Agenda - Council - 07/13/1993 - Laserfiche WebLink

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?iTX~MATED PROJECT COSTS A detailed estimate of construction costs are presented in Table 1. In addition to the construction costs, overhead costs include engineering, construction staking and inspection, legal, admJmstration, interest during construction, and contingencies. The overhead costs for the project are estimated based upon percentages of construction cost. Those percentages are estimated to be as follows: Engineering Staking and Inspection Bonding and Legal Ciw Staff Administration Contingencies 10% 7% 3% 5% 5% TABLE 1 PROJECT #93-13 ESTIMATED PROJECT COST Improyernent Ouanri _fy Cost Total Project Cost Bituminous Paving 364 tons $25 ton $9,100 Class V Base 740 tons $6 ton $4,440 Shaping and Grading Lump Sum $3,000 $3,000 Turf Restoration 1.12 ac. $1,500/acre $1693 Construction Cost Total $18,233 Overhead @ 30% $5.470 Total Project Cost $23,703 Exhibit A identifies fourteen properties which were determined to receive direct benefit from this project. All benefited parcals, except parcels 8 and 11, are developed with single family residences. Parcels 8 and 11 are considered to be buildable. It is proposed that all directly benefitted lots be equally assessed regardless of individual front footages or value of improvements on individual lots, as this has been past City policy on previous paving projects. If the project should proceed to the stage where the City Council authorizes plans to be prepared and bids to be solicited as required by law, the Cit3, Council may award the construction to the lowest responsible bidder, providing that bid does not exceed 110% of the construction costs estimates conta/ned herein. After the project has been completed and final costs are known, the public hearing will be held which will identify the actual costs to be recovered by special assessment. Each property may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment of such property, with interest, except that no interest shall be charged if the entire assessment is paid within (30) days from the adoption of the resolution. Special assessments reported to Anoka County shall be payable over a ten (10) year period with interest at a rate of 2% above prime rate at the time of the special assessment hearing. This rate is estimated to be 8%. The costs presented in this report are estimates. Table 2 presents a project financing summary as it would affect individual properties. 2