Rock Spring Acquisition Analysis.pdf

Rock Spring Acquisition Preliminary Plan & Financial Analysis 2/14/2019 137.9 Acres Debt Analysis Closing Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 R.S. Purchase Price 11,283,000 R.S. Transaction Costs 767,340 R.S. Total Cost/Financing 12,050,340 11,867,340 11,117,340 3,738,708 2,988,708 2,139,085 1,289,461 439,838 0 30 years Early Closing Credit Applied 183,000 183,000 Green Acres Grant Applied 4,840,214 750,000 750,000 750,000 750,000 750,000 750,000 340,214 Sale of Land Applied 6,628,632 6,628,632 Municipal Budget Impact Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Golf Course Operation n/a ‐ 100,000 150,000 150,000 150,000 150,000 150,000 150,000 2.75% Debt Service Interest (326,352) (305,727) (102,814) (82,189) (58,825) (35,460) (12,096) BAN Interest Debt Service Principal ‐ ‐ ‐ (99,624) (99,624) (99,624) (99,624) Sale of Land Applied 871,368 871,368 ‐ ‐ ‐ Green Acres Grant Applied 398,494 398,494 Lost Ratable Tax Impact ‐ (585,120) (585,510) (585,510) (585,510) (585,510) (585,510) (585,510) New Ratable Tax Impact ‐ ‐ ‐ ‐ ‐ 1,518,186 1,518,186 1,518,186 Taxpayers Impact Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Total Annual Budget Impact ‐ (811,472) 130,132 (538,324) (617,323) 924,227 947,592 1,369,451 Average Residential Taxpayer Annual Impact ‐ (49) 8 (33) (37) 56 57 83 Average Residential Tax Bill Annual Impact ‐ (49) 57 (40) (5) 93 1 26