|
PULTE HOMES PROPOSAL DEVELOPER PAYS CITY RECEIVES
<br /> NEW BRIGHTON EXCHANGE
<br /> LAND SALE ANALYSIS Total Avg. Total Avg.
<br /> Amount Per Unit Amount Per Unit
<br /> LAND(27 ACRES+/-) $ (2,309,650) $ (19,247) $ 2,309,650 $ 19,247
<br /> DEVELOPMENT COSTS/FEES
<br /> Park Dedication Fees(1) $ (198,000) $ (1,650) $ 198,000 $ 1,650
<br /> Developer Admin/Engineering $ (109,800) $ (915) $ - $ -
<br /> Earthwork(Remediation/Soil Import/Rough Grading/Testing) (2) $ (1,761,700) $ (14,681) $ - $ -
<br /> Erosion Control $ (123,700) $ (1,031) $ - $ -
<br /> Sanitary Sewer $ (395,000) $ (3,292) $ - $ -
<br /> Water Main $ (390,000) $ (3,250) $ - $ -
<br /> Storm Sewer $ (335,000) $ (2,792) $ - $ -
<br /> Streets $ (780,000) $ (6,500) $ - $ -
<br /> Sidewalks/Trails $ (290,000) $ (2,417) $ - $ -
<br /> Elec/Gas/Phone/Cable $ (35,000) $ (292) $ - $ -
<br /> Irrigation $ (48,000) $ (400) $ - $ -
<br /> Landscaping $ (335,200) $ (2,793) $ - $ -
<br /> Monument/Mailboxes $ (67,500) $ (563) $ - $ -
<br /> Sub-Total $ (4,868,900) $ (40,574) $ 198,000 $ 1,650
<br /> LAND&DEVELOPMENT COSTS/FEES $ (7,178,550) $ (59,821) $ 2,507,650 $ 20,897
<br /> ESCROW FOR SOIL REMEDIATION&IMPORT(3) $ 1,000,000 $ 8,333 $ (1,000,000) $ (8,333)
<br /> NET AMOUNT(4) $ (6,178,550) $ (51,488) $ 1,507,650 $ 12,564
<br /> Notes:
<br /> 1) Park dedication fees are collected at time of building permit issuance and deposited into a dedicated fund for park improvements
<br /> throughout the community. The developer may have expectations that a certain amount of fees will be invested into parks within
<br /> New Brighton Exchange.
<br /> 2) Developer has estimated$375,000 for remediation work and$1,386,700 for 138,900 CY of compacted soil @$10 per CY. Actual
<br /> amount of loose volume would be higher.
<br /> 3) Developer and City have agreed to an escrow of$1.0M for remediation and soil import. City to retain unspent funds.
<br /> 4) Does not factor in revenue generated from building permits or tax increment; cash from the land sale only.
<br />
|