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HomeMy WebLinkAbout2021-07-21 EDA Packet77,7777eT,T, MFFTTNf I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF AGENDA CITY OF CENTERVILLE ECONOMIC DEVELOPMENT AUTHORITY MEETING AGENDA Wednesday, July 21, 20,21 6:30, p.m. or shortly thereafter MEETING IS IN I)ERSON CITY IIALL t °011: C11, CIIAMBERS t , t 1, .t.°t EE t: AT: https://northmetrotv.com/centerville-stream/ 1. Call for Changes to the Agenda IV. APPROVAL OF MINUTES 1. None V. BILLS AND COMMUNICATIONS 1. Bills a. Check List 2. Communications a. Brew Pub Email VI. REPORTS 1. Administrator's Report 2. Partner Agency Reports a. Anoka County Regional Economic Development (ACRED) b. Quad Area Chamber of Commerce C. Hugo Area Business Association 3. Year to Date Financials 4. Ongoing Programs: a. Blue Logo Sign b. CenterStage C. Business Revolving Loan and Grant Program d. COVID Relief Business Assistance Grant Programs VIL OLD BUSINESS 1. 2022 Budget Proposal 2. Business Appreciation Event 3. SWAG Bag Review VIIL NEW BUSINESS 1. 1737 Main Street — Review EDA-led Development (Mike Brass) IX. ADJOURNMENT INFORMATIONAL MATERIALS None MEETING REMINDERS All Meetings via Zoom Videoconferencing at 6:30 PM unless otherwise noted See City's Website for Links D /\Ugusi, '8, 202 7P)d Anoka County Regional Economic Development Authority Meetings M N ��ed Lstate Jourmd �ed Lstate Stunaiui. 11), 202 Fsi,,ai,�,� Stunaibi, 2, 202�� PG,V,' Y,1,40p,m hfly2225,202�� MN Tech Corridor Stakeh� &fi�i Iaigusi, TBD 6,202�� OCIA6�,�i20,2021� R Fxp Oci,I 27, 202 I Anoka County Blus�ness Sui,nrn1, 7, 202 Quad Area Chamber of Commerce Meetings N p,atd � d" Dnp:Ik rIs PIII/fi,,e0ng P111/b mcha,Y, fifl,lY I 11), 202 11 4 00 p p n , tl,a m ptl n CITY OF CENTERVILLE Check Detail - through July 21, 2021 07/16/21 12:48 PM Page 1 Check Date Check # Vender Name Comments 1 7/9/2021 000004E IRS/EFTPS Check Nbr 000004 IRS/EFTPS 1 7/21/2021 001005 CITY OF CENTERVILLE Check Nbr 001005 CITY OF CENTERVILLE FICA/MED W/H - 2ND PAYROLL 2021 REIMBURSE CITY FOR TOTES PURCHASE WITH CITY CREDIT Amount $68.88 $68.88 $495.02 $495.02 $563.9U Mark Statz From: Mark Statz Sent: Thursday, July 15, 2021 1:05 PM To: aktietz@gmail.com' Cc: jon.rausch@cushwake.com; Mike Brass (mike@mikebrass.com); John Chirhart; Craig Devereaux; Jeff Hanzal EDA Subject: Centerville Brew Pub Locations Attachments: Centerville_3000x1976 jpg; 1937 Main - birdseyejpg; 1695 MAIN ST-(4-10-19).pdf, EDA flyer_triblock color.pdf Ava, Thanks for chatting about your client that is looking at Brew Pub locations in our area. The city of Centerville would love to have a Brew Pub in town. In fact, a number of years ago, we revised our ordinances to make sure Brew Pubs would be allowed. We have a number of great locations that might work for you. Before I get into the potential locations, I also wanted to share a few reasons why Centerville would be a great location for you: 1. The city's Economic Development Commission offers a number of helpful programs to our businesses (see attached). 2. We are a growing community with a great demographic for your business. 3. We have a unique and untapped (no pun intended) market between 35E and the lakes (east to west) and between Columbus and North Oaks (north to south). In just the past few years, the number of homes in that market area has gone from around 1,500 to about 3,000. 