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<br />, <br />,- VII. FINANCING <br />, Seal Coat Financing <br />II The City's current assessment policy states that the application of a bituminous seal coat <br /> is a maintenance procedure to be funded by the City. The estimated project cost to the <br /> City for the seal coating portion of the 1998 Street and Utility Improvements project is <br />'- $18,715.00. <br /> Bituminous Overlay Financing <br />, As outlined in the City's Assessment Manual, 50 percent of the total project cost of <br /> bituminous overlay projects may be assessed to all benefitting properties adjacent to <br />II streets to be overlaid. The assessment rate is detennined by dividing 50 percent of the <br /> total project cost by the assessable front footage. Table 3 below shows the proposed <br /> rehabilitation financing. <br />II TABLE 3 <br /> 1998 STREET RECONSTRUCTION AND MAINTENANCE <br />~. IMPROVEMENTS <br /> PROPOSED BITUMINOUS OVERLAY FINANCING <br /> Estimated Bituminous Overlay Project Cost $136,390.00 <br /> Estimated Assessable Amount (50010) $68,195.00 <br />-. Assessable Front Footage 12,540 FF <br />- Estimated Rehabilitation Assessment Rate $5.44 FF <br />.. As shown in the above table, $68,195.00 of the rehabilitation costs will be assessed to <br />--- benefiting property owners at a rate of $5.44 per front foot. The remaining $68,195.00 <br /> will be funded with City funds. <br />-- <br />- Reconstruction Financing <br />-- The reconstruction of the selected streets will be funded with the City's pm find, SWM <br />- fund, assessments to abutting property owners, MSAS funds, Ramsey County Turnback <br /> funds in cooperation with the City of New Brighton for the Stowe Avenue reconstruction <br />-- and Municipal bondsITIF funds for the West Round Lake Road improvements. The <br />- proposed financing methods for street reconstruction and percentages to be assessed are <br /> shown below in Table 4. <br />-- <br />- <br />~.- <br />~-. <br />- <br />- <br />- FEAS.800.870 14 80087Oj-OOJO <br />