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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. This will equal 75 percent <br /> or more of eligible project costs. No funds have been budgeted for this project. <br /> The City's share of eligible project costs related to surface (street) improvements is <br /> proposed to come from the previously encumbered 5-year Street Reconstruction and <br /> Overlay Program bonds. Stormwater Utility Funds are proposed to pay for all storm <br /> sewer improvements. <br /> Special assessments are proposed to pay back a portion of these costs based on the final <br /> assessments adopted by Council at the end of the project. Based on the estimated costs <br /> and funding program developed within this report, approximately 22% of project costs <br /> will be assessed. <br /> Table 1 illustrates the proposed project funding based on the proposed design and <br /> funding program outlined within this report. This funding program assumes construction <br /> will occur in 2017. <br /> TABLE 1 <br /> Proposed Project Funding <br /> ASSESSMENTS CITY FUNDS TOTAL <br /> EstimatedCosts $133,779.60 $473,220.40 $607,000 <br /> Total Estimated Project Cost $607,000.00 <br /> Less Special Assessments (22%) - $133,779.60 <br /> Subtotal = $473,220.40 <br /> Less City Bonding Funds - $465,920.40 <br /> Subtotal = $7,300.00 <br /> Less Stormwater Utility Funds - $7,300.00 <br /> Total Remaining Cost = $0.00 <br /> Feasibility Report <br /> Sunwood Drive Reconstruction <br /> City of Ramsey Project No.I7-00 Page 11 <br />