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Feasibility Report <br />2021 Downtown Improvements <br />City of Hugo, MN <br />WSB Project No. 015887-000 Page 9 <br />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 probable cost <br />is based on projected construction costs for 2021 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 />2021 Downtown Improvements <br />City of Hugo, MN <br />Project Costs <br />Improvements Total <br />Schedule A. Surface Improvements $2,428,300.00 <br />Schedule B. Watermain Improvements $164,300.00 <br />Schedule C. Sanitary Sewer Improvements $46,600.00 <br />Schedule D. Storm Sewer Improvements $834,300.00 <br />Schedule E. Oneka Turn Lane Improvements $183,300.00 <br />Total Improvements $3,656,800.00 <br />5.2 Funding <br />Funding for the project will be provided through assessments to benefiting properties, City Street Funds, <br />and the City’s Municipal State Aid Funds. The proposed funding is outlined as follows: <br />2021 Downtown Improvements <br />City of Hugo, MN <br />Project Funding <br />Improvements City Fund MSA Fund Assessments Total <br />Schedule A. <br />Surface Improvements $783,460.00 $1,317,300.00 $264,840.00 $2,365,600.00 <br />Schedule B. <br />Watermain Improvements $227,000.00 $0.00 $0.00 $227,000.00 <br />Schedule C. Sanitary Sewer <br />Improvements $46,600.00 $0.00 $0.00 $46,600.00 <br />Schedule D. Storm Sewer <br />Improvements $374,700.00 $459,600.00 $0.00 $834,300.00 <br />Schedule E. Oneka Turn <br />Lane Improvements $0.00 $183,300.00 $0.00 $183,300.00 <br />Total Improvements $1,431,760.00 $1,960,200.00 $264,840.00 $3,656,800.00 <br />5.3 Preliminary Assessment Roll <br />Assessments will be levied to the benefiting properties as outlined in Minnesota Statute 429 and the <br />City’s Assessment Policy. A detailed preliminary assessment roll is included in Appendix C. The <br />assessment rate on single-family residential properties for roadway reclamation projects is as follows: <br />Complete Roadway Reconstruction.......................................................$5,200/unit <br />Properties adjacent to the project roadways, will be assessed only for one unit. Corner properties are <br />assessed one-half unit per adjacent project roadway. So, if only one of the roadways adjacent to a <br />property is being reconstructed, the total assessment will be only one-half of a unit at this time.