Laserfiche WebLink
%21-2000 <br /> <br />Thomas Kurak Property <br /> <br />Background: <br /> <br />The Kurak property is located northeast of the intersection of US Highway No. 10 <br />and Armstrong Boulevard. This property contains 165 total acres. Development <br />will take place on 108.5 acres. The remaining land, which includes a wetland will <br />be used for parks .and storm drainage ponds. Development of this property is <br />dependent upon the City providing City Sewer and Water services.~ <br /> <br />Assumptions: <br /> <br />There will be three general types of development on-this property. The types of <br />development include: Housing, Commercial and Industrial. The housing <br />development area will consist of 295 townhouses built on 33 acres. The <br />townhouses will range in price from $130,000 to $200,000. The commercial <br />development will only contain 11.8 acres. This would provide for 152,900 SQ/FT <br />o£buildings valued at $50 per SQ/FT totaling $7,645,000. Finally, the industrial <br />development would encompass the major/ty of the parcel. On the 64.8 acres <br />available, industrial property would be valued at $40 per SQ/FT. This would allow <br />for 16 projects, each on a four-acre site. The total market value of the industrial <br />development is $25,600,000. Townhouse usage rates are based on 15,000 gallons <br />per quarter for Sanitary Sewer and Water. C/I usage rates are based on 1000 <br />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/I) $ 17,323 <br />Water (C/I) $ 9,507 <br />Sanitary Sewer (TH) $ 16,794 <br />Water (TH) $ 6,150 <br /> <br />69,292 <br />38,028 <br />67,176 <br />24,600 <br /> <br />Yearly TOTAL $ <br /> <br />199,096 <br /> <br />Tax Revenue based on assumptions: <br /> <br />Revenue Source <br /> <br />Tax Rate <br /> <br />Units <br /> <br />Yearly ReVenue <br /> <br />Tax Revenue (Housing) <br />Tax Revenue (Commercial) <br />Tax Revenue (Industrial) <br /> <br />24.115% per year <br />21% per year <br />21% per year <br /> <br />595178 (Tax Cap) <br />258430 (Tax Cap) <br />846400 (Tax Cap) <br /> <br />$142,842 <br /> $67,768 <br />$222,083 <br /> <br />Total $432,693 <br /> <br /> <br />