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ESTIMATED PROJECT COSTS <br /> <br />A detailed estimate of construction costs are presented in Table 1. in addition to the construction <br />costs, overhead costs include engineering, construction staking and inspection, legal, <br />administration, interest during construction, and contingencies. The overhead costs for the project <br />are estimated based upon percentages of construction cost. Those percentages are estimated to be <br />as follows: <br /> <br />Engineering <br />Staking and Inspection <br />Bonding and Legal <br />City Staff Adminisn'ation <br />Contingencies <br /> <br />10% <br /> 7% <br /> 3% <br /> 5% <br /> 5% <br /> <br />Improvemen[ <br /> <br />Bituminous Paving <br />Class V Base <br />Shaping and Grading <br />Turf Restoration <br />Construction Cost Total <br />Overhead @ 30% <br />Total Project Cost <br /> <br /> TABLE 1 <br /> PROJECT #93-i1 <br />ESTIMATED PROJECT COST <br /> <br />.Ouanti .fy <br /> <br />475 tons $25 ton <br />1,150 tons $6 ton <br />Lump Sum $4,500 <br />t.2 ac. $1,500/acre <br /> <br />Pr2ieet Cost <br /> $11,875 <br /> $6,900 <br /> $4,500 <br /> $1,800 <br /> $25,075 <br /> $7.525 <br /> $32,600 <br /> <br />FINANCING <br /> <br />Exhibit A identifies nine properties which were determined to receive direct benefit from this <br />project. All properties currently have existing residences. It is proposed that all directly benefitted <br />lots be equally assessed regardless of individual front footages or value of improvements or <br />individual lots, as this has been past City policy on previous paving projects. <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 that bid does not exceed 110% of the construction costs <br />estimates contained herein. After the project has been completed and final costs are known, the <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 (30) days from the adoption of the <br />resolution. Special assessments reported to AnD 'ka County shall be payable over a ten (10) year <br />per/od with interest at a rate of 2% above prime rate at the time of the special assessment hearing. <br />This rate is estimated to be 8%. The costs presented in this report are estimates. Table 2 presents a <br />project financing summary as it would affect individual properties. <br /> <br />2 <br /> <br /> <br />