|
<br />Indykiewicz Property Acquisition
<br />Page Four
<br />January 4, 1999
<br />
<br />.
<br />
<br /> Arden Hills & Ramsey County
<br /> ~ ,~.. <"
<br />Item Total Cost RC Cost AH Cost
<br />R-O- W $1,150,000,00 I $635,000,002 $515,000.00 3
<br />Fixturc/Dirt $353,650.004 $194,507,505 $159,142,506
<br />Road $1,016,110,007 $484,200,008 $531,910,009
<br />Miscellaneous 10 $52,757,60 $29,016,68 11 $23,740,92 12
<br />TOTAL $2,572,367,60 $],342,724.18 $1,229,793.42
<br />
<br />1. Indykiewicz appraisal is at least $1,300,000 the City appraisal is at $1,030,000
<br />2. Value determined by partial take (ie., road and pond only) appraisal
<br />3. Difference between numbers one and two
<br />4. Value placed on fixtures and dirt by Indykiewicz's
<br />5. Value based on Ramsey County's percentage (55%) of property acquisition ($635,000/$1,150,000 x $353,650)
<br />6. Value based on Arden Hills' percentage (45%) of property acquisition ($515,000/$1,150,000 x $353,650)
<br />7. Total road cost based upon BRW numbers (memo dated 12-29-98 - Exhibit C)
<br />8. Ramsey County road cost pcr BRW numbers (memo dated 12-29-98 - Exhibit C)
<br />9. City of Arden Hills road cost per BRW numbers (memo dated 12-29-98 - Exhibit C)
<br />10. Includes incurred costs for appraisals and various consultants.
<br />11. Value based on Ramsey County's percentage (55%) of property acquisition ($635,0001$1,150,000 x $52,757.60)
<br />12. Value based on Arden Hills' percentage (45%) of property acquisition ($515,000/$1,150,000 x $52,757.60)
<br />
<br /> Arden Hills - Reimbursables
<br />Item AH Cost Reimbursement Rate Revenue
<br />R-O-W $515,000.00 66%1 $339,900,00
<br />F ixtureIDirt $159,142,50 75%2 $119,356,88
<br />Road $531,910,00 0% $0
<br />TOTAL $1,229,793.42 NA $459,226,883
<br />
<br />.
<br />
<br />I. Discount due to governmental pricing on acquisitions and sales.
<br />2. Discount due to governmental pricing on acquisitions and sales.
<br />3. Yields a final expenditure of$1,229,793.42 - $459,226.88 = $770,566.54
<br />
<br />The original budget for the TIF G,O, Bond estimated the Indykiewicz land acquisition at
<br />$836,000,00 and the intersection construction at $300,000,00 for a total of$I,136,000,OO, The
<br />current estimate for land acquisition and road construction is $770,566,54 ($1,229,793.42 -
<br />459,226,88),
<br />
<br />Bud!!et ImDact
<br />The City has two options available to funding the estimated $2,572,367,60 cost of the advance
<br />funding option. It can be funded up front or over time,
<br />
<br />a. Upfront funding. Under this scenario, the City would front 100 percent of the project
<br />costs until such time that Ramsey County reimbursed the City, Under this scenario, the
<br />Staff would recommend the following:
<br />
<br />. TIF Bond proceeds/Fund 704
<br />. PIRlFund 501
<br />
<br />$1,600,000,00
<br />$972.367,60
<br />$2,572,367,60
<br />
<br />.
<br />
|