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HomeMy WebLinkAbout2010-04-15 Airport Commission Packet - Work SessionAIRPORT COMMISSION WORK SESSION 5:30 P.M. KEN AI CITY COUNCIL C HAMBE RS TOPIC: AIRPORT APIT L IMPROVEMENT T KENAI, ALASKA MEMO: Village with a Past, Gc with a Future" 210 Fidalgo Avenue, Kenai, Alaska 99611 -7794 u,� Mi 1992 Telephone: 907 -283 -7535 FAX: 907 283 -3014 TO: Airport Commission I v FROM: Rick Koch DATE: April 8, 2010 SUBJECT: Airport Capital Improvements, Cost Feasibility Analysis The purpose of this correspondence is to discuss three different proposed areas of development at the Kenai Municipal Airport, and to calculate the financial performance for the investment of Airport funding. Float Plane Basin -Phase I, with Natural Gas Electric Utilities This proposed development is located to the west of the runway and to the east of the float plane basin: It is served by taxiways "5" and "T" and is comprised of twelve lease lots, each approximately 12,500 s.f: in size. The estimated cost to the Airport for this development is estimated at $132,271.10, and the payback period is eighteen (18) years. Float Plane Basin -Phase 1, with Natural Gas, Electric Telephone Utilities This is the same development described above with the addition of telephone utilities. The estimated cost to the airport for this development is $168,271.10, and the payback period is twenty (20) years. Float Plane Basin -Phase II, with Natural Gas, Electric Telephone Utilities This proposed development is located to the west of the float plane basin. It is served by taxiways "5" and "V and is comprised of seven lease lots, each averaging 45,700 s.f. in size. The estimated cost to the airport for this development is $250,102.38, and the payback period is ten (10) years. Float Plane Basin -Phase II, with Natural Gas, Electric, Telephone Water Utilities This is the same development described above with the addition of water utilities. The estimated cost to the airport for this development is $1,074,012.38, and the payback period is thirty -two (32) years. Float Plane Basin -Phase II, with Natural Gas, Electric, Telephone, Water Sewer Utilities This is the same development described above with the addition of sewer utilities. The estimated cost to the airport for this development is $2,026,012.38 and the payback period is eighty -five (85) years. Northeast Apron Extension Willow Street Extension This proposed development is located to the north of the existing commercial apron and to the north of the existing Willow Street. The proposed development creates six new lease lots, each averaging 60,000 s.f. in size. The estimated cost to the airport for this development is $464,987.13 and the payback period is twenty (20) years. Thank you for your attention in this matter. Kenai Municipal Airport Float Plane Basin Willow Street Extension Developments Feasibility Analysis rloat Plane Basin Phase I with Natural Gas Electrical Utilities Project Description Cost Estimate Federal Share (95 Design Taxiway "5 Taxiway "T" (Controlled) 4th Ave. Realignment 141,747.00 134.659.65 3,543.68 3,543.68 Construct Taxiway "S Taxiway "T" (Controlled) 4th Ave. Realignment 2,537,097.00 2,410,242.15 63,427.43 63,427.43 Extend Natural Gas to 12 Lease Lots 