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<br /> I <br /> I. COST <br /> The estimated cost for the proposed storm sewer improvements are presented in Table One. The <br /> I estimated overhead items such as engineering, construction staking and inspection, City <br /> administration, fiscal and legal expenses have been estimated at 25 % as detailed in the City's <br /> I Assessment Manual for a project of this magnitude. These costs do not include any costs for <br /> easement acquisition. <br /> I TABLE ONE <br /> ESTIMATED PROJECT COST <br /> I Estimated Construction Cost $15,800 <br /> I Admin, Engineering, Legal & Fiscal $ 3,950 <br /> I Estimated Total Project Cost $19,750 <br /> I FINANCING <br /> The City's Assessment Manual contains text regarding storm sewer improvements and the <br /> . possible assessment of such costs. The installation of storm sewer for this project would be <br /> classified as a lateral pipe, which is defined as pipe less than 27 inches in diameter collecting <br /> localized storm water runoff. <br /> I The Assessment Manual indicates that lateral storm sewer is typically l()()% assessed against the <br /> benefitted properties on either a lot by lot or a square footage basis. Of the two methods of <br /> I assessment addressed in the City's Assessment Manual, the first divides the total project cost by <br /> the eight lots that contribute all or a portion of their runoff to the proposed sewer and the second <br /> determines the square footage of the lots receiving benefit and divides the project cost by the <br /> I total lot area. The second method, by square footage, is generally utilized in much larger <br /> watersheds; therefore, it would be most appropriate to assess the properties equally based upon <br /> a one-eighth share of the amount the City assesses. If the City were to assess the total amount <br /> I using method one, the assessment per lot to fund the project cost of $19,750 would be $2,468.75 <br /> per lot. <br /> I Additional methods of funding available to the City include sharing the cost between the City <br /> and the property owners receiving benefit from the improvements. The City may consider using <br /> I funds from the storm drainage utility fund and/or Ad Volo dollars to [mance some or all of the <br /> project costs. Table Two addresses the cost to residents based upon various percentages of City <br /> participation in the project funding. <br /> I <br /> l' 4 <br /> I <br />