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01-28-1999
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01-28-1999
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8/20/2018 5:29:12 AM
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MV EDC
EDC Document Type
Council Packets
Date
1/28/1999
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Jan 1a as 11 :a1p John Seibert (612)421-0549 p. 2 <br /> Mermaid Complex Development Project Costs <br /> Co Developed by Hells, l-LC ,&JCS Development, Incl <br /> •Land t5 <br /> Purchase of B.E.C.Property $350,000.00 <br /> Purchase of Music Off 10 Property - $350,000.00 <br /> Purchase of Easement&Pond-Cabot $100,000.00 <br /> Purchase of Property From Mound Vista 100,000 sq ft @$8.00/sq ft $800,000.00 <br /> Total Land Costs $1,600,000.00 <br /> Land improvement Costs <br /> Parking Lot development $100;000.00 <br /> Parking Lot Landscape 8 Curbing $75000.00 <br /> Parking Lot Intergration Costs $50,000.00 <br /> Demolition and removal $100,000.00 <br /> Holding Pond Construction $100,000.00 <br /> Total Land improvement Costs $425,000.00 <br /> Construction Costs <br /> Building costs-Hotel $5,075,000.00 <br /> FF&E costs for Hotel $525,000.00 <br /> Building costs-Banquet Center $1,200,000.00 <br /> 40 FF&E costs for Banquet Center $250,000.00 <br /> Building lntergration Costs $240,000.00 <br /> Glass Foyer between Buildings $100,000.00 <br /> Mansord for the Mermaid $100.00000 <br /> Total Construction Costs $7,490,000.00 <br /> Development&Soft Costs <br /> Financing&Soft Costs for Hotel $200,000.00 <br /> Development Costs-Hotel $200,000.00 <br /> Contingency 8 Working Capital-Hotel $175,000.00 <br /> Financing&Soft Costs for Banquet Center $55,000.00 <br /> Development Costs-Banquet Center $75,000.00 <br /> Contingency&Working Capital Banquet $50,000.00 <br /> Total Development&Soft Costs $755,00000 <br /> Total Project Development Costs $10,270,000.00 <br /> Financing Requirements <br /> Equity Requirements <br /> Cash $867,500.00 <br /> TIF Proceeds $1,700,000.00 <br /> Total Equity $2,567,500.00 <br /> Debt Financing $7,702,500.00 <br /> iioTotal Project Development Costs $10,270,000.00 <br />
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