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11 <br />In addition to Expansion #1 outlined above, Life Fitness would like to prepare for a second expansion of their Ramsey <br />facility (Expansion #2). Because their existing site has no additional space available for an expansion, additional land is <br />required. Life Fitness has targeted a 3.0 acre, bank -owned, parcel located directly south, and adjacent to their existing <br />Ramsey facility for Expansion #2. This property is currently home to a 20,000 square foot vacant/ blighted former health <br />club known as Health Quest. It is estimated, acquiring the Health Quest property for Expansion #2, will allow for <br />construction of a 50,000-60,000 square foot expansion of the primary Life Fitness facility. <br />Securing the Health Quest property does result significant redevelopment costs for Life Fitness; including property <br />acquisition $450,000, demolition and site clean-up $85,000, and capping of nearly 90 geo-thermal wells $50,000. <br />In summary, the proposed project includes: (1) construction of a new $4M 48,500 square foot expansion on the existing <br />Life Fitness property in Ramsey; and (2) $585,000 acquisition and clean-up of the Health Quest property to prepare Life <br />Fitness for their future second expansion in Ramsey. <br />B.3, Property Taxes <br />Current Real Estate Taxes on Project Site: $7,966.700 Total Market Value <br />$157,834 Tax Capacity <br />$302,012 taxes <br />Estimated Real Estate Taxes Upon Completion: <br />Phase 1 (this project, 48,500 SF manufacturing): <br />$9,906.700 Total Market Value <br />$197,384 Tax Capacity <br />$375,885 taxes <br />Phase 2 (future project, 50,000 SF manufacturing): <br />$11,906,700 Total Market Value <br />$237,384 Tax Capacity <br />$452,042 taxes <br />Construction Start Date: On or before, August 26, 2015 <br />Construction Completion Date On or before, August 31, 2016 <br />