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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 <br />Estimated Costs $133,779.60 <br />CITY FUNDS <br />$473,220.40 <br />TOTAL <br />$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. 17-00 <br />Page 11 <br />