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HomeMy WebLinkAbout4.c. Consideration of a Proposal from Muller Family Theaters, Inc. to Develop a Theater in Rosemount � t L ' CITY OF ROSEMOUNT EXECUTIVE SL�MM,ARY FOR ACTION PORT AUTHORITY COMMISSION MEETING DATE: JULY 20, 1993 AGENDA ITEM: PROPOSAL FROM MULLER FAMILY AGENDA SECTIONz THEATERS TO DEVELOP A THEATER IN ROSEMOUNT OLD BUSINESS PREPARED BY: JOHN MILLER, AGENDA NO, ECONOMIC DEVELOPMENT COORDINATOR 4 . C. ATTACAP2EN'TS: "SOURCES AND USES OF FUNDS° APPROVED Bx: FROM SPRINGSTED, MEMO FROM JOHN MILLER, ���,r�l�_ , NNLLER PROPOSAL OF JULY 1, 19 9 3 ����"`"_ �� ��/n/ Please see attached. RECOIyIl4IENDED ACTION: Motion to reject the proposal submitted by Muller Family Theaters dated July l, 1993 for theater develapment in Rosemount based on the contents of the proposal, staff review of the proposal, and other public comments and statements made to the port authority. Motion to consider at the August 3 , 1993 port authority meeting any revised Muller proposal or any other theater proposal submitted to the board. PORT AIITHORITY ACTION: PortAaihority oit6e City of Rosamount, Mi�nesote �repared 12-Ju1-83 - ¢2,B10,000 Tauable �A.Development Bands. By SPRINGSTED�ncorpora�ed - o Se�ies 1993E -a � � Da�d: 1 U- 7-5993 � N Mature; 4-1 m Frsllnteresl: 4- 1-1994 w • Totel Cepital- Net 1�raposed �,,� Year ot Year of Principat izecf I:evy De+rEloper Cumulative � Leuy Mat Prinoipsi Rates In�rest d�interes� Inierest Requfred Payments Surplus w {i} (2) (3) (4} tb} {6} S7} t6) (g� (1Oj � '�7 1993 1995 170.Oi}0 4.6096 259.4&9 869.481 86.50D 282.981 287.i34 4,1G9 � 1994 1996 12t?,OOU 5.0096 167,928 287,92B a 28?.928 287.i�4 (738} SS95 1397 �25.000 5.4596 16i,828 286,92B 0 286,928 287,15� 223 r 1996 5998 t3{l,OQ4 5.8096 155,'!15 28$,115 0 2&5,1 S5 287,150 2,035 ^' 199� 1999 14Q,004 8.0096 . 147,575 267,575 0 287,575 28T,150 (425� � 19$8 2000 145,000 fi.25% 139,175 264,175 0 284,175 287,150 2,975 w 19g9 20Dt 15�.000 8.4096 190.113 285.113 0 285,113 2BT,1S0 2,036 w 20{Y0 2Q02 185,000 fs:5596 120.193 285.193 0 28�,193 287,150 1.958 a 2001 2QQ3 17S,fl00 6.8D% 109.385 284.385 8 2B4,365 2B7,150 2,7fi5 w 20S}2 2Q44 190,000 6,8p4[, 97.4&5 287.485 0 287,465 287,13Q (335) 2043 2085 20t},0�0 7.d5% 84.375 284.375 t7 284,875 267.15D 2.775 20�-0 20�6 215,000 7.2Q96 7�.275 285,275 6 285,275 267.130 1,675 2005 2007 230,fl00 7.94% 59,795 284,793 0 Z84.785 287.5�0 2,355 2006 2008 245,800 7.40�6 38.005 283,D05 C! 288,005 287.134 4145 2007 2D09 263,000 7.509b t9,675 284,875 0 284.&75 287.154 2,27� 0 '� TOTAL5: 2,fi10,000 1,7�,70T 4,385.1di 86.500 9,279,201 4,307.250 28.049 7d z � � Bond Yesrr. 2S,i75.00 Annval lntarest: 4.7�5,705 b Avg.Molurity: 9.65 PtusDlscauM: 39,160 Se�ies E: Uses of Funds ,..,, Avg.Annva)Rate: 6.97496 hfat Interesk 1.73A,B51 Suilding Construction 1.941,4DD z � T.I.C.�iate: 7.54096 N.�.C.Rate: 7.13D46 Equipment 759,UDD Parkfig&Septic System 265,000 Inlerest reles are esiimates;changes may couse signiGcanl aiterptions al this schedule. ArchlteGturaP and Legmi 50,444 TFie actual underwrilePs discount bid may a�lso�ary. Perm9ls and Fees 3�,�7p' !!_rmd p` Assumpiionr Subtolai 2,99�,17Q �Resecve Fund O.OD% 0 1) Bonds Oated October i,1993 Cepitai2ed(nterest (&mo} 88,5DQ ' 2) L�veloper Payrnent: 7,D09� 2,58D,400 Underwriters Dlscount 515.OD 39,150 2%issuance �0,000 issuance Expenses 35,fi50 La�d 65,340 Tatal Uses ni�llnds z i��e7n i aLa1 xm ount lo Am 01'1�Le: F.B S y�340 �� 3) Developer equity based upon$450,qOQ,pluspermit tees, Series E: Sources of Funds sewer syslem expenses,eapilalized Inierest,and less aand Series E Bonds (taxablej 2,614,OOa� cast af 885.3QU. Developer Equity 521.9� � d� Heserve funded through LOG,reduced by addilioo�al conhibutions,or other acceptab{e(orm. tn�rest€amings on Construc6on Fvnd 20,14fl o Total Sources a!Funds 3 i51 470 � r� 0 0 ca i'ort Auihority oithe City oF�iasemourrt, Minnesota Prepared 12—Ju1-93 � 5320,OOd G.O.De�relopment Bands, Seriss 1993� By SPRMiGSTED Incorporaied - o � � r r� Dated: 10— 1—i 993 � m Malure: 2— 1 �,, Frst lnterest: 8— S—1994 Tatal Capilal— Neit ' 'Loca! Tvtal �. Year of Yesi of Prinapnl (xed Levy Effort Net r Levy Mat. Pdnapai Rates Irrteres[ 8�Interest interest Required T1F' Req�remeri �' (1) �2� �3j {A} (5) ts) �� �8} i9k ��� � 1983 i995 6 3.4496 20,615 20.815 2D.815 p p p � 5994 1996 15,000 3.4896 15,6i1 30,611 8 5Q,611 30,004 61 t � t995 1997 15.Q00 3.70% i 5,101 34,101 0 3U,101 30,000 f O F F'' 199fi 199$ 20,000 3,95% 14,546 34,54G 0 34,546 50,000 4,5d6 � 1897 i999 20.600 4.1345 13.756 33,�56 0 83.756 SD.flOQ 3.?56 n� 1998 2000 20.ODU 4.33% 12.828 32,926 0 92.926 30.800 2.926 �'' 1999 20D1 20.QDI7 4.55'3�6 t�.p56 32.0�B 0 