HomeMy WebLinkAbout1986 07-02 EBFAMEMORANDUM
TO: Earle Brown Farm Conanittee
FROM: Brad Hoffman, HRA Coordinator
DATE: June 20, 1986
SUBJECT: Next Meeting
I would like to schedule the new meeting of the Earle Brawn Farm Ccnani.ttee
for July 2, 1986 at 7:30 a.m. in the Council Chambers, City Hall. We had set
a tentative date of June 25, 1986 for the next meeting, however, I will not
have the requested information by then. An agenda will be mailed to you next
week.
MEMORANDUM
TO: Earle Brown Farm Committee
FROM: Brad Hoffman, HRA Coordinator
DATE: July 1, 1986
SUBJECT: Earle Brown Farm Income Potential
The income potential for the Farm is subject to prevailing rents,
tax rates and available space. Competitive rates for office
space in the Brooklyn Center area would range from $9 to $13 per
square foot. Typically, rents in this range would include
utilities, snow and rubbish removal, maintenance, and tax.
The following represents the approximate square footage of
building that have some potential for leasing:
Hippodrome
13,140
' Stable
6,400
H Barn
4,800
G Barn
4,800
D Barn
5,000
'
House
5,000
Assuming the City retains the Hippodrome for civic uses and
' leases the remaining less approximately 800 square feet for
kitchen facilities, there is approximately 25,000 square feet of
leasable space. It is my understanding that the HRA would be
required to pay one third of the revenue generated from leasing
the space for tax purposes. Note that such a fee is very high in
comparison to other properties with similar uses. I will be
checking into this matter further.
If the revenue side of the development of the Farm is maximized
as described, I would estimate that our gross income at $250,000
and a net revenue of $166,000 to offset operating costs of
$211,100. Other revenue sources from the Hippodrome and Stable
would have to make up the difference.
AGENDA
Earle Brown Farm Committee
July 2, 1986
1. Call to Order: 7:3.0 a.m.
2. Roll Call
3. Approval of Minutes - June 12, 1986
4. Update - Project Status
5. Al Beisner - Presentation
6. Revenue Projections
7. Development Team Committee
8. Other Business
9. Adjournment