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Feasibility Report <br />2024 125th Street and Dellwood Ridge Neighborhood Street Improvement Project <br />City of Hugo <br />WSB Project No. 023540-000 Page 6 <br />5. Financing <br />5.1 Opinion of Probable Cost <br />A detailed Opinion of Probable Cost can be found in Appendix B for the project to be completed on 125th <br />Street North, and in Appendix C for the project to be completed on Upper Heather Avenue North and <br />Heather Avenue North. The opinion of probable cost is based on projected construction costs for 2023 <br />and includes a 10% contingency factor and 30% indirect costs. The indirect costs include engineering, <br />legal, and administrative costs associated with the project. The project costs are summarized as follows: <br />2024 125th Street and Dellwood Ridge Neighborhood Street Improvement Project <br />City of Hugo, MN <br />Project Costs and Funding <br />Improvements City Fund <br />Special <br />Assessments Total <br />Schedule A. – Roadway Reclamation/Overlay $1,147,600 $120,700 $1,268,300 <br />Schedule B. – Complete Reconstruction $2,525,400 $137,800 $2,663,200 <br />Total Improvements $3,673,000 $258,500 $3,931,500 <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 />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 D. Based on <br />the City Code Section 30-2, the assessment rate on the respective project types are as follows: <br />Complete Reconstruction $5200.00/UNIT <br />Roadway Reclamation/ Overlay $3400.00/UNIT <br />Corner properties are assessed at 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 62.5 total units for the <br />proposed assessment project total of $258,500. <br />2024 125th Street and Dellwood Ridge Neighborhood <br />Street Improvement Project  <br />Proposed Funding  <br />Funding Source Total  <br />City Funding $3,673,000  <br />Special Assessments $   258,500  <br />TOTAL FUNDING $3,931,500