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<br />Page 3 <br />Feb 2, 1992 <br /> <br />To directly compare costs, the following form as issued by <br />Ryan Construction is being used: <br /> <br />MACK <br /> <br />NEW BLDG <br /> <br />Site: <br /> Mack Hotel $ 385tOOO $ 385,000 <br /> Hart Property NA 450,000 <br /> $ 385,000 $ 835,000 <br />Building: <br /> Shell 1,458,215 1,372,000 <br /> Tenant Improvements 752,400 <br /> Site Work 270,000 <br /> Development Fee's NA 119,720 <br /> $ 1,843,215 $ 3,349 r 120 <br />City Assistance: <br /> Tax Increment Financing NA 750,000 <br />Net Project Costs $ 1,843,215 $ 2,599,120 <br /> <br />$ <br /> <br />2,599,120 <br />1,843,215 <br /> <br />Ryan Cost with City Assistance <br />Remodeling Cost <br /> <br />$ <br /> <br />755,905 <br /> <br />Total additional cost to construct a new <br />building <br /> <br />The above difference in costs indicate that with comparable <br />square footage, the new building will be $755,905 more <br />expensive to complete VS remodeling the existing building, <br />eventhough the City of Roseville is proposing to provide <br />$750,000 in Tax Increment Financing (a 'free gift' towards <br />the project) . <br /> <br />In further consideration, while the above comparison is the <br />best estimate of costs currently available, the figures used <br />are: <br /> <br />1. The Lowest possible cost to remodel the Mack <br />2. The Highest cost estimate from Ryan Construction <br />