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<br />I <br />~ portions of the project be funded through the assessment of 50% of the project cost to benefitting <br /> property owners, while the City finances the remainder of the cost. <br /> The Femwood A venue portion of the project and other street reconstruction would be financed <br /> utilizing various funding options including assessments to benefitting property, Municipal State <br /> Aid, and Surface Water Management funds. It is estimated that $300,000 of project costs will <br />I be eligible for State Aid funding. <br />I The estimated cost of the seal coat portion of the project is $26,000. This will be paid for by the <br /> City's Pavement Management Fund. The City has budgeted approximately $150,000 for street <br /> maintenance, leaving $124,000 to fund the overlay and reconstruction portions of this project. <br />I The estimated project cost to the City for Alternate No. 1 is $831,000 (not including seal coating). <br /> In addition to the $124,000 remaining in the Pavement Management Fund, the City would obtain <br />I funding through assessments (approximately $476,500), State Aid ($300,000), and from available <br /> City Utility Funds (up to $110,000). Therefore, the City has approximately $1,036,500 available <br /> to fund the project with an estimated total project cost of $856.000. <br />I The estimated project cost to the City for Alternate No.2 is $707,000 (not including seal coating). <br /> Available funding includes the $124,000 remaining in the City's Pavement Management Funds <br />I and up to $110,000 from City Utility Funds. In addition to this, approximately $417,500 would <br /> be obtained through property assessments and $300,000 in State Aid funds could be used. This <br />lit leaves the City with approximately $977,000 available to fund the project with an estimated total <br /> project cost of $738,000. <br />I The project would be completed in accordance with the project schedule presented on page 11, <br /> to be complete by late August 1996. <br />I The 1996 StTeet Improvements Project is technically feasible from an engineering standpoint and <br /> meets all standards set forth by the City of Arden Hills and the State of Minnesota. <br />I <br />I <br />I <br />I <br />, <br />if <br />I FEAS.520.068 -12- 52t)..068klO <br />