35,000.00 35,000.00 Extend Electricity to 12 Lease Lots 30,000.00 30,000.00 Platting 12,000.00 11,400.00 300.00 300.00 Totals 2,755,844.00 2,556,301.80 67,271.10 132,271.10 Float Plane Basin Phase 1 with Natural Gas, Electrical Telephone Utilities State Share Project Description Cost Estimate Federal Share (95%) (2.5 City of Kenai Share sign Taxiway "S" Taxiway "T" (Controlled) 4th Ave. Realignment 141,747.00 134,659.65 3,543.68 3,543.68 Construct Taxiway "5 Taxiway "T" (Controlled) 4th Ave. Realignment 2,537,097.00 2,410,242.15 63,427.43 63,427.43 Extend Natural Gas to 12 Lease Lots 35,000,00 35,000.00 Extend Electricity to 12 Lease Lots 30,000.00 30,000.00 Extend Telephone to 12 Lease Lots 36,000.00 36,000.00 Subdivision Creating 12 Lease Lots 12,000.00 11,400.00 300.00 300.00 Totals 2,791,844.00 2,556,301.80 67,271.10 168,271.10 Float Plane Basin Phase 1 Assumptions 1. Twelve lease lots are created, each approximately 12, 500 sf in size 2. Two lease lots will be leased the first year and one lease lot will be Leased every two years thereafter 3. Aiport capital investment valued at five percent (5 per year 4. Lease rate increases three percent (3 per year and applied at renewal every five years. 5. Lease rate of $0.13 /sf with gas electric, $0.14/sf with gas, electric telephone. Page 1 of 4 4/8/2010 State Share (2.5 City of Kenai Share Kenai Municipal Airport 4/8/2010 Float Plane Basin Willow Street Extension Developments Feasibility Analysis rloat Plane Basin Phase 11 with Natural Gas, Electrical Telephone Utilities State Share Project Description Cost Estimate Federal Share (95 (2.5 Design Taxiway "5" and Taxiway "V" (Uncontrolled) 139,438.00 Design Service Roads at Basin 67,875.00 Design Float Plane Basin Obstruction Clearing 25,000.00 Construct Taxiway "S" and Taxiway "V" (Uncontrolled) 2,533,119.00 Float Plane Basin Obstruction Clearing Construct Service Roads at Basin Extend Gas, Electrical Telephone Utilities Platting Totals Project Description Design Taxiway "5" and Taxiway "V" (Uncontrolled) Design Service Roads at Basin Design Float Plane Basin Obstruction Clearing Construct Taxiway "S" and Taxiway "V" (Uncontrolled) Float Plane Basin Obstruction Clearing Construct Service Roads at Basin Extend Gas, Electrical Telephone Utilities Extend Water Utility Platting Totals 150,000.00 1,233,063.00 146,000.00 12,000.00 4,306,495.00 'bat Plane Basin .lase 11 with Natural Gas, Electrical, Telephone Water Utilities Cost Estimate 139,438.00 67,875.00 2,533,119.00 150,000.00 1,233,063.00 146,000.00 824,000.00 12,000.00 5,130,495.00 25,000.00 Page 2 of 4 132,466.10 3,485.95 3,485.95 64,481.25 1,696.88 1,696.88 23,750.00 625.00 625.00 2,406,463.05 63,327.98 63,327.98 142,500.00 3,750.00 3,750.00 1,171,409.85 30,826.58 30,826.58 11,400 00 300.00 3,952,470.25 104,012.38 State Share (2.5 132,466.10 3,485.95 64,481.25 1,696.88 23,750.00 625.00 2,406,463.05 63,327.98 142,500.00 3,750.00 1,171,409.85 30,826.58 11,400.00 300.00 3,952,470.25 104,012.38 Federal Share (95 City of Kenai Share 146,000.00 300.00 250,012.38 City of Kenai Share 3,485.95 1,696.88 625.00 63,327.98 3,750.00 30,826.58 146,000.00 824,000.00 300.00 1,074,012.38 Kenai Municipal Airport 4/8/2010 Float Plane Basin Willow Street Extension Developments Feasibility