92.t356 8fl.000 2,056 w 0 2Q00 20�2 20.000 4.75% i1„146 31.146 D 31.148 9fl.000 1,146 � 2(]D 1 20d3 25,00C1 4.35% 1 a 198 35,196 4 35,t 9& 34,0[70 b,186 2042 2UD4 25,OOU 5.1596 8,956 33,956 4 33,958 30,6fi0 3.936 2043 20a5 25,d00 5.3094 7,67U 32.67d 4 32,670 30,080 2.fi70 2D64 2066 23,000 5.44% 6,345 31,3A5 U 31,343 30,OU4 1,345 2005 2DU7 30.D00 5.5496 4,995 34,985 0 34,893 50.004 4.995 � 2DD5 2008 3Q.400 5.55% 3,345 33,345 p 33.845 SO,OUCt 9.945 2U07 2fl09 30.0� S.Sa% 1.SBQ 3i,880 U 31.660 3D.p0� 1,6B0 �r, "v � TOTALS_ 32D.00D 159.14& 479.146 20.815 -05B,331 420.Oa0 38,33f z � � H t*7 t7 Bond Years: 3.U91.67 A�nual Inlerest: 159,S4fi H Avg. Malurily: 9.68 Plus piccount: 4,800 Sertes F: Uses of Funds z � Avg. Annuai Rate: 5,1 ABa6 Nei Interest: 163,946 Glevelopment Share oi Public Imps 260,000 ' T.LC.Rale: b.30796 N.I.C.Rr4e: 3.3Q3% Capitnlized Interest(18 mo) 2Q,675 Underwrite�s Discount $15,OD �9,806. Inierest rates are estim�es;changes may cause signliicaM alteratlons of this sahedule. Iss�ance�penses i q,g�,� ' The actual underwriter's discou�t bid may afsa vary. , Tdai Applicalion of Funds 320 ODQ Series F: Sources of Funds Ser(es�Bonds(iax—exempt} 320,OD0 � ConsirUction FUnct lnieresl p� T.av�c,.��.�e�..�c....a.. ...,... I A� I `� O 0 t� '�, 0 0 w I MEMO TO: Chair Dunn Commissioners Anderson, Carroll, Edwards, McMenomy, Sinnwell, Wippermann FROM: John Miller, Economic Development Coordinator DATE: July 16, 1993 RE: Review of Muller Family Theater Proposal At the port authority's July 6 meeting the commissioners took action "to continue negotiations with the Mullers..." To reach this end, Steve Jilk and I met with Bob and Mike Muller, Jack Crimmins, Springsted's Dan O'Neil and David Drown, and '� Commissioner McMenomy. The meeting was held at Springsted's office on July 8. At the meeting, the financial aspects of the project were reviewed. In general it was agreed by the Mullers that their proposal to you would include the following: � The Mullers' ten screen theater would use funds as follows: 1. Building $1,941,000 2. Equipment 759,000 3. Parking/Septic 205,000 4. Architectural 50,000 5. Permits/Fees 35.170 TOTAL $2,990,170 • The port authority would be responsible for the following capital items. 1. Land $ 65,340 2. Utilities 280,000 TOTAL $ 345,340 • The Mullers would put equity into the project of$521,330. • The port authority would sell taxable general obligation bonds in the amount of $2,610,000 to finance the project. Mullers would pay back the bonds at 7 percent interest. The payments would give the city a surplus of $28,049 through 2000. • The port authority would also sell $280,000 in bonds to pay for infrastructure items. The bonds would be repaid primarily from what is described by Springsted as °Loca1 Effort TIF° or the city's estimated share of the property t� generated by the theater. In addition, to the Local Effort TIF, the city would need $38,331 from other sources through the year 2009 to meet its bond obligation. Should the proposal be accepted by the port authority? Here are some arguments for and against the proposal. For the Pro�osal: • The Mullers use of ten acres of land would help justify the purchase of the business park - the city would have its first user. • The Mullers have experience in the theater business. • The Mullers have indicated they will give personal and corporate guarantees to the city for the debt incurred. • The city will enjoy ancillary or spin-off economic benefits from the 300,000 annual patrons of the theater. Against the Pro�osal: • The $2,610,000 in general obligation bonds would increase the city's outstanding debt by about 12 percent. • All city property tax revenue from the theater would be used to pay infrastructure bonds. The project would be supported by other municipal revenue sources through the year 2009. 2 • In a worse case scenario the city would have an empty theater building, a structure that cannot be readily modified or sold for other uses. � The project is not in a t� increment finance district. Full TIF revenues are not available to support infrastructure and land costs. � Not a11 land would be immediately utilized and may be vacant for several years before the theater is expanded. • Other businesses are likely to ask for similar funding, i.e. approximately 16 percent equity with city financing of the remainder. Is this precedent? City policy? Other than looking at the strengths and weaknesses of the July 1, 1993, proposal submitted by the Mullers, the port authority must look at outside conditions. Are the�'� other theater developers? Are they interested in Rosemount? Will they construct a theater with less public assistance and risk? This is similar to