Board of Adjustment Agenda and Packet 2016 08 17

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Memory Square Proposed Improvements • Redesigned Clubhouse • Improved locker rooms • Shade Structures • Replace children's pool with new shallow pool and spray -ground • Improved deck and landscape DOSINGPOZt Estimated Cost of Improvements Board of Adjustment Meeting Minutes June 15, 2016 Page 16 of 17 Category Total Estimated* Site Construction $2,797,770 New Additions $20,619,877 Existing Area Renovation $3,458,642 Memory Square Improvements $1,240,515 Total project costs estimated at $28 million to $30 million Operations & maintenance costs estimated at $500,000 annually Estimate includes all costs for planning, design, engineering and construction Public Finance Considerations • Property tax proposed to finance capital construction. • A $28 million project would amount to an annual increase of $123 on a $500,000 homes, based on 2.5% interest rate for a 20 -year bond. • Annual operations and maintenance costs estimated at $500,000 would be financed through a voter -approved sales tax of approximately 20 cents on every $100 spend. • The following schedule is an estimate of the additional property and sales taxes required to pay back various size debt issuances. The amounts will actually depend on interest rates, bond ratings, property valuations, etc. Debt Amount Approx. Annual Debt Service Sales Tax Rate to Pay Back Debt Sales Tax on $100 Mill Levy to Pay Back Debt Annual Property Tax Increase on $500,000 Residence $30 million $1,924,000 0.673% 0.67 3.32 $132,03 $40 million $2,566,000 0.898% 0.90 4.42 $176.08 $50 million $3,207,000 1.123% 1.12 5.53 $220.07