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ESTIMATED PROJECT COSTS <br /> <br />The estimated project costs are presented in Table 1 and include detailed construction costs and <br />overhead costs. Overhead costs include, but are not limited to, engineering, construction staking, <br />inspection, fiscal and legal, administrative, and contingency costs. In this project, overhead costs <br />will also include the cost of drainage easements. The overhead costs are estimated as a <br />percentage o f construction costs as follows: <br /> <br />Engineering 10% <br />Staking and Inspection 7% <br />Fiscal and Legal 3% <br />Administration 5% <br />Contingencies 5% <br /> 30% <br /> <br />Item <br /> <br /> Table I <br />Estimated Project Costs <br /> <br /> Quantity <br /> <br />Grading <br />Class 5 Base Course <br />Bituminous Paving <br />Turf Restoration <br />Drive Restorations <br />Total Construction Cost <br />Overhead ~ 30% Construction Cost <br />Total Project Cost <br /> <br />Unit Price <br /> <br />Lump sum 4,000 <br />750 tons 7.50/ton <br />370 tons 31/ton <br />1.5 acres 1,600/acre <br />100 yd2 t2/yd2 <br /> <br />Extension <br /> <br />4,000 <br />5,625 <br />11,470 <br />2,400 <br />1,200 <br />24,695 <br />. 7,409 <br />.32.~104 <br /> <br />PROJECT FINANCING <br /> <br />Exhibit A identifies 10 parcels which have frontage on the street proposed for paving, 9 of which <br />have direct access onto the street proposed for paving and t which has direct access onto an <br />adjacent paved street. It is proposed that the 9 lots with direct access be assessed a full share and <br />the other t lot be assessed a half share of the project cost. <br /> <br />If the project should proceed to the stage where the City Council authorizes plans to be prepared <br />and bids to be solicited as required by law, the City Council may award the construction to the <br />lowest responsible bidder, providing the bid does not exceed 110% of the construction cost <br />estimates contained herein. After the project has been completed and final costs are known, a <br />public hearing will be held which will identify the actual costs to be recovered by special <br />assessment. Each property may, at any time prior to certification of the assessment to the County <br />Auditor, pay the whole of the assessment of such property, with interest, except that no interest <br />shall be charged if the entire assessment is paid within thirty (30) days from the adoption of the <br /> <br /> <br />