Analysis Float Plane Basin Phase 11 with Natural Gas, Electrical, Telephone, Water Sewer Utilities Project Description Design Taxiway "5" and Taxiway "V" (Uncontrolled) Design Service Roads at Basin Design Float Plane Basin Obstruction Clearing Construct Taxiway "5" and Ta (Uncontrolled) Float Plane Basin Obstruction Clearing Construct Service Roads at Basin Extend Gas, Electrical Telephone Utilities Extend Water Utility Extend Sewer Utility tting Totals ay "V" Cost Estimate Federal Share (95 139,438.00 67,875.00 132,466.10 3,485.95 64,481.25 1,696.88 25,000.00 23,750.00 625.00 2,533,119.00 2,406,463.05 63,327.98. 150,000.00 142,500.00 3,750.00 1,233,063,00 X1,171,409.85 30,826.58 146,000.00 824,000.00 952,000.00 12,000.00 6,082,495.00 Float Plane Basin Phase 11 Assumptions 1. Seven lease lots are created, each averaging 45,700 sf in size 2. One lease lot will be leased the first year and one lease lot will be Leased every two years thereafter 3. Aiport capital investment valued at five percent (5 per year 4. Lease rate increases three percent (3 per year and applied at renewal every five years. 5. Lease rate of $0.15 /sf with premium for water frontage of $0.25/sf per lineal foot (20' in width) Page 3 of 4 11,400.00 300.00 3,952,470.25 104,012.38 State Share (2.5 City of Kenai Share 3,485.95 1,696.88 625.00 63,327.98 3,750.00 30,826.58 146,000.00 824,000.00 952,000.00 300.00 2,026,012.38 Kenai Municipal Airport Float Plane Basin Willow Street Extension Developments Feasibility Analysis Northeast Apron Extension Project Description Design Construct Water Sewer Utilities Design Construct Gas, Electric, Telephone Utilities Design Construct Apron Taxiway Design Construct Willow Street Extension Platting Totals Willow Street Extension Cost Estimate Federal Share (95 265,350.00 72,000.00 4,458,086.00 635,399.00 12,000.00 5,442,835:00 Northeast Apron Extension Willow Street Extension Assumptions 1. Six lease lots are created, each averaging 60,000 sf in size 2. One lease lot will be leased the first year and one lease lot will be Leased every three years thereafter 3. Aiport capital investment valued at five percent (5 per year 4. Lease rate increases three percent (3 per year and applied at renewal every five years. ';ease rate of $0.14/sf Page 4 of 4 4,235,181.70 603,629.05 11,400.00 4,850,21035 State Share (2.5 111,452.15 15,884.98 300.00 127,637.13 4/8/2010 City of Kenai Share 265,350.00 72,000.00 111,452.15 15,884.98 300.00 464,987.13 construction Cost Cost of Capital Lease Value Increase (annual) Number of Lots Lot Size (Square Footage) Initial Lease Rate Per Square Foot Airport Area Proposed Construction Cost Lease Revenue Recovery Phasel Gas&Elec 132,271.10 5.00% 3.00% 12 12,500 0..13 Balance Lease Lots Lease Cost of (Increase) or Project Year Rate Leased Revenue .Capital Reduction Balance 0 0 132,271.10 1 0.13 2 (3,250.00) 6,613.56 3,363.56 135,634.66 2 0.13 2 (3,250 00) 6,781.73 3,531,73 139,166.39 3 0.13 3. (4,875.00) 6,958.32 2,083.32 141,249.71 4 0.13 3 (4,875.00) 7,062.49 2,187.49 143,437.19 5 0.13 4 (6,500.00) 7,171.86 671.86 144,109.05 6 0.15 4 (7,500.00) 7,205.45 (294.55) 143,814.50 7 0.15 5 (9,375.00) 7,190.73 (2,184.27) 141,630.23 8 0.15 5 (9,375.00) 7,081.51 (2,293.49) 139,336.74 9 0.15 6 $(11,250.00) 6,966.84 (4,283.16) 135,053.58 10 0.15 6 $(11,250.00) 6,752.68 (4,497.32) 130,556.26 11 0.17 7 $(14,875.00) 6,527.81 (8,347.19) 122,209.07 '12 0.17 7 $(14,875.00) 6,110.45 (8,764.55) 113,444.52 13 0.17 8 $(17,000.00) 5,672.23 $(11,327.77) 102,116.75 14 0.17 8 $(17,000.00) 5,105.84 $(11,894.16) 90,222.59 15 0.17 9 $(19,125.00) 4,511.13 $(14,613.87) 75,608.72 16 0.20 9 $(22,500.00) 3,780.44 $(18,719.56) 56,889.15 17 0.20 10 $(25,000.00) 2,844.46 $(22,155.54) 34,733.61 18 0.20 10 $(25,000.00) 1,736.68 $(23,263.32) 11,470.29 19 0.20 11 (27,500.00) 573.51 $(26,926.49) (15,456.19) 20 0.20 11 (27,500.00) $(27,500.00) (42,956.19) 21 0.23 12 $(34,500.00) $(34,500.00) (77,456.19) 22 0.23 12 $(34,500.00) $(34,500.00) $(111,956.19) 23 0.23 12 $(34,500.00) $(34,500.00) $(146,456.19) 24 0.23 12 $(34,500.00) $(34,500.00) $(180,956.19) 25 0.23 12 (34,500.00) $(34,500.00) (215,456.19) ,onstruction Cost Cost of Capital Lease Value Increase (annual) Number of Lots Lot Size (Square Footage) Initial Lease Rate Per Square Foot Airport Area Proposed Construction Cost Lease Revenue Recovery Phasel Gas &Elec &Tel 168,271.10 5.00% 3.00% 12 12,500 0.14 Balance Lease .Lots Lease Cost of (Increase) or Project Year Rate Leased Revenue Capital Reduction Balance 0 0 168,271.10 1 0.14 2 (3,500.00) 8,413.56 4,913.56 173184.66 2 0.14 2 (3,500.00) 8,659.23 5,159.23 178,343.89 3 0.14 3 (5,250.00) 8,917.19 3,667.19 182,011.08 4 0.14 3 (5,250.00) 9,100.55 3,850.55 185,861.64 5 0.14 4 (7,000.00) 9,293.08 2,293.08 188,154.72 6 0.16 4 (8,000.00) 9,407.74 1,407.74 189,562.45 7 0.16 5 $(10,000.00) 9,478.12 (521.88) 189,040.58 8 0.16 5 $(10,000.00) 9,452.03 (547.97) 188,492.61 9 0.16 6 (12,000.00) 9,424.63 (2,575.37) 185,917.24 10 0.16 6 $(12,000.00) 9,295.86 (2,704.14) 183,213.10 11 0.18 7 $(15,750.00) 9,160.65 (6,589.35) 176,623.75 12 0.18 7 $(15,750.00) 8,831.19 (6,918.81) 169,704.94 13 0.18 8 $(18,000.00) 8,485.25 (9,514.75) 160,190.19 14 0.18 8 $(18,000.00) 8,009.51 (9,990.49) 150,199.70 15 0.18 9 $(20,250.00) 7,509.98 $(12,740.02) 137,459.68 16 0.21 9 $(23,625.00) 6,872.98 $(16,752.02) 120,707.67 17 0.21 10 $(26,250.00) 6,035.38 $(20,214.62) 100,493.05 18 0.21 10 $(26,250.00) 5,024.65 $(21,225.35) 79,267.70 19 0.21 11 $(28,875.00) 3,963.39 $(24,911.61) 54,356.09 20 0.21 11 $(28,875.00) 2,717.80 $(26,157.20) 28,198.89 21 0.24 12 $(36,000.00) 1,409.94 $(34,590.06) (6,391.17) 22 0.24 12 $(36,000.00) $(36,000.00) (42,391.17) 23 0.24 12 $(36,000.00) $(36,000.00) (78,391.17) 24 0.24 12 (36,000.00) $(36,000.00) (114,391.17) 25 0.24 12 $(36,000.00) $(36,000.00) $(150,391.17) Airport Area Proposed Construction Cost Lease Revenue Recovery Phase2 Gas &Elec &Tel Construction Cost $250,012.38 ist of Capital 5.00% .ase Value Increase (annual) 3.00% Number of Lots 7 Initial Lease Rate Per Square Foot Land 0.15 Initial Lease Rate Per Square Foot Water 0.25 Water Water Balance Lots Lot Lease Lease Lots Sq Ft. Frontage Lease Cost of (Increase} or Year Leased Rate Rate Leased Leased Revenue Capital Reduction Project Balance 0 250,012.38 1 1 0.15 $0.25 45,500 9,000 (9,075.00) 12,500.62 3,425.62 253,438,00 2 1 0.15 $0.25 45 9,000 (9,075.00) 12,671.90 3,596.90 257,034.90 3 2 0.15 $0.25 103,500 ,15,000. (19,275.00) 12,851.74 :(6,423.26) 250,611.64. 