the board's work in attracting a motel developer to the city. As you will recall the board rejected two proposals it had received after reviewing the structure of the proposals and after learning that other developers were willing to submit proposals with reportedly better terms for the city. So could the city get a theater construct�by another developer with possibly less public participation? In another envelop"I have sent to you an unsolicited proposal from GTI where that firm proposes, 1) to buy the land from the port authority with cash, 2) pay for infrastructure through an assessment, and 3) pay for the project with private funds. What about legal questions? Has a commitment been made to the Mullers by the port authority or the city? The port authority's attorney is addressing that issue in a privileged memorandum to you. dw 3 , f �� MULLER FAMZLY �THEATRES� � � � � ��� � � 4s4o - 5�tr� s� . r�.w. t�Ia�le L.xk�, MN 55�58. 512-563-3t?41 •7uly 1 , 199� LT.�Ii �3'Nr i 1 S��riri�st��:, Ir�c . c�� E��;t 7t�I'i Fl��:e� S t . P..,u I , t�11'7 p�:�r i}�ti: i�1Gl:J:�CC� �_'ai'�:. t]l�i' `7t�i_+t)71:w1 fin,:-�nci�l tit:_arE�111CI1t�. j/+�� �t.'C C�1=>;'LI��.S'�t� ��1�.�II :'1L7�i2i l'�.�ii1t_:r' :=1��1t� rC3 j}tlii�l ���1:1t i'tj:2�' �3.i2Y! r:�"Itjl)1(a �'tY[T�E'�j i��lY�_C�-_'. r:l:�tF'i11F'ilt.`: _�_ it i��•.1i'C�_� L):.Zi trlt_`:�tr`C Cit:.'Vt?3.��iTl'1�'it 121 rit)=�F'11it7t�T1� . V'iC �:li'�-' i=)t't�LI�:=:iI1� :`_CJ i_)i'CJ`.71C1'r t-i i3iJZ'ti•`_)�lri.l ��.�i=.Fr�'wil}F_.t.-'.' 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Page 5 Tuly 1 , 1993 t�il, Tit3e .�r��:� �c�ce�:� for cc��n�tructian or� the �:it� �iy �e�tember i , 19�3 . . tYi2 . Final sit� �r���:�ir�� foi• a c:;t�r�st�•uctian ��.��� :�iia ��avs fc=�tir��� by Se�ir�tr.k��r la, 1993 . rS3. uxf�n� util3t��: +c� ��:�i3:airt�' fc�ut7r?�tivri i.�y S�j�temi:,r�• ��, 3993 . M� . Faz�kir7v �vt ?uacktvpy�iiir� k�y L�ctc,};er 30, 199.3 . - - i•�5 . c�uil��i:i� i�.�Jn�i3 ._��ic� r:ialc:s:s�c� .�y� Nz�vrtnk��� 15 , �9�3 . �"1�?. tilrllt"Lii1CJ: fit11.:+LIf'Ci i7�T i��i�:il �^vJ 1`��' ��z , IYIS . LriY11{i�it_:i-a�3113� C_)� _�i�Y (���w(`7i�'r.F'{� �3I .��it3�� �� i i.�n4 . � � . � � L''�t' U'.�T L't:=Iii I�ac_;i1t t77�Y` ia�c_���cj:�t�t;? C7L Y r' '�,. ♦ � ,; � � 1 _ •�-'((� 1 L) �1l�Yi 11�. {'�Y 1 f.1 F.7 fr t��, (�(��"i y' 1�1 V r ��YC�C��.tl�Tl tG r���:�'+Cil1'+.�1i�1� :�.Yil�.l :�.�� :.iL �:'i _:��'tili� I1TC1�ilf't ft.)i {ir•:ar».'ii� �'ti%�"..,'�y1�.0 t=� yu��.r c;::rntr��.xiiity, fr•��tn � r?.c.�ius r�f ��ver It� �nil��:. 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Parking - 600 Spaces Project Cost: � Building $1,941, 000 Equipment � 759, 000 Parking 190,000 Financing Fees 50,000 Legal & Miscellaneous . 15, 000 Architect - 35,000 $2,990,000 Cash Flow T�.� __ Cash Receipts 1994 (9 Months) --$1, 089, 100 - Expenses � - 785, 390 Available for Debt Service $ 303 ,710 Debt Service $ 199,919 For further financial detail, consult Springsted, Inc. i . ....._,,._._. . . _ .... ,.._ ....:� . . . . .... . . .. . . . . ,..,-... -...,w,.�,,..o.. . t`l ll.�t � .L 1`1 t'l OL^t35 Q�+L ' uuu�aara • ?tauC dC3.SodC72�d..' � Nrn�am„��„�+S:Yr � .' , ; � ���cs.�cc s.Z�t.nt3�-��nvc� . . � . �`� ' . .. .,.:.;<�:,. , .��;i��_ _� -- �� .� . .. . '"��t",��."-./f'7�'j' . �----- � ' . . ._.. .. ... _ .. `A--����1--/<- . � . .`..• ,. �Y (11. ���'�,T- r.� . . : .: •� _. ... . . -� .,: . ;j1,r- .--�- - � , — �.-:�• ��- --,:.m..:}�„-�- . -�•. '''`' �+_ .�.___.__. � -=_:._ ''"" �.. _ ..,,-�-'� �-� - - - - -- -- --- , . �. _ ._ _ _ __ ...--- . _ .:�_ - ``" -�------- ._. . _. �.._ , . • - .. > - - - - - i __,.-_ - _ . :._ .. _ -- � ....._, . . __- , •••�_ , . .. --�--.�, _ � .... ..._ __._. �_..: - . . -- � .�-. J � `2 `._.---�--�--- . , . _ . ._ . __ ,^•.._..__.-------::.- , � _ . . .. . . .;y{� � ,� . • � �S� . .�. .. . .4:7� . ' , � � . � .. . . L]o'.p• • . •+_..... . • „ . . � . "�' ��� �..-n . ' ' � � . .. , r • •. .. . • . .. � � � j . .y,.' - , . 0 . . . ' . � � ' . . �.�� .r.�. ..�tii. . . , . .• . . . ���i � " . , . . . . ( ' . ,� I ♦4��,. � .M1�,..� . 1 , � . � I �) -, . � � � i I r _ `, I -=1 i : �---� i � � � � j � � _,,,,y-- '- n=t i �� � - .._ - - _ ( _ ' -.�.._...-•.;`r� � I..... ..�,:�„r- � _. � a I -�' ( �. 1 �"C�Aii.stri'`.ry' u. t . � r f I � '�„�s+,�_ � � �� ' � � I ' �„�_. I . I — � I ,.�-��=_-_i .J_-- ' 1 .__1 i ..� I '1 I � � � � t- � _ _ . ;• .. -I I -_� --�..._ � � � I 1 i I , ; ; ; � i. � � � � o . � � �_--�--�--� -�-= _i.' � � ' , `-' 1--� �.^ -� �--� i -- - - v� . - . :�., �-; . .-�.. .:,�.� .- • �;. . i • , - • . . • ` � - .. . .. , . � r . .. � ' � .�fw.r WU .. . . . . . �. `• ��r. �.nY •O J � � .J' -- . '' '•i . . • � . � .' �.