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9-18-2000 <br /> <br />BMA Commercial / Retail Corridor <br /> <br />Background: <br /> <br />The City of Ramsey is contemplating building a commercial/retail corridor and townhouse <br />complex on the BMA Property. The BMA property is located on West boundary of Ramsey <br />Boulevard just north of US Highway 10. Retail, grocery and restaurant type businesses will be <br />developed on 27 acres on the eastern portion of the property just west of Ramsey Blvd. (County <br />Rd. 56). The corridor will be modeled after a combination of Champlin Marketplace and <br />Champlin Southpond Center. 74 acres will be used for a medium to high-density townhouse <br />complex. The entire BMA property contains 160 acres, which leaves sufficient space for parks <br />and trails and development to the south. <br /> <br />Assumptions: <br /> <br />The commercial/retail development will be built on 27 acres on the West boundary of Ramsey <br />BOulevard just north of US Highway 10. Retail, grocery and restaurant buildings will be built <br />on the site. The square footage of the project will total 157,370 SQ./FT. It will be assessed <br />between $95-$106 per SQ./FT. The townhouse complex will consist of 192 medium and 475 <br /> figh-denSity units. The market values of these townhouses will start at $140,000 and range up <br /> $200,000. Townhouse usage rates are based on 15,000 gallons per quarter for Sanitary <br />Sewer and Water. C/I usage rates are based on 1000 gallons per acre per day. <br /> <br />Sewer and Water Revenue based on assumptions: <br /> <br />Service <br /> <br />Fee per Quarter Fee Per year <br /> <br />Sanitary Sewer (C/l) $ 6,121 $ <br />Water (C/I) $ 3,377 $ <br />Sanitary Sewer (TH) $ 37,792 $ <br />Water (TH-)' $ 13,907 $ <br /> <br /> 24,484 <br /> 13,508 <br />151,168 <br /> 55,628 <br /> <br />Yearly TOTAL $ <br /> <br />244,788 <br /> <br />Tax Revenue based on assumptions: <br /> <br /> Revenue Source Tax Rate <br /> <br />Units <br /> <br />Yearly Revenue <br /> <br />Tax Revenue (Bank) <br />Tax Revenue (Town Houses) <br />Tax Revenue (Commercial) <br /> <br />21% per year <br />24.115% per yea~ <br />21% per year <br /> <br />134,524 (Tax Cap) <br />1,283,403 (Tax Cap) <br />621,180 (Tax Cap) <br /> <br /> $33,165 <br />$308,017 <br />$136,647 <br /> <br />'otal $477,829 <br /> <br /> <br />