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ESTIMATED COSTS AND PROPOSED FUNDING <br />Proposed project costs for the 2011 PMP Improvement Project (including bituminous streets, <br />storm sewer, sanitary sewer, watermain, and restoration) are itemized in the tables located i� xhe <br />Appendix and are summarized below. The cost estimate is based on recent construction projects <br />of similar character and assumes that the proposed improvements would begin in 2011. Actual <br />costs will be determined through competitive bids following final design for the �roject. <br />Therefore the actual costs will be dependent upon the market conditions that exist at the time of <br />the bidding. <br />The City's Assessment Policy states that estimated project costs should include 37°io for <br />overhead costs and contingencies. Non-assessable portions of the project include a���'i� <br />contingency and 20% for overhead costs. Overhead costs include legal, engin�;eriug., <br />administrative, and fiscal costs. The project costs are summarized as follows: <br />ESTIMATED PROJECT COSTS <br />Street Improvements <br />Construction Cost $ 1,015,200 <br />Contingency & Overhead Costs (37°/o) $ 375,700 <br />Total Estimated Cost $ 1,390,900 <br />Storm Drainage Improvements <br />Construction Cost $ 70,400 <br />Contingency & Overhead Costs (30%) $ 21,200 <br />Total Estimated Cost $ 91,600 <br />Water System Improvements <br />Canstruction Cost � 152,900 <br />Contingency & Overhead Costs (30°/a) $ 45,900 <br />Total Estimated Cost $ 198,800 <br />Sanitary Sewer Improvements <br />Construction Cost $ 17,200 <br />Contingency & Overhead Costs (30%) $ 5,200 <br />Total Estimated Cost $ 22,400 <br />Total Street Improvements Cost $ 1,390,900 <br />Total Utility Improvements Cost $ 312,800 <br />Total Project Cost $ 1,703,700 <br />The proposed project is eligible far assessments according to the City of Arden Hilis Assessment <br />Policy. Per City Policy, a portion of the street improvements will be assessed to the benefitting <br />properties. Along with assessments, street costs will be financed through the PIR fund and the <br />General Fund. Utility improvements will be funded from the appropriate enterprise fund, and are <br />not assessable. <br />13 <br />