--�--�'I---F•� /' —� � � . � _ � —i i � �—— �;f � i � � � \ - .4.. � � 1 � � � ;•: t � �. � ; �s: �_"`� j/ ; 1 ( ,...�-�.-...) � � ,,. \ _ �„ � i ( I ' I . . . �! I .��� � '1.vo���u'�- _ , . I �� �,,�,� � . . � . . • '�� .� �, ' � � •�) � Is._..y'i ! . ' . . . . . '� '�a- ' I � . � .... . , ' �I ,i�' ? . ` r' , �. ' . ' r� . \ '. . �� . � _��. � �`-r- .� ;j� ��.�`� . � . . ��,�: � ,(y�y� — "a— — --'• --�': ;^;+� .i V� . . ' �.L'�-�-.. � . �' �'¢r��fv�t' �\ � .� '' , t` ' ! • 1�.,.� . . . r�I�• •S' :� /.I � � �'� { ••1"' � �a JN.�/�¢/�.ri � . . l � � . . �•----`\�',y' _ � ^,t. . . . � � � � . . � .. , ��. � � — . - ��\ .,.�': .. . �� . . . { • • �.� ' � . . • �.• . -.• ~j , . f ..[..]:Cti�.:�.�.x/U!!�L`1`�2L�A'TRE � . � . • • • • . iucNrsscruiutoutc.r � � � � ' . � � - � � uMtrY t nnn � . � � � . . � . � . , • � � � . . . . � � � •Moo�U�n11[,wt Nr�w � . . . . . . � .. . •• I . . . ' . . . � . � ' � . . . i . . � . � � .; . ,3 . CONFIDENTIAL - ATTORNEY/CLIENT PRIVILEGED M E M O R A N D U M TO: Members of the Rosemount Port Authority FROM: Mike Miles 1�,,.ti DATE: July 16, 199 RE: Legal Status of Theater Complex Negotiations With the Mullers FACTUAL BACRGROUND At the request of Steve Jilk and John Mi11er, I am submitting this memo to you on the subject of whether you have any legal obligation to the Mullers to finance their theater complex proposal, as opposed to considering other proposals and criteria. To place the legal advice rendered in this memo in context, it is instructive to briefly review the facts underlying your work with the Mullers to this point in time. My understanding is that over the past several months, the RPA and several municipal staff inembers have been discussing the possibility of RPA' s support of a ten-screen theater complex to be owned and operated by Bob and Mike Muller. In these discussions, the Mullers have essentially proposed that the City provide the land and infrastructure for the theater complex and issue bonds to cover the costs of building construction and the provision of necessary theater equipment. The Mullers, in turn, would provide approximately $500, 000 in up-front capital toward the construction of the facility and would agree to pay debt service on the general obligation bonds issued to cover the cost of the facility and equipment. The Mullers would also offer personal guarantees as to the payment of such debt service. In conjunction with negotiations with the Mullers , the only "definitive° action of which I am aware that the RPA has taken is to continue negotiatians with the Mullers and not consider other theater proposals until it has been determined whether an agreement can be reached with the Mullers . This action was taken at the July 6, 1993 meeting of the RPA. Finally, what gives rise to a study of the potential liability of the RPA, vis-a-vis the Mullers, is an unsolicited proposal received from GTI, which, I am told, provides substantially better terms to the City of Rosemount (i .e. , GTI would pay for the land provided and assessments, finance the building and equip it without the need for issuance of public debt, etc . ) . � ` . r . LEGAL ANALYSIS To move directly to the main point, it is my view that the RPA has not yet taken any actions which would afford the Mullers a claim that the RPA is contractually obligated to them or that the Mullers have some financial claim against the City. This is so because of the following reasons : • There is no contractual agreement between the RPA and the Mullers . In fact, a draft agreement has not even been prepared, 1et alone executed. • To my knowledge, no promises such as "you've got the business" or "we've got a deal" have been made by either Port Authority members or staff to the Mullers . In this regard, I am confident that the Mullers are sophisticated business people who realize that lengthy negotiations are sometimes the price that must be paid in order to arrive at an agreement and those negotiations are still ongoing. • The RPA has been prompt in considering the Mullers ' proposal and trying to move the transaction along. The facts here are far different from the LSGI situation, in which it appears that the City of Minneapolis kept ZSGI on the "hook" for several years . O The RPA and the City Council have a fiduciary duty to thoroughly explore and examine options to transactions into which public money will be invested. Thus, if you conclude that the GTI proposal is of substance, you are probably bound to at least consider the types of terms that GTI is proposing. • At all times relevant to the RPA' s interaction with the Mullers , the Mullers have been made aware that this process is still in the negotiation stage, and further that the City Council must take action before the RPA is authorized to contract with the Mullers . RECOMMENDED COURSES QF ACTION I Messrs . Jilk and Miller have also requested that I render ��, advice regarding steps you may wish to take in the near future to progress this matter and defend the City against potential liability. These steps are as follows : l . Since the GTI proposal {including a check for $39 , 000 ) seems like a bona fide offer, I would xecommend that RPA staff ineet with the Mullers to determine if they are interested in modifying` their offer to more closely reflect the position taken by GTI . 