Agenda - Council - 01/13/2009 - Laserfiche WebLink

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•. Project administration 5% • Bondingand legal 2% • Inspection and testing 5p /o Contingencies, 10% The above project costs do not include the cost of paving existing unpaved driveways; Such driveways are private property and not a portion of the public street. Each unpaved driveway shall have its bituminous apron measured by area and will be billed additionally to the property. The estimated cost for driveway paving is estimated to be $3.00 per square foot. FINANCING The total project costs consist of the construction costs and project overhead Costs which are detailed in Appendix B. Funding sources for this project include City Municipal State Aid funds (MSA), storm water utility funds, and special assessment to benefitted properties. • The costs associated with the replacement of the road shall be funded with MSA monies, The'cost associated with concrete curb and gutter win be funded 25% from the storm water utility with the remaining 75% from MSA funds, These,coats also include associated work elements including irrigation repair, and landscaping restoration costs, The storm sewer repairs and extensions will be funded entirely from the storm water utility..The sidewalk will be funded through MSA funds should the Council decide to award the alternate project. Property owners will contribute the equivalent cost of a bituminous overlay on the road which is estimated to cost $1,700 per unit at unit prices anticipated during the 2009 construction season. Based upon the above distribution the total project cost will be funded as follows; MSA / Storm Water. Property Total City Utility Owners Basic Project Cost $ 1,233,539 $ 925,953 $ 193,686 $ 113,900 Alternate Project Cost $ 1,591,233 $1,283;647 $ 193,686 $. 113,900 The project will have a final tabulation made on actual project costs, A public hearing will be held identifying the actual costs to be recovered by special assessment which may change depending on the actual bituminous overlay cost experienced during the 2009 construction season. Property owners. would have the option of paying the full cost of the assessment without interest at the conclusion of the project or could elect to have this assessment collected annually with their tax payment. Property owners electing to have the project cost specially assessed shall have their cost reported to Anoka County and collected over a period of up to ten years with interest at a rate of two percent (2 %) above . the U.S. Treasury rate at the time of the special assessment hearing. At an estimated Page4 —137._