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RDA Reso 2000-025
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RDA Reso 2000-025
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Last modified
9/13/2010 10:53:53 AM
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9/13/2010 10:02:21 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/17/2000
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Inst 2001161041
(Approved)
Path:
\City Clerk\City Council\Recorded Documents\2000
Reso 2000-112
(Reference)
Path:
\City Clerk\City Council\Resolutions\2000
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• <br /> 111. COST OF THE AGREEMENT TO THE AGENCY <br /> This section presents the total cost of the DDA to the Agency, as well as the "net cost" of the <br /> project after consideration of the project revenues. The net cost can be either an actual cost, when <br /> expenditures exceed receipts, or a net gain, when revenues created by implementation of the <br /> Agreement exceed expenditures. <br /> A. Estimated Cost to the Agency <br /> For this agreement, the net costs for the Agency are estimated to be: <br /> (Estimated) <br /> Site Assemblage (Purchased Land in late 1930's) 53,200,000 <br /> Environmental Review 3,000 <br /> Legal Fees 15,000 <br /> Total 33,218,000 <br /> B. Revenues to the Agency <br /> Per the terms of the Agreement, the Agency will sell the Site to the Developer for a cash payment <br /> of 32,513,421. <br /> Also, as shown from Table 1, the present value of the property tax increment for non - housing <br /> related programs from the Project is estimated at 33,190,000. <br /> Therefore, the revenue stream to the Agency consists of the land payment at conveyance and the <br /> present value of the tax increment. The total revenues to the Agency from the Project are <br /> summarized as follows: <br /> Land Payment to Agency at Conveyance 32,513,421 <br /> • Present Value of Property Tax Increment (30% Monies) 3,190,000 <br /> Total Revenues 35,703,421 <br /> • <br /> V o r a Keyser Marston Associates, Inc. <br /> 19096.0261002- 002.doc Page 8 <br />
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