding for the project will come <br />from the 429 Public Improvement Bonds and Special Assessments to benefiting properties. <br />The City’s policy for street assessment is based on per unit along improved roads. For mill and overlay <br />projects, the property owner is assessed 50% of total street construction costs. <br />The proposed assessed parcels for mill and overlay improvements of the 2024 Street Improvement <br />Project are shown on Figure 2 in Appendix A. The proposed assessments are shown in Appendix D. <br />2024 STREET IMPROVEMENT PROJECT <br />City of Saint Anthony Village, Minnesota <br />Funding Summary <br />Proposed Improvements Assessments City Cost Total <br />Total Mill and Overlay Improvements $875,340 $1,553,360 $2,428,700 <br />Total Proposed Improvements $875,340 $1,553,360 $2,428,700 <br />71