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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> i <br /> I <br /> <br />I <br />I <br />I <br />I <br />I <br /> <br />! <br />I <br /> <br /> TABLE I <br /> <br />ESTIMATED COSTS <br /> <br /> Item <br /> <br />Excavation, Embankment, and Unsuitable <br /> Soil Removal <br /> <br />Grave~ Surfacing <br />Bituminous Base Course <br />Bituminous Wear Course <br />Restoration <br /> <br />Turning and Bypass Lanes IS.T.H. 47) <br />Drainage Culvert Improvements <br />TOTAL CONSTRUCTION COST <br />Contingencies, Engineering and Administrative <br />Right-of-Way & Slope Easement Acquisition <br />TOTAL ESTIMATED COST PHASE I <br /> <br />Estimated Cost <br /> <br />$-38,100 <br />36,875 <br />34,875 <br />65,525 <br />6,500 <br />12,350 <br />12,40q <br />$206,625 <br />51,650 <br />17,000 <br /> <br />$275,275 <br /> <br />FINANCING AND ASSESSMENT <br />In accordance with the City of Ramsey's current assessment policy, a portion of <br />the proposed improvements are proposed to be financed by special assessment to <br />the abutting property owners on a front foot basis for the equivalent cost of a <br />residential or industrial street as may be the case. As shown on Exhibit A the <br />area of benefit includes only those areas proposed to be assessed. Large tracts <br />of land with only one dwelling are proposed to be assessed for one typical lot <br />with 330 front feet. The remaining cost of improving the street to MSA standards <br />shall be financed by MSA funds. <br /> <br />Based on the current bond market situation, the estimated annual costs will be <br />determined by using an interest rate of 13 percent. <br /> <br />The following table shows an assessment for both a typical 330 feet wide residen- <br />tial and commercial lot and annual amortized unit costs projected at 13 percent <br />for a period of 10 years. <br /> <br />4 <br /> <br /> <br />