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pf_02726
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Last modified
7/17/2007 12:06:56 PM
Creation date
12/8/2004 12:38:39 PM
Metadata
Fields
Template:
Planning Files
Planning Files - Planning File #
2726
Planning Files - Type
Planned Unit Development
Address
2660 CIVIC CENTER DR
Applicant
INDEPENDENT SCHOOL DISTRICT
Status
APPROVED
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<br />I <br />I <br />I <br />I <br /> <br />maepenaent SChool District 623, Rosevi/Je, Minnesota <br /> <br />Development of Site by the District - Associated Risks <br /> <br />The risks associated with developing the site are far greater than for those associated with an <br />up front sale. In addition to the risks identified in an up front sale, there are certain macro and <br />micro issues which need to be considered. <br /> <br />On the macro level, the District needs to consider economic trends, demographic trends, <br />consumer confidence, real estate market trends, legal and tax issues, government regulation <br />and other regional influences that could influence the marketability of each of the 197 lots over <br />the next three years. <br /> <br />On the micro level, the District needs to consider the volatility of specific project costs, market <br />acceptance of the development concept, municipal regulation impacts, environmental <br />mandates, additional cash requirements of the District, staff time required from the District, how <br />and when to respond if the project isn't proceeding as planned, and how to deal with major <br />surprises which may have a significant financial impact. <br /> <br />It is beyond the scope of this analysis to quantify the range of potential risks and resulting <br />financial outcomes, After considering the macro and micro influences which combine to define <br />the project risk, the District needs to ask itself if the financial and intrinsic benefits gained justify <br />the level of risk assumed. <br /> <br />An additional consideration for the District is the question of fiduciary responsibility. Is it <br />prudent for the District to sell the site at a price which is significantly lower than could be <br />achieved by developing the site, <br /> <br />CONCLUSION <br /> <br />Based on the "Targeted Assumptionl' development scenario, the present value of the financial <br />benefit of a District-developed site ($4,190,898) exceeds the present value of an up front sale <br />($2.757,524) by $1,433.374. If the District is comfortable that the potential benefits justify the <br />additional associated risks described herein, the development of the site by the District would <br />appear to be the preferred solution. <br /> <br />~ SPRINGSTED <br /> <br />Page 9 <br /> <br />
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