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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 probable cost <br />is based on projected construction costs for 2018 and includes a 10% contingency and 25% indirect <br />costs. The indirect costs include engineering, legal, and administrative costs associated with the project. <br />The project costs are summarized as follows: <br />Oneka Lake Boulevard and Harrow Avenue <br />Street Improvement Project <br />Street Reclamation at Existing Widths — Cost Summary <br />Street Improvements (Existing Widths) <br />$1,074,000 <br />Drainage Improvements <br />$106,000 <br />TOTAL <br />$1,180,000 <br />Oneka Lake Boulevard and Harrow Avenue <br />Street Improvement Project <br />Alternate 1: Street Reclamation and Widening — Cost Summary <br />Street Improvements (Widened Shoulder) $1,184,000 <br />Drainage Improvements $106,000 <br />TOTAL $1,290,000 <br />Oneka Lake Boulevard and Harrow Avenue <br />Street Improvement Project <br />Alternate 2: Utility Extension — Cost Summary <br />Watermain Improvements <br />$140,000 <br />Sanitary Sewer Improvements <br />$154,000 <br />TOTAL <br />$294,000 <br />Feasibility Report <br />Oneka Lake Boulevard and Harrow Avenue <br />Street Improvement Project <br />City of Hugo, MN <br />WSB Project No. R-010893-000 <br />Page 6 <br />