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Feasibility Report 2025 Beaver Ponds Area Street Improvement Project City of Hugo WSB Project No. 026749-000 Page 6 5. Financing 5.1 Opinion of Probable Cost A detailed Opinion of Probable Cost can be found in Appendix B for the project. The opinion of probable cost is based on projected construction costs for 2024 and includes a 10% contingency factor and 20% indirect costs. The indirect costs include engineering, legal, and administrative costs associated with the project. The project costs are summarized as follows: 2025 Beaver Ponds Area Street Improvement Project City of Hugo, MN Project Costs and Funding Improvements City Fund Special Assessments Total Schedule A. – Roadway Mill and Overlay $1,205,489.80 $337,810.20 $1,543,300 Total Improvements $1,205,489.80 $337,810.20 $1,543,300 5.2 Funding Funding for the project will be provided through assessments to benefitting properties and City Street and Utility Funds. The proposed funding is outlined as follows: 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 D. Based on the City Code Section 30-2, the assessment rate on the respective project types are as follows: Urban Roadway Overlay ………………………………$2100.00/UNIT Corner properties are assessed at one-half unit per adjacent project roadway. So, if only one of the roadways adjacent to a property is being improved, the total assessment will be only one-half of a unit at this time. The per unit assessment was determined using the City of Hugo 2024 Fee Schedule for roadway reconstruction and rehab. Proposed assessments for the project apply to 157.018 total units for the proposed assessment project total of $337,810.20. 2025 Beaver Ponds Area Street Improvement Project Proposed Funding Funding Source Total City Funding $1,205,489.80 Special Assessments $337,810.20 TOTAL FUNDING $1,543,300