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5.2.2 City Contribution <br />The City contribution to the project will include all funding in excess of the amount <br />collected through special assessments to benefiting properties. No funds were budgeted <br />for this project. <br />The City would utilize previously encumbered 5 -year street reconstruction bonds for the <br />City's contribution for project costs related to surface (street) improvements. Stormwater <br />Utility Funds would be utilized for all storm sewer improvements. <br />Special assessments would be used to pay back a portion of these costs based on the term <br />of the special assessments as adopted by Council at the end of the project. <br />Table 1 illustrates the proposed project funding based on the proposed design. This table <br />assumes construction will occur in 2016. If the alternate design is constructed the City's <br />contribution would be reduced slightly since estimated construction costs for the alternate <br />design are $51,000 less than the proposed design. <br />Estimated Costs <br />TABLE 1 <br />Proposed Project Funding <br />ASSESSMENTS <br />CITY FUNDS <br />TOTAL <br />$594,750 <br />$2,361,250 <br />$2,956,000 <br />Total Project Cost <br />Less Special Assessments <br />Subtotal <br />Less City Bonding Funds <br />Subtotal <br />Less Stormwater Utility Funds <br />TOTAL Remaining Cost <br />$2,956,000 <br />$594,750 <br />$2,361,250 <br />$1,823,250 <br />$538,000 <br />$538,000 <br />$0 <br />Feasibility Report <br />Andrie Street and 164th Lane Reconstruction <br />City of Ramsey Project No. 16-00 Division C <br />Page 15 <br />