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The total estimated cost of the recommended improvements is $3,089,000. The 2026-2030 CIP <br />budget has been adjusted to reflect these estimated values, which will be discussed further at the <br />July 14 Special Council Work Session. <br />A portion of this project is proposed to be assessed to the benefiting property owners and the <br />remainder through other funding sources. In accordance with the City's Assessment policy, the <br />preliminary assessment for the recommended improvement is calculated as: <br />Residential Reclamation Areas: <br />50% Estimated Street Project Costs = $614,500 <br />Residential Equivalent Units = 105 <br />Assessment Rate = $5,850 <br />Residential Mill & Overlay Areas <br />50% Estimated Street Project Costs = $81,500 <br />Residential Equivalent Units = 21 <br />Assessment Rate = $3,880 <br />Industrial Reclamation Areas <br />70% Estimated Street Project Costs = $280,000 <br />Residential Equivalent Units = 334 (assumes 3 REU's per Acre) <br />Calculated Assessment Rate = $840 per REU <br />To ensure the calculations resulting from the application of the City's assessment policy are in <br />line with an appraiser's opinion of benefit to the properties in each improvement/zoning <br />category, the City enlisted the services of Nagell Appraisal & Consulting to conduct a general <br />benefit appraisal on the properties throughout each unique project area. The general benefit <br />appraisals are included in Appendix D of the Feasibility Report. <br />The general benefit appraisals resulted in a range of benefit values for each improvement/zoning <br />category, as indicated below: <br />Residential Mill & Overlay Areas <br />Single -Family Residential Non -Lakefront Lot Benefit Appraisal Assessment Rate = $3,000 to <br />$4,000 per REU <br />Single -Family Residential Lakefront Lot Benefit Appraisal Assessment Rate = $4,000 to $5,000 <br />per REU <br />Residential Reclamation Areas <br />Single -Family Residential Non -Lakefront Lot Benefit Appraisal Assessment Rate $8,000 to <br />$10,000 per REU <br />Single -Family Residential Lakefront Lot Benefit Appraisal Assessment Rate = $9,000 to <br />$11,000 per REU <br />Page 3 of 4 <br />