2 . On the strength of the motion adopted at the last Port Authority meeting regarding trying to work exclusively at � 1 v � , � this point with the Mullers to see if a deal can be made, I believe you can still determine if terms satisfactory to the RPA and the Mullers can be worked out. However, I think that the RPA should attempt to reach closure on acceptable terms by not later than the end of next week. 3 . If your negotiations establish that the Mullers are unable to essentially offer terms as favorable as those o£fered by GTI , I would urge you not to enter into an agreement with the Mullers . The prineipal reason for this advice is that if you turn down the prospect of a proposal which calls for much less risk on the part of the City, you open yourself up to a taxpayer' s suit, charging that you have violated your fiduciary duty to the City to properly husband its financial resources . Please treat this memorandum with confidentiality and I will be glad to visit with you individually as to the advice rendered herein and, of course, will be present at the RPA meeting on Tuesday, July 20, 1993 . JMM:gmo CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION PORT AUTHORITY COMMISSION MEETING DATE: JULY 20, 1993 AGENDA ITEM: PROPOSAL FROM MULLER FAMILY AGENDA SECTION: THEATERS TO DEVELOP A THEATER IN ROSEMOUNT OLD BUSINESS PREPARED BY: JOHN MILLER, AGENDA NO. ECONOMIC DEVELOPMENT COORDINATOR 4 . C. ATTACHMENTS: "SOURCES AND USES OF FUNDS" APPROVED B�C: FROM SPRINGSTED, MEMO FROM JOHN MILLER, �`J�'""_ �'��/II'�j_ , MULLER PROPOSAL OF JULY 1, 19 9 3 ►� ,�(,�{/v�/ Please see attached. RECONIlKENDED ACTION: Motion to reject the proposal submitted by Muller Family Theaters dated July 1, 1993 for theater development in Rosemount based on the contents of the proposal, staff review of the proposal,-'- and other public comments and statements made to the port authority. ' Motion to consider at the August 3, 1993 port authority meeting any , revised Muller proposal or any other theater proposal submitted to the board. ; PORT AUTHORITY ACTION: Porf Aufihoriiy of t�e Cit,�of Rosemount, Minnesota �repsred 12-Jui-93 �2,6i4,000 Ta�table G.O.Deveiopment Bo�nds, By SPRIMGSTEO fncar�aora�d o Series 199SE .� � � ��d; 1f}- �-i993 � hAaiure: 4-t m Frsllnieresl; 4- i-1994 w Total Capital- !+let Prapo6ed r Year of Year of Princip�aa ized Levy De+�++elope�r Cumulative � Levy tuiat. Piinapal Rates In�rest &Interest IMerest Requfred Paymerds Surplus ca {i� �2} (s) (a} ts? {�l t�} t�y {s} (1 a� � 1993 1595 1aQ.000 4.6(II96 259.48i 369,4&1 S&,50Q 282.981 287.i3Q 4,1fa9 � 1994 1996 12fl,000 5A096 167,928 267,92B 4 287.928 287.T34 {778) 4995 1997 i25.040 5.4556 16i,928 266,92B D 28f.928 28?.13U 223 � i996 i9�8 430,004 5.6Q96 155,�16 2B'S�115 0 285,1 i5 287�150 2A35 ^' 1987 i999 144,000 B.OQ46 147,575 261,575 0 28?,573 287,150 (425y � 1998 200� 145,0�4 G.2595 139,175 �$4,175 0 284,17$ 257,150 2,975 aa 19�39 fi601 135,O�Q 8.4096 130.113 265,113 0 285,119 2BT,150 2,036 �,, 20{l0 20a2 165,UOd 8.5596 92D,193 285.1SS d 28��193 287.150 1,958 a 2041 2f}D3 17�,000 fi,8fl96 1{f9.385 284.385 0 284,365 267,15d 2,765 � 2002 2�}04 190,OOQ 6,90% 97.485 28T.485 a 287,465 267,15d (33�� 2043 2005 20t?,004 7,05% 84.375 284.375 U 264,375 267,154 2,?75 2d4�1 20{Y6 215,000 F,2D�6 7tl.2?5 285,275 6 285,275 267,150 1,635 2b45 2047 234,000 7.9€F�f, 34,795 284,79� b 284,795 2$7.iad 2.8�5 2006 2048 245,8d0 7.4CF'�i, 38,U05 285,{i05 a 283,0�5 287,164 4,145 2007 2�09 265,Ud0 7.b090 i9,B75 284,$75 0 284.875� 287,1£+4 2,275 0 � TOTALS: 2,810,000 1,7a�,70� +E,385,,'U1 B6,5[?0 9,279,201 q,307,250 28,U49 � rti z � � H C�J Bond Years 2�,975,OQ Annval Intarest: 1,7�5,70i ty +�vg-��MY� 9-65 P�us Discaunt: 39,13t} Series E: Uses aF Funds ,� Avg.Annuai Rate: 6.�?4°16 hfet Inferest: 1,784,651 8uilding Conslruclion 1.941,fl0� � � T.I.G.ii�ie: 7.S4U46 N_d.C.Rate: 7.13D96 Equipment iSg,UDD ' Farking&Septio System 265,aoa Inlerest rales ar�eestimates;changes may cause significani alterations o�lthis schedule. Archite�tural and Lega1 SQ,ppp TFie actual underwriier's discotmt bid may also vary_ �Perm�ls and Fees 3�,17p� !