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EHLERS
<br /> , S S 0 C 1 1, -ES I N MEMORANDUM
<br /> DATE: June 17, 2002
<br /> TO: Mike Morrison—St. Anthony Village
<br /> FROM: Stacie Kvilvang—Associate Financial Advisor
<br /> Jim Prosser—Financial Advisor
<br /> RE: Kenzie Terrace Redevelopment
<br /> Between 1996 and 1999, the City of St. Anthony Village purchased the following five (5) single-
<br /> family homes along Kenzie Terrace, in order to assemble them into a single parcel for future
<br /> redevelopment.
<br /> Property Address PID# City Acquisition Relocation/Demolition Total Acquisition Cost
<br /> Cost & Lepi Costs
<br /> 2548 Kenzie Terrace 07-029-23-23-0004 $105,000 $11,239 $116,239
<br /> 2546 Kenzie Terrace 07-029-23-23-0005 $62,000 $11,871 $73,871
<br /> 2542 Kenzie Terrace 07-029-23-23-0006 $94,000 $13,646 $107,646
<br /> 2538 Kenzie Terrace 07-029-23-23-0007 $70,000 $9,946 $79,946
<br /> 2534 Kenzie Terrace 07-029-23-23-0008 $53,000 $14,101 $67,101
<br /> TOTAL N/A $384,000 $60,803 $444,803
<br /> On May 3, 2002, the City sent a Request for Proposals
<br /> (RFP) to five (5) residential developers who had inquired 1 i ►,� '
<br /> and shown interest in redeveloping this 1.06-acre site for
<br /> both owner-occupied town homes and multi-family rental
<br /> developments. On May 29, 2002, the City received two
<br /> submittals from developers in accordance with they
<br /> requirements of the RFP. ° '
<br /> The first developer is LaNel Financial, who currently owns
<br /> the Autumn Woods Apartments, a senior-rental community
<br /> located immediately adjacent to the redevelopment site on / Autumn Woods
<br /> ��, i
<br /> the east. The second is Larry Beach Construction, who is a ; ; z Senior Apartments .
<br /> "
<br /> single-family residential developer. Following is a chart 'lot" w�°
<br /> that overviews their proposals and a chart that provides an _
<br /> analysis of taxes paid pre and post redevelopment:
<br /> Developer Pro osal Overview
<br /> Purchase Square Rental Sales Market Annual
<br /> Developer Development Price of Land Footage Rate Price Value of Taxes
<br /> Units
<br /> 20-unit, 2&3 stor} senior $150 $34,610
<br /> LaNel rental w/underground ,000 1 050 $1,200- N/A $95,000 $11,679—
<br /> Financial heated parking $7,500/Unit $1,325 City Portion
<br /> 8 slab-on-grade,owner- $228,000 $25,737
<br /> Larry Beach occupied town homes $136,000 a
<br /> Construction w/front loaded garages on $17,000/Unit 11330 N/A $240,000 95%of $8,356—
<br /> Kenzie Terrace Sales Price City Portion
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