|
|
Breakdown of Project Costs
|
Cost of Construction |
|
$6,914,334 |
|
|
Building |
$4,899,269 |
|
|
|
|
Site Areas |
2,015,065 |
|
|
|
Consultant fees/Miscellaneous charges |
|
731,393 |
|
Land Acquisition |
|
|
1,250,000 |
|
Total Estimated Project Cost |
|
|
$ 8,895,727 |
Tax Implications
|
Estimated annual principal and interest (25 Years): |
$644,157.05 |
|
Estimated Impact on Residential Properties (based on the 2011 revised assessments and class ratios): |
|
|
|
Annual cost per $100,000 Residential Assessment: |
$15.43 |
|
|
Annual cost to Average Residential Property (estimated at $505,835 value in 2011): |
$78.04 |
|
Estimated Impact on Business Properties (based on the 2011 revised assessments and class ratios): |
|
|
|
Annual cost per $100,000 Business Assessment: |
$33.43 |
|
|
Annual cost per Average Business Property (estimated at $816,164 value in 2011): |
$273.34 |
It is likely that the tax impact would commence in 2013.
A Tax Implications Table is available for ease of reference.
The District is investigating revenue options which could reduce the total borrowing amount. It will pursue, wherever possible, funding from grants, and has been successful in its application for a Green Municipal Fund (GMF) Site/Environmental Assessment grant of $52,250 and intends to apply for a GMF grant for up to 20% of the eligible building construction costs. The District is also identifying any District-owned lands that are considered surplus to long-term needs, and which could potentially be sold. To this end, the District has identified surplus municipal property located in the 1700 block of Verling Avenue, which is currently listed for sale. Proceeds from such a sale could be used to offset the costs of this project.
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