�.and a i 5ubtofal 2,990,170 Assumpiionx Reserue Fund O.UD% p 1) Bands�a�e�d October 1,1993 Gapita�ed Interest(�ma� &6,500 2} �eyeloper Payme�t� 7,p�096 2.6pp,pp0 Underwriters Dlsct�unt $15.4a 88,150 2%issuance 50,000 fssuance Exper�ses 3a�fi50 �and 65,340 Tntal llses af Fnnefs Z ir,i d7tf i aRai xm ount�o nm orune= G.6 S�,340 S) �eveloper equity based u�an$450,004,pluspermR iees, Series E: Saurces of Funds sevrer syslem expenses,capilalired in�rest,snd less land Series E Sonds�taxable} 2.614,OOa, cost af$f;S.34fl. Developer Equity 521,934 � 4} Reserve funded t�rough LOQ reduced by addiiianal cvntributions,or other acceptable form. In�rest Earnings on Canstructian Fund Zp,1q{� � �atal Sources oi Funds 3 151,47Q � � a 0 c.s �ort Authority ofthe City oF�lasemourd, Mfnnesota Prepared 12-Ju1-93 5820,000 G.fl.Develo�rment Bonds, Series 1898F By SPRlNGSTED Incorporaied o V \ r Dated: 14- 1-9 993 h,, � adut�e: 2- 1 �, Fersi Interest: 8-S-1994 U Total Capilal- iVet ' 'Laca! TaTel �, Year of Yea�af Prina�sal ized Levy �{�ort Ey� r Levy lNat, �'dncipai Rates Irrterest �Int�rest Interest Required T1F' Requi�emeri � {i] i21 [�l {�f ��) 4�l f�1 (8} (s} �io� "' 19ff3 1995 p S.+EOy6 20,815 20.815 2�.815 a � i994 1996 15,000 3.489b 1§,691 3fl,611 0 SO,Bii $Q,OOQ fi1Q � �995 199F 13.400 9.74% i�,101 34,1U1 a 30.141 Sa,000 i{?f � 1998 1998 20,OQ0 3.95% 14,546 3A,54fi 0 54,546 3p,pqp q r�4g �'' 1997 5999 20.pOp 4.1�% 13.756 33,756 0 33.756 gO,Opa g.75g ��,, 199& 2{�QO 20.000 4.3�% 12.926 32.926 0 32.926 SO.Q04 2.926 �"' ig98 2001 2{?.61M� 4.55916 12.056 32.05fi d 32.�56 3fl.1i�0 2�056 �' 2a00 2Q02 2fl�0U0 4.?5°�'o T1�1-06 31,146 a D 31.1 AG BU.OQd 1�146 0 2�l}i 2UQ3 25�0{}Ci 4.9596 10,19�6 35,195 0 35�t96 34.QD0 ��196 �'' 20D2 2t}D4 25,0{l4 5.f 596 8�956 33.g56 4 33,958 3U�000 3,9sB 2003 2005 25,OflU 5.8096 7,67{� 32�87Q 0 32�670 SD�QOfl 2.$?{f 2bD4 2�46 23,OIX7 5.44'K 6,345 33,3A5 U 31,843 30,000 i.g45 20�5 2DQ7 30,Dd0 5.5446 4,995 3-0,995 6 34.99'a 80.004 4.995 20�£ P008 50.40[7 �.5596 3,345 33,345 0 33,545 30,OOQ S,3�F6 ' 2�b7 2fl09 30,UOQ 3,fia% 1.fiBU 34�fi8U 0 31.fiBD 3D.UOtI 1,680 I � � TOTALS: 32Q.000 159.1-08 479.146 20.815 458,331 A20�U00 38,331 � � G'Z � H l�7 �and Years: 3,asi.s7 Annual Inierest. a 159,i4B Avg. Ma4urily; 9,6& Plus pfacount: 4,8�0 Series F; �Jses of Funds z Avg. Annual Rate; 5.1 A89'o Nei Inter�st: 163,94B l}euelapmer�t Share af Pubtic Imps 2gp ppq � T.f.C.Ra�e: 3.30�°16 M.LC.I�ate: 5.303% Gapitalized 6nt�rest(18 mo) 26,Bi5 Underwrite[s Qiscaunt $15.flp �,$4a, Irrierest rates are estim�es; changes may cause signifiaerrt alterations of this sshed�ie. Issuance F�spenses 1 q.gg�' The actuai ur�derwriter's discauM 3�id may also var}r. ; TWaI Applicalian of Funds g20.,ppa SBries F: Sources of Fu�ds . Series�Bonds{iax-exempt� 320,ODp Consirucfion Funcf inlerest Q•. i � Trdsl Cr.�i..,ac..�C.....Jw .t., r I I ...... . .__. ....... .._.... ....... . ..._. ........ ._.... .�..... ..._.. _ ..._ ..__. ....._ .._... _._... ...... ........ ._.... ........ .._... ..._.. _.. ... ....... ...._... ._...._.,�7 ±I�' d O W \ O O G. I MULLER FAP�ILY THEATRES 484L' — 54th St , N.W. ' t�i�pl� L<�k�, MN 5535$. 612-9�3-3041 ' .July 1 , 199� Dar� i��NY i 1 , S��ri�i;�-tY�3, Ir3�� . �5 E��;t 7'�h F1.��re �t . B ati 1 , NIPI Dr��r L3c�..ti: ^n�.1c�:��z� :���� �.�t�r• ����=��ori.:.i fitY._{r�cit�l stat�r�leiit�. We 'v� c3iSc�;,.:�:s�c�. t�Tl.ti't �iC7�iI: i•�2i�_'�' .x=�ai3 Ec3 i_ I 1 t�iczt �7iz:'�' 2`it� �i�r� c� _- � � �r � fi =L�I _4 rY.,i�� �_}-ie_�� t;s:�te:nc�litti ._ts it x'��.�2'i}_ c�:.z� t�i�.�tre �3�vYl���;mer�t iti R��`rtisC�l_ltii_, �v'c .�Y`ti ���z•��L,����it-1� %r� �Z`�:°JiC�� �� �3r�Z�v�C��icti ��z2�rj.�Iitc�e� �¢ r�:'Cz.lY'?ty f<;z' i_t�c, r=r=tlttt�s.t�c� $2 : 5Gt}, UuC) � . C. k7i:isC� v3e :��'� �-�:3kii3c,� t�i� �nx t _%�tzt�ic�rit�v tc� L;rc:�i��.r f��' �?�r ci�vel���tn��it . YUu ��ra��tilc3 ��3ti;G F�� .�va.�re t��:�t w� ar� wil2ir�� t�} ir�ve��t �45�, OC�{) �t� �i�tiit�' i3�t}t: t�-ie i-t�r'�•�titly clv:tim�.i_et:� j2 ; �348 ,%�t�C �i�:�,�ci��i��n��it� . Tt-.i_� w:�.s .�c�reed tt� .�� �_}i� z��=�i.lc�st �:f E�� �?.ti�i ir� {:�e:r' �: �- �- ,., zM1 �i i w �.,��tir��; wits� s�i�n Yii_ 11Yi t � eYk_. �11�71aIt� Y_11,'� �Y.Z-`_:ii :=i��41�11 3C_:dt2t�r1 [7j'1 4"?1.iY' :��:Y'f.F'�3[�i2;_`�r `)iY�i`�t:'. :�:�11 iYt21�c� I�i�Zllet' .�� nl�-9fi:�-3fJ4_1 , T�rr= � r,;3 �i�7t�1;1� tit�xt �'=:L: Ws.ii �1<�cT� .�Clr'C�ll��t:j t2IT2r= tC� ::3`�t:ti��; t�I[l:iC :�tF;tr'3Tit'IitS �21:i }_)r3 �:32't�i;...2'�'c� �[� �)2'UVIC�C yC�11Y' C���llilt��"1 �� ��1� t'"1-t�Y't �iiZt�2�?i`l :`_Y 1�tt=E���Y-!� r�f •T:;ir c�, 1C�:� . =,121C.e_Z�r_],�7, ' ��?:_:�_)f_i't iYi l..'_y l�!