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Landform Incentive Compensation <br />Project: Purmort Homes <br />Project Narrative: Local builder, Purmort Homes Inc. has <br />purchased four (4) residential lots from the City of <br />Ramsey HRA. These sites are shovel ready. <br />Incentive Fee Calculation <br />A Net Land Sale Price $ 154,000.00 <br />B Building Value $ 571,123.60 <br />Building Subsidies $ <br />C Site Improvement Costs $ <br />Site Subsidies $ <br />D Development Soft Costs (no more than 20% of A to C) $ 18,620.00 <br />Soft Cost Subsidies $ <br />Total Development Capital Costs (DCC) $ 743,743.60 <br />Total Incentive Fee (2% of DCC) <br />Payment Schedule <br />At Purchase Agreement (20%) <br />At Closing (60%) <br />At Occupancy (20%) <br />Total Payment <br />$ 2,974.97 <br />$ 8,924.92 <br />$ 2,974.97 <br />