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Debt Service Recovery <br /> As noted previously our objective with the sale of property is to 1) cover remaining debt <br /> service and 2) if possible recover prior expenditures. <br /> Evaluation is based on the following parameters: <br /> No. of Units: 115 <br /> Average Value: $225,000 <br /> Total Value: $25,875,000 <br /> Purchase Price: $1,000,000 <br /> Estimated Tax Increment (collected over remaining 14 years of district): $2,984,000 <br /> Total Value $3,984,000 <br /> Remaining Debt Service 2005A Improvement Bonds: ($3,200,000). <br /> Revenues available for prior expenditures $784,000 <br /> In addition to the numbers above the proposed development would generate the following <br /> development fees (based on 115 units): <br /> Park: $287,500 <br /> Sanitary Trunk $353,395 <br /> Water Trunk $467,935 <br /> Total $1,108,830 <br /> Based on the initial analysis it appears the proposed sale and development will generate <br /> revenues that, coupled with existing funding sources, would allow the City to meet <br /> current debt service obligations and recoup a portion of prior investments. The sale of <br /> property to DR Horton would still leave 10 acres available for future sale and <br /> development. <br /> A more complete analysis including the review of refunding options is pending council <br /> consideration of the sale. <br /> Sale of the property would require a public hearing before the EDA and execution of the <br /> purchase agreement by both parties. <br /> Requested Council Direction <br /> Staff is requesting council consideration to move forward with the proposed sale. <br /> Attachments <br /> 1. General Site Plan <br /> 2. Townhome Plan <br />