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CENTERVILLE, MINNESOTA - Sources &Uses
<br />' 1-B8
<br />CRC OF FUNDS
<br />OI1R - -- - -
<br />First Mortgage (supported by cash flow)
<br />Tax Increment Financing
<br />LCDA Grant
<br />Building B
<br />Mkt Rate Apt's & 1st
<br />Floor Retail
<br />48 Units / 10,100 Sq. Ft.
<br />$ 6,769,407 $
<br />825,188
<br />566,425
<br />Total Sources of Funds
<br />$
<br />8,161,020 $
<br />USES OF FIINDC
<br />Acquisitions Costs
<br />$
<br />846,928
<br />Demolition / Site Preparation
<br />Sources & Uses
<br />118,763
<br />Relocation Specialist
<br />136,800
<br />53,000
<br />Construction Costs / Improvements
<br />763,100
<br />7,190,108
<br />Cash Accounts (Tax & Isurance Escrows, Marketing Costs, Etc...)
<br />37,500
<br />176,329
<br />Municival Costs
<br />13,581,825
<br />(335,309)
<br />Sewer and Water Access Charge
<br />163,171
<br />Park Dedication Fee
<br />35,971
<br />Building Inspection Fees
<br />23,251
<br />Public Improvements
<br />1,248,460
<br />Professional Services
<br />515,443
<br />Soft Cost Contingency
<br />50,000
<br />Closing Costs
<br />34,076
<br />Cost of Financing
<br />478,555
<br />Developer Fee
<br />583,858
<br />Total Uses of Funds
<br />$
<br />11,517,913 $
<br />$
<br />(159,240) $
<br />FINANCING GAP
<br />$
<br />(3,356,893)
<br />ODnortunities to Reduce Financine GAP
<br />Sewer and Water Access Charge
<br />$
<br />163,171 $
<br />Park Dedication Fee
<br />35,971
<br />Building Inspection Fees
<br />23,251
<br />Public Improvements
<br />1,248,460
<br />Land Cost Writedown (City Owned Land)
<br />-
<br />$
<br />1,470,853 $
<br />FINANCING GAP ASSUMNG ALL OPPORTUNITIES ARE TAKE $
<br />(1,886,040) $
<br />'TOTAL FINANCING GAP - Assuming all Opportunities are Taken $
<br />TOTAL FINANCING GAP $ 3,537,329
<br />Building B
<br />175,971
<br />1st Floor Retail
<br />50,071
<br />(Retail Portion)
<br />Summary
<br />10,000 Sq. Ft.
<br />Sources & Uses
<br />1,550,000
<br />$ 8,319,407
<br />136,800
<br />961,988
<br />196,675
<br />763,100
<br />1,883,475
<br />$ 10,044,495
<br />294,072 $ 1,141,000
<br />41,237 160,000
<br />- 53,000
<br />1,162,500 8,352,608
<br />81,470 257,799
<br />12,800
<br />175,971
<br />14,100
<br />50,071
<br />7,100
<br />30,351
<br />246,000
<br />1,494,460
<br />58,160
<br />573,603
<br />25,000
<br />75,000
<br />8,693
<br />42,770
<br />75,279
<br />553,835
<br />37,500
<br />621,358
<br />2,063,912 $
<br />13,581,825
<br />(335,309)
<br />($180,437) ($3,537,329)
<br />12,800
<br />14,100
<br />7,100
<br />246,000
<br />280,000
<br />99,563
<br />% of TDC
<br />1,786,476 1 13%
<br />
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