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5. FINANCING <br />5.1 Opinion of Cost <br />A detailed opinion of probable costs for the proposed improvements can be found in Appendix B <br />of this report. The opinion of probable costs incorporates anticipated 2016 construction costs for <br />the proposed improvements, as well as 10% construction contingencies plus 23% indirect costs <br />for administrative, engineering, financing and legal costs. <br />City staff prepared the Feasibility Report in-house as part of staff's normal duties. <br />A Geotechnical Evaluation Report was not completed as part of this project. <br />5.2 Funding <br />5.2.1 Stormwater Utility Funds <br />The pond outlet improvements are proposed to be funded entirely with Stormwater <br />Utility Funds. While Staff explored the use of special assessments to benefiting <br />properties to pay for a portion of the costs, project records indicate that the City fully <br />intended to construct the outlet improvements when warranted without assessing <br />benefiting properties within the business park. Staff therefore proposes to utilize <br />Stormwater Utility Funds to pay for all of the improvements. <br />5.2.2 Special Assessments <br />The City's adopted Special Assessments Policy allows for the use of special assessments <br />to pay for a portion of storm sewer improvement projects. However, available project <br />records indicate that the City fully intended to construct the outlet improvements when <br />warranted without assessing benefiting properties within the business park so Staff is <br />proposing to utilize Stormwater Utility Funds to pay for all of the improvements. <br />Feasibility Report <br />Business Park 95 Regional Stonnwater Pond Outlet Improvements <br />City of Ramsey Project No. 16-36 <br />Page 6 <br />