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driving distances to insure accessibility to all <br />areas of the City (see Schematic Study, Exhibit <br />F). The City also reviewed the potential sites <br />according to their real estate tax generation <br />capacity for the City. <br />The completed facility will be leased and sold to <br />the City in fifteen years under an installment <br />purchase contract (see Financing Program for <br />details). <br />D. Financing Plan <br />1. Project Budget <br />The following budget details estimated development <br />costs associated with the fire station project: <br />Discount (1.96%) <br />Capitalized Interest - 6 months <br />Bond Counsel /Disbursements <br />Local Legal <br />Bond Printing <br />Registration <br />Fiscal Fee <br />Plan Amendment <br />City Administration <br />Subtotal <br />Acquisition <br />Relocation <br />Construction - $68 /sq.ft. x <br />11,200 = <br />Total Project Cost <br />Investment Income <br />NET PROJECT COST <br />21,168 <br />37,228 <br />14,500 <br />20,000 <br />600 <br />1,800 <br />18,750 <br />2,000 <br />15,000 <br />131,046 <br />236,500 <br />45,000 <br />762,000 <br />1,174,546 <br />18,750 <br />$1,155,796 <br />The items of cost and the costs thereof shown <br />above are estimated to be necessary based upon the <br />qualified appraisers, consultants, legal and cost <br />information now available. It is anticipated that <br />the items of cost and the costs thereof shown in <br />each category above may decrease or increase, but <br />that the total project cost will not exceed the <br />amount shown above. <br />Page 34 <br />