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Feasibility Report Page 11 2021 PMP Street and Utility Improvements City Project Number PW 21-0100 5. ESTIMATED COST AND FUNDING 5.1 Opinion of Cost The opinion of probable cost for the project is provided in Table 4 and Table 5 below. Alternative 1 includes full curb and gutter construction and Alternative 2 includes limited curb and gutter construction as described in Section 3 of this report. The estimates includes 37% in overhead costs for street improvements and 30% overhead costs for utility improvements. Overhead costs account for engineering, legal, financing, contingency and administrative costs associated with the project. A detailed and itemized estimate is provided in Appendix G. Table 4 - Summary of Project Costs Area 1 - Hazelnut Park Neighborhood Alternative 1 Alternative 2 Improvement Reclamation Area Costs Reconstruction Area Cost Reconstruction Area Cost Street Improvements - East Jerrold and Glenpaul - $1,297,157 $1,156,525 Street Improvements - West Jerrold and Edgewater $346,170 - - Street Improvements - Prior Avene - $369,296 $369,296 Sanitary Sewer Improvements $18,675 $518,100 $518,100 Water Main Improvements - $679,959 $679,959 Storm Sewer Drainage Improvements - $577,162 $418,430 Total Estimated Cost by Area $364,845 $3,441,674 $3,142,310 GRAND TOTAL $3,806,519 $3,507,155 Table 5 - Summary of Project Costs Area 2 - Lake Valentine Road Improvement Estimated Costs Street Improvements - Lake Valentine Road $454,991 Sanitary Sewer Improvements $99,203 Total Estimated Cost $554,194 The opinion of cost is based on recent construction projects of similar character and assumes the construction of proposed improvements will begin in 2021. Actual costs will be determined through competitive bids following final design for the project.