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5.2.2City Contribution <br />The City contribution to the project willinclude all fundingin excess of the amount <br />collected through special assessmentsto benefiting properties. This will equal75 percent <br />or more of eligible project costs.Nofunds 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 payfor 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 fundingprogram developed within this report, approximately 22% of project costs <br />will be assessed. <br />Table 1 <br />illustrates the proposed project fundingbased on the proposed designand <br />funding program outlined within this report.Thisfunding program assumesconstruction <br />will occur in 2017. <br />TABLE 1 <br />Proposed Project Funding <br />ASSESSMENTSCITY FUNDSTOTAL <br />Estimated Costs$133,779.60$473,220.40$607,000 <br />Total Estimated Project Cost$607,000.00 <br />Less SpecialAssessments(22%)-$133,779.60 <br />Subtotal=$473,220.40 <br />Less City BondingFunds-$465,920.40 <br />Subtotal=$7,300.00 <br />Less Stormwater Utility Funds-$7,300.00 <br />TotalRemaining Cost=$0.00 <br />Feasibility Report <br />Sunwood Drive Reconstruction <br />City of RamseyProject No. 17-00 <br />Page 11 <br /> <br />