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-182- <br /> <br />The summary of estimated Dost of construction plus overhead and easements <br />are shown below in Table 1. <br /> <br /> TABLE 1 <br />SUMMARY OF ESTIMATED TOTAL PROJECT COST <br /> <br />Street Construction Cost $153,643 <br />Storm Drainage Construction Cost $ 48,854 <br />Water Construction Cost $ 81,458 <br />Sanitary Sewer Construction Cost .$ 51,596 <br />Total Construction Cost $ 335,551 <br /> <br />Construction Overt~ead Cost (33%) <br /> Estimated Construction Cost <br />ROW & Easement and Land Cost <br />(3.25 Acres @ $ 40,000/Acre) <br /> <br /> Total Project Cost <br /> <br />0,732 <br /> <br />$ 446,283 <br />$130,000 <br /> <br />$ 576,283 <br /> <br />In projecting the estimated costs of construction, data from projects constructed <br />in the metropolitan area over the last several years and a working knowledge of <br />the construction activity in the area were used. These costs are exPressed in <br />current doltars. <br /> <br />6.0 METHOD OF PAYMENT <br /> <br />The preferred method for financing the proposed improvements is to assess the <br />benefited properties on a front footage basis or on another equitable measurable <br />basis for the immediate area in accordance with Minnesota Statutes 429. Under <br />this method, the cost of the project would be assessed annually on the property <br />within the subdivision for a period of ten (10) years. Section 7.0 of.this report <br />discusses the cost allocation. Only the street improvements, excluding the storm <br />drainage, will be paid for by assessments. <br /> <br />It is proposed that the assessments be made per the front footage of the <br />assumed twenty two (22) new lots and existing two larger parcels that will <br />benefit. That total front footage is 2,503 feet. <br /> <br />The storm drainage cost will be paid from the sale of the twenty City lots. <br /> <br />The cost of the water and sanitaw sewer will be paid with hookup fees at the time <br />of hookup. The minimum number of individual residential units hook-ups <br />expected for this project area has been assumed to be the twenty eight single <br />family lots as shown. It is possible that the current property owners of the <br />adjacent benefited properties could develop their property with more units than <br />those shown. <br /> <br />Page 6 <br /> 4 <br />G:\MunicipalVkRAMSEY\3168\RA3,68FSR 1 .doc <br /> <br /> I <br /> I' <br /> I <br /> I <br /> I <br /> ! <br /> I <br />I; <br />I <br />I' <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />i <br /> <br /> <br />