Agenda - Economic Development Authority - 01/08/2015

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Feasibility Analysis Revenues Expenses Rice Per A Acres Phase 1 $ 41,500.00 14 $ 581,000.00 Phase 2 $ 43,500.00 7.5 $ 326,250.00 GROSS Ievenues: $ 907,250.00 CBRE(5%commission) $ 45,362.50 Ste aean Up Costs $ 150,000.00 (A*) Internal Fuad (90Kroad , 60K loss development) $ 150,000.00 (Bk*) External FDad pOKlRDad, X(Acquistion) $ 425,000.00 Contingency $ 50,000.00 GROSS Expenses; $ 395,362.50 GROSS Expenses : $ 670,362.50 NET Proceeds* * * $ 511,887.50 $ 236,887.50 County HRA Dollars: generally speaking, staff will recommend all applicable Oty costs associated with this project be considered for funding by the Anoka County HRA. If the Oty chose to utlize this funding source, multiple expenses shown in this feasibility report would become additional revenue available to apply to Fire nation #2 (i.e. site clean-up costs, Alternative B, etc.). If this contract is executed, staff will work with the EDAto draft a preliminary applicaiton to the County HRA. NIKManagement construct an internal connection to their site. If this internal connection was required by the Oty, it would result in three connections to the NlKproject. This would result in additional costs to the developer. Therefore, the developer would require to be compensated on the purchase price. This would be negotiated with phase -two closing. However, staff and NlKhave identified about $150,000- $200,000 for starters. x Oty construct a connection across Nowthen Boulevard to 151st LN NW. The Oty would need to purchase a private property to accomplish this alternative. Gaff is currently working with said property owner. NOTE this alternative would result in additional land proceeds down the road ($100,000 -$175,000) -- said proceeds are not included in the above analysis due to timing and unknowns. If reasonably achievable, this alternative is preferred by Oty staff. ***Property Tax Proceeds. It is estimated, at full build out, over $130,000 in annual property taxes would be collected from the proposed development. The Oty would receive about 35%of total property taxes (about $49,000).