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Town Center Construction Fund <br />Over the past five years, the City has purchased and improved land in the "Village Area" of Lino Lakes <br />for the purpose of reselling the property for development. Future land sales are intended to cover the <br />purchase of these parcels. In addition, the proceeds from the sale of the former police station land and <br />adjacent Iots will also go toward covering these costs after repaying an iOtarfund loan made by the <br />Water and Sewer Fund in 1998. <br />The following is a summary of project costs and related revenues prepared by management. This <br />summary reflects the net costs and sales proceeds needed for the City to recover these costs. <br />Expenditures: <br />Land Acquisition/Planning & Design (1): <br />Interest Expense <br />Village Infrastructure (V |ageDr. & TC Pkwy) <br />Total-A <br />$ 2,001.704 <br />224,548 <br />565,242 <br />$ 2,881,494 <br />Repayment of lnterfund Loan - Enterprise Funds $ 130,634 <br />Grand Total-B $ 3.012.128 <br />Revenues: <br />Proceeds from TIF 1-1 & 1-2 $ 547,478 <br />Net Land Sales (2) 158,257 <br />Assessments for Clinic & Bank (3) 71,826 <br />Total 777,561 <br />Total to Break Even A <br />Total to Break Even B <br />Estimated cost per acre based nn11.7Oocrun+A(4) <br />Estimated cost per acre based on 11.70 acres-B (4) <br />Estimated cost per square foot (509,652 sq ft) - A <br />Estimated cost per square foot (5O9.G52oq ft) 'B <br />(1) Includes purchase from Anoka County (Regional Park Land). <br />(2) Represents profit from land sales to bank & clinic. Land Acquisition figure includes <br />remaining dollars received. <br />(3) Assessments levied against bank & clinic included Surface Water Management Fees. <br />These have been removed from this figure. <br />(4) Based on total available area. <br />$ 2,103,933 <br />$ 2.234.567 <br />$ 179,823 <br />$ 190,989 <br />$ 4.13 <br />$ 4.38 <br />We recommend that the City continue to closely monitor the status of the Town Center Fund and <br />identify other revenue sources if and when it is determined they are needed. <br />(9) <br />