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DRAFT 4.20.09 <br />City of Pequot Lakes <br />Potential Small Cities Development Program (SCDP) <br />Definina 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 <br />$ <br />200,000 - $ <br />450,000 <br />Alleyway <br />$ <br />50,000-$ <br />50,000 <br />Commercial Rehab <br />$ <br />75,000-$ <br />5 buildings * $60,000 /bldg <br />$ <br />300,000-$ <br />300,000 <br />Housing Rehab <br />MAX SCDP SUBTOTAL <br />$ <br />475,000-$ <br />2 bldgs w/3 rentals * $12,500 /unit $ <br />75,000-$ <br />75,000 <br />4 — 8 houses *$25,000 /house <br />$ <br />100,000-$ <br />200,000 <br />TOTALS <br />$ <br />725,000 - $1,075,000 <br />Potential Sources of Financing <br />SCDP <br />Public Facilities Imp. $ 100,000 - $ 225,000 <br />Commercial Rehab <br />$ <br />200,000 - $ <br />200,000 <br />(Max: $40,000 per building) <br />Housing Rehab (Max: rental $12,500 per unit, owner occupied $25,000 per unit) <br />$ <br />75,000-$ <br />75,000 <br />$ <br />100,000 - $ <br />200,000 <br />MAX SCDP SUBTOTAL <br />$ <br />475,000-$ <br />700,000 <br />GAP - Other Financing Tools <br />$ <br />250,000-$ <br />375,000 <br />Owner's Equity <br />Assessments <br />Sales Tax <br />TIF <br />US EDA <br />General Fund <br />Legacy Amendment <br />TOTALS <br />$ <br />725,000 - $1,075,000 <br />