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<br />I <br />~ All streets listed for proposed overlay and seal coat improvements will be included in the <br /> solicitation of bids. It may be necessary, however, to eliminate streets after bids are received <br /> to match the budget for this project. The budgeted amount for this project, as discussed in the <br />I Financing portion of this study, is $150,000. A surplus budget has been provided to allow <br /> monies for repairs to Keithson Drive or other maintenance projects which may become apparent <br />I later this Spring. It is not anticipated that streets will have to be deleted from the proposed <br /> improvements following receipt of bids. <br />I ESTIMATED COSTS <br />I The estimated project cost for the proposed improvements is as follows: <br />I Estimated Bituminous Overlay Project Cost $245,700 <br /> Estimated Seal Coat Project Cost 24.100 <br />I ESTIMATED TOTAL PROJECT COST $296.8QQ <br />It The total estimated project cost includes 15 % overhead to cover engineering, field inspection, <br /> construction administration, and assessment roll preparation. <br />I <br /> 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 304 abutting and <br /> benefitting properties with a total adjusted front footage of approximately 40,500 feet. The <br />I residential equivalent assessment rate is therefore calculated as follows: <br />I FSimated Bituminous Overlay Cost $245,700 <br />I FSimated Amount Assessed (50%) $122,850 <br /> Total Front Footage 40,500 ft <br />I FSimated Assessment Rate $3.03/foot <br />r <br />I PllAS-520.039 -5- S2().()3!1-IO <br />