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SUNFISH SQUARE <br />ANALYSIS OF PROJECT ENHANCEMENT RESULTING FROM PROPERTY ACQUISTION <br /> <br />Issue: <br /> <br />Issue: <br /> <br />Acquisition of 14250 Sunfish Lake Blvd. N.W. As an enhancement to the Plat, the <br />Developer agrees to acquire the property and building at 14250 Sunfish Lake Blvd. N.W. <br />Said building shall be demolished and removed from the site in a timely manner and the <br />property shall be made a part of the Plat. The Developer shall provide the City with copies <br />of documents relating to this acquisition action including purchase agreement, closing <br />documents and title. <br /> <br />S~wcr and Water Trunk Charges. Contingent upon approval of an amendment to the <br />Development Plan for Tax Increment District.#2, the City agrees to credit the Developer for <br />the cost of sewer and water trunk extensions in the amount of $52,040.00. This credit was <br />calculated based on the following: <br /> <br />Developer Costs for acquisition of 14250 Sunfish Lake Blvd. N.W.* <br /> <br />Building Acquisition - <br />Land Acquisition (assumed residential bare land equivalent) <br />Estimated demolition costs - <br />Assumed Public Improvement Costs @ 2.72 lots x $8,000 <br /> <br />$130,100.00 <br /> 22,400.00 <br /> 20,000.00 <br /> 21,760.00 <br /> <br />TOTAL OUTLAY <br /> <br />$194,260.00 <br /> <br />Dollar Value To Developer for Land Acquired <br /> <br />Lot sales @ $26,000 x 2.72 lots - <br />Adjacent lot value improvements (11 lots @ $6,500 each)- <br /> <br />$70,720.00 <br />$71,500.00 <br /> <br />TOTAL GAIN <br /> <br />$142,220.00 <br /> <br />ENrHANCEMENT PROJECT SHORTFALL <br /> <br />$52,040.00 <br /> <br />*Sufficient amount of property to increase number of lots in Plat by 2.72. <br /> <br /> <br />