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<br />I <br /> The estimated total project cost to the City is $710,000. This cost includes $49,000 for seal <br /> coating, and $661,000 for resurfacing through bituminous overlay, pavement reclamation, or <br /> reconstruction of city streets. In accordance with the existing City policy, half of the cost of <br /> resurfacing city streets is recovered through assessments against abutting properties. Assessing <br />I at a rate of $5.20 per front foot for bituminous overlay, $26.38 per front foot for bituminous <br /> reclamation, and $37.80 per front foot for complete reconstruction will generate $272,700 for <br /> these portions of the project. <br />I The estimated cost of the seal coat portion of the project is $49,000. This will be paid for from <br /> the annual street maintenance budget. The City has budgeted approximately $185,000 for street <br />I maintenance/improvement, leaving $136,000 to fund the overlay and reconstruction portions of <br /> this project. <br />, The estimated remaining costs to the City total $661,000 (not including seal coating). After <br /> factoring in approximately $271,700 in assessments, the City's share is $388,300. In addition to <br />I the remaining $136,000 budgeted from the annual street improvement budget, the City may utilize <br /> funding from available PIR Funds. The Stormwater Management Fund could be used to finance <br /> the approximately $95,000 in storm sewer improvements. The remaining $157,300 could be <br />, funded with some of the surplus money remaining in the PIR fund that was not already budgeted <br /> for street improvements. Additional utility improvements, if desired, would be financed through <br /> the City Utility Funds. Therefore, the City has approximately $552,700 in its existing budget and <br />'- sufficient money available in the PIR fund to finance the project with an estimated total project <br /> cost of $710,000. <br />, The project would be completed in accordance with the project schedule presented on page 13, <br /> to be complete by late September 1997. <br />, The 1997 Street Reconstruction and Maintenance Improvements are technically feasible from an <br /> engineering standpoint and meets all standards set forth by the City of Arden Hills and the State <br />, of Minnesota. <br />, <br />, <br />, <br />~ <br />, FEAS-520.080 - ]4- 520-080-10 <br />