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<br />I <br />I. The following table presents the costs associated with the milling, recycling, base preparation <br />I and overlaying of Keithson Drive: <br /> TABLE TWO <br />I ESTIMATED COLD IN-PLACE RECYCLING COSTS <br />I Construction Construction Overhead Fm:imated <br /> Street Lemrth Included Cost Cost Proiect Cost <br />I Keithson Dr. 800 ft Milling, Grading, $20,000 $6,500 $26,500 <br /> Curb Replacement <br />I METHODS OF FINANCING <br />I The feasibility study was initiated by the City Council as a result of public concern regarding <br /> the affected streets. The City's Assessment Manual outlines a method of partially assessing <br /> property owners for the reconstruction of public streets. This assessment rate, set by a City <br />I Council resolution, is based upon an assessment of 50% of the total project cost. <br /> As Amble Drive, Bussard Court and Dunlap Street will all be constructed in a similar <br />. fashion, the residential assessment cost for the entire reconstruction phase of the project is <br /> determined by dividing the reconstruction cost by the total length of street frontage and <br /> multiplying that cost by 50% as the City intends to assume half of the project cost. The total <br />I project cost for reconstruction is estimated at $368,300 and the total length of assessable front <br /> footage is approximately 6,150 lineal feet. This results in an assessment amount of $29.23 <br /> per linear foot of frontage and a City cost of approximately $184,150. Approximately <br />I $74,000 of this City share is to be paid from the storm water management fund as storm <br /> drainage improvements. <br />I Keithson Drive was constructed to higher standard than streets built in the sixties and <br /> seventies. Due to this consideration, the necessary construction on Keithson will consist of <br />I the cold in-place recycling to reduce project costs. This amounts to a total project cost of <br /> $26,500 and results in an assessment of approximately $11.04 per front foot to property <br /> owners and a City cost of approximately $13,250. <br />I PROJECT SCHEDULE <br />I The following is a proposed project schedule for improvements on Amble Drive, Bussard <br /> Court, Dunlap Avenue and Keithson Drive which allows an assessment hearing to be held <br /> prior to award of a construction contract and complete construction prior to August 31, 1994. <br />I <br />I. 16 <br />I <br />