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05-26-1998 EDA
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05-26-1998 EDA
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6/15/2018 6:44:52 AM
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MV EDA
EDA Document Type
Council Packets
Date
5/26/1998
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J4 <br /> INTER <br /> OFFICEMEMO <br /> To: Chuck Whiting <br /> From: Rick Jopke <br /> Subject: Mermaid Project <br /> Date: April 3, 1998 <br /> Attached is a recent fax received from Dave Maroney concerning the proposed Mermaid project. <br /> Dave has been in contact with John Seibert and has taken another look at the numbers.John <br /> Seibert/Charlie Hall have stated that they continue to need a total of$1,700,000 of TIF <br /> assistance for the project. The$1,700,000 includes$800,000 for land costs. Any land costs over <br /> and above $800,000 would require additional TIF assistance over and above$1,700,000. The <br /> developers have suggested that if the City were to acquire the Rentall business on the corner and <br /> provide the land at no cost to them that the$500,000 could cover the acquisition of the remaining <br /> parcels. They suggest that the costs for acquiring the Rentall business could come from TIF funds <br /> designated for Highway 10 redevelopment Dave Maroney's projections show that the issuance <br /> of$2,120,000 of bonds would be required to provide$1,700,000 of assistance. Dave indicates <br /> that the project would generate$218,500 of TIF which would not pay back the bonds. Only <br /> $1,525,000 of bonds could be supported by$218,500 of annual increments. <br /> Evergreen Land Services is uncomfortable with providing acquisition and relocation costs <br /> without appraisals being done. However a ballpark number they have given me is a total cost of <br /> all 4 properties of$1,080,000. This would mean that$280,000 would have to be found from <br /> other funds such as the funds design ted for Highway 10 redevelopment Bruce's latest <br /> projections show approximately$50,000 to$100,000 a year available for Highway 10 <br /> redevelopment projects. <br /> The total shortfall based on Dave's numbers and Evergreen's projections would be$455,000. <br /> This could go higher if acquisition and relocation costs exceed.Evergreen's estimates. <br />
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