4. We have a strongly rooted community, that values local businesses, and a group of businesses that really values their community. This is most notably on display during our city festival which is run almost entirely through business sponsorships. We hope you'll find our community a great place to locate your new Brew Pub. Please let me know if there are any questions I can help answer. Here are a few locations that may interest you: 1. 1737 Main Street — City owns a half -acre of property here. We would be very flexible on the price of the land. We had a concept sketch drawn up (see attached) for a potential multi -tenet building with apartments above. Parking is a bit tight and we would want to review options with you, but based on your needs of 5-7k SF, this would be a perfect size. 2. 1695 Main Street — City owns a half -acre of property here (see attached certificate of survey). This spot is a little tougher because of the way the lot is configured, but its' a great location in the heart of our downtown, with a view of Centerville Lake. We'd probably need to work with you to see if we could acquire some adjacent property for parking. 3. 2050 Main Street — Existing Industrial building (I believe its about 40,000 sf). If your client is looking for a loading dock, high ceilings, etc. and a building that could easily be renovated for an "industrial" feel, I think this would be a great location. There's plenty of parking or area to build more parking and its only a block or so off the freeway. I just spoke with their realtor and it is still up for sale. The city may be open to partnering with you on this building if it is too much space. The general idea would be to have you as an anchor tenant and then add some additional retail space to fill the rest of the building. John Chirhart VP of Sales & Leasing See E3o 612-238-4403 (direct) 651-283-7382 (mobile) 651-464-5700 (main) www.Goa&A�iFucanComD ana es.com 4. New Apartment Building (no address yet) —A proposed apartment building may be looking to add retail or something like you to the first floor of their 100+ unit building. The building has not yet gained city approvals, but I think you're establishment would help that along. The realtor representing this building also has commercially zoned land that is being developed next to the proposed apartment. This area is right off the freeway and is surrounded by lots of residential. His contact info is: Join IlR.atjs h ::x cu.ait:liva~ II'.:)liira~ctoit Birolkeirag Seii-Vuc s VIlolkrlil : +'1 612 685 8288 Ig 1 I,:' us 'i .: .....1':. ..1.......6 :: 35 00 Anfieirlcain &vd W, Su ii it:e 200 &looir7f'ulii gt:oi n, IIVIIIIJ 55431 14. S Mark Statz, PE City Administrator/Engineer City of Centerville 1880 Main St. Centerville, MN 55038 C: 651-775-5126 llinMatz a cell"�teuYv'i IIIIIIellinIn„collin www„celntervliilllIllelmI. co.lr. @centervillemn �G � r G w Mw r nit x I � m o � z � i W yW J J O� W W W W z m W ~ U Z c0CaC - C W Uui a r W ` a ca 0 i w a m 3N�6RIN ]O U as ^90'SL� 9,'8I,1 P g a bu oZ a w �3 _ A w CD J _ coo W gh� 0 o — — — o — — ° Z Wz 0.1 1 1 1 zo- _ — — — — — —J •oeo®�©o poo oo 00000 e � / �LaoA LO W �Z O 18 E o °E_`6 o IIIIIII tervi fe Estabtished 1857 0u11111. FREE TO ALL AREA BUSINESSES CITY SHARES YOUR BUSINESS STORY ON SOCIAL MEDIA umn YOUR VIDEO MESSAGE SHARED ON YOUTUBE 119 fi iiF � 6� 6 f" hill YOUR LOGO ON FREEWAY EXIT SIGN ioll, CITY ASSISTS WITH PROGRAM COSTS BRING IN FREEWAY TRAFFIC TO YOUR LOCATION Loan ,; Grant Programs 10, LOANS UP TO $20,000 