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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 <br />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. <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 CITY FUNDS TOTAL <br />$75,434.58 <br />$226,303.73 $301,738.31 <br />Total Estimated Project Cost $301,738.31 <br />Less Special Assessments (25%) - $75,434.58 <br />Subtotal = $226,303.73 <br />Less City Bonding Funds - $224,803.73 <br />Subtotal = $1,500.00 <br />Less Stormwater Utility Funds - $1,500.00 <br />Total Remaining Cost = $0 <br />Feasibility Report <br />River's Bend Street Reconstructions <br />City of Ramsey Project No. 17-02 <br />Page 10 <br />