Agenda - Council - 06/10/2003 - Laserfiche WebLink

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Bonding & Legal 2% City Staff Administration 5% Contingencies 10% The summary of estimated cost of construction plus overhead and easements are shown below in Table 1. TABLE 1 6.0 SUMMARY OF ESTIMATED TOTAL PROJECT COST · Street Construction Cost (,,.$ 83,881.) · Storm Drainage Construction.Cost · 'Water Construction Cost $ ~ 046 · Sanitary Sewer Construction Cost $ 48,653 · Total Estimated Construction Cost $237,000 · Construction Overhead Cost (33%) $7'8,210 Total Project Construction Cost $31,5,210 $ 4,000 $31g,210 Easement Cost (0.1 Acres @ $40,0001 Acre) Total Project Oost In projecting the estimated costs of construction, data from projects constructed ' in the metropolitan area over the last several 'years and a working knowledge of the construction activity in the area were used. These costs are expressed in - current dollars. · METHOD OF PAYMENT The preferred method for financing the proposed improvements is to assess the benefited properties on a front footage basis or on another equitable measurable basis for the immediate area in accordance with Minnesota Statutes 4-29. Under this method, the cost of the project would be assessed annually on the property within the subdivision for a period of ten (10) years. Section 7.0 of this report discusses the cost allocation. Only the street improvements , excluding the storm drainage, will be paid for by assessments. The storm drainage cost will be paid by the City's Storm Water Utility Fund. The cost of the water and sanitary sewer will be paid with hookup fees at the time of hookup per the City schedule of Rates and Charges. He time of hookup is voluntary for lots that are already developed with a house upon it with an Page 5 G:\M unicipaAARAMSEY\632~RA632FS R.do¢ -42~