|
07/02/98 13:58 COMMUNITY PARTNERS INC. 3 16127843462 NO.643 P001
<br /> For Discussion Purposes On1y
<br /> Subject: Hotel Project Proposal Post_;t..Fax Note 7671 Date 7-?..q8 pages► 1
<br /> Revised TIF Assumptions —To Q (V, Z. From rm..,
<br /> CoJDePt• Co.-Co —
<br /> Date: July 1, 1998 Mo6•.,3r Vses..� •
<br /> Phony# ._ Phone# 561 -4iv5'_(o6kiy
<br /> Fax# Fax#
<br /> ASSI1Mi gi9ns (.017.- -18y-3'1(.1 ,
<br /> 1. TIF Hotel/Banquet Facility(105 rooms)
<br /> .JCS Development Proposal dated January 5, 1998
<br /> 2. Tax increments captured for 14 years beginning in the year 2001 and ending in 2014. 5°
<br /> of TIF available for debt service, A"Pilot" is assumed in the year 2000.
<br /> 3. Taxable TIF Revenue Bond issued on 7/1/98; 15 year amortization; and for planning
<br /> purposes, an interest rate of 7.25%. Tax-exempt rate assumed to be 5.5%.
<br /> 4, Issuance expense budget provides for 24 months of capitalized interest, finance fees and
<br /> legal costs,
<br /> 5. Stable tax increment revenues and no project expansion.
<br /> 6. Property acquisition/relocation costs in excess of$800,000 are financed with funds from
<br /> the Mounds View Economic Development Project Fund ("pooled account").
<br /> Preliminary Budget Profile
<br /> Hotel Facility banquet Center Totals
<br /> Development Costs $5,905,000 $1,660,000 $7,565,000
<br /> Tax Increment Assistance $1,000,000 $ 700,000 $1,700,000
<br /> % of Development Costs 17% 42% 22%
<br /> TIF - Acquisition $ 400,000 $ 400,000 $ 800,000
<br /> TIF -Project Costs $ 600,000 $ 300,000 $ 900,000
<br /> Annual TIF Estimate $ 178,500 $ 40,000 $ 218,500
<br /> Preliminaryt Proj, ions
<br /> Annual TIF Bond Issue Issuanct,Fxpenses Net proceeds
<br /> 1. $218,500 $1,900,000 $375,000 S1,525,000(1)
<br /> 2. $218,500 $2,100,000 $400,000 $1,700,00
<br /> $ 200,000 (Taxable)
<br /> $1,900,000(Exempt)
<br /> (') Developers request is for $1,700,000.
<br />
|