Laserfiche WebLink
<br /> I <br /> .. ESTIMATED COSTS <br /> The estimated project cost for the proposed improvements is as follows: <br /> I <br /> I Estimated Bituminous Overlay Project Cost $ 99,600 <br /> Estimated Seal Coat Project Cost 24.100 <br /> I ESTIMATED TOTAL PROJECT COST $123.700 <br /> I The total estimated project cost includes 15 % overhead to cover engineering, field inspection, <br /> construction administration, and assessment roll preparation. <br /> I FINANCING <br /> I As outlined in the City's Assessment Manual, 50% of the total cost of a bituminous overlay, <br /> including all associated overhead costs, may be assessed to all properties with frontage abutting <br /> I a street to be overlaid, According to Ramsey County records, there are 136 abutting and <br /> benefitting properties with a total adjusted front footage of approximately 15,000 feet. The <br /> . residential equivalent assessment rate is therefore calculated as follows: <br /> I Estimated Bituminous Overlay Cost $99,600 <br /> Estimated Amount Assessed (50%) $49,800 <br /> I Total Front Footage 15,500 ft <br /> Estimated Assessment Rate $3.22/foot <br /> I <br /> Based on this assessment rate, the City share of the estimated total project cost is $73,900. <br /> I The City's budget is $110,000 for this project. The remaining balance of $36,100 would allow <br /> I for improvements to Keithson Drive or other maintenance improvements. Should bids received <br /> be more favorable than estimated, it would be possible to add other streets. As discussed in the <br /> I previous section, streets added to the seal coat portion of the project would not require additional <br /> public hearings. If bids received are higher than anticipated, it would be necessary to eliminate <br /> I streets. <br /> , In 1991, the estimated assessment rate in the Feasibility Study was $3.44 per adjusted front foot. <br /> I FEAS-520,039 -5- 520-<139-10 <br />