|
City of Lino Lakes, Minnesota
<br />Page 3
<br />Town Center Construction Fund
<br />Over the past three years, the City has purchased two different parcels in the "Village Area" of Lino
<br />Lakes for the purpose of reselling the property for development. A third parcel was traded for the land
<br />the Civic Complex is located on. Future land sales are intended to cover the purchase of these three
<br />parcels. In addition, the proceeds from the sale of the former police station land and adjacent Tots will
<br />also go toward covering these costs after repaying an interfund loan made by the Water and Sewer
<br />Fund in 1998.
<br />The total amount of the costs incurred on the acquisition of these parcels and the costs associated with
<br />them through the end of 1999 is $2,182,352. Two of these parcels were financed with contracts for
<br />deed; as of 12/31/99, the remaining principal balance of the two contracts is approximately $859,352.
<br />Summary of Activity
<br />Description of Expenditure
<br />1996 81997 1998 1999 Total
<br />Capital Outlay (inc.land) $ 1,437,382 $ 296,178 $ 163,962 $ 1,897,522
<br />Interest expense 30,128 - 30,128
<br />Engineering 4,053 27,905 18,051 50,009
<br />Professional services 107,179 68,294 14,674 190,147
<br />Legal 4,623 9,189 360 14,172
<br />Other 308 40 26 374
<br />$ 1,553,545 $ 431,734 $ 197,073 $ 2,182,352
<br />Revenues
<br />net land sale proceeds 58,788
<br />99,469 - 158,257
<br />Remaining deficit $ (1,494,757) $ (332,265) $ (197,073) $ (2,024,095)
<br />Note: the expenditures above do not include any accrued interest on the Rehbien contract.
<br />The interest (and principal portion) will be paid as land is sold. At the end of 1999, the accrued
<br />interest is approximately $83,575. When future payments are made the payments will be applied
<br />first to accrued interest and the remainder then applied to the principal balance.
<br />There are approximately 11.5 developable acres that remain for sale, including the 3 acres from the
<br />former police station land. The above deficit of $2,024,095 (in addition to any other costs that are
<br />charged to this project in future years) will need to be funded from either land sales or other revenue
<br />sources, if the revenues generated from the land sales are not sufficient.
<br />
|