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$100 , 350 roof/boilers <br /> $110 ,000 fire station <br /> $ 20 ,000 contingency <br /> $230 ,000 , <br /> 3. Our calculations show that in addition to the AAU space <br /> and the -Aga Khan space currently being leased, which bring <br /> in about $18, 500 per year, :about. 6 ,000 square feet are <br /> available for lease to -other tenants. Based on what the <br /> City is currently paying the School, $6 per square foot, <br /> which includes utilities, we could expect about an $36,000 <br /> income from this additional space. <br /> Total revenues expected then could be $54 ,500 <br /> less a 10% vacancy factor $49 ,000 <br /> Payment in lieu of taxes would be due to Hennepin County <br /> on these receipts at 1/3 for net income: $32,667 <br /> Attached are budget figures used by the School regarding ^ <br /> Parkview operating costs. It appears that the rental <br /> receipts should about equal operating costs (excluding <br /> maintenance and repairs) . <br /> SUMMARY <br /> Total costs to the City for the Parkview space will then be: <br /> 1 . Acquisition cost between $70 ,000 and $210,000 <br /> 2 . Initial repairs and fire remodeling $230,000 <br /> 3 . Other repairs/remodeling (not calculated) could <br /> vary greatly depending upon the final design <br /> 4 . Rental income versus utilities/heating are about <br /> a wash. <br /> Rough total for initial costs - $300,000 and <br /> up, depending on price paid for the building. <br /> New construction estimate for. space of 12;000 square feet at <br /> $75 -per foot, excluding land would be $900, 000 . <br /> Things to think about in old vs. new building: <br /> • A. Image . <br /> B. Flexibility of space (an old 'school building does not <br /> provide the most -efficient space for City operations) <br />