Agenda - Council - 02/23/2016 - Laserfiche WebLink

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5. FINANCING 5.1 Opinion of Cost A detailed opinion of probable costs for the proposed improvements can be found in Appendix B of this report. The opinion of probable costs incorporates anticipated 2016 construction costs for the proposed improvements, as well as 10% construction contingencies plus 23% indirect costs for administrative, engineering, financing and legal costs. City staff prepared the Feasibility Report in-house as part of staff's normal duties. A Geotechnical Evaluation Report was not completed as part of this project. 5.2 Funding 5.2.1 Stormwater Management / Utility Funds Staff proposes to finance the proposed pond improvements entirely using Stormwater Management and Stormwater Utility Funds based on a cost -split of one-third Stormwater Management Funds (Fund 9292), and two-thirds Storm Water Utility Funds (Fund 9605). Based on estimated project costs this results in a cost -split of $110,833.33 Stormwater Management Funds (Fund 9292), and $221,666.67 Storm Water Utility Funds (Fund 9605). The proposed cost -split will ultimately be applied to actual project costs. 5.2.2 Special Assessments The City's adopted Special Assessments Policy allows for the use of special assessments to pay for a portion of storm sewer improvement projects. However, available project records indicate that the City fully intended to construct the outlet improvements when warranted be development without assessing benefiting properties within the business park. Staff therefore does not propose to use special assessments to pay for any of the proposed improvements. Feasibility Report Business Park 95 Regional Stonnwater Pond Improvements City of Ramsey Project No. 16-36 Page 6