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market analysis, and c) financial feasibility. The project costs are <br /> • estimated as follows: <br /> Building construction $2,475,000 <br /> Aluminum bleachers $ 15,000 <br /> Concrete base $ 67,000 <br /> Contractors fees $ 120,000 <br /> Market study and other fees $ 11,000 <br /> Contingency $ 269,000 <br /> Total Cost $2,957,000 <br /> The following items are not included in this estimate: site preparation <br /> work, parking lot improvements, landscaping amenities, sewer access <br /> charge, water access charge, and the like. Cost of issuance fees, etc., <br /> likely results in a $3,300,000 bond issue for the project. The estimated <br /> cash flow from the arena ($181,000 in its third full year) can support <br /> approximately $1,847,000 in debt with a required 105 percent coverage <br /> ratio. <br /> Mr. Sherf's presentation will no doubt lead to numerous opportunities <br /> for questions and clarification. EDA Commissioners should come <br /> prepared with his or her questions. <br /> • ACTION REQUESTED <br /> The EDA is asked to accept the feasibility study as prepared by <br /> Marquette Partners. <br /> The EDA is asked to refer this matter to the Elk River City Council for <br /> further review. <br /> 7. QUIT CLAIM DEED - TALBOT PROPERTY EASEMENT <br /> The Attorney for Elk Park Center Limited Partnership has raised an <br /> easement title objection relating to said Partnership's acquisition of <br /> the Jim Talbot property along County Road 1. The Partnership is <br /> acquiring this parcel for purposes of relocating Mr. Bill Dickenson's <br /> bus operation currently located along Jackson Road. The easement <br /> objection affects the Elk River EDA. <br /> The EDA may have a possible claim of an easement as the owner of the <br /> • land lying west of and adjacent to the Talbot property (Elk River <br /> Industrial Park). This claim of an easement arose from a deed in 1974 <br />