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July 8, 1987 <br />TO: Jim Andre <br />FROM: <br />Craig Waldron <br />SUBJECT: BREAKDOWN OF LEXINGTON SCHOOL SITE COSTS <br />CC: Bob Bierscheid <br />The developer is proposing to pay $1,008,000 for the 8.54 acres, <br />resulting in a cost of $2.71 per square foot. <br />The potential price for the dedicated area was formulated by <br />simply taking ten percent of the total <br />$100,000 figure. The ballpark area costs rwere ecalculatedubythe the <br />developer's attorney, who worked with an appraiser <br />n setting <br />cost of the area in relation to four duplex lots atl$35,000, orhe <br />the $150,000 as originally proposed. <br />At the reduced price of $125,0001 the City is essentially looking <br />at $2.73 per square foot. Thus, the cost for the City is virtually <br />identical to the square foot cost that would be paid by the developer <br />for the total site. p <br />