4 2 0.15 $0.25 103,500 15,000 (19,275.00) 12,530.58 (6,744.42) 243,86723 5 3 0.17 $0.29 145,700 23,500 (31,584.00) 12,193.36 (19,390.64), 224,476.59 6 3 0.17 $0.29 145,700 23,500 (31,584.00) 11,223.83 (20,360.17) 204,116.42 7 4 0.17 $0.29 190,700 28,300 (40,626.00) 10,205.82 (30,420.18) 173,696.24 8 4 0.17 $0.29 190,700 28,300 (40,626.00) 8,684.81 (31,941.19) 141,755.05 9 5 0.20 $0.33 232,900 36,800 (58,724.00) 7,087.75 (51,636.25) 90,118.80 10 5 0.20 $0.33 232,900 36,800 (58,724.00) 4,505.94 (54,218.06) 35,900.74 11 6 0.20 $0.33 277,900 41,600 (69,308.00) 1,795.04 (67,512.96) (31,612.22) 12 6 0.20 $0.33 277,900 41,600 (69,308.00) (69,308.00) (100,920.22) 13 7 0.20 $0.33 320,100 50,100 (80,553.00) (80,553.00) (181,473.22) 14 7 0.23 $0.38 320,100 50,100 (92,661.00) (92,661.00) (274,134.22) 15 7 0.23 $0.38 320,100 50,100 (92,661.00) (92,661.00) (366,795.22) 16 7 0.23 $0.38 320,100 50,100 (92,661.00) (92,661.00) (459,456.22) 17 7 0.23 $0.38 320,100 50,100 (92,661.00) (92,661.00) (552,117.22) 18 7 0.23 $0.38 320,100 50,100 (92,661.00) (92,661.00) (644,778.22) 19 7 0.26 $0.44 320,100 50,100 (105,270.00) (105,270.00) (750,048.22) 20 7 0.26 $0.44 320,100 50,100 (105,270.00) (105,270.00) (855,318.22) Airport Area Proposed Construction Cost Lease Revenue Recovery Phase2 Gas &Elec&Tel &Water Construction Cost 1,074,012.38 )st of Capital 5.00% .ease: Value Increase (annual) 3.00% Number of Lots 7 Initial Lease Rate Per Square Foot Land 0.15 initial Lease Rate Per Square Foot Water 0.25 Water Water Balance Lots Lot Lease Lease Lots Sq Ft. Frontage Lease (Increase) or Year Leased Rate Rate Leased Leased Revenue Cost of Capita Reduction Project Balance 0 1,074, 012.38 1 1 0.15 80:25 45,500 9,000 (9.075.00) 53,70062 44,625.62. 1,118{638.00. •2. 1 0.15 $025 45 9,000 (9,075.00) 55,931.90 46856.90 1165,494:90 3 0.15 $0.25 103,500. 15,000 (19,275.00) 58,274.74. 38,999.74 1,204,494.64 4 2 0.15 $0.25 103,500 15,000 (19,275.00) 60,224.73 40,949.73 1,245,444.38 5 3 0.17 $0.29 145,700 23,500 (31,584.00) 62,272.22 30,688.22 1,276,132.59 6 3 0.17 $0.29 145,700 23,500 (31,584.00) 63,806.63 32,222.63 1,308,355.22 7 4 0.17 $0.29 190,700 28,300 (40,626.00) 65,417.76 24,791.76 1,333,146.99 8 4 0.17 $0.29 190,700 28,300 (40,626.00) 66,657.35 26,031.35 1,359,178.34 9 5 0.20 $0.33 232,900 36,800 (58,724.00) 67,958.92 9,234.92 1,368,413.25 10 5 0.20 $0.33 232,900 36,800 (58,724.00) 68,420.66 9,696.66 1,378,109.91 11 6 0.20 $0.33 277,900 41,600 (69,308.00) 68,905.50 (402.50) 1,377,707.41 12 6 0.20 $0.33 277,900 41,600 (69,308.00) 68,885.37 (422.63) 1,377,284.78 13 7 0.20 $0.33 320,100 50,100 (80,553.00) 68,864.24 (11,688.76) 1,365,596.02 14 7 0.23 $0.38 320,100 50,100 (92,661.00). 68,279.80 (24,381.20) 1,341,214.82 15 7 0.23 $0.38 320,100 50,100 (92,661.00) 67,060.74 (25,600.26) 1,315,614.56 16 7 0.23 $0.38 320,100 50,100 (92,661.00) 65,780.73 (26,880.27) 1,288,734.29 17 7 0.23 $0.38 320,100 50,100 (92,661.00) 64,436.71 (28,224.29) 1,260,510.00 18 7 0.23 $0.38 320,100 50,100 (92,661.00) 63,025.50 (29,635.50) 1,230,874.50 19 7 0.26 $0.44 320,100 50,100 (105,270.00) 61,543.73 (43,726.27) 1,187,148.23 20 7 0.26 $0.44 320,100 50,100 (105,270.00) 59,357.41 (45,912.59) 1,141,235.64 21 7 0.26 $0.44 320,100 50,100 (105,270.00) 57,061.78 (48,208.22) 1,093,027.42 22 7 0.26 $0.44 320,100 50,100 (105,270.00) 54,651.37 (50,618.63) 1,042,408.79 23 7 0.26 $0.44 320,100 50,100 (105,270.00) 52,120.44 (53,149.56) 989,259.23 24 7 0.30 $0.51 320,100 50,100 (121,581.00) 49,462.96 (72,118.04) 917,141.20 25 7 0.30 $0.51 320,100 50,100 (121,581.00) 45,857.06 (75,723.94) 841,417.26 26 7 0.30 $0.51 320,100 50,100 (121,581.00) 42,070.86 (79,510.14) 761,907.12 27 7 0.30 $0.51 320,100 50,100 (121,581.00) 38,095.36 (83,485.64) 678,421.47 28 7 0.30 $0.51 320,100 50,100 (121,581.00) 33,921.07 (87,659.93) 590,761.55 29 7 0.35 $0.59 320,100 50,100 (141,594.00) 29,538.08 (112,055.92) 478,705.63 30 7 0.35 $0.59 320,100 50,100 (141,594.00) 23,935.28 (117,658.72) 361,046.91 31 7 0.35 $0.59 320,100 50,100 (141,594.00) 18,052.35 (123,541.65) 237,505.25 32 7 0.35 $0.59 320,100 50,100 (141,594.00) 11,875.26 (129,718.74) 107,786.51 33 7 0.35 $0.59 320,100 50,100 (141,594.00) 5,389.33 (136,204.67) (28,418.16) 34 7 0.40 $0.68 320,100 50,100 (162,108.00) (162,108.00) (190,526.16) Construction Cost ost of Capital case Value Increase (annual) Number of Lots Initial Lease Rate Per Square Foot Land Initial Lease Rate Per Square Foot Water Lots Year Leased 0. 2 3 4 c 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 1 Lot Lease Rate 0.15 0.15 0.15 0.15 0.17 0.17 0.17 0.17 0.20 0.20 0.20 0.20 0.20 0.23 0.23 0.23 0.23 0.23 0.26 0.26 0.26 0.26 0.26 0.30 0.30 0.30 0.30 0.30 0.35 0.35 0.35 0.35 0.35 0.40 0.40 0.40 0.40 0.40 0.46 0.46 0.46 0.46 0.46 0.53 0.53 0.53 0.53 0.53 0.61 Airport Area Proposed Construction Cost Lease Revenue Recovery Phase2 Gas &Elec &Tel &Wtr &Sew 2,026,012.38 5.00% 3.00% 7 0.15 0.25 Water Water Lease Lots Sq Ft. Frontage Lease Rate Leased :Leased. Revenue Cost of Capital $0.25 45,500 9,000 (9,075.00) 101,300.62 $0.25 45,500 9,000 (9,075.00) 105,911.90 $0.25 103,500 15,000 (19,275.00) 110,753.74 0.25 103,500 15,000 (19,275.00) 115,327.68 $0.29 145,700 23,500 (31,584.00) 120,130.32 $0.29 145,700 23,500 (31,584.00) 124,557.63 $0.29 190,700 28,300 (40,626.00) 129,206.31 $0.29 190,700 28,300 (40,626.00) 133,635.33 $0.33 232,900 36,800 (58,724.00) 1.38,285.80 80.33 232,900 36,800 (58,724.00) 142,263.89 $0.33 277,900 41,600 (69,308.00) 146,440.88 $0.33 277,900 41,600 (69,308.00) 150,297.52 $0.33 320,100 50,100 (80,553.00) 154,347.00 $0.38 320,100 50,100 (92,661.00) 158,036.70 $0.38 320,100 50,100 (92,661.00) 161,305.49 $0.38 320,100 50,100 (92,661.00) 164,737.71 $0.38 320,100 50,100 (92,661.00) 168,341.54 $0.38 320,100 50,100 (92,661.00) 172,125.57 $0.44 320,100 50,100 (105,270.00) 176,098.80 $0.44 320,100 50,100 (105,270.00) 179,640.24 $0.44 320,100 50,100 (105,270.00) 183,358.75 $0.44 320,100 50,100 (105,270.00) 187,263.19 $0.44 320,100 50,100 (105,270.00) 191,362.85 $0.51 320,100 50,100 (121,581.00) 195,667.49 $0.51 320,100 50,100 (121,581.00) 199,371.82 $0.51 320,100 50,100 (121,581.00) 203,261.36 $0.51 320,100 50,100 (121,581.00) 207,345.38 $0.51 320,100 50,100 (121,581.00) 211,633.59 $0.59 320,100 50,100 (141,594.00) 216,136.22 $0.59 320,100 50,100 (141,594.00) 219,863.34 $0.59 320,100 50,100 (141,594.00) 223,776.80 $0.59 320,100 50,100 (141,594.00) 227,885.94 $0.59 320,100 50,100 (141,594.00) 232,200.54 $0.68 320,100 50,100 (162,108.00) 236,730.87 0.68 320,100 50,100 (162,108.00) 240,462.01 $0.68 320,100 50,100 (162,108.00) 244,379.71 $0.68 320,100 