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2021-02-02 P & Z Packet
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2021-02-02 P & Z Packet
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1/29/2021 5:10:52 PM
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3 <br /> <br />Table 2 - City/Developer Fee Commitment <br /> <br />The following is a development economics table that was created to provide transparency into our <br />development review process. The left side of the table, which depicts the projects performance without <br />assistance, shows that our project would not work because our investors require a minimum Return on <br />Investment (ROI) of approximately 7%. As you can see on the right-hand side of the table, which depicts <br />assistance in the form of a land write-down and fee waivers, we are close to that investment hurdle at <br />a 6.93% ROI with assistance. Additionally, to achieve that ROI we would need to apply for a grant or <br />other sources funding of approximately $350,000 to reduce any further fee waivers. There are many <br />outside sources of funding (non-City sources) that could be utilized to fill the funding gap that do not put <br />a burden on the City. These funding sources are pots of money that are collected through general real <br />estate taxes throughout the county and MSA. If the city is unwilling to take advantage of these funding <br />source the monies would be spent in other communities. <br /> <br />www.ebertconst.com <br /> <br />
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