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Page 3 of 3 Original Projections 1,000,000$ 1,000,000$ 175,000$ 200,000$ 400,000$ 2,775,000$ The total estimated cost of the recommended improvements is $3,001,100. The 2024 CIP budget should be adjusted to reflect the estimated values and there is a significant impact to the Surface Water Management Fund which will cause the fund to go negative in 2024. The fund should be positive in 2025, as there is not a PMP project scheduled for that year. A portion of this project is proposed to be assessed to the benefiting property owners and the remainder through other funding sources. In accordance with the City’s Assessment policy, the preliminary assessment for the recommended improvement is calculated as: Reclamation Areas: 50% Estimated Street Project Costs = $486,800 Residential Equivalent Units = 86 Assessment Rate = $5,660 Mill & Overlay Areas 50% Estimated Street Project Costs = $248,750 Residential Equivalent Units = 69 Assessment Rate = $3,605 As the project is designed and competitively bid, the calculated assessment amount will be updated leading up to the adoption of the assessment roll. The project funding is further described on pages 10 through 12 of the Feasibility Report. City staff has had initial discussions with Ramsey County for potential cost share related to the stormwater pond dredging activities at the pond located off of Hamline Avenue which is a County road. City staff has also had discussions with Rice Creek Watershed District (RCWD) staff for potential project elements that could be eligible with the RCWD Stormwater Management Grant Program. Applications for the program are typically due mid-December of each year and project awards are typically 2 months after. Attachments Attachment A: Feasibility Report Attachment B: Resolution 2023-038