�' . . '�. � . MULLER FAMILY THEATRES 4940 — �i�th St . N.W. ' M.x�>le Lake, MN 5�35f3 , �12-963-3041 ' TtZly l , 1g9� ' 3�hn Miller �L:pI-ti�;Tt1C 1�}c?i7c?ip��ICi�Ilt (1pc'�Y`ii7.:"1�t���' Rc�:���n:�tzt��t rr3rt Ata�.���c�ri�_� C3ty ��i R���;etttc�tllit , 2�37�i — 1 �15��i �� . We�t�-� T(t):�:E'lli�`.�1a.I�L,i_ i L�114 ���fi$ RE: F��Ytn���xzit i�n•ai� T�i��zt�=� Deve��>p�n�r�t l�i� �1a.�.��Y' t'i�YlL�.�V T�1F':�'�Y'P:�, L7i�=�UC1_;t= %Q UF_'t1t?�.�%L) r'i 2� =�C;Y'CF'il lil:}c��� th��tz•�, irii�it�lly w�tii ��z'; .�_c.:i'Y�ri=�, i�'i ttie Bu:jiz'i�vti� P.�rk iz-i th�: :,c�Z.1t�iE'ct�t L�YVE�].t]��TIIYT�tt C�11ciC��':xIit= ��� t�ir' S .T.sz, #3 .�Ilc� f;.S ,�i.N. #42 . T��ii�� ci�v���3yJTnerit wsi11 ���:.:ve va1,.�Y ��f �v�r �3 M f�,r� ��uilt�ir��r, r'c�lllplTt�tl'� :�.iiii :sj�i_c� }�IrI��Y'c�t7t?IT►Pr1t_:�.; T"zi�i_ lt'1Esltltt].Iic; i_�-1r`� i:i�:=t i�f �:�Ii<�, Ls:3�,c�C� ':T'1 C�i_ls' r=X��r_,�`_`'ii:=:r� �Y� c`i�1T2��.�iY':_.���Y c�:c_�tritril�t'iltle`, Wr� rzT'�' LsZ'C��CC'!_i;ic,��j "���t�C 4F_s$ ,�t�t� ��c�t�'��t-i:; :�Iit'iu.xlly :t �_�ii:=: it�c��t���ti; v.tit�i t�i� f'1Y'�x_ ���i�i:-_� ���VF'ii���Il1t'il� . l��lf' i�"1C:�tY`C (vJ11i 1`F'rttllZ't= fir_�t I'11Ii ittt�VjE'ti� •�.I7�� ��� o��e21 :?�4 t3.�Y=; .� y�.�z'. iflii_�.�tlly: �_hclr� «ili �» .� La��t�iij� c:�paci�y of 2 , 2�0 ti,�:�t:;. 1`i, �'�C iiri.`J� c_:r1C�ti�f'2? �}17.-`_ :�.3.rF' iGY' ��c�[7c�i.�.� �Pct:3c_�Il� . 1 . �3:=i•`=�t'.C.� f1I1 ��I1� i2�_'z�N iil�:�i�:'1:�t1t7t1 till��`� ii:�.`�-' F�)E�'Y'21 �3r'�_%Vlt3t--_'.�f ti�"'i.�is.• :�lttv t:.�21 ;��r�::t ;;tc�c�'k _'%T' �1lYir' =;��Ilerf�i��F' Li�ti, ;1 t; - i; ,-. -�� 1 L1Z1 1�_4 t��il t {.(_:ii•`_�t�'li(.:tl_)�2 i:it:_�. t�1.i`i '-`_�Z.ZITiiT�t'i' `J�1t�-I ::iri C)�Jt_'.Il�.tl,;i C�� ��lt' f�#t::3�iL`� ��T'i�3T` i_i� t}lE' uciti�tc=�' `_,e.�=;z�:1. � , � I1tciV1P tl1�t��T'f` t��`JF>�.C)�tTdE'rlt �3t trl7.�� �.Gt_:.�i:c�Ti Wi�i1�C� k.3i� tnutti:�lly �2�r��fiUial tc� k�aGth t}i� existir��,� rYt�.il �i1��:iriesses in ' i.he C�r�tr�l E,_i�,i���ss �i:�t��iU� :�ii�:� f=-,r i��t�iz�� c3ev�lt��.�me�ii ir� ��1� 'iFs'.1.S1I'!�-`_�S Pci2'k�� . �� it<A`.� �7e�%:Ii ca�J=�Cz'V�C� t��Et�i Uia.Y �:.it2'U�i-�„- will �n:�k� �c3��itic�r�.�1 ���.�rc:}��,:��.;; bc�tr� hef��rY :�ric� �fter ::ttc�Iict�.;ic�c, <�: t�ie�.�iT'��:, ic}7' �t � tici213ttitllr, 3nF'ctl� �tii�� r�fr�>>����nents; .�r�c3 ' � , :�t12' i�tvtTClt�L�;IlCI-lt c�i'i ��12� S;.tr� 1•`=> ir��er,c�r�t� :`_f_� �;� __C�l12��1�1���.E' wit�i t}i� De�,ic�r� i.��it�ri� r•�c•U�t�rn�ri�z�a �y t}i� i�s,wr�tc�k•�i S�;{�pii�g Cc�mtnitt��. Ros�m��t�nt Port AutY��rity P:.��� 3 July 1 , 1993 ' FZ . We ��tim:xte ttie 1T1It2.�I �rvj�ct c�ssts tc� Y�� $2 , 949 ,Q00, wtiich irzr.;lu��es �_fi� �aui lc�inc,�,, �uui�inent aric� pdrkir�g lot ir7stal lat i�ti', T��is t�c�es 27n� ir�t•3u�ie tr�� r_:�:�t to u;� f��r �ti� �;ite. Th� city t-.t.�ff �i�xs e:3ti�n�tec� t�i�t t�t1z� ���tT�1�a�aTrieY'i� will g�ti��'.��� $135, �Ot� ir� r�rc�p�rty t:�x�L,. F3 . T�ic� -irzit��<�i r:_��r�;;�lr�x c�.-i ��� rx���c.tec� tt� �ttz���� 463, t}t}0 �a�t2't�riU :��ititz�=�I Iy, :����:�'OX3I:i�li_Cltj � , GC}C} r,�c7ple ��e�r w�ek, k_»�ec� t1���an �UllF'i F:a;Tt7 �.V T�iY:_.#�Y`c� � � :���Lit?r'i�I1C� ct� C�#��iF'i' t��ic:ct.t_1`t�:�, i}lZ�' �tu��i�� fiave �;�ir�w:i -tr�:�tt .���_=::.t 7C� tr� ?^ j�f•z�:_:�t-it ��f t��e prc��1� t�.ttenciizic� :� mc�vi� will eith�r st��� �c,�= �n�al� c�r Ut�i�r i�:1�Y'E_':�i11Ti C?I-1�:�. 1� k e y P S t'j�F_'.il ti 12ti ��I�I tY r�i_Z(�.t:t�_,� C:l �1�.i i�'Z' F i�7T11.�.� 1�3tt':�t2"F',y� (S�)E?Y':l_�.��il - 1- �1 i _ � i � L) il'- si`� �i.�_; �:�� t�; ��k�i i y t �.t_�ir� fi� t ru�i fr-.=�tu2'e:� t1;tz�-�iiy z�r� ±-�-,c3 n:�-r�orial ��1e��.�;e c�:�t��; wtiiCY� �'raiii�ic�� W3.t�]. 't�":C1�' �,ili�GV1I2�::�. :�t cit�if'Y' iYi�tT`ti 1_�1c��ti'tvS. 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L C.%i al� .!�} `;f•.�CF'I1=a GV�.�.1 L t_'.:let._li E'. �7 :ilU�h�Ii�•`_+ :���i 1V W1��2 ._�3 C_:()iniJle�� 1)E'is-iC� t:'�.�:F:iI l�i':_�1i1 ['�tJt)12� _�i.� : 4:1 :=aiT1 tJ iTiiC�Illsiil . L�i . �i:s`=;Ev:w {>I1 �L7r' tt'�ii7f�`�'1�..--'11.:Y7 WE'. tt'=+}Ilili:a}t'. ��1� ��'�E�.`.�.t�' C:C�l�I�lt �t> rJ�.' 4 , (?Ov �::���s �-'�'i� weYi=, :;�:r�:��3 ��ve��� t�'ic� tim� =ae�'ioc_3 .ie:�ui��:�:�e3. , '� �,7 i-r�,�i c- � '- i _ _ i'- ' � f �as i�.� i�' 3i� .r•_A� . i.?e . yY(_' 3 L•_ 4,7(_S._f_ `�7 fti L 1..�[:1 t�:=; ���i :�C_C.-.:i;'.='�!_� t_i i P :i 1 i_CJ' i,�' _'i-�sn i () �{�� ��e�, Ti��i_�I . i[31,1 i' 1�:e 2 i f'.•`_;. . . � � � '�. t;3 , t�� th� �;�-ke :i:�:� c;�1:���;;�r�, wr, :�.T'c� [�r�ly :���le tr� ��'C�v1��.� � �>2���11ii1Zi�-�Z'Y ���cs.I'i .�t %�i3s �1tT:�, i=�. i}�4C �Ilt2'�7T1Ccr:3 �t� t�ie 51��' VJ1�.1 IiF'�c� :� 1C11:17.3I1;.IIfi U� 2 �Iit=T'c'lI'i�=�ti . C'ill�� G �fiS� �t�.1�YSJ i�} .fi�4j�.. �=�L.