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e. Architectural/engineering fee <br />f. Legal / Finance fees <br />g. Contingencies <br />$ 495,000.00 <br />$ 647,805.00 <br />$ 433,913.00 <br />h. Public works To be determined <br />TOTAL PROJECT COSTS: <br />$ 16,000,000.00 <br />• Flagship Fitness in the first year of operation will provide in excess of $300,000.00 discounts to the city <br />of Ramsey residents by eliminating 100% of the enrollment and processing fees. <br />• Flagship Fitness will inject approximately $1.2 million annually into the local economy (Snow removal, <br />Landscaping, water usage, electricity usage, real estate taxes, other facility maintenance and fixing). <br />• Flagship Fitness will provide in excess of $ 1.1 million annual payroll to the local economy and will <br />generate more than 90 jobs that pay an average over $13 per hour and professional positions over $18 <br />per hour. <br />• Using a formula from the American Economic Review it appears as though a reasonable "multiplier <br />effect" of the wages forecast to be paid at Flagship Fitness is 3.6. Therefore the annual payroll of $1.1 <br />million will turn over in the community 3.65 times each pay period creating an economic benefit of <br />over $4,105,000 annually. <br />• Using a formula from the American Economic Review it appears as though a reasonable "multiplier <br />effect" of the operational expenses forecast to be paid by Flagship Fitness is 3.6. Therefore the <br />average annual payments per year for 5 years of $5.6 million in operational expenses will turn over in <br />the community 3.65 times an economic benefit equaling $20.2 million annually. <br />3 <br />