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M E M O R A N D U M <br />DATE: July 26, 1988 <br />TO: Howard Dahlgren <br />FROM: Craig A. Waldron <br />SUBJECT: Potential compromise on Lexington School. <br />Based on the land use proposal that you developed utilizing three <br />acres for housing, two acres for business and three for park, I <br />have developed the following proposal. <br />If the city were to get two (2) acres of park dedicated, and <br />purchase one (1) the city would have to pay $157,000 according to <br />Kaufholds price of $3.62 per sq. ft. In addition, on the three <br />acres of housing, $294,561 would be needed to write down the land <br />to approximately $3,500 per unit. That would create a total <br />write down of $451,561 to facilitate the project. I have <br />projected annual increment at $64,340 per year, that would close <br />the deal at 8% interest in 10.71 years. <br />The critical elements relating to this deal are: <br />1. No TIF on the two acres of commercial. <br />2. Two of the park acres are dedicated - 1 is purchased. <br />3. The cost is $3.62 per sq. ft. <br />4. Three acres of housing would occur on the site at a density <br />of 17 units per acre. <br />