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ESTIMATED C(�►STS AI'�iI) I'RQPQS�I3 FUNDING <br />I'raposed praject costs �`Qr �he impraVerne�t prt�j��t, including hituminous sire��s, storrn sewer, <br />and restoraiion, are iter�ized in the table� located in Append�x B ar�d ��limargzed bela�w. The <br />cast �stimate is based or� recent constru�tion praje�ts of similar character and assumes ihat �he <br />prop�+sed improVements wQuld begin in 2f112. Actual costs will �e determined th�cau�h <br />competiti�e t�ids fi�llowin�; final design for the project. Thereiare, the actual costs will lae <br />dependent on the market canditions that cxist at the time of t�te bidding. <br />Es#im�ted PrQseci Casts <br />Street Im�ro��ments <br />Constr�c�ian Cost $ 693,2�� <br />Contingen�y � C33r�erF�ead Casts [37°/a) $ 25b,500 <br />TQtal Estimaied C�st $ 949,7(l0 <br />S#orm W�tcr Impra�ements <br />Constructi❑n Cas� $ 31,200 <br />Contin�ency � O�erhead Casts �3fl%3 $ 9,4[]Q <br />Tata1 Estimated C.�`osi `� 40,600 <br />TotalStreet Im rr���e�nents �Cost $ 949,7{i0 <br />Total Utrii Irn raverrient� Casf $ 4C3,GOU <br />�3rid e Re laccment Cast $ 49�,�Uil <br />To€al Pr�r'ect Cost $ 1,4$1,30fl <br />The prapnsed prvjeci is eligible for assessments accarding to the City of Arder� Hills Assessment <br />Policy, Per City Poliey, a portian c�f the street impravem��ts wi�� be assessed ta the benefitiing <br />properties. <br />The City's Assessment Palicy states t�at estimaied pr�ject costs should include 37% for <br />o�aerhead eQsts and coa�tin�;encies. Portions af th�e project inv�I�ing wark nat to be assessed <br />include a 1(�%, cantingen�y ar�d 2Q°/a fc�r overhead cost�. C3�er�ead easts incl�nde lcgai, <br />engineerira�, administrati�e, and fiscal costs. <br />Along vvith assessments, street c�sis will he finaneed thrQugh the PIR fund, the General Fund, <br />and may alsa be el2gible �or 'State Aid fund�ng. Utiliiy impraVemen�s vvill be funded from the <br />appropriate enterprise fund�, arzd are noi assessab�e. Sridge cost� would nai be assessed. <br />The �roject design of [3Zd Snelling t�r�en�e is based �n State Aid recQnditior��ng standards, the <br />�roject is �ligible to be fuzad�d with the Caty's State �Lid funds. The City's Sta�e Aid balar�ce as <br />af J�e�ary, 20 i 2, $1,174,t383.58, This bal�nee �ncludes ihe 2q 12 aIiacation. <br />The Ciiy rnay be able ta �°�ceive funding from the S�a#.e Qf Minnesata's Bridge Bond Gra�t for an <br />impro�ement to the existing bridge. `Fhe Bridge Bond Grant is pro�i�led by the State to assist <br />local units of �a�ernment with funding for lacal bridge irnpro�ements. AccQrding to Kiml�y- <br />�.� <br />