liberty state bank preservation project

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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liberty state bank preservation project

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