liberty state bank preservation project
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7/30/2019 Liberty State Bank Preservation Project
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Funding Sources Amount Uses
Private Equity $768,300 Land Value Contributed to Project
2006 Bond Funds $50,000 Demolition Costs
Construction Loan $1,702,500 Construction, Relocation
Total $2,520,800
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TIF Budget - Liberty State Bank Preservation Project
Public Infrastructure Improvements
Streetscape $45,000
Design Costs $2,250
Contingency $2,250
Sub-Total $49,500
Redevelopment/Development Projects
Demolition (includes building relocation costs) $455,000
Environmental Remediation $40,000
Historic Faade Restoration $286,500
Design/Consulting Costs $15,630
Contingency $138,370
Sub-Total $935,500
Total $985,000
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Liberty State Bank Preserv ation Project Facts
Minimum Commercial Space 4000 s.f.
Minimum Plaza Space 1,000 s.f.
Required Private Investment (acquisition, construction hard and soft costs) Min. $1,647,500
Expected Total Project Cost $2,520,800
TIF Funding $985,000
% TIF funds to total project cost 39.07%
Return on Cost without TIF 0.06%
Return on Cost with TIF 1.00%
Deadline to Obtain Building Permit December 31, 2013
Deadline to Obtain Final CO December 31, 2014
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Liber ty State Bank Building Preservation Pro ject Pro forma
City Center TIF DistrictPROJECT DESCRIPTION: 600 S Harwood Street
PROJECT TYPE: Commercial
CONSTRUCTION START DATE: December 31, 2013
PROJ ECT SCHEDULE: December31, 2014
Use Breakdown SF Total Leasable SFResidential 0 5,200
Commercial 5,200
Other 0 Total Bldg SF (Gross)4,200
Project Costs
Hard Cost $1,522,500
Soft Cost (less Developer Fee) $190,000 IncomeAcquisition $768,300 Commercial Revenue $98,000
Total Project Cost (without City $) $2,480,800
Total Revenue $98,000Total Project Cost $2,480,800TIF Assistance $985,000 Expenses
Net Cost to Developer(after TIFreimbursement) $1,495,800
Operating Expense(Commercial) ($83,240)
Return on Cost Analysis Total Expenses ($83,240)NOI/Total Project Costs
Return on Cost (without City $) 0.6% NOI $14,760Return on Cost (with City $) 1.0%
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