|
NORTH COMMONS OPTIONS:
<br />OPTION #1: WALK AWAY
<br />OPTION #2: DEVELOP 4 PARK LOTS
<br />OPTION #3A: FULL DEVELOPMENT -
<br />HAUL TO/FROM LAKE RAMSEY
<br />1. Costs -to -Date (Sunk Costs)
<br />-Land Cost: Avg. $4.47 Sq Ft
<br />$
<br />851,285
<br />$
<br />851,285
<br />$
<br />851,285
<br />- Construction
<br />$
<br />46,923
<br />$
<br />46,923
<br />$
<br />46,923
<br />- Grading
<br />$
<br />40,482
<br />$
<br />40,482
<br />$
<br />40,482
<br />- Legal, Fiscal, Engineering
<br />$
<br />56,190
<br />$
<br />56,190
<br />$
<br />56,190
<br />Total Costs to Date
<br />$
<br />994,880
<br />$
<br />994,880
<br />$
<br />994,880
<br />2. Projected Costs
<br />- Contractor Cost
<br />$
<br />103,889
<br />$
<br />195,931
<br />$
<br />525,002
<br />- Storm Water Under CR116
<br />$
<br />-
<br />$
<br />-
<br />$
<br />75,000
<br />-DM Fee /Closing Costs
<br />$
<br />-
<br />$
<br />26,272
<br />$
<br />111,650
<br />-City Fees (HRA Pays)
<br />$
<br />-
<br />$
<br />30,224
<br />$
<br />128,451
<br />Total Projected Costs
<br />$
<br />103,889
<br />$
<br />252,427
<br />$
<br />840,103
<br />Total Costs
<br />$
<br />1,098,769
<br />$
<br />1,247,307
<br />$
<br />1,834,983
<br />3. Revenues
<br />-Lot Sales
<br />$
<br />-
<br />$
<br />160,000
<br />$
<br />615,000
<br />- COR Fund (Grading Park Land)
<br />$
<br />40,482
<br />$
<br />40,482
<br />$
<br />40,482
<br />-Storm Water Utility (Construction Contract)
<br />$
<br />-
<br />$
<br />-
<br />$
<br />17,000
<br />-Storm Water Utility (Under CR116)
<br />$
<br />-
<br />$
<br />-
<br />$
<br />75,000
<br />- Property Taxes: See Chart Below
<br />$
<br />-
<br />See Chart Below
<br />See Chart Below
<br />Total Revenues
<br />$
<br />40,482
<br />$
<br />200,482
<br />$
<br />747,482
<br />inlet (Loss)
<br />PROPERTY TAXES GENERATED: Based on 2013 Tax Capacity Rates
<br />$ 175,000
<br />Market Value Exclusion $ (21,290)
<br />$ 153,710
<br />Tax Capacity 1%
<br />Market Value
<br />Tax Capacity rate 120.779%
<br />TAXES GENERATED:
<br />13 Homes @ $175,000 each
<br />4 Homes @ $200,000 Each
<br />Total Annual Taxes
<br />(1,058,287) $
<br />Total Taxes
<br />1,537
<br />1,856
<br />(1,046,825) $
<br />Total Taxes $ 1,856 $ 680.76 $ 2,515
<br />** *Start Collecting Property Taxes Approximately Two Years From Start of Construction
<br />City Share of Taxes Total Taxes
<br />TOTAL TAXES
<br />24,128
<br />10,060
<br />34,188
<br />$ 225,000
<br />$ (16,790)
<br />$ 208,210
<br />1%
<br />$ 2,082
<br />120.779%
<br />2,515
<br />
|