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-4- <br />COST SHEET <br />Costs: <br />12,800 sq. ft. building <br />(10,000 sq. ft. usable space) <br />40 -car parking and site improvement <br />Development Costs <br />Furnishings <br />Total Building Costs <br />Estimated financing charges <br />First year capitalized interest <br />Underwriting and Expenses <br />$ 770,000.00 <br />72,000.00 <br />100,000.00 <br />50,000.00 <br />$ 992,000.00 <br />110,000.00 <br />60,000.00 <br />Total Building and Financing Costs $1,162,000.00 <br />Financing Plan: <br />LMC finances $1,162,000,00 <br />Bonds: St. Paul Port Authority <br />Esimtated interest rate - 8 -3/4% Port Authority Bonds <br />Financed no longer than 20 years with option to recall debt in 11th year <br />The financing plan assumes that excess funds collected in any given year would <br />be invested at an equal or greater interest rate than is required to cover the <br />bond interest rate, <br />Payment Options: <br />Much discussion has centered around the methods of payment LMC could offer to <br />cities to make the payment as painless as possible, and as straight- forward and <br />flexible to cities for convenience in cash flow and budgeting. The following <br />options, in the opinion of the committee, can be offered. <br />Each member city has choice of: <br />1) Lump Sum Option <br />-One lump sum payment in first year (1981) <br />2) Five Year Option <br />-Five equal annual payments, of principal and financing charges at 10% <br />3) Ten Year Option <br />-Ten equal annual payments, of principal and financing charges at 10% <br />