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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 />2012 and 2013, and includes a 10% contingency factor. Administrative costs are <br />projected at 20% of the construction cost and include engineering, legal, financing, and <br />other administrative costs. A summary of the project costs is as follows: <br />2014 STREET AND UTILITY IMPROVEMENT <br />PROJECT <br />City of St. Anthony Village, Minnesota <br />Opinion of Probable Cost <br />Propos -juLn rovements <br />Total Cost <br />Total Street Improvements <br />$1,139,185.08 <br />_ <br />Total Sanitary Sewer Improvements <br />$329,314.00 <br />Total Water Main Improvements <br />$385,876.00 <br />Total Storm Sewer Improvements <br />$160,116.00 <br />Rain Garden Improvements <br />$177,250.00 <br />Total Proposed Improvements <br />$2,191,741.08 <br />5.2 Funding Sources <br />'file total project cost is projected to be approximately $2.2 million. Funding for the <br />project will come from the City's Street and Utility Reconstruction Funds (Public <br />Improvement Bonds), Water Utility Fund, Stormwater Utility Fund, Sanitary Sewer <br />Utility Fund, and Special Assessments to benefiting properties. <br />The City's policy for street assessment is based on front footage along improved roads. <br />The property owner is assessed 35% of total street and local drainage construction costs. <br />Each property owner that receives a new water service will be assessed 100% of the <br />actual service cost. <br />2014 STREET AND UTILITY IMPROVEMENT PROJECT <br />FEASIBILITV REPORT <br />CITY OF S'I'. AN'rnONY VILLAGE <br />WSB PROJECT NO. 1626-82 <br />'FABLE OF CONTRNTS <br />PACE, 9 <br />31 <br />