2022.02.22 CC Packet - Laserfiche WebLink

Home

Feasibility Report 2022 Oneka Parkway Improvement Project City of Hugo, MN WSB Project No. 018888-000 Page 5 5. FINANCING 5.1 Opinion of Probable Cost A detailed opinion of probable cost is included in Appendix B of this report. The opinion of probable cost is based on projected construction costs for 2022 and includes a 5% contingency and 25% indirect costs. The indirect costs include engineering, legal, and administrative costs associated with the project. The project costs are summarized as follows: 2022 Oneka Parkway Improvement Project City of Hugo, MN Estimated Project Costs Improvements Total Schedule A. Oneka Parkway – Mill and Overlay $752,952.38 Schedule B. Oneka Parkway – Full Reconstruction $1,301,666.63 Schedule C. Oneka Parkway – Turn Lane Construction $145,114.27 Schedule D. Oneka Parkway – CSAH 8 Signal $400,000.00 Total Improvements $2,599,733.27 5.2 Funding Funding for the project will be provided through assessments to benefitting properties, City Street Funds, City Municipal State Aid Funds, and Washington County Funds. The proposed funding is outlined as follows: 2022 Oneka Parkway Improvement Project City of Hugo, MN Project Funding Improvements City/MSA Funds Assessments County Funds Total Schedule A, B, C. Surface Improvements $1,818,251.07 $381,482.20 $0.00 $2,199,733.27 Schedule D. CSAH 8 Signal $200,000.00 $0.00 $200,000.00 $400,000.00 Total Improvements $2,018,251.07 $381,482.20 $200,000.00 $2,599,733.27 5.3 Preliminary Assessment Roll Assessments will be levied to the benefiting properties as outlined in Minnesota Statute 429 and the City’s Assessment Policy. A detailed preliminary assessment roll is included in Appendix C. Based on the City Code Section 30-2, the assessment rate on the respective project types are as follows: Partial roadway reconstruction..........................................................................$76.88/front-foot Urban roadway overlay.....................................................................................$39.38/front-foot Properties within associations that are adjacent to the project roadway and served by the roadway, will be assessed for each residential unit. The per unit assessment was calculated by first applying the above front-foot rates to all association project road frontage. The total was then divided by the total number of units in the identified project area (860). This resulted in a per unit assessment of $425.04. Since it is directly adjacent to the project roadway, the association clubhouse is proposed to be assessed entirely on a front-foot basis. Proposed assessments for the project total $381,482.20.