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<br /> <br /> <br />Feasibility Report <br />2023 Birch Tree Ponds Area Street Improvements <br />City of Hugo <br />WSB Project No. 020855-000 Page 6 <br />5. Financing <br />5.1 Opinion of Probable Cost <br />The total project cost for the Birch Tree Ponds Area Street Improvements is estimated to be $2,113,700. <br /> <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 2022 and includes a 5% contingency and 20% indirect costs. <br />The indirect costs include engineering, legal, and administrative costs associated with the project. The <br />project costs are summarized as follows: <br /> <br />Birch Tree Ponds Area Street Improvements <br />City of Hugo, MN <br />Project Costs and Funding <br />Improvements City Fund <br />Special <br />Assessments Total <br />Schedule A1. – Surface Improvements $1,283,300 $672,900 $1,956,200 <br />Schedule B – Storm Sewer Improvements $ 157,500 $ 157,500 <br />Total Improvements $1,440,800 $672,900 $2,113,700 <br /> <br />5.2 Funding <br />Funding for the project will be provided through assessments to benefitting properties and City Street and <br />Utility Funds. The proposed funding is outlined as follows: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <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. Based on <br />the City Code Section 30-2, the assessment rate on the respective project types are as follows: <br /> <br />Partial Reconstruction $4100.00/UNIT <br /> <br />Urban Roadway Overlay $2100.00/UNIT <br /> <br />Corner properties are assessed one-half unit per adjacent project roadway. So, if only one of the <br />roadways adjacent to a property is being improved, the total assessment will be only one-half of a unit at <br />this time. The per unit assessment was determined using the City of Hugo 2023 Fee Schedule for <br />roadway reconstruction and rehab. Proposed assessments for the project apply to 173 total units for the <br />proposed assessment project total of $672,900.00 <br /> <br />Birch Tree Ponds Area Street Improvements <br />Proposed Funding <br />Funding Source Total <br />City Funding $1,440,800 <br />Special Assessments $ 672,900 <br />TOTAL FUNDING $2,113,700