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04-13-15-WS
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04-13-15-WS
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5/5/2015 11:40:00 AM
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4/13/2015 2:01:46 PM
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<br /> <br /> <br />Memo <br /> <br />To: Patrick Klaers, City Administrator <br /> <br />From: Stacie Kvilvang <br />Date: April 13, 2015 <br />Subject: City Financing and Fee Structure – TCAAP Public Improvements <br /> <br /> <br />Attached please find updated charts that include potential fee structure, funding sour ce and <br />risk to the City for various public improvement costs related to the redevelopment of <br />TCAAP. <br /> <br />Please note the following: <br /> <br />1. City Interfund Loans/Interim Financing of Predevelopment Costs (page 1 of <br />attachment) <br /> <br />a. Total predevelopment costs are estimated to be approximately $815,000 <br /> <br />b. The City has approximately $500,000 in predevelopment costs that will be <br />repaid by a development fee paid on a per acre basis as land is sold <br />(approximately $1,440/acre). This does not include interest associated with <br />that cost so the fee will be increased to the appropriate level once we know <br />more about timing of future development. <br /> <br />c. The costs for preliminary and final design for the road and trunk utilities is <br />approximately $369,000 and will be assessed to the property as part of the <br />429 special assessment process. The City will be repaid as land is sold. <br /> <br />d. Cost to complete a utility rate study is approximately $20,000. This will be <br />completed to determine appropriate level of sewer, water and storm fees to <br />be charged to pay for the improvements will be paid from the utility fund. <br /> <br />2. Public Improvement costs (page 2 of attachment) <br /> <br />a. Total public improvement costs that the City would likely issue debt for is <br />approximately $15.313 million (principal amount) <br /> <br />b. Total development cost of the four (4) parks is approximately $7 million. It is <br />anticipated that the City would issue bonds to pay for the improvements and <br />for modeling purposes we have assumed a 10-year debt issue to reduce <br />interest borrowing costs and to closely mirror the timing of land sales and <br />development of housing units. The bonds would be repaid through park <br />
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