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Street Name Estimated Cost County Road 112 $355000 Washington Avenue $845,000 Government Drive $660,000 Sibley Street(east of 371) $150,000 Oriole Street $260,000 Main Street(east of 371) $290,000 Butler Street(east of 371) $135,000 Woodman Street(from 371 to Gov't Drive) $15,000 Woodman Street(from Gov't Drive to#112) $200,000 Woodman(west of 371) $160,000 Second Avenue $180,000 First Avenue $65,000 Butler Street(west of 371) $30,000 Main Street(west of 371) $195,000 Front Street $340,000 Frontage Road west of 371 $25,000 Old State Highway 371 $440,000 New Municipal Parking Lot $140,000 There are some important notes that must be made in the street by street examination of cost. First,the cost estimate assumes the improvements are to be done in one large project. Splitting the project into multiple phases may help with financing,but it would increase the overall project costs due to the cost of running multiple projects. Additionally,when looking at an assessment strategy, it is important to understand the interrelationship of the improvements and the benefit to the entire area it creates. For example, while the new municipal parking lot will not directly serve any one specific business, it will provide an overall benefit to all downtown properties. Dealing with these enhancements in a piecemeal fashion will fail to appropriately capture and distribute the benefits of the project. Funding Sources J:o succeed over the long-term,the proiect must be_financially viable. As such,.a number __- o•bcaa:while there maybe some o fundin options have been examined with an understanding at some or all of them grant or low interest loan programs g, �+ available to assist a community in will be needed to make the project possible getting a downtown project started, k------------------------------------ the project will need to stand on its � own financially in order t • General Fund Revenue. The City currently budgets a significant amount o• finanfollyino dart of money annually for road and street improvements. Improvements to the Dekt•d: recommendation that all of downtown area are part of the future projection for roads and streets funding, them need to be parr of the finding While the project will require more funding than a simple street improvement mix for the project. would, the general fund revenue already dedicated to this purpose can be utilized to offset the total project cost. • Assessments. A direct assessment to benefited property owners is the critical component the recommended funding strategy. In order to assess a Pequot Lakes Downtown Plan-Updated February 2008 20