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� Law Offices <br /> WINTERS, FEATHERSTUN, GAUMER, POSTLEWAIT, STOCKS & FLYNN <br /> 225 North Water Street, Suite 200 <br /> Decatur, Illinois 62523 <br /> G�en A.Featherstun MAILING ADDRESS Robert P.vail <br /> Daniel L.Gaumer P.O.Box 1760 (1877-1964) <br /> R.Samuel Postlewait Decatur,Illinois 62525 Walker H.Milis <br /> Jerrold H.Stocks 217-429-4453 (1893-1962) <br /> Edward F.Flynn Fax 217-425-8892 Thos H.Armstrong <br /> ---------------- (1897-1981) <br /> Erick F.Hubbard Roswell C.Prince <br /> ------------- (1919-1994) <br /> Of Counsel May 13, 2004 <br /> RobeR D.Winters <br /> WRITER'S DIRECT E-MAIL:eflynn@family-net.net <br /> Dane Bragg <br /> City of Decatur <br /> #1 Gary K. Anderson Plaza <br /> Decatur, IL 62523 <br /> RE: The Reserve Subdivision <br /> Dear Dane: <br /> This letter is in follow up to our recent meeting regarding the Pre-Annexation <br /> Agreement for The Reserve Subdivision. <br /> At your request, I am enclosing a copy of the engineer's estimate for the sanitary <br /> sewer and water main extension to a point 50 feet within the utility easement of The Reserve. <br /> The engineer's estimate for these improvements totals $96,700. The County will not permit <br /> an open cut across South Shores Drive. The only alternative is to bore under the road which <br /> increases the cost. The Sanitary District Annexation fee is $13,531.50. Therefore, the total <br /> reimbursement that we are requesting is $110,231.50. <br /> As you know, this is a subdivision consisting of 18 residential lots. The market value <br /> of the homes on these lots will range between $450,000 and �1.3 million dollars. I believe <br /> that a conservative valuation for the average home price is $750,000. Based upon my <br /> calculations and confirmation from the Macon County Treasurer's Office, the City's revenue <br /> as a result of a $750,000 home is $3,000. <br /> My client already has five commitments for homes to be constructed within The <br /> Reserve. These are five commitments prior to his effort to market this project. Therefore, I <br /> think that the first year conservatively speaking there will be seven homes constnicted within <br /> the property. If you assume four additional homes per year thereafter, at $3,000 per year, the <br /> revenue that is realized by the City from this development for the first four years is $153,000, <br /> see my calculations set forth below: <br /> Year 2004, payable in 2005 7 homes x $3,000 = $ 21,000.00 <br /> Year 2005, payable in 2006 11 homes x $:s,000 = $ 33,000.00 <br /> Year 2006, payable in 2007 15 homes x $3,000 = $ 45,000.00 <br /> Year 2007, payable in 2008 18 homes x �3,000 = $ 54.000.00 <br /> TOTAL $153,000.00 <br />