2009.05.18 EDA Packet - Laserfiche WebLink

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Springsted Incorporated 380 Jackson Street, Suite 300 CJ p C i Ct g S t e d Saint Paul,MN 55101-2887 Tel: 651-223-3000 Fax: 651-223-3002 www.springsted.com MEMORANDUM TO: Bryan Bear, Community Development Director FROM: Mikaela Huot,Assistant Vice President/Consultant Paul Steinman,Vice President/Client Representative DATE: May 14, 2009 SUBJECT: Proposed Redevelopment TIF Project—Carpenters Restaurant—within TIF District No. 1-2 The purpose of this memo is to outline the financial components of the developer's proposal to redevelop the existing Carpenters restaurant site within the City's established Tax Increment Financing(Redevelopment)District 1-2. The current proposed redevelopment project includes the demolition and subsequent construction of a restaurant facility consisting of approximately 8,008 square feet of commercial—restaurant/retail with adjacent parking. The financial components are as follows: > Developer Request for Tax Increment Financing Assistance But-For Analysis Total Tax Increment Generated Developer Request for Tax Increment Financinq Assistance The developer submitted a request for TIF assistance in the amount of$400,000, based on increased costs due to redevelopment needs on the proposed project site. The total amount of assistance has been identified as$400,000 for site clearing/demolition,earthwork,public parking, SAC/WAC fees, landscaping and administrative fees. The following table outlines the estimated sources and uses of funds related to the proposed redevelopment project: Sources of Funds Total Uses of Funds Total Acquisition 0 Bank Loan 1,428,837 SAC/WAC Utilities 208,000 Private Funds—SBA 504 357,209 Construction 1,222,546 Permits 25,000 Developer Fee 85,050 TIF—Pa GO 400,000 Site Clearing/Demo 50,000 Streets/Curbs 175,450 Landscaping 20,000 Total 1,786,046 Total 1,786,046 Public Sector Advisors