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Exhibits A to D |
Exhibit A – Cost Analysis
360 Rainbow Blvd. South Proposed Surface Parking Facility |
Design Cost Estimate |
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Demolition |
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$1,390,000.00 |
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Surface Parking Construction |
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$265,000.00 |
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Subtotal |
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$1,655,000.00 |
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Estimated Soft Costs 15% |
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$248,250.00 |
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Subtotal |
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$1,903,250.00 |
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Design / Estimating Contingency 10% |
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$24,825.00 |
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Subtotal |
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$1,928,075.00 |
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Construction Contingency 10% |
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$165,500.00 |
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Total Conceptual Estimate |
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$2,093,575.00 |
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Exhibit B – Revenue Sharing on $1,000,000.00 Gross Income
306 Rainbow Blvd. South Surface Parking Facility |
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Financial Analysis Assumptions |
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Based Upon Conservative (worst case) Revenue Projections |
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Capital Cost |
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$2,093,575.00 |
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Land Acquisition Cost |
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$0.00 |
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Subtotal |
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$2,093,575.00 |
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Gross Rev |
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$1,000,000.00 |
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Annual Debt Service @ 6%/30 yr. term |
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-$152,095.94 |
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Estimated Annual Operating Costs |
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-$165,000.00 |
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Amortization of prior tax liens |
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-$52,000.00 |
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Current taxes |
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-$360,000.00 |
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Management fee |
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$0.00 |
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Net Cash Flow |
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$270,904.06 |
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Revenue to Municipality |
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15% of Net |
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$40,635.61 |
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Prior Taxes |
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$52,000.00 |
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Current Taxes |
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$360,000.00 |
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Total to Muni |
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$452,635.61 |
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Revenue to Developer |
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85% of Net |
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$230,268.45 |
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Management fee |
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$0.00 |
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Total to Developer |
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$230,268.45 |
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Exhibit C – Developer’s Projections of Revenues Based upon State Park Rates
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Calculation of Revenue, Rate & Utilization Method |
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Seasonally Adjusted |
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330 Space Surface Parking Facility - 360 Rainbow Blvd. South |
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Source of daily rate: NYS Niagara Falls State Park parking facility at Rainbow Bridge |
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Source of turnover assumptions and monthly rates: Hunter Interests and USA Niagara Dev Corp |
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High Season - 92 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
0 |
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$90.00 |
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$0.00 |
2 Hours or Less |
119 |
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$10.00 |
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5 |
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$547,400.00 |
3 Hours or Less |
106 |
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$10.00 |
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3 |
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$292,560.00 |
Max Daily |
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105 |
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$10.00 |
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1 |
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$96,600.00 |
Total |
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330 |
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$936,560.00 |
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Shoulder Seasons - 122 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
30 |
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$90.00 |
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$10,962.00 |
2 Hours or Less |
104 |
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$10.00 |
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2.5 |
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$314,600.00 |
3 Hours or Less |
98 |
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$10.00 |
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1.5 |
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$177,870.00 |
Max Daily |
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98 |
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$10.00 |
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0.8 |
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$94,864.00 |
Total |
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330 |
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$598,296.00 |
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Off Season - 151 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
30 |
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$90.00 |
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$13,581.00 |
2 Hours or Less |
104 |
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$10.00 |
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1 |
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$157,040.00 |
3 Hours or Less |
98 |
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$10.00 |
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0.8 |
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$118,384.00 |
Max Daily |
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98 |
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$10.00 |
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0.5 |
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$73,990.00 |
Total |
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330 |
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$362,995.00 |
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Marketing & Amenity Services |
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$60,000.00 |
Vendor Rental |
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$125,000.00 |
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Total Annual Revenue |
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$2,082,851.00 |
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Exhibit D - Developer’s Projections of Revenues Based upon Competitive Rates
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Calculation of Revenue, Rate & Utilization Method |
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Seasonally Adjusted |
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330 Space Surface Parking Facility - 360 Rainbow Blvd. South |
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Source of daily rate: Developer's Projected Rate bases upon State Park Competition |
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Source of turnover assumptions and monthly rates: Hunter Interests and USA Niagara Dev Corp |
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High Season - 92 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
0 |
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$90.00 |
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$0.00 |
2 Hours or Less |
119 |
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$9.00 |
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5 |
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$492,660.00 |
3 Hours or Less |
106 |
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$9.00 |
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3 |
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$263,304.00 |
Max Daily |
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105 |
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$9.00 |
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1 |
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$86,940.00 |
Total |
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330 |
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$842,904.00 |
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Shoulder Seasons - 122 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
30 |
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$90.00 |
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$10,962.00 |
2 Hours or Less |
104 |
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$9.00 |
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2.5 |
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$283,140.00 |
3 Hours or Less |
98 |
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$9.00 |
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1.5 |
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$160,083.00 |
Max Daily |
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98 |
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$9.00 |
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0.8 |
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$85,377.60 |
Total |
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330 |
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$539,562.60 |
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Off Season - 151 Days |
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Supply |
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Rate |
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Turnover |
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