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4. FINANCING <br />4.1 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 2018 construction costs for <br />the proposed improvements plus 28% indirect costs for administrative, engineering, financing <br />and legal costs. Ten percent construction contingency costs are t included in the estimated costs. <br />City staff prepared the Feasibility Report in-house as part of staff's normal duties. <br />4.2 Funding <br />4.2.1 Assessments <br />The use of special assessments is not being proposed with this project. <br />4.2.2 City Contribution <br />The City will fund this project in its entirety using Stormwater and Infiltration Mitigation <br />Funds. The City's share of project costs will be reimbursed from future land sales in the <br />COR, specifically, developer contributions to the infiltration mitigation fund as marked <br />(1) in the table below. <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 />Total Project Cost <br />TABLE 1 <br />Proposed Project Funding <br />INFILTRATION <br />MITIGATION <br />FUND <br />STORMWATER <br />FUNDS <br />TOTAL <br />$224,706 <br />$654,449 <br />$879,155 <br />Less Tnfiltration Mitigation Fund <br />Subtotal <br />Less Stormwater Funds (1) <br />$879,155 <br />$224706 <br />$654,449 <br />$654,449 <br />TOTAL Remaining Cost = $0 <br />(1) The City share of the project will be recovered before all of the properties in the COR <br />are developed. The City should continue to collect contributions to the infiltration <br />Feasibility Report <br />COR Infiltration Basin <br />City of Ramsey Project No. 18-09 <br />Page 6 <br />