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Honorable Mayor and Members of the City Council <br />City of Lino Lakes <br />Page 4 <br />Town Center Construction Fund (Continued) <br />The following table calculates what the "breakeven" price on the remaining "Rehbein" and "Funkhouser" <br />parcels will need to be to cover the costs incurred through the end of 1999. In addition to these costs, <br />the sale prices will need to be sufficient to cover any additional costs that will be incurred in future <br />years; including interest that will be paid as the land is sold. Assuming that the land remaining near the <br />former police station land is sold for the appraised value of $82,500 per acre, the remaining parcels will <br />need to be sold for an average of $6.09 per square foot, or approximately $265,000 per acre in order to <br />cover costs incurred through the end of 1999. <br />Calculation of Sales Price Needed <br />(to cover costs through 12/31/99) <br />Current deficit to cover <br />Plus: Accrued interest through 12/31/99 / <br />Repayment ofAinterfund loan 77 wf Iew S - r JJ C 2 If 0 J <br />Less: ���k <br />Proceeds from sale of "Former Police Station Site" (3 acres @ $82,500 /acre) (247,500) <br />$ 2,024,095 <br />83,575 <br />130,634 <br />Equals Cost to be recovered in Town Center Project <br />"hotel site" <br />"retail strip on north end <br />of rehbien parcel" <br />Remaining Acres to sell <br />4.5 acres <br />3.0 acres <br />Approximate price per acre needed (through 1999) <br />Approximate price per foot needed (through 1999) <br />7.5 =___ »> <br />$ 1,990,804 <br />7.5 <br />$ 265,441 <br />$ 6.09 <br />We recommend that the City continue to closely- Thonitor the status of the Town Center Fund and <br />identify other revenue sources if and when Us determined they are needed. <br />0 <br />Low �� �z=� -72) s �i <br />Li) Ib ( Lip 43y) 601 :_ fit.a& S S en. 6- j <br />Fr* ltit-1 . 1904 -ce sue. L.-A ) e IZ S 9e -(01'-- <br />