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5. FINANCING <br />5.1 Opinion of 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 2017 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 />North Sunset Lake Area Street Improvement Project — Cost Summary <br />Street Improvements <br />$2,262,000 <br />Drainage Improvements <br />$349,000 <br />TOTAL <br />$2,611,000 <br />5.2 Funding <br />Funding for the project will be provided through assessments to benefiting properties, City Street <br />Funds, and the City's Municipal State Aid Funds. Grant funding, if available, will be pursued <br />for the project during final design. The proposed funding is outlined as follows: <br />North Sunset Lake Area Street Improvement Project — Funding <br />Assessments <br />CIP/State Aid Funds <br />Total Funding <br />Street Improvements <br />$281,633 <br />$1,980,367 <br />$2,262,000 <br />Drainage Improvements <br />$0 <br />$349,000 <br />$349,000 <br />TOTAL <br />$281,633 <br />$2,329,367 <br />$2,611,000 <br />5.3 Preliminary Assessment Roll <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 C. <br />The assessment rate for roadway reclamation projects is as follows: <br />■ Rural Roadway Reclamation...................................................... $3,400/unit <br />Feasibility Report <br />North Sunset Lake Area Street Improvement Project <br />City of Hugo, MN <br />WSB Project No. 1904-930 <br />Page 5 <br />