50,100 (162,108.00) 248,493.30 $0.68 320,100 50,100 (162,108.00) 252,812.56 0.78 320,100 50,100 (186,324.00) 257,347.79 $0.78 320,100 50,100 (186,324.00) 260,898.98 0.78 320,100 50,100 (186,324.00) 264,627.73 $0.78 320,100 50,100 (186,324.00) 268,542.91 $0.78 320,100 50,100 (186,324.00) 272,653.86 $0.90 320,100 50,100 (214,743.00) 276,970.35 $0.90 320,100 50,100 (214,743.00) 280,081.72 $0.90 320,100 50,100 (214,743.00) 283,348.66 $0.90 320,100 50,100 (214,743.00) 286,778.94 $0.90 320,100 50,100 (214,743.00) 290,380.74 $1.04 320,100 50,100 (247,365.00) 294,162.62 Balance (Increase) or Reduction 92,225.62 96,836.90 91,478.74 96,052.68 88,546.32 92,973.63 88,580.31 93,009.33 79,561.80 83,539.89 77,132.88 80,989.52 73,794.00 65,375.70 68,644.49 72,076.71 75,680.54 79,464.57 70,828.80 74,370.24 78,088.75 81,993.19 86,092.85 74,086.49 77,790.82 81,680.36 85, 764.38 90,052.59 74,542.22 78,269.34 82,182.80 86,291.94 90,606.54 74,622.87 78,354.01 82,271.71 86,385.30 90,704.56 71,023.79 74,574.98 78,303.73 82,218.91 86,329.86 62,227.35 65,338.72 68,605.66 72, 035.94 75,637.74 46,797.62 Project Balance 2,026,012.38 2,118,238,00 2,215,074.90 2,306,553.64 2,402,606.33 2,491,152,64 2,584,126.27 2,672, 706.59 2,765,715.92 2,845,277,71 2,928,817.60 3,005,950.48 3,086,940.00 3,160,734,00 3 226 109 70 3,294,754.19 3,366,830.90 3,442,511.44 3,521,976.02 3,592,804.82 3,667,175.06 3,745,263.81 3,827,257.00 3,913,349.85 3,987,436.34 4,065,227.16 4,146,907.52 4,232,671.89 4,322,724.49 4,397,266.71 4,475,536.05 4,557,718.85 4,644,010.79 4,734,617.33 4,809,240,20 4,887,594.21 4,969,865.92 5,056,251.22 5,146,955,78 5,217,979.57 5,292,554.54 5,370,858.27 5,453,077.18 5,539,407.04 5,601,634.40 5,666,973.12 5,735,578.77 5,807,614.71 5,883,252.45 5,930,050.07 Airport Area Proposed Construction Cost Lease Revenue Recovery Phase2 Gas &Elec &Tel &Wtr &Sew Water Water Balance Lots Lot Lease Lease Lots Sq Ft. Frontage Lease (Increase) or Year Leased Rate Rate Leased Leased Revenue Cost of Capital Reduction Project Balance 50 7 0.61 $1.04 320,100 50,100 (247,365.00) 296,502.50 49,137.50 5,979,187.57 51 7 0.61 $1.04 320,100 50,100 (247,365.00) 298,959.38 51,594.38 6.030,781.95 52. 7 0.61 $1.04 320,100. .50,100 (247365.00) 301,539.10 54,174.10. 6084,956.05 53 7 0 61. $1.04 320,100 50,100 (247,365.00) 304247.80 56,882.80 6,141,838.85 54 7 0.70 $1.20 320,100 50,100, (284,190.00) 307,091 94 22,901.94. 6,164,740.79 55 7 070 $120 320,100. 50,100:(284190.00) 30823704 "24,04704 '6188,787:83 56 7 0.70 $1.20 320,100 50,100 (284 309,439.39 25,249.39 6,214,037.22 57 7 0.70 $1:20 320,100 50,100 (284,190.00) 310,701.86 26,511.86 6240,549.08 58 7 0.70 $1.20 320,100 50,100 (284,190.00) 312,027.45 27,837.45 6,268,386.54 59 7 0.81 $1.38 320,100 50,100 (328,419.00) 313,419.33 (14,999.67) 6,253,386.87 60 7 0.81 $1.38 320,100 50,100 (328,419.00) 312,669.34 (15,749.66) 6,237,637.21 61 7 0.81 $1.38 320,100 50,100 (328,419.00) 311,881.86 (16,537.14) 6,221,100.07 62 7 0.81 1.38 320,100 50,100 (328,419.00) 311,055.00 (17,364.00) 6,203,736.07 63 7 0.81 $1.38 320,100 50,100 (328,419.00) 310,186.80 (18,232.20) 6,185,503.88 64 7 0.93 $1.59 320,100 50,100 (377,352.00) 309,275.19 (68,076.81) 6,117,427.07 65 7 0.93 1.59 320,100 50,100 (377,352.00) 305,871.35 (71,480.65) 6,045,946.42 66 7 