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Ciy .......,_ <br /> o! \. <br /> Elk River EDA—Brown Property E� <br /> O River <br /> C <br /> PROPOSAL FOR THE SALE AND DEVELOPMENT <br /> OF BROWN BUSINESS PARKIP <br /> I.B.—Continued We have used the 40% floor-area ratio contained in the zoning. All private <br /> 2. Building Sizes developments seek to maximize the available land for development. We believe <br /> the EDA should adopt this philosophy understanding that we balance the objective <br /> by sensible planning and economic forecast. <br /> C <br /> 3. Total Estimated 40% of floor area ratio figures multiplied by an estimated building value for tax <br /> Building Value purposes of$55 per square foot including land. $43,010,000 <br /> 4. An estimate of build- To avoid false expectations,we believe too many variables and questions remain to C <br /> out time for all par- have an accurate prediction. However, based upon experience in other areas and <br /> celsin Elk River proformas containing a three to five year build-out time appears C <br /> reasonable. Yet, a single, highly subsidized project, could be completed by the <br /> end of 2006. <br /> a <br /> 5. When including SAC, $1.75 per square foot depending upon the ultimate absorption rate the <br /> WAC,park dedica- development wants to achieve in relation to the development immediatelylir <br /> • tion fees,current adjacent to this project. <br /> special assessments a <br /> and future public <br /> improvements,what C <br /> is the estimate a third <br /> party would or could C <br /> pay per square foot <br /> of land? Illir <br /> 6. List the estimated See Tab 2—"Sources and Use Statement" <br /> development fees <br /> and overhead ex- <br /> penses <br /> 7. Number of jobs cre- The number of jobs created shall be determined by the market. We have used the Q <br /> ated floor area ratio of 1.5 jobs per 1,000 s.f.to determine an estimate of 1,173 <br /> additional jobs. 1111 <br /> 8. Hours of operation Construction hours are controlled by ordinance. Using a global marketplace ID <br /> standard,it is anticipated that any and all projects may have some type of 24/7 <br /> operation but not at full employment levels. Ii <br /> 9. Traffic and parking While controlled by Ordinance,the ultimate perception of adequacy lies with the el <br /> needs market and/or user. Positive and negative attributes must be addressed in an <br /> overall market analysis to be completed by CB Richard Ellis and Hoisington iti <br /> Koegler Group. <br /> 10. Expected noise lev Controlled by Ordinance. ID <br /> • els <br /> AID <br /> AANICOIJ CBRE H Kle <br /> CB RICHARD ELLIS gin . <br />