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PHASE I DEVELOPMENT&PUBLIC IMPROVEMENT •
<br /> 27-Oct-03
<br /> SOURCES
<br /> Dev Agreement
<br /> Land Payment-Commercial($5.71 Sq/Ft) $ 2,779,360
<br /> Land Payment-Rental($10,227/Unit) $ 2,249,940
<br /> Land Payment-For Sale 1A($7,500/Unit) $ 960,000
<br /> Land Payment-For Sale 1 B($12,500/Unit) $ 1,600,000
<br /> TI Bonds-Commercial(Net Proceeds)
<br /> TI Revenue Bonds- For Sale Phase IA(Net Proceeds) $ 8,098,100
<br /> TI Revenue Bonds- For Sale Phase IB(Net Proceeds)
<br /> Grants-Met Council Tax Base(Asbestos) $ 585,600
<br /> Anchor Payment for 39th Avenue $ 1,205,000
<br /> Special Assessment Bonds-Small Commercial Tenants $ 500,000
<br /> Special Assessment Bonds-West end Benefited Properties $ 175,000
<br /> Special Assessment Bonds-Phase IB For Sale Housing $ 325,000
<br /> Park Dedication $ 205,000
<br /> Other Grants-LCDA(Park) $ 900,000
<br /> Coverage(Present Value) $ -
<br /> TOTAL $ 19,583,000
<br /> USES
<br /> Property-St. Marie $ 2,500,000
<br /> Property-3 Commercial Buildings $ 2,900,000
<br /> Property-Tires Plus/SAV II $ 1,550,000
<br /> Cub Foods Release $ 1,850,000
<br /> Demoliton, Relocation&Misc. $ 2,638,000
<br /> Predevleopment Costs $ 1,250,000
<br /> Contingncy $ 600,000
<br /> Streets&Streetscape $ 1,705,000
<br /> Cub Foods Building Facelift $ 580,000
<br /> Capitalized Interest-Loans for Apache $ 100,000
<br /> Capitalized Interest-Purchase of 3 Commercial Properties $ 350,000
<br /> Capitalized Interest-PAYG Notes $ 485,000
<br /> 39th Avenue Upgrade(west of park)/Bury Power Lines $ 500,000
<br /> Devleoper Fee $ 200,000
<br /> Overhead(12 mos x$10K+ 18 mos x 15K) $ 590,000
<br /> Apache holding costs($40K/Month for 7 Months) $ 355,000
<br /> Site Improvements $ 1,430,000
<br /> TOTAL $ 19,583,000
<br /> PHASE I&PI EXCESS/(GAP) $ -
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