�`-�U.11 j f'.yry��7 � J.�:tli��? ��J1� !.i'tt•�t� ��U�1�.� � � c7f i;ic.,�2'�':�S :�Tli� C�2'P:�:j. � , Tii� f i�'�t :�t���� c�` i�l`i�' �'��`C�jr�� w?i l .�e t� ��c�1i�t�'t:�::t .� 3+�,f�f�{0 �o ;�� , �^,CO ::[�t1��'c� ��t:.iici2l�.c� t�11t c�,f i1'ttr-��.�t�c�i �nlc�rc�c3 hltac:k; �l�.zc,:� k�i:�c:�'_ k_�:_ii'tii_;�i.%ci '�li�i:k �1�-xs:�. Thc, �tii lt'�iti� wvtzlG?. .��rs>n�r�m����.�te ZQ .�3r���1� =;i�ed al��i���rit�rr�s, witii _;�.�tira� �����aci�y ��f 2 , 2C�[� ti,e�:�t:�. T�i� i:�k3�iy wi 1 i �,F'i��� �s .� w��i t iF'�c� �:r'e.� for +�- - - _ ._��c�ti;:� �:��mirzc��. t« :��� :��_3w�., tr�i_ ar�:� v3i3I .�cc:U;n�r�cc��-�t:� .�����rc�xitra�te�y 25? ��«r�le. A�te�z .�;eeir�� :� s�1�3w, g�e���I� will i�._.v� Y�y �xit:� va'ri.z�=;�i will �i�:��? t�i� c3��:�L'-ti�ic;� tr��fa`i� tt� Y.�� ::;r� 3.�r�#��c� f�`i�,ii t}-,c7::;� ih*t�:i�lai. i�Z' � � tYi� �i�xy :���r�v�t. AI1 a.CCe:aL� :�«a �xit�; ;�iI3 �_:c�r�f�a���r� -t�� �;t.�-rY r����I.-�tic:�-�sj i,i�:lj_�.��ii.� t�iY . . ;�Pt '; i �..�; .3? i:;-v3�.�-..�:c=' L.-.: �,_ ,_ ,.......,'.; ,-.aY::-;:�r' . � . . . � '. � � � . ,. Rvsem��ur�t P�rt A�i�khc�rity : Pag� .� .7uly i , 19�3 T�i� �arkin� lot w��tilc� Cc�Iitc3lIi c't 3111i11I11L1I11 ��f �0� ���=�rkiti� s�aaces, T�i� s�r_��ri� ���ia:�� r�f t}i� ���'��j�i:� w��ulc:3 �>� t�� �c��. �.c3<iiti�ll�I auciit��ri�_u7t:� �Fz�� ��.�z�kiti3 =;�aac:Y:� �,��-��r� w���2•aritYc_i �y ��c��t�l�tia�i ii7c:r�:�s�:� iri �c���m��urit :_�ncz .� 9 �ni le r:�c3ii��. 7. We wc��i�.lr.� ric���� t�� ti:�vY -tY�e :-�i�Y :�vail�k�le fr�r �s��r�5tructic>r� ti=7 1�t�r' t�i�ra S�'�,�tY��t�_���z i ; iy�3 ; ctic3 ti�ve t�i� kauilc�.it�� c�zir•lc�s�c.� i:i �rii:� t�� l..�t� �ctr_��aer, -ttie ��.�r'�ir'ic,�, l��t �.�l�.r-kt���z�:iz1� �����ie ���f�r'cr fr���� �_1�s, .�t:<a s,�11i'i{�j tiie fiz'��t� tic:k�t� ��Y IYi:�r'��11 1:. , �9g4 . 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T���� iYi�zli�=��� wiil G�e �•���.t:Ti_�i'c_�lY f��z• the is:�u:��i�:Y c��sts c�f 2`� �.d:zH:� +�� tti� i3rir_c,1�3.�.� �.t�r�tuit . �ile� �YlU�.�.f-�'t'r� VJ13.1 ;,�Y'CaC72c�c✓ �%�7�� �1Q� -t,'t�tllt�j7 121VG-':::�3T1P32t' �C7Y' �_he t'���7��r_���t�at�ti� .�t'sC3 ti��:u�ity iri t�i� fvr't�i t�f � ���r:�«ri:�l c��a.:���.�r�t�� �c:,_ir p�r_,t_�n�3 f ir�.�ri��i:=<I =��_at��re�it l��a:� t�a��r� :��.�.�,rnitt�c'i %s. �ri2•iti���tec;, Iiic, } . T�i� t�?uliet�� V�ill al�;t� ;;=:�y fc�r t�i� 1_��ail�.�ira� �:j�rmit �l�ri Y'c�°J��'v3i :���.,�iC ��:.lY'::�lu��c=� r.�Ii.c� F�evf=2`G St��% ievc�i cu:;'1=11rt�it�c:� ficj 4:.tar_#' ��� � �7/� 9 ] ;,-.�-}. � iy -{ ; �: } } .- } . . . 'f Itl\l t�St��l� 111Ls1_<!1� 11�1�1i��1� �� :�,�,��.Si.Z�.+ l��ll� i�.t��� (..+1 C`•C3St t�1` i�..��t. r �}�.{-}j t''.�1.IT172Y1���.ii� t}:t' 21t'='4� �C1Y' �. =slt� Sa'�Illtur'� :��WCT' �:�Z' C��l�' ::Y�7�Zi��>;;f'2't} , Rc�sc�nr��nt Pc�rt Aut�ic�ri�y � P�c,�e 5 3�a.ly 1, 1993 M1 . 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KI� c�t7z� �Yt1�-ifi:�.et'it c}t�r �zr=c������;�u c��v�'a,�.tt�eri�_ J�ill ��e � �}�7�;�tiv� a�ic?iti«zi t� Rc:ti;�;r�=_�j:r�t .xr�r� :�.:-t :_,�� � _;trc�r�3 TTlac_�i'ic�t f��r =:�r_av�rir�g r:er��,;.� �cZ �Tt�i-1T' ::C_":iYtIQ�_�.Ii1.t�, �Y'��Tt1 � 2'yt�.112� Ui c.�VCr' �� IT11 �.F'£� , � �VP �'c�}.i;.21Cc�. _?�.:_:lz Cr=itniniii_; :�v _�j.iz' �•YL,r�:,�zit�tive ;�� wr�r'k �izt t}ir c�rtai3�: v:itYi y��u .�.�ic3. vt�ur� C;3zi�,t�.lt.�:it�, 2'i� iri�y ��� �eac:h�d �t �ith�r= 3ti 3-Gn�f� [�� .�s<i-25Q7 . t�7r� 3o��k i c�r'w��c3. tc� �'ie.3�'i21� fr't:;t1 yc�t1 �-t vi:i_�.r e��r'13e�;� �'�.�tiv��iic3rzc,�, �lliCc'z'C�.�, Rc�kie�•t tyStzl ler• .�t-!�� i�iikr t�i;xi ier M�_zller �ci1T1J.IY Tii�.�trY:-_ c,c:: I�s��nt' Ec��:�z'=i iy, M�:�1F:zi_�tiy ��-�'�"� ' ,�-��,�°i t Y _�-�.�f1 Jil�zj Exrc:zt};<J� i}ir�r�c�:tr���, Fr�z�t ���i Ec3 D�.ti2�, i,}i.�.i�=�.1uii, �`—��i ��:.�}-;t;�'ity � Muller Family Theatres ` Rosemount Motion Picture Theatre Proforma 10 Screen Movie Theatre 30, 000 Sq. Ft. Parking - 600 Spaces Project Cos�.: Building $1,941, 000 Equipment � 759,000 Parking 190,400 Financing Fees 50,000 Legal & Miscellaneous . 15, 000 Architect - 35,000 - $2,990,000 Cash Flow Cash Receipts 1994 (9 Months) $1, 089, 100 Expenses � 785, 390 Available for Debt Service $ 303,7i0 Debt Service $ 199,919 For further financial detail, consult Springsted, Inc. ....._ . . ... ._ .. .. _ : ....._. . _ ` ... �a+ww 'ww7wv�rasyoo.� . .. . . . . . � . . . . . . . c�ci.�c ' .L rt n oUc3s o�3 • " i 1At11411pMq � ' �.Q.�C Ct3S o dG'Lid--� � . . . � � � � � . i xres3a�m,:��,�...�yr .' � �3t{i�d31(L:J�"(llr�tf3""�i3"'S'Lt1Ti'C'. ` I . . j � , � . � � � � � � € � � E . f . t . . � . :. ����` ' � � A{f�(y � � . � . . . ' . . . . �� � _-� Y' (' . . . . . � � . 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