GRANTS UP TO $5,000 lo1:1 MATCHING FUNDS FOR CAPITAL PROJECTS LOW INTEREST CITY F CENTERVILLE 1880 Main Street Q C ntervi O, Minnesota 55038 CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VL2 EDA July 21, 2021 TITLE OF ISSUE: Ongoing Programs BACKGROUND AND SUPPLEMENTAL INFORMATION: ACRED - 3M Open July 22-25; County/Blaine will have hospitality tent for prospective developers and business owners. Quad Area Chamber - Membership continues to grow. Lunch and Learns are resuming and participation in city festivals through business expos has been ongoing. Hugo Area Business Association - Staff has been giving city -updates at their monthly meetings. They are holding a social gathering with pontoon rentals, etc. for their members. COST AND SOURCE(S) OF FUNDING: N/A REQUESTED ACTION: Update only. No formal action required. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: CITY OF CENTERVILLE 07/16/21 1:20 PM *Check Reconciliation© Page 1 EDA-MIDWESTONE BANK 10350 EDA JUNE 2021 Account Summary Beginning Balance on 6/1/2021 $40,168.41 Cleared $35,594.41 + Receipts/Deposits $0.00 Statement $35,594.41 - Payments (Checks and Withdrawals) $4,574.00 Difference $0.00 Ending Balance as of 6/28/2021 $35,594.41 Cash Balance Active 201-10350 ECONOMIC DEVELOPMENT FUND $35,594.41 Cash Balance $35,594.41 Beginng Balance $40,168.41 + Total Deposits $0.00 - Checks Written $4,574.00 Check Book Balance $35,594.41 Difference $0.00 CITY OF CENTERVILLE *Check Reconciliation© EDA-MIDWESTONE BANK 10350 EDA Check Nbr Vendor Name 001004 MAIN STREET DESIGNS Receipts/Deposits Check Date Outstanding Cleared 6/16/2021 $4,574.00 $0.00 07/16/21 1:20 PM Page 2 Total Deposits $0.00 Payments/Withdrawals $4,574.00 Outstanding + Cleared Checks = Total Checks Written $4,574.00 *NM Next Month items not included in Total Checks Written and Total Deposits CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VI.4 EDA July 21, 2021 TITLE OF ISSUE: Ongoing Programs BACKGROUND AND SUPPLEMENTAL INFORMATION: Blue Logo Sign - No new updates CenterStage - Report to be given at meeting Revolving Loan and Grant Program - JETS Machine Shop grant application was approved by county. Business owner purchased sign, but installation was an issue. He will be working with his sign vendor to rectify the situation. Once the project is complete, we will have the owner submit paid invoices for reimbursement. American Rescue Plan - City staff have been attending informational seminars on eligible expenses and other logistical requirements. Staff has also taken several steps to ensure we are poised to receive the funding. We are now estimated to receive $420,000. We have not yet received our first installment. COST AND SOURCE(S) OF FUNDING: N/A REQUESTED ACTION: Update only. No formal action required. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VIL 1 EDA July 21, 2021 TITLE OF ISSUE: 2022 Budget Proposal BACKGROUND AND SUPPLEMENTAL INFORMATION: The City Council will need to set their preliminary budget in September and for planning purposes, it would be good to submit a proposed 2022 EDA budget to them now, so they have that information for their budget workshops leading up to that deadline. We have discussed the proposed budget (see attached) over the past few months and should look at any final revisions. COST AND SOURCE(S) OF FUNDING: Current Proposed Budget Request from the City Council for 2022 is $32,100. REQUESTED ACTION: Motion to Propose the 2022 Budget to the City Council for consideration, as presented. