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Town Center Construction Fund (Continued) Summary of Activity Description of Expenditure 1996 -1998 1999 2000 Total Capital Outlay (inc.land) $ 1,733,560 $ 163,962 $ (120,000) $ 1,777,522 Interest expense 30,128 27,811 57,939 Engineering 31,958 18,051 50,009 Professional services 175,473 14,674 - 190,147 Legal 13,812 360 - 14,172 Other 348 26 169 543 $ 1,985,279 $ 197,073 $ (92,020) $ 2,090,332 Revenues Net land sale proceeds 158,257 - 158,257 Remaining deficit $ (1,827,022) $ (197,073) $ 92,020 $ (1,932,075) Note: the expenditures above do not include any accrued interest on the Rehbien contract. The interest (and principal portion) will be paid as land is sold. At the end of 2000, the accrued interest is approximately $124,512. When future payments are made the payments will be applied first to accrued interest and the remainder then applied to the principal balance. There are approximately 11.5 developable acres that remain for sale, including the 3 acres from the former police station land. The above deficit of $1,932,075 (in addition to any other costs that are charged to this project in future years) will need to be funded from either land sales or other revenue sources, if the revenues generated from the land sales are not sufficient. The following table calculates what the "breakeven" price on the remaining "Rehbein" and "Funkhouser" parcels will need to be to cover the costs incurred through the end of 2000. In addition to these costs, the sale prices will need to be sufficient to cover any additional costs that will be incurred in future years; including interest that will be paid as the land is sold. Assuming that the land remaining near the former police station land is sold for the appraised value of $82,500 per acre, the remaining parcels will need to be sold for an average of $5.94 per square foot, or approximately $259,000 per acre in order to cover costs incurred through the end of 2000 (9)