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<br /> City of
<br /> 3 Elk River EDA—Brown Property Ed... "'-'-
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<br /> River
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<br /> PROPOSAL FOR THE SALE AND DEVELOPMENT
<br /> OF BROWN BUSINESS PARK
<br /> 3 A.SOURCES
<br /> City Concept Plan 1 Market Value Taxes
<br /> 3 LOT# Acres Square Feet based on FAR Price Revenue obs* Purposes**
<br /> 8.75 152,000 $76,230.00 $667,012.50 228 8,360,000
<br /> rti I 2 3 52,000 $76,230.00 $228,690.00 H 78 1 2,860,000
<br /> 3 3 2.2
<br /> 4 2.2 38,000 $76,230.00 $167,706.00 57 2,090,000
<br /> 38,000 $76,230.00 $167,706.00 57 2,090,000
<br /> 3 5 1.67 29,000 $76,230.00 $127,304.10 44 1,595,000
<br /> 6 1.78 31,000 $76,230.00 $135,689.40 47 1,705,000
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<br /> 7 12 209,000 $76,230.00 $914,760.00 314 11,495,000
<br /> 8 3.4 59,000 $76,230.00 $259,182.00 89 3,245,000
<br /> 0 9
<br /> 2.7 .,..
<br /> 47,000 $76,230.00 $205,821.00 71 2,585,000
<br /> 10 7.3 127,000 $0.00 $0.00 191 6,985,000
<br /> TOTAL 45 I 784,000 $686,070.00 $2,873,871.00 1,173 43,010,000
<br /> 0 `13.USES
<br /> 0 Land Acquision
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<br /> 0 111°
<br /> Land price
<br /> li $630,000.06—
<br /> Closing costs
<br /> $22,500.00
<br /> 0
<br /> ,Loan placement $33,000.00
<br /> , -I
<br /> Sub total net $685,500.00
<br /> 0 1
<br /> Less Expenses:
<br /> 0 Site development costs $1,204,800.00
<br /> Site pad preparation costs $65,000.00
<br /> 0 1
<br /> ILegal(develop,platting,\site sales) $36,805.37
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<br /> 0 --- ,lLiability insurance $9,208.99
<br /> City approval fees $140,000.00
<br /> 0 Interest carry $138,020.13
<br /> 4Developer overhead(year and a half) $64,409.40
<br /> 0 _
<br /> Site taxes during sales period $9,208.99
<br /> 13)
<br /> rite sales commissions(10%) $287,387.10
<br /> Site sales environmental work $6,906.74
<br /> Title,Deed taxes,recording fees,etc. $36,835.97
<br /> - Miscellaneous fees/consulting/contingency $45,935.38 $2,044,518.08
<br /> CO _
<br /> $2,044,518.08 $2,730,018.08
<br /> CO Net $143,852.92
<br /> • *lobs figured @ 1.5 per 1000 s.f.
<br /> **Calculated @$55 s.f.
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<br /> 111 AAIV1CON CBRE H K
<br /> D CB RICHARD ELLIS g " i
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