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City of New Brighton
<br />Korean Church Site Redevelopment - Gap Analysis
<br />Assessed Value Per Unit
<br />250,000$
<br />350,000$
<br />160,000$
<br />130,000$
<br />Proposal Use Units
<br />Total City
<br />Redevelopment
<br />Costs
<br /> Total Developer
<br />Price for Land Redev. TIF District1 (Less) TIF for
<br />Project2 Excess or (Gap)Expected City
<br />Repayment Date
<br />TIF District
<br />Duration
<br />Market rate rental 150
<br />Aff. Senior Rental 170
<br />Aff. Workforce Rental 120
<br />Total 440
<br />Market rate rental 162
<br />Aff. Workforce Rental 80
<br />Rental T.H.15
<br />Total 257
<br />Owner Occ. T.H.105
<br />Senior Rental 102
<br />Total 207
<br />Aff. Workforce Rental 70
<br />Senior Rental 84
<br />Market rate rental 94
<br />Total 248
<br />Aff. Workforce Rental 119
<br />Owner Occ. S.F.15
<br />Owner Occ. T.H.25
<br />Aff. Senior Rental 120
<br />Total 279
<br />Owner Occ. T.H.40
<br />Aff. Workforce Rental 120
<br />Aff. Senior Rental 130
<br />Total 290
<br />1 Assumes total estimated present value of TIF at 4.5% over the 26 year term of the district.
<br />2 Per developer proposal
<br />Townhouse
<br />Unit - Rental
<br />Unit - Aff. Rental
<br />Single Family
<br />At Land Sale
<br />Closing
<br />20 Years
<br />21.5 Years
<br />3.5 Years
<br />26 Years
<br />26 Years
<br />8 Years
<br />At Land Sale
<br />Closing
<br />TIF Year 2.5 from
<br />10% admin. portion
<br />TIF Year 3.5
<br />Gap Remains - sale
<br />of south parcel
<br />could cover
<br />$400,000
<br />Gap Remains($4,715,000)($1,531,066)
<br />Hybrid Scenario $2,400,000 $2,550,000 $4,761,331 ($1,750,000)$3,161,331
<br />Aeon $2,400,000 $1,250,000 $4,333,934
<br />Sherman Associates $2,400,000 $2,000,000 $6,280,210 ($6,611,000)($730,790)
<br />Project Sources
<br />Korean Church Redevelopment
<br />Redevelopment Scenarios
<br />Assumptions
<br />$6,365,770 ($500,000)
<br />$606,418
<br />$5,543,770
<br />$2,330,000 ($5,700,000)$6,376,418
<br />Pulte - Schuett Co.
<br />$2,400,000
<br />$2,400,000
<br />$2,400,000Schafer-Richardson
<br />$2,078,000
<br />$8,288,037 $1,907,314Dominium($7,060,723)$3,080,000
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