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DATE: <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />MEMORANDUM <br /> <br />August 5, 1994 <br /> <br />Mayor and Councilmembers <br />City Administrator <br />Building Official <br />Building Inspector <br />Zoning Administrator <br />Finance Officer <br />.lames Gromberg, Economic Development Coordinatorf:~/ <br />Monthly Building Activity <br /> <br />Attached for your review are the building activity reports for the month of July. The City <br />issued 22 new home permits and is currently on track to build a total of 289 new homes in <br />1994. This compares to the 302 homes that were projected to be constructed at the <br />beginning of the year. This would equate to a population increase of approximately 991 <br />new residents for the C/ry. <br /> <br />In reviewing these projections, the City is currently averaging a home value, based upon <br />the building permits, of $102,583. If we succeed in constructing the projected 289 new <br />homes, this' would equate to an .increase of $29,646,583 in residential property valuation, <br />less any pr~>perty value. The City has received preliminary indications that a number of <br />commercial/industrial projects may be constructed during the next 12 months. If any of <br />these projects are completed prior to the end of 1994, the City could see additional propervy <br />tax revenues generated from the commercial/industrial areas. However, much of this <br />proposed new construction is located in TIF districts, which will limit the uses for <br />budgetary purposes. · <br /> <br />If there are any questions concerning this information, please contact me. As these reports <br />are completed once a month, some time lag is expected.. <br /> <br /> <br />