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� FINANCIAL DISCUSSION <br />26 Staff received 4 bids for this project. The low bid submitted by North Valley, Inc, <br />27 $1,793,246.46,, is 20.2% lower than the Engineer's construction estimate of $,2,24 ,903.01. <br />2, This project is proposed to be paid for using Municipal State Aid finds ; as well as Street, <br />29 Watermain,, Storm Sewer,, and Sanitary Sewer Infrastructure funds. <br />3o A portion of the costs for Segment I.- Dale Street Reconstruction is proposed to be assessed <br />3 i The Feasibility Report for this project set the proposed assessment rate at $,48.66. This was <br />32 based on the feasibility study Engineer's Estimate. Based on the bids, we anticipate that the <br />33 actual rate will be somewhat reduced. <br />34 This project is proposed to be completed by Fall 2011. Final assessment amounts would be <br />35 determined following an assessment hearing in the Fall of 2012 and a thorough review of the <br />%1.11 <br />36 project costs and proposed assessments by the City Council. The property owners can either pay <br />37 the assessments in full in October 2012 or have them added to their property taxes with a rate of <br />38 around 7%. The first installment of the assessment would be due in Spring 2013. <br />39 STAFF RECOMMENDATION <br />40 Staff recommends approval of a resolution awarding bid for 2 011 Pavement Management Project in <br />41 the amount of $,I ,793 246.46 to North Valley, Inc., of Nowthen, Minnesota. <br />42 REQUESTED COUNCIL ACTION <br />43 .DDrove resolution awardina bid for 2011 Pavement Manaaement Proiect in the amount of <br />44 1,793 246.46 to North Valley, Inc., of Nowthen, Minnesota. <br />Prepared by: Debra Bloom., City Engineer <br />Attachments: A: Resolution <br />Page 2 of 2 <br />