Agenda - Council - 04/27/2004 - Laserfiche WebLink

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5.0 ESTIMATED COSTS The estimated project' costs presented herein reflect the construction and overhead costs. Construction costs are estimated contract amounts for the actual construction. Overhead costs include, but are not limited to, engineering, construction staking and inspection, administrative service, legal, and contingency. Overhead costs for the project are estimated based on percentages of construction cost. Those percentages are estimated to be as follows: · Engineering 7% · Staking & Inspection 6% ~ · Bonding, Legal, and City Staff Administration 3% · Contingencies 4% The summary of estimated cost of construction and overhead are shown below in Table 1. TABLE I SUMMARY OF ESTIMATED TOTAL PROJECT COST · Signal Construction Cost $ 500,100 · Bridge Construction Cost $ 540,000 · Street Construction Cost $2,474,800 · Storm Drainage Construction Cost $ 829,264 · Water Construction Cost $ 643,010 · Sanitary Sewer Construction Cost $1,049,836 · Total Estimated Construction Cost $6,037,010 $1,2O7,4O2 $7,244,412 · Construction Overhead Cost (20%) Total Project Cost 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. 6.0 METHOD OF PAYMENT In accordance to the Master Development Agreement for the Ramsey Town Center, the proposed street improvements are to be assessed in accordance with Minnesota Statutes 429. Under this method, the cost of the project would be assessed annually against the property as shown on Exhibit "F" for a period of Page 5 G:\Municipal~,ramsey\3171\RA3171 FSR.doc