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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 which equals 75 percent of <br />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. <br />Table 1 illustrates the proposed project funding based on the proposed design outlined <br />within this report. This funding program assumes construction will occur in 2018. <br />Estimated Costs <br />TABLE 1 <br />Proposed Project Funding <br />ASSESSMENTS <br />CITY FUNDS <br />TOTAL <br />$70,752 <br />$212,248 <br />$283,000 <br />Total Estimated Project Cost <br />Less Special Assessments (25%) <br />Subtotal <br />Less City Bonding Funds <br />Subtotal <br />Less Stormwater Utility Funds <br />Total Remaining Cost <br />$283,000 <br />$70,752 <br />= $212,248 <br />- $210,748 <br />= $1,500 <br />- $1,500 <br />= $0 <br />Feasibility Report <br />Rivers Bend Street Reconstructions <br />City of Ramsey Project No. 17-02 <br />Page 10 <br />