0.93 $1.59 320,100 50,100 (377,352.00) 302,297.32 (75,054.68) 5,970,891.74 67 7 0.93 $1.59 320,100 50,100 (377,352.00) 298,544.59 (78,807.41) 5,892,084.33 68 7 0.93 1.59 320.100 50,100 (377,352.00) 294,604.22 (82,747.78) 5,809,336.55 69 7 1.07 $1.83 320,100 50,100 (434,190.00) 290,466.83 (143,723.17) 5,665,613.38 70 7 1.07 $1.83 320,100 50,100 (434,190.00) 283,280.67 (150,909.33) 5,514,704.04 71 7 1.07 $1.83 320,100 50,100 (434,190.00) 275,735.20 (158,454.80) 5,356,249.25 72 7 1.07 $1.83 320,100 50,100 (434,190.00) 267,812.46 (166,377.54) 5,189,871.71 73 7 1.07 $1.83 320,100 50,100 (434,190.00) 259,493.59 (174,696.41) 5,015,175.29 74 7 1.23 $2.10 320,100 50,100 (498,933.00) 250,758.76 (248,174.24) 4,767,001.06 75 7 1.23 $2.10 320,100 50,100 (498,933.00) 238,350.05 (260,582.95) 4,506,418.11 76 7 1.23 $2.10 320,100 50,100 (498,933.00) 225,320.91 (273,612.09) 4,232,806.02 77 7 1.23 $2.10 320,100 50,100 (498,933.00) 211,640.30 (287,292.70) 3,945,513.32 78 7 1.23 $2.10 320,100 50,100 (498,933.00) 197,275.67 (301,657.33) 3,643,855.99 79 7 1.41 $2.42 320,100 50,100 (572,583.00) 182,192.80 (390,390.20) 3,253,465.78 80 7 1.41 $2.42 320,100 50,100 (572,583.00) 162,673.29 (409,909.71) 2,843,556.07 81 7 1.41 $2.42 320,100 50,100 (572,583.00) 142,177.80 (430,405.20) 2,413,150.88 82 7 1.41 $2.42 320,100 50,100 (572,583.00) 120,657.54 (451,925.46) 1,961,225.42 83 7 1.41 $2.42 320,100 50,100 (572,583.00) 98,061.27 (474,521.73) 1,486,703.69 84 7 1.62 $2.78 320,100 50,100 (657,840.00) 74,335.18 (583,504.82) 903,198.88 85 7 1.62 $2.78 320,100 50,100 (657,840.00) 45,159.94 (612,680.06) 290,518.82 86 7 1.62 $2.78 320,100 50,100 (657,840.00) 14,525.94 (643,314.06) (352,795.24) 87 7 1.62 $2.78 320,100 50,100 (657,840.00) (657,840.00) (1,010,635.24) Airport Area Proposed Construction Cost Lease Revenue Recovery North Willow Extension `onstruction Cost 464,987.13 ast of Capital 5.00% Lease Value Increase (annual) 3.00% Number of Lots 6 Lot Size (Square Footage) 60,000 Initial Lease Rate Per Square Foot 0.14 Balance Lease Lots Lease (Increase) or Project Year Rate Leased Revenue Cost of Capital Reduction Balance 0 0 464,987.13 1 0.14 1 (8,400.00) 23,249.36 14,849.36 479,836.49 2 0.14 1 (8,400.00) 23,991.82 15,591.82 495,428.31 3 0.14 1 (8,400.00) 24,771.42 16,371.42 511,799.73 4 0.14 2 (16,800.00) 25,589.99 8,789.99 520,589.71 5 0.14 2 (16,800.00) .26,029.49 9,229.49 529,819.20 6 0.16 2 (19,200.00) 26,490.96 7,290.96 537,110.16 7 0.16 3 (28,800.00) 26,855.51 (1,944.49) 535,165.67 8 0.16 3 (28,800.00) 26,758.28 (2,041.72) 533,123.95 9 0.16 3 (28,800.00) 26,656.20 (2,143.80) 530,980.15 10 0.16 4 (38,400.00) 26,549.01 (11,850.99) 519,129.15 11 0.18 4 (43,200.00) 25,956.46 (17,243.54) 501,885.61 12 0.18 4 (43,200.00) 25,094.28 (18,105.72) 483,779.89 13 0.18 5 (54,000.00) 24,188.99 (29,811.01) 453,968.89 14 0.18 5 (54,000.00) 22,698.44 (31,301.56) 422,667.33 15 0.18 5 (54,000.00) 21,133.37 (32,866.63) 389,800.70 16 0.21 6 (75,600.00) 19,490.03 (56,109.97) 333,690.73 17 0.21 6 (75,600.00) 16,684.54 (58,915.46) 274,775.27 18 0.21 6 (75,600.00) 13,738.76 (61,861.24) 212,914.03 19 0.21 6 (75,600.00) 10,645.70 (64,954.30) 147,959.73 20 0.21 6 (75,600.00) 7,397.99 (68,202.01) 79,757.72 21 0.24 6 (86,400.00) 3,987.89 (82,412.11) (2,654.39) r 3 o y t co 8 LiJ vei