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. NOV-25-96 MON 02:27 PM THE SCHOENING GROUP FAX NO, 9201369 P, 02 <br /> Memoriwdum <br /> To: eke Mornson and Mike Larson,St.Anthony <br /> From: 7bm Lund and.bob Schoening, The Schoening Group,Inc. <br /> ,Date: November 25, 1996 <br /> Be.. Liquor Store Relocation <br /> As mentioned,we have put together proposal summary and rent estimates that take into <br /> account proposed percentage rent Enclosed you will find a convarison of the Ste Marne <br /> proposal& <br /> With regard to constructing a new"city owned"Liquor Store on an altemative site,we <br /> thought it might be useful if you had some construction cost and debt service estimates. <br /> Our assumptions are below: <br /> Basic Assumptions (estimates only) <br /> Site Size: 60,000 square feet <br /> Building Size: 8,500 square fee <br /> • Land Cost: $480,000(58.00 per square foot) <br /> Building Cost: $5507000($65.00 per square foot) <br /> Soft Costs: $100,000($11.76 per square toot) <br /> Financing.: $1,130,000, 8.25%per annum, 15 year amortization <br /> The above assumptions result in au annual debt service payment to St Anthony of <br /> $131,551 (S15.48 per square foot). If you amortize the building over 10 years, your <br /> annual payment increases to $166,316($19.57 per square foot). To the extent you can <br /> buy land for less, finance less, or borrow at a lower rate your debt service wM decrease. <br /> Please call with any questions or if we can be of further assistance. We hope you find this <br /> helpful. <br />