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Preliminary Construction and Site Plans <br /> TruGreen is currently leasing about 3,200 square feet. This space has become inadequate and is <br /> hindering growth opportunities.Wendy and Scott plan to build a new 12,000—15,000 square <br /> foot facility in the Pequot Lakes Business Park. (Preliminary construction and site plans will be <br /> available for the City Council meeting.) <br /> Job Creation and Retention Information <br /> TruGreen currently has 4 year round employees,including Wendy and Scott.Due to the <br /> seasonality of TruGreeri s business,in the summer and spring months, the total employment <br /> increases to fourteen.With TruGreen's relocation to the Pequot Lakes Business Park they plan <br /> to create 2-7 jobs within the next two years.Five of the jobs created will be seasonal. The <br /> current hourly wage range is$12.00 to$15.00 per hour. <br /> Financing Plans <br /> A total financing package will be used to complete the building project including equity and <br /> debt. <br /> Preliminary Source of Funds <br /> Owner Debt/Equity $300,000 <br /> TOTAL $300,000 <br /> Preliminary Use of Funds <br /> Land Acquisition $43,900 <br /> Construction/Site Improvements $251,100 <br /> Contingency $5,000 <br /> TOTAL $300,000 <br /> Project Considerations <br /> The following items should be considered during the purchase agreement process of Lot 3 of <br /> Block 4 by TruGreen: <br /> a. Pequot Lakes Site Purchase Process. (See attachment.) <br /> b. Size and price of Lot 3 of Block 4 according to the city: 1.63 acres=$48,900($30,000/acre), <br /> however,TruGreen is offering a price of$43,900($26,933/acre). <br /> c. Elissa Rogers and company representatives have both met with Dawn Bittner,Pequot <br /> Lakes Zoning Administrator regarding the proposed project. (See Zoning <br /> Administrator's Email attached.) <br /> d. Costs and timeline: <br /> i. Closing costs are generally less than$500. <br /> ii. $2,500 earnest money will be secured by the City from the company. <br /> After closing the remainder will be applied to the lot purchase. <br /> iii. Closing generally takes about 2 to 4 weeks. <br /> iv. The city uses their attorney for all closing processes. <br /> v. Business must start site preparation and construction within one year <br /> of acquiring property. <br /> Page 2 of 6 <br />