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<br />Current Parking <br /> <br />Current City Hall has requires 81 spaces per city zoning (max calculation) with 71 spaces existing (12 at <br />the old City Hall and 59 spaces at new City Hall) <br /> <br />Two Scenarios <br />Option 1 Cost Estimate – Parking Lot (Estimates provided by HKGi) <br /> <br />Demolition: $35,000 <br />Landscape: $23,950 <br />Hardscape: $174,165 <br />Subtotal: $233,115 <br />Contingency (15%): $34,967.25 <br />Design, engineering, permitting (10%): $23,311.50 <br />Total: $291,393.75 <br /> <br />Option 2 Cost Estimate – Lease City Hall <br /> <br />Landscape: $17,650 <br />Hardscape: $143,345.50 <br />Subtotal: $160,995.50 <br />Contingency (15%): $24,149.33 <br />Design, engineering, permitting (10%): $16,099.55 <br />Alternate 1 City Hall Connection: $16,450 <br />Total: $217,694.38 <br /> <br />Repairs of the building including tenant buildout: $500,000 <br /> <br />Total: $720,000 <br /> <br />Commercial Value and Leasing (Estimates provide by Scott Kragness Metro East Commercial Real <br />Estate Services) <br /> <br />Market value of the building: $473,000 - $555,000 <br />Lease value per year: $43,000 - $52,500, $14.50 – $17.50 Triple Net (taxes, insurance, utilities & <br />maintenance) <br />Types of businesses: Office space for General businesses, Physical Therapist, Religious organizations, non- <br />profits, Law firms, Accounting Professionals, Therapist, Daycare/educational users, or adaptive reuse users. <br />Two leased spaces could provide more revenue <br />Term Length: 5-10 years <br />Tenant build-out costs: $150,000 + $350,000 in deferred maintenance = $500,000 <br />Replacement cost for a new building is around $450 sq.ft. for a new building. A new building at the site <br />would cost between $1.6 - $1.8 million. <br /> <br />Commercial Pro Forma: (We are refining the pro forma as various inputs can alter the results) <br />Net Operating Income: $39,115 <br />Debt Service per year: $39,295 ($610,000 at 5% over 30 years) <br />Cash Flow: Positive in year 2: $11,741 year 10 <br /> <br />FISCAL IMPACT: <br />No impact on today’s decision <br /> <br />