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: v vo v C � •C N N N O O N v m v v +• o_ � o v � 0 m N - ❑ 0 o O V1 0 0 O C m N a N N N N N N N N N N O C O O O C O C O C O C O C O O O O O E Q v uq v m m N a v m a C Q O O o n o m N N o 0 o 0 o in N N 0 0 o N o 0 0 Lf O 0 0 N O 0 0 N N O 0 0 N N o 0 0 0 0 0 N Lf 0 0 0 Lf Lf 0 0 0 N 0 0 0 0 �o 0 N N 0 0 0 0 0 o N N 0 0 in N 0 0 o N v v N v O n (aj m _ v E O _ N N � a x 3 0 m ❑ .x-I N u O-0 O a s L s v E — c �u_ uuv ¢ ¢ ¢ O a ¢ m v � ¢ � v ¢ � v ¢ co z no° m c w ¢ v ¢ cv u cv u � mum ¢ O. O• L � N c � a a N � N m � C N E m a c m a c m m a N m c •� 01 r v v m ❑ v m 3 Eo C T h4 'O O a ° c mwo a c c a hOq ❑ Y C a Y Im m C a Yww 0 0 0 M C} M N N O Cx O O C M c CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VIL2 EDA July 21, 2021 TITLE OF ISSUE: Business Appreciation Event BACKGROUND AND SUPPLEMENTAL INFORMATION: At the last EDA meeting, a business appreciation event was outlined for: Thursday, September 9; 5 - 7 PM at LaMotte Park (City Hall as back-up) with catering by Chef Hot Hands Staff is proposing the following agenda: - 5:00 Social Hour and Dinner - 5:45 ACRED (Samantha Markman) update on COVID relief, other county initiatives - 6:00 Open to Business (Carrie Mikkonen) - 6:15 City Programs (Loan/Grant; CenterStage) - 6:30 Business Input What other things would add to the event??? COST AND SOURCE(S) OF FUNDING: $700 Budgeted expense REQUESTED ACTION: Staff seeking direction for planning purposes. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VIL3 EDA July 21, 2021 TITLE OF ISSUE: SWAG Bag Review BACKGROUND AND SUPPLEMENTAL INFORMATION: See attached recap of SWAG bag project. COST AND SOURCE(S) OF FUNDING: $500 - EDA General Fund REQUESTED ACTION: Motion to purchase additional 300 bags at a cost not to exceed $500. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) SWAG Bag summary report King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: EDA-Sponsored Swag Bags 150 Swag Bags were handed out at Music in the Park on 7/13. They were filled with: l. Apple Academy (Magnet 8l Paints l Centerville Floral (Business Cards) 3. Liquor Barrel (Business Cards vv/discounts) 4. Vail Builders (Spatulas) 5. MidvvestOne Bank (Chip Clips, Pens, Frizbees, Golf Tees 8l Bags) G. Mark Remillard (Pens 8lMagnets) J. All City Agency (Pens) 3. CenterLifeCounseling (Pens 8lColor Books) 9. State Farm (Koozies) lD. Laurie's School ofDance (Magnetz) ll. Kelly's (Menus) ll American Fami|y(Koozies) 13. Sunglasses (Cby/Fetedes Lacs) l4.Jeff Hanza|(Hand sanbizeh 15. MJCritter (F|yer) The remaining 150 bags were handed out on the first night of the Main Street Market. Main Street Market has had two weeks with attendance estimates around 400 and 700, respectively. The cost of3DDbags was $5DD. |fvveordered more, vvecould have them intime for the last 2weeks of the market. CITY OF CENTERVILLE REQUEST FOR ACTION Verville Agenda Item # Department: Requested Meeting Date: VIll.l EDA July 21, 2021 TITLE OF ISSUE: 1737 Main Street - Review of EDA-led Development BACKGROUND AND SUPPLEMENTAL INFORMATION: Realtor Mike Brass will be on hand to walk through how the EDA might develop the property at 1737 Main Street in partnership with an anchor tenant. COST AND SOURCE(S) OF FUNDING: TBD REQUESTED ACTION: Informational item only at this point. