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City Subsidization of Residential Development- Orono Woods Senior Housing (as comparecl to CommonBond request) <br /> Developmei7t Cost Orono Woods- 62 Units Senior Re�ztal Apts. Commo�zBond- 42 Units Re�ztal Townitomes <br /> Ternzs End Cost to Terms Eiid Cost to <br /> Ci Cit <br /> Land cost City Purchase of land fi�om $1.00 Proposed purchase of City land for $1 per $470,000 <br /> developer for $1, then lease it back submitted proforma; land has appraised value <br /> to developer for 99 years for$1; use of$470,000 <br /> restrictions give City control over <br /> site use to guara��tee rental to sei�iors <br /> only. <br /> TIF 20-Year"I�ax Increment Financing- Orig. est. was Not requested <br /> 90% of tax incre►nent returned to $1.8 million; <br /> developer; approximately <br /> $43,000/yr returned in recent years; Current est. is <br /> annual amount dependent on �900,000 over <br /> property valuation, tax class, etc. 20 years <br /> Park Fees $161,200 deferred for 20-year TIF $0 assuming Est 42 units at$3,250/unit= $136,500 to be $0 <br /> period, at end of which City reimbursement paid by developer <br /> reimburses itself from future taxes occurs <br /> Sewer& Water Connection $40,838 deferred for 20-year TIF $0 assuming (S&W Connection Charges are payable to City $0 <br /> Charges period, at end of which City rein�bursement of Long Lake - not a direct impact on Orono) <br /> reimburses itself from future taxes occurs <br /> Storm Water& Drainage $0 (SW&DT Fee was not in ---- Est. 5.1 acres at$7,000 per acre= $35,700 to $0 <br /> Trunk Fee existence at time of development) be paid by developer <br /> Total Cost to City $900,000 $470,000 <br />