HomeMy WebLinkAbout4.e. Viewing of the Cottages Inc. Video CITY OF ROSEMOiJNT
EXECIITIVE SIIbB�SARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: JANZJARY 4, 1994
AGENDA ITEM: Viewing of Cottages Inc. Video AGENDA SECTION:
Old Business
PREPAR.ED BY: John Miller, AGENDA N0. , 1
Economic Development Coordinator ���h1 �-t� �.
ATTACI�iENTS: None. APP D .
The Commissioners did not have sufficient time at the December 21 meeting
to view the promotional video supplied by Cottages Inc. If the
Commissioners wish to schedule a field trip to North St. Paul, the nearest
completed Cottages Inc. project, a time and date should be established at
this meeting. I will then arrange for a Cottages representative to meet us
for the tour of the facility.
o -
RECOb�+iENDED ACTION: Discussion item.
PORT AIITHORITY ACTION:
12-30-93
PRQFO��
�� �.tQCR S UAR� BUI��NG
k'oot Print ?,040 Sq. �`t.
Potential Leaseable 13,80� Sq, Ft.
Proposed Leasable - 11,521 Sq. Ft.
P�rking - 55 5paces
P1t��COSTS:
HARD COSTS �
Bui.lding per'mit, SAC/City SAC $20,490
Demo].ition, fi�,Z, gradin� $
Storna and sanitary sewer S
Paving $
Landscaping & irrigation S�
construction $
Elevator �
Sprinkler System $
�QTAL HARD COSTS $
SOFT COSTS-
Architect - �
Financing Fee - "�
Interim Interest - $
Legal and Miscellaneous - $
contingency - @ 10� of hard cost �
�QTAL SOFT COSTS $
T�NANT �Lj�LDOU'� AL�QH]AN�E C�$10Jft $215,210
TOTAL PROJECT COSTS: $754,A�0
INCOMT ,�tD EXPEN3ES
G$QS5 �NCOME - 11,521 Sq Ft @ $9.54 Tri-net $109,45!}
Expense: Vacancy - @ 10� = S1a�g45
Management: @ 5� of gross = $5,760
Operating (see attached Ii.st) $6,004
(14� of $60,000)
�TET I,�]CON�E - $�86,745�
CASH 1�L0�
TIF loan fram RPA $370,000
Mort a e $584,OOU .
Annua�gDebt Service - 15 YR @ 8� .___:. .. $66,513
eash Flow ��5!��
12-30-93
P�,OFO� A
��i,��"K S�iTAR� �iUILD��C:
F'oot Print 7,Oh0 Sq. Ft.
Potential Leaseable 23,80� Sq, Ft.
Proposed Leasable - 1�.,522 Sq. Ft.
Parking - 55 Spaces
PRO.�F4�_COSTS:
HARD CC15TS �
Bui.lding permit, SAC/City SAC $20,490
De�Iitian, fill, grad�ng S
Starm and sanitary sewer $
Paving
Landscaping & irrigation S
construction $
Elevator $
Sprinkler System �
TOTA�� HARD_C4STS '�
SQFT COSTS-
Architect - $
Financing Fee - �
Interim inter�st - �
Legal and Miscellaneous - $
contingency - @ 10� of hard cost � $.
't'O'T' SOFT COSTS
3���N'�'Btj.�LDOUT AL�I ,QW�,CE �510/ft $2�.5,210
T02'AL PROJECT COSTS: $750,Q00
�iCOM� �.SXPBNSS.S
G�4$S INCO.,� - 11,521 Sq Ft @ $9.5U Tri-net $iC�9,450
Expense: Vacancy - @ 10� _ $���94�
Management: @ 5� of grass = $5,760
Operating (see attached list) $6,000
(10� of $60,000)
�1ET INC4ME - $8G,T45�
� ��
T�F loan from RPA $170,04U
Mortgage - $580,OQ0 .
Annua� Ue�at Service - �.5 'YR @ 8� ._: . .. $66,513
Cash �'Iow �'Z���
12-30-93 ._ .. ....._. •
� PROF(3R�lA B � �
SHA�K SUUAR� BUILDING
Foot Print 7,040 Sq. Ft.
Potential Leaseable 13,800 Sq. Ft.
Proposed Leasable - 11,521 Sq. Ft.
Parking - 55 Spaces
PRtRTECT COSTS'
HARD COSTS -
Buildinq permit, SAC/City SAC $20,490
Demoiition, fill, grading $
Storm and sanitary sewer $
Paving
Landscaping & irrigation $
Construction
Elevator $
Sprinkler System $
'T'n'f'AT HARD COSTS $
SOFT COSTS-
Architect - $
Financing Fee - $
Interim Interest - $
Legal and Miscellaneous - $
contingency - @ 10� of hard cost �
'1'OTAL SOFT COSTS $
TENANT BUILDOUT ALLOWANCE @$10/ft $115,210
��TAL PROJECT COSTS: $750,000
:i��!!"t�fF A!� B'!€P�fS�S
GROSS INCOME - 11,521 Sq Ft @ $9.50 Tri-net $I09,450
Expense: Vacancy - @ 10� _ $10,945
Management: @ 5� of gross = $5,760
Operating (see attached list) $6,000
(10� of $60,OQ0)
NET INCOME - $86,745
�� �
Mortgage - $750,000
Annual Debt Service - 15 YR @ 8� $86,009
Cash Flow $73