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Aye Nay Hanzal Weatherhead Other (specify) 1737 Main Street Info King 0 Mosher 0 Remillard Refer to: Consent Tabled Until: Regular Other: W1,14"1111111 S COMMERCIAL REAL ESTATE Financial Analysis Summary Building Summaq Total Building SF 7,025 Yearly Base Rent $112,400 MO $9,367 Office SF 7,025 s16.00 Yearly OP Expenses $44,932 MO $3,744 Apt Up 0 $0,00 iBlended Net Rent $16.00 Depr in Yrs 27.5/39 39 Tax & OP $6.40 % of Office Build Out 100% Income and Expense Summary Annual Gross Income $ 157,331.90 Less Operation Expenses $ 44,9131.90 Net Operating Income $ 112,400.00 M Square Feet SPSF Purchase Price Shefl Costs �e 7,025 $243.00 $ 1,707,075.00 Office Improvements 7,025 $0,00 $ Itemized Improvements See Itemized Impv Sheet $0 Other 0 $0.100 $0 Land COStS (New Construction Only) 0.22 Acres 9,664 $0,00 $ Soil Corrections (New Construction Only) Enter Tbtal$ Amount 4 $ Sub Total Hard Costs (Coverage Ratio) 73% $ 1,707,075.00 Soft Costs See Soft Costs $ Total Acquisition Costs - $243.00 1,70,71075.100 Tot ul sJf Total Acquisition Costs al Acquisition Costs r2nd 100% $ 1,707,075.00 Is I st Mortgage 80% $ 1,365,660.010 Mortgage or SBA 0% $ Total Mortgage 80% $ 1,365,660.00 Equity Required' For Bank 20% $ 341,415.00 E--,I- ount Term Interst Rate 1st Mortgage $1,365,660 25 4.80% $ 93,902.28 2nd Mortgage $0 25 4.8Q% $ - Total Mortgage Cost Yearly $1,365,660 25 #DIV101 $ 93,902.28 Mortgage Cost Month /Y $7,825.19 iTotal g Iim % SF Rate PSF Annual Net Income $ 112,400.00 Minus Vacancy Net Expenses 0% 0 $16.00 $0.00 Minus Vacancy Operating Expenses 0% Q $6.40 $0.00 EAmount Term R Reserves / Improvements $0 0 0.00% 0 uals Annual Adjusted Net Amount Term Rate TIF Income $0 0 OM% 0 Debt Constant 6.98% Adjusted Net Income $ 112,,400.00 Debt Ratio 1.20 Mortgage Payment $ (93,902.28) Yearly, Cash Flow $ 18,497.72 Monthly Cash Flow 1,541.48 Return on Investment 5.42% Cap Rate Value 6.58% I Straight Cash Return 6.58% All informatbri is judged reliable, however, no warranty or representafon is made to it accuracy or compaeteness Michael A. Brass I President 4/10/2020 1 4-.06 PM 612-750,4312 1 mike@mikebrass,com Page 1 of 1 LLJ F- c:, CD C5 < co LU w LU LU LU Usra- LJJ CY o as ry z wo CD z In In UJ 75 0 E Lu 0 CJ LL 0 LU En- < 2 5o < Elf U3 LU <u C, 0 co LU: = LC-cD + Lu L.I M z uj U) 0 < � Z Z 0 Lu < M CL x uj > cc -.z fn Czi 0 In m bs LU 0 0 In C, uj 0 d 3 e 0 uj ce CL Lu Lu LU M >- w Lo < 0 LLI Ljl 45 0 0 LU c, m c �e ,I � In 4; ui SS, A c,' M co ci Cl E CN cq C� CT C> C� C6 C4 IN C14 P-� �q In M,& -'r C'i "T IZ CIT C. cq .43- CN r CC� "i " , Co� 6q C6cpNm C O t2� $2 Z,7 c'! C'� 0, CsC> Fz- 1q. R C� LA m CIT C6 co 9, r2 2 Cj cr; 4 h Cli 2 13 �6 In 04 ICLysy c CN C, IN I, C"L C', IN CIL m 04 ps, Z; Z, cr, !:-!2- .4 I� 6 L7, �2:44 q e,�, W')): cRi 1 1, w I, 6,,,j - ;,,5 -�r to �%�Ml M 1,5 L(yC'� am, C', 1P1 W, -n, Zs IN owocn ca c» c`? — 8 cl� �r In 06 —,Q m- C4, cd 09 u) cr n In c cq �q n : M co MM, 10 T, N j C� C�4, 1 c� "' co ""A' G -*- -* "41 cr i L6 m:-i oi, M15 Gs ME, z _42 2 uj 10 w ml�i �Lu;w �w Li ; CO &5 � 'n :: j 7i LU >; >< '0) LU i.�r �z Lu w�<i uj�ol� a� o 0 CL < Lj ,�o IF- �uj Lu 0 1- "I'< Lj < 0 �( = - uj 0;[-- F- CD Lij cr, F- LU Ix uj Ce Lu:uj 01, ,Df LLJ x uj Lu ui E�o x F- :LL LL] LL 0 E uj > w M M < C-) .-1 co o .d .0 LU LU LJL X 101TITUS COMMERCIAL REAL ESTATE Financial Analysis Assumptions Net Rental Income W 1 Main floor 7,025 7,025 0 $16.00 $0.00 $112,400 $9,367 2 Apt up 0 0 $16.00 $0.00 $0 $0 Apartment Analysis is separate T"L3tals 7,025 7,025 0 $112,400 $9,367 Blended Net Rent $16.00 % of Office Build Out 100% Taxes and Operating / . .. . . . . Taxes 7,0 $37,55 $5. 