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5.0 <br /> <br />ESTIMATED COSTS <br /> <br />The estimated project costs presented. herein reflect the construction and <br />overhead costs. Construction c°sts are estimated contract amounts for the <br />actual construction. <br /> <br />Overhead costs include, but are not limited to, engineering, construction staking <br />and inspection, administrativelService, legal, and contingency. Overhead costs <br />for the project are estimated b:ased ion percentages of construction cost. Those <br />percentages are estimated to be as follows: <br /> <br />· Engineering 7% <br />· Staking & Inspection 6% <br />· Bonding, Legal, and citY Staff Administration 3% <br /> <br />· Contingencies 4% ~ <br /> <br />The summary of estimated cost of construction and overhead are shown below <br />in Table 1. <br /> <br /> ~ TABLE 1 <br /> <br />SUMMARY OF ESTIMATED TOTAL PROJECT COST <br /> <br /> 7 <br /> 7 <br /> <br />· Signal Constructibn Cost $ <br />· Bridge COnstructiOn Cost $ 540,000 <br />· Street COnstruCtion CoSt $2,474,800 <br />· Storm Drainage Construction Cost $. 829,264 <br />· Water COnstructiOn Cost '$ 643,010 <br />· Sanitary Sewer COnstruction Cost $1,049,836 <br />· Total Estimated COnstruction Cost $6,037,010 <br /> <br />500,100 .~: I ~f J <br /> <br /> · Construction Overhead Cost (20%) . $1,207,402 <br /> ,Total Project Cost $7,244,412 <br /> <br />In projecting the estimated cOSts of construction; data from projects constructed <br />in the metroPolitan area Over (he laSt several years and a working knowledge of <br />the construction actiVity in the area were used. These costs are expressed in <br />current dollars. <br /> <br />6.0 <br /> <br />METHOD oF PAYMENT <br /> <br />in accordance to the Master Development Agreement for the Ramsey Town <br />Center, the proposed street imProvements are to be assessed in accordance <br />with Minnesota Statutes 429. ~ Under this method,~the cost of the project would <br />be assessed annually against the property as shown on Exhibit "F" for a period of <br /> <br />Page 5 <br />G: .,M u nicipalgAr arnsey\3171 \RA3171 FSR.doc <br /> <br /> <br />