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<br />10/25/2004
<br />
<br />Prepared by Ehlers
<br />
<br />City of Elk River
<br />River Front Redevelopment
<br />Bluff Block - 10,000 Sq/Ft Retail
<br />iii'i"~milQjjibjll~ulI ' '~m"
<br />SO:UR~ ,.,',";;Fi'iiiiii;i;nnijiiiiiiiiFmnn '0:0:"'0:0:'"
<br />
<br />DEVELOPER FINANCING
<br />DEVELOPER EaUITY
<br />AMOUNT FINANCED
<br />
<br />% OF TOTAL. % OF FINANCE
<br />75,00%
<br />25.00%
<br />87.17%
<br />
<br />TOTALS
<br />826.919
<br />275,640
<br />1,102,558
<br />
<br />
<br /> 12.33% 155.000
<br />TOTAL SOURCES 100.00% 1257,558
<br /> Par Sq. Ft. % OF TOTAL. SUBTOTAL. TOTALS
<br />ACQUISITION COSTS 22,870
<br />Property-,5Acres 6.50 13,40% 148.715 188,478
<br />Oemol~io" 0.05 1,57% 19,763
<br />Relocation 0,00 0,00% 0
<br />Asbestos 0,00 0.00% 0
<br />CONSTRUCTION COSTS 649,763
<br />Shops Shell 64.98 51.67% 649.763
<br />Office Shell 0.00 0.00% 0
<br />Office Common Area 0.00 0.00% 0
<br />Parking Lot 0.00% 0
<br />Signs,benches,trash.etc 0
<br />Streets 0
<br />Pondlng 0
<br />TENANT IMPROVEMENTS 160,000
<br />Tenant Improvements 15,00 11,93% 150,000
<br />Tenant Allowances 0,00 0
<br />SOFT COSTS
<br />PREDEVELOPMENT COSTS 18,072
<br />Archilec\ & Civil 1.01% 12.648
<br />Govemmental 0
<br />Environmental 0
<br />Legal-Survey-nle 0,43% 5,424
<br />Survey & Soli Testing 0
<br />CONSTRUCTION COSTS 3,044
<br />Architecture&Civll-Buildings 0
<br />BuiidingMech&ElecEng 0,13% 1,581
<br />MatenalTesling&lnsp 0
<br />Builders Risk 0
<br />Environmental Engineering 0
<br />Inspecting Arch~ec\ 0
<br />Appraisals 0.12% 1,463
<br />INTEREST EXPENSE
<br />LandlPradev/Gov'llFinancelLegal 0
<br />Construclion Loan Interest 0
<br />GOVERNMENTAL FEES
<br />WAC Fau YET TO BE DETERMINED 0
<br />SAC F... YET TO BE DETERMINED 0
<br />Par1<.Dedication 0
<br />LEGAl-Borrowar 0,28% 3,556 3,668
<br />REAL. ESTATE TAXES 015% 1.928 1,928
<br />FINANCING 114,270
<br />InlerestReserves 3,15% 39,570
<br />Bank Legal 0,72% 9,100
<br />Recording & Closing Costs 1,64% 20,600
<br />Lease Up Defic~ 3.58% 45,000
<br />loan (Construction) 0
<br />LEASING $4,00 3.18% 40,000 40,000
<br />PROMOTION COSTS 0 0
<br />OFFICE OVERHEAD 0
<br />Metro PlAins
<br />Reproduction&Courler
<br />Travel
<br />DEVELOPER FEE ,,'
<br />MISC 0,'" 3.081 ',0"'
<br />CONTINGENCY 3.38% 42-,464 42,464
<br />TolalSoflCosla 289,317
<br />TOTAL USES 100.00% 1,2-57,558
<br />
<br />Page2of13
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<br />Appendix H Metroplains proforma
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