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DRAFT 4.20.09 <br /> City of Pequot Lakes <br /> ■- Potential Small Cities Development Program (SCDP) <br /> Defining Community Needs and Potential Project Scope <br /> • Discussed at various PL EDC Meetings <br /> • Held meeting with City staff and WSN <br /> • Discussions with a few property owners <br /> Potential Project Concepts <br /> 1. Public Facilities Improvements — Part of Government Drive (2 Blocks <br /> South of CR 11: sewer/water, storm water, curb/gutter, and streetscape) <br /> 2. Commercial Rehabilitation —various target areas <br /> 3. Housing Rehabilitation (Rental and Owner Occupied) — various target <br /> areas <br /> Preliminary Cost Model <br /> Potential Uses of Financing <br /> Public Facilities Improvements (South 2 Blocks of Govnt. Dr.) <br /> Government Drive $ 200,000 - $ 450,000 <br /> Alleyway $ 50,000 - $ 50,000 <br /> Commercial Rehab <br /> `-, 5 buildings * $60,000/bldg $ 300,000 - $ 300,000 <br /> Housing Rehab <br /> 2 bldgs w/3 rentals * $12,500/unit$ 75,000 - $ 75,000 <br /> 4 — 8 houses *$25,000/house $ 100,000 - $ 200,000 <br /> TOTALS $ 725,000 - $1,075,000 <br /> Potential Sources of Financing <br /> SCDP <br /> Public Facilities Imp. $ 100,000 - $ 225,000 <br /> Commercial Rehab $ 200,000 - $ 200,000 <br /> (Max: $40,000 per building) <br /> Housing Rehab (Max: rental $12,500 per unit, owner occupied $25,000 per unit) <br /> $ 75,000 - $ 75,000 <br /> $ 100,000 - $ 200,000 <br /> MAX SCDP SUBTOTAL $ 475,000- $ 700,000 <br /> GAP - Other Financing Tools $ 250,000 - $ 375,000 <br /> Assessments <br /> Sales Tax <br /> TIF <br /> US EDA <br /> General Fund <br /> Legacy Amendment <br /> \-, TOTALS $ 725,000 - $1,075,000 <br />