Agenda - Council - 03/10/2009 - Laserfiche WebLink

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ESTINTATF,I) COSTS TI-w- estimated I cost of this project Including project overhoad is estimated to be $197,990 Details of aw project construction cost are presented in Appendix B. The project overhead, which adds an additional 30 % of the construction cost include the following: 9 Engineering design 8% 0 Project administration 5% * Bonding and legal 2% • Inspection and testing 5 • Contingencies. 10% The -above project costs do not include the cost of driveway paving. Because driveways are private property and not a portion of the public street, each drivewdy'ifiall be measured by area and material and will be billed individtiiilly'to each pro`j)ortv..The estimated cost for driveway paving, is estimated to be $3 pe;,square foot. FINANCING The total project costs consist of the construction coats, property and casement . have also been pro costs ha acquisition costs, and the overhead Th J ect divided between those costs assoc iated-i"with the street improvements and those related to the improved storm water system Alf costs associai6drwfth the storm water improvorrients, including drainage ! 6r4,utility. easements shal be financed through the C ity's S torm Water UtitTh sts-' d with t . e he street improvements shall be ty:;� e cc associa t financed one half (50%)'thougi i special a to the benefited pToperties adjacent to the improved streets consisf6pt,with Minnesota State Statutes 429 and City of Ramsey Code Ch I ter 4. The remaining S`9% of the street improvements will be financed with "4p City of Ramsey general funds revenues. Based upon the:above distributibn the total project cost will be funded as f6llows; $49,723 from thd' City general` fund; $98,544 from the storm water utility; and $49,723 from assessments, ":The: assessed portion of the project cost shall be assessed among the benefited I I propertios.1.1sied in Appendix C. The three properties h, ro having double f ntage with Waco Street which were assessed for its Improvement in 1993 shall be one half of the amount assessed to each of the r assessed benefitted properties. The corner lots on 179th Lane would be chargod a full share of the street improvement costs, I This would result in an assessment of $5,234 per assessed shaie. The project will have a final tabulation made on actual project costs consistent with the metlaodotogy described in this report. A public hearing will be held identifying the actual costs to be recovered by special assessment. Property owner would have the option of paying the full cost of the assessment without interest at the conclusion of the pro ect or 0 1 could elect to have this assessment collected annually with their tax payment over a ten year period. Property owners electing to have the project cost specially assessed shall 3-2116- -3-