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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> of Lino Lakes, we have estimated the potential gross proceeds <br /> available from the subject as follows:. <br /> 50 lots @ $40,000 $ 2,000,000.00 <br /> 50 lots @ $35,000 $ 1,750,000. 00 <br /> 25 lots @ $29,900 $ 747,000.00 <br /> 27 lots @ $23,900 S 645,300.00 <br /> Total $ 5,142,800.00 <br /> As is set out above, it appears that the subject will not <br /> be included within the MUSA for at least 5 years. For <br /> purposes here, we have assumed the best case scenario of <br /> utilities becoming available in year 5 and the subdivision <br /> being completed and lots available and absorbed completely in <br /> years 5 and 6. We have estimated development expenses based <br /> upon current costs reported by the City of Lino Lakes for <br /> improvement assessments in recent development. Other costs <br /> were estimated based upon -our recent experience with <br /> subdivisions in the northern metropolitan area. We have <br /> assumed that a developer would require a 20% return on sales <br /> in order to be motivated to assuming the risks associated with <br /> the development. This is on the low end of the returns that <br /> developers require based upon our experience. Details <br /> regarding the allocation of the potential revenue and costs to <br /> the year incurred are shown on the chart included in the <br /> addenda. Also shown in the chart is the present worth factor <br /> ^ to be applied to the net revenues in the given year. This <br /> Page 27 <br />