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Town Center Construction Fund (Continued) .1 Calculation of Sales Price Needed (to cover costs through 12/31/00) Current deficit to cover $ 1,932,075 Plus: Accrued interest through 12/31/00 124,512 Repayment of interfund loan 130,634 Less: Proceeds from sale of "Former Police Station Site" (3 acres @ $82,500/acre) (247,500) Equals Cost to be recovered in Town Center Project $ 1,939,721 '-I "Hotel site" 4.5 acres "Retail strip on north end of rehbien parcel" 3.0 acres Remaining Acres to sell 7.5 =___»> 7.5 Approximate price per acre needed (through 2000) $ 258,629 Approximate price per foot needed (through 2000) $ 5.94 We recommend that the City continue to closely monitor the status of the Town Center Fund and identify other revenue sources if and when it is determined they are needed. 1 SAC Revolving 1 The SAC Revolving Fund was established in 1990 to account for a refund from the MCES (formerly MWCC) of past SAC charges which were paid by residents that had not hooked up to the sewer system. A summary of financial activity of this fund is as follows: i Prior Years 2000 Total Revenue SAC refund $ 368,816 $ 18,418 $ 387,234 Investment earnings 208,597 208,597 Total revenue 577,413 18,418 595,831 Expenditures: Refunds 230,219 5,955 236,174 Fund balance - December 31, 2000 359,657 The City is allowing current homeowners to request a refund with 4% interest. If refunds and claims are not submitted, the City will pay the full SAC charge from this fund at the time of hook-up. This policy will likely require a supplemental future revenue source as the current MCES SAC charges times the potential hookups exceeds the available balance. If the MCES SAC fees continue to increase at a rate that is faster than the investment eamings rate, other revenue sources will be needed in the future to fund the actual connections when they occur. (10)