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� Plannin Offi o • <br />g ce Hours, April 23, 1986 Page 6 <br />� Jim Benson presented two preliminary analyses of development <br />potential and cost, utilizing a tax increment to defer a <br />portion of the capital investment. The analyses, however, <br />did not include provisions for fiscal disparities, and thus <br />needed adjustment accordingly. Assuming an increase �r <br />floor area ratio to thirty-five percent (initia]��y <br />calculated at thirty percent), an estimated cost of struc- <br />ture at $65.00 per square foot (originally estimated at <br />$60.00�, total value would rise to $32 million. With taxes <br />at 4.3 percent, increment could be $625,000 per year (after <br />fiscal disparities). Based on a taxable bond, this might <br />achieve a$5.132 million loan. Craig also reviewed with <br />them the alternative of a direct write-down at fifty percent <br />of the increment after fiscal disparities. <br />The proposed use of the land would be offices and office <br />service. No specific proposals were reviewed. We noted, in <br />answer to their questions, that access would be worked out <br />so as to serve the property efficiently, but that an access <br />point on Broadway was felt to be crucial (thereby reducing <br />traffic movements on 280 itself). They exhibited <br />considerable interest in this site and the City. We <br />encouraged them to think positively in terms of their <br />establishing a development role in the City, noting that the <br />City felt their role to be one of providing help and <br />assistance toward successful solution, as against <br />! contributing to the problems to be overcome. These are good <br />people, with a goo� reputation, and could do well in the <br />Roseville environment. <br />� <br />