ATTACHMENT 1 – PRO FORMA PROJECT BUDGET (est.)
4119 W. Commonwealth Avenue Acquisition
Available Funds
Approved Existing Budget for Admin Building (Project No. 49009): $673,000 Anticipated Donor Funds $2,300,000
TOTAL REVENUES $2,979,000
Estimated Expenditures
Property Purchase $1,300,000
Construction:
Project Design – Consultants $175,000
Staff Design, Administration and Processing $40,000
Construction Contract ($200sqft) $800,000
Estimated Surveying, Inspection, Testing,
and Contract Administration (10%) $50,000
Contingencies (20%) $100,000
IT/AV Infrastructure $150,000
Furniture and Equipment $50,000
Construction Total $1,365,000
TOTAL EXPENDITURES $2,665,000
ATTACHMENT 1 – PRO FORMA OPERATING BUDGET (Monthly Estimations) 4119 W. Commonwealth Avenue Acquisition
Current Operation
Revenues:
Current AFI Rent
Area -139,252 square feet
Rate - $0.078 *
Monthly Revenues $ 10,862
Expenditures:
No direct operational expenses $ 0.00
Current Operation - Net to City $ 10,862
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Proposed Operation
Revenues:
Proposed AFI Rent – for remaining hangers
Area – 109,533 square feet
Rate - $0.078 *
Total Monthly Rent $ 8,544.00
Proposed City Rental Income
New Location - Office Space available for lease - 3,000 sq ft Airport Building - Admin Office Space – 450 sq ft
Rate - $1.25 *
Total Monthly Rent $ 4,312.50
Total Revenues $ 12,856.50
Expenditures:
Monthly Utilities $ 1,500.00
Monthly Maintenance $ 400.00
Total Expenditures $ 1900.00
Proposed Operation – Net to City $ 10,956.50
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ NET CHANGE TO AIRPORT OPERATIONS – REVENUE INCREASE $ 94.50 * All Commercial Airport Leases contain a 3% minimum to 5% maximum annual increase