35 $37,556 $ 3,13'0 Operating 7,025 $1.0 $7,376 $615 Utilities 7,025 $0.100[ $0 $0 Totals Tax & CAM $6.40 $44,932 $3,744 Base Rent $16.00 $,112,400 $9,367' Gross 1 $22.401 $157,332$13,111 Gross Rents 7,025 7,025 0 $16.00 $6.40 $9,367 $1 3,111 0 0 0 -- $6.40 $0 _- Add information is judged reliable, 4/1012020 Kchaef A. Brass I' President however, no warranty or representation 4:06 PM 612-750,4312 � mike@mikebrass,corn is made to its accuracy or =pleteness Page 1 of 1 MUTITUS qWCOMMERCIAL REAL JESTATrt Financial Analysis Summary BuilrfingSummary 0 1737 Mmill Street, CenteMille Total Building SF 7,000 f l..Yearly Base Rent $102,058 Office SF '7,000 Yearly OP Expenses $40,742 Warehouse SF 0 $0.00 Monthly Net Rent $8,505 Blended Net Rent $14.58 Monthly OP Expenses $3,395 Tax & OP $5.82 % of Office Build Out 100% Income and Expense Siimmaq Annual Gross income Cost Per Unit $243,000 $ 142,800.00 Less Operation Expenses Avg Rent $1,700 $ 40,741.71 ,Net Operating Income $ 102,9058.29 Acquisitiom Costs Square Feet SPSF 1� Purchase Price 243 bid 7,000 $24100 $1,701,000.00 Office Improvements 7,000 $0.00 $ Itemized Improvements See Itemized Impv Sheet $0 Other 0 $0,00 $0 Land Costs (New Construction Only) 0,00 Acres 0 $3.00 $ Sub Total Hard Costs (Coverage Ratio) #DIV101 $ 1,701,000.00 Soft Costs See Saft Costs $ 17,010.00 Total Ac uisitionCosts $245.43 $ 1,718,010.00 Financhig Suinmary %," I Total Acquisifion Costs 100% $ 1,718,010.00 1 st Mortgage 80% $ 1,374,408.00 2nd Mortgage or SBA 0% $ Seller Carry Back 0% $ Total Mortgage 80% 1,374,408.00 Equity Required For Bank 20% 343602.00 ",, Mortgage Details Amount I'v'r1irl 1st Mortgage $1,374,408 25 4.50% $ 91,672.87 2nd Mortgage $0 20 4.50% $ - Seller Carry Back $0 8 &00% $ - Total Mortgage Cost Yearly $1,374,408 25 #DIVI0I 91,672.87 Total Mortgage Cost Monthly $7,639.41 "Sp, R. te, psy Annual Net Income $ 102,058,29 Minus Vacancy Net Expenses 5% 350 $14.58 $ (5,103.00) Minus Vacancy Operating Expenses 5% 350 $5.82 $ (2,037.09) Reserves / Improvements $0 20 3,00% $ - E gals Annual Aqjusted Net 94,9118.21 -,k"nW T,,d, Rate IF Income $0 12 3.00% $ - Adjusted Net Income $ 94,918.21 Mortgage Payment $ (91,,672.8,7) Yearly Cash Flow $3,245.34 Monthly Cash Flow Return on Investment 0.94% Debt Constant 11 I I 6.67% Debt Ratio 1.11 Cap Rate Value 5.52% Straight Cash Return '5.52% All information is judged reliable, however, no warranty or representation is made to it accuracy or completeness Michael A. 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I I I U Z COMMERCIA REAL ESTAT W 1 7 0 $0.00 0 $10.00 Tax value 2020 $1,700,000 Total lncome Taxes 20�21 $25,,000 Taxes Units 7 Expenses Beds 7 Totals Totals 7,000 7,000 0 Blended Net Rent % of Office Build Out Taxes 7,000 Operating 7,000 Utilities 7,000 otals. 17,37 Main Street, Centerville $142,800 $11,900 $0.00 $0 $0 $0.00 $0 $0 $142,800 $11,900 -17.52% ($25,,015) ($2,085), -11.01% ($15,,727) ($1,311) ::2-853% ($40,742) —($3,3915)�� $102,058 $8,505 $14.58 $3.57 $25,015 $2.25 $15,727 $0.0 $0 $2,085 $1,311 Michael A. Brass I President 612.750.4312 1 mike@mikebrass.com . . . .. .............................. ....... . .. All information is iudged reliable, however, no warranty or representation is made to its accuracy or completeness. 4/10/2020 3:29 PM Page I of 1