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KRASS MONROE, P.A. <br />ATTORNEYS AT LAW <br />J a m e s R. Casserly Greg �. Johnson, CPA <br />EmaiL jamesc@rassmonroe.com �mait:gregja� rassmonroe.corrt <br />w. k rassmon me. com www.krassmonrae.com <br />VoioeMail(952)8851296 1/oiceMail(952) 885-5994 <br />MEMORANDUM <br />_ To: City of Roseville <br />Attn: Dennis Welsch, Community DevelopmentDirector <br />Attn: Cathy Bennett, Economic Development Specialist <br />Attn: Neal J. Beets, City Manager <br />Attn: Chns Miller, FinanceDirector <br />From: James R. Casserly, Esq. <br />�� <br />Gay Greiter, Esq. � - — <br />Greg D. Johnson, CPA <br />Date: February 24,2005 <br />Re: Review of Developer Preliminary Pro F'orma <br />Our File No. 9987-17 <br />■ GayGreiter <br />�maN: ggreite@mssmonme.com <br />m.krassmonroe.com <br />Voice Mail (952) 885-4393 <br />The development group (referred to as the "Redeveloper" and in the Contract for <br />Exclusive Negotiations is specifically The Ro��and Company, Inc.) has provided us with <br />a pro forma analysis that combines both the land development sources & uses, as <br />previously reviewed, and the sources and uses for the total build out of the site. The <br />same gap strategies previously approved by the Council are included in this analysis. <br />We have discussed this report in detail with Shenehon, who prepared the analysis, and <br />they have provided substantial supporting information which is of a proprietary nature. <br />The $160.0 million selling pnce for the housing is the same as the assessed market <br />value used in the pnor tax increment analysis we had prepared. In addition to the land <br />development costs, the Redeveloper has estimated pertinent construction costs <br />including construction labor & matenals, marketing, construction period interest, indirect <br />construction costs and a small contingency. <br />The pro �orma shows a selling price of $56.5 million for the retaiUcommercia� property <br />upon completion and lease-up. As with the housing, the Redeveloper has estimated <br />8000 NORMAN CENTER DRIVE. SUITE 10qa •�MINNESOTA55437-1177 <br />TELEPHONE 952!$85-5995 • FACSIMILE95218�59� <br />w.krassmonroe.com <br />