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� <br />� <br />� <br />DATE: <br />TO: <br />FROM• <br />SUBJECT: <br />M E M O R A N D U M <br />February 14, 1990 <br />Steve Sarkozy <br />Craig A. Waldron <br />Concordia Proposal <br />Dave Ficek will be <br />the most recent Concordiae City Council Work Session to <br />is considerin Proposal. Essentiall discuss <br />the site and gg13 single family homes on the northeast C eveloper <br />() 8-unit townhomes (64 units orner of <br />portion of the site. It is expected that �°n the southeastern <br />would sell in the range of the single family homes <br />for sale in the range of $62,OOp�'000 and the townhomes would be <br />In te�ms of the tax increment <br />follows: <br />Dev�1op�r Land Costs - $g25,000 <br />request, the proj �Ct breaks out as <br />�'air market value for townhomes, $350 0 <br />6,000 per unitj, , 00 to $380,000 (5 500 ta <br />, <br />Fair market value for single famil home <br />i50'75 cents per sq. faot) Y s-$109,000 to $163,000 <br />TotaY - $459,000 to $543,000 (this is t �� • <br />d�velop�r �o�ld pay for a feasible �.o�� e falr market <br />p J ct). " amount a <br />THUS <br />$g��,000 - Developer Costs <br />"' $459 000-543 000 <br />' < <market value) <br />$282,000-366,O�Q � Tax Increment <br />�� appears that th,� increment from the s' <br />rang� o� $100,000. Ass�x�i�g tha� a ltes wo�ld b� <br />formulated in this ��ea �nd based o� aprOper district could �be <br />�h�= �i�Y could meet its obligations, with aY aS y°u g° a <br />year tirne period, int�rest pproach, <br />, withlr� � 4 -5 <br />Another critical elem�nt re:latinc� to this <br />poten�ial use of �the Concozdia site for recre r���Ct ihvolves <br />Bierschied would atzon the <br />relatsng to the r�creation� o��°mment purposes, Mr. <br />regarding the discussions <br />p ntial on the Concordia site, <br />