Laserfiche WebLink
5. FINANCING <br />5.1 Opinion of Probable Cost <br />A detailed opinion of probable cost is included in Appendix B of this report. The opinion of <br />probable cost is based on projected construction costs for 2016 and includes a 10% contingency <br />and 25% indirect costs. The indirect costs include engineering, legal, and administrative costs <br />associated with the project. The project costs are summarized as follows: <br />147th Street and Oneka Lake Boulevard Street Improvement Project <br />Cost Comparison <br />Option A: 32 -foot Roadway <br />$1,449,000 <br />Option B: 28 -foot Roadway I $1,388,000 I <br />5.2 Funding <br />Funding for the project will be provided through assessments to benefiting properties, City CIP <br />funds, and the City's Municipal State Aid funds. Grant funding, if available, will be pursued for <br />the project during final design. The proposed funding is outlined as follows: <br />147th Street and Oneka Lake Boulevard Street Improvement Project <br />Funding Summary <br />Assessments <br />CIP/State Aid <br />Funds <br />Total Funding <br />Option A: 32 -foot Roadway <br />$200,424 <br />$1,248,576 <br />$1,449,000 <br />Option B: 28 -foot Roadway <br />$200,424 <br />$1,187,576 <br />$1,388,000 <br />5.3 Special Assessments <br />Assessments will be levied to the benefiting properties as outlined in Minnesota Statute 429 and <br />the City's Assessment Policy. A detailed preliminary Assessment Roll is included in Appendix <br />C. A summary of the assessment rates for full reconstruction projects are: <br />Single-family/Duplex Roadway Reconstruction ......................... $5,200/unit <br />Multi -Family Roadway Reconstruction ....................................... $97.50/LF <br />The assessment rates include the trail installation. <br />There are two multi -family neighborhoods within the project area included on the assessment <br />roll. The City's Assessment Policy includes using the front -foot units outlined above, with an <br />evaluation of the assessment versus anticipated benefits. The assessments for the multi -family <br />neighborhoods will be evaluated prior to the Assessment Hearing for the project. <br />Feasibility Report <br />147'h Street and Oneka Lake Boulevard Street Improvement Project <br />City of Hugo, MN <br />WSB Project No. 1904-870 <br />Page 8 <br />