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CCP 03-08-2004
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CCP 03-08-2004
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<br />. <br /> <br />Memo to EDA <br />Indykiewicz Property <br />Page 2 of2 <br /> <br />:;. After taking into account the future County reimbursement and the sale of surplus equipment <br />after the acquisition of the Indykiewiez property, our net cost for the property is $1,026,333. <br /> <br />. <br /> <br />:;. Our carrying cost for the property, or our lost interest had we chosen not to acquire the <br />property, is $174,331 to date. lfwe elect to retain the property until 2010, or carrying cost <br />would be $553,659. Carrying cost for the property for years up until 2014 along with a <br />cumulative total are outlined on the attached spreadsheet. Potential appreciation in the value <br />of the property is not included in the analysis. <br /> <br />:;. This property is currently within an existing tax increment financing district. As such, once <br />improvements to the property are made, the City will receive the City, County, and School <br />District taxes until 2014 when the district is decertified. The gross cash flow associated with <br />this revenue stream is estimated at $240,836. This does not factor in any retail space beyond <br />the gas station/c-store. <br /> <br />>- The area associated with the remnant parcel is estimated at 172,066 square feet. Below is a <br />table that summarizes the total cost of the property based on our original purchase, appraisal, <br />current offer, and a proposed counteroffer. <br /> <br /> Net Present Value <br /> PSF SubTotal of Tax Increment Total <br />Orir1Tnal Purchase Price ..- $ 4.29 $ 738,163 $ 738.163 <br />Appraised Value $ 5.25 $ 903,347 $197.84L $1.101.193 <br />Current Offer $ 4.14 $ 711,700 $197.847 $ 909.547 <br />Proposed Counter Offer $ 5.50 $ 946,363 $197.847 $1.144.210 <br />. This is the l'urchase price for the remnant property only. The portion otOropertv used as Dart of the pond ocnstruction <br />and rea~nment of West Round Lake Road are not included. This results in a lower total value. I ! <br /> <br />. <br /> <br />Requested Action <br /> <br />Authorize staff to negotiate a price and general terms subject to EDA approval. <br /> <br />. <br />
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