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in a new facility located on the subject parcel . A <br /> drawing of the parcel and an approximate building foot <br /> print is attached. <br /> Our company is proposing to build a 30 , 000 square <br /> feet industrial building to accommodate Systec and up to <br /> three new light manufacturing businesses . <br /> We have reviewed our proposed construction with two <br /> contractors experienced in industrial property <br /> construction and have been advised that the principal <br /> construction concern is the existing soil condition . We <br /> understand that the site was used for disposal of street <br /> or highway demolition debris and that it is likely that <br /> this would need to be completely removed to pe.rmit <br /> construction . Without comprehensive soil testing the <br /> exact cost of the coil correction work cannot be <br /> determined . However , our contractors estimate a worst <br /> case cost to be $ 175 , 000 . We are asking City assistance <br /> for this amount to achieve a buildable site . <br /> O Additional basic site re aration work and utility <br /> P P Y <br /> installation will total an estimated $ 58 , 000 . This <br /> expense is necessary to prepare the site for final <br /> construction and City assistance is also requested in this <br /> amount . Two versions of a project cost summary are <br /> attached . Version A includes the requested City <br /> assistance. Version B includes no City assistance . It is <br /> apparent that the project cannot proceed without St . <br /> Anthony participation. <br /> Our company will contribute equity in the amount of <br /> $212 , 500 in land value and cash , financing approximately <br /> $850 , 000 . We expect a market value for real estate taxes <br /> purposes of approximately $ 1 . 2 million . <br /> The benefits to the City for its participation <br /> include : <br /> Q1 . The retention of 20 jobs at Systec . <br />