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4 <br /> when completed, subject to a long-term lease of utility facilities and <br /> structures to the Town. <br /> b. The proposed location of the Reservoir Project on Seven Mile <br /> Creek is shown on the map attached hereto as Exhibit A. <br /> c. The estimated cost of the Reservoir Project has been evaluated <br /> by the Town Board of Commisisoners and is determined to be feasible and <br /> acceptable. The Reservoir Project could be accomplished as a single <br /> project or in phases. Preliminary estimates indicate that project costs, <br /> if completed in one or two stages, would be as follows: <br /> 1. Preliminary Cost - Single Project <br /> Total Budget Cost $13,495,183 <br /> 2. Preliminary Cost Summary - Two Stage Project <br /> First Stage Budget Cost $ 6,439,554 <br /> Second Stage Budget Cost $ 8,172,407 <br /> TOTAL Budget Cost $14,611,961 <br /> Itemized descriptions of the preliminary costs summarized above are <br /> attached hereto as Appendix A (single project figures) and Appendix B <br /> (two stage project figures) . <br /> d. The Town proposes that the County be responsible for item 9 <br /> through 12 on the cost summary (as shown on Appendix A for single project <br /> or Appendix B for two-stage project) . These items relate to the <br /> acquisition and preparation of land necessary for inundation and <br /> construction of the Reservoir Project. The Town proposes to take <br /> responsibility for items 1 through 8 on the Preliminary Cost Summary, <br /> these items relating to the construction of the dam and utility related <br /> features. This allocation of responsibility would result in the following <br /> proportional cost undertakings: <br /> Single Project: <br /> Town 57.0% <br /> County 43.0% <br /> Two Stage Project: <br /> Stage One <br /> Town 77.6% <br /> County 22.4% <br /> Stage Two <br /> Town 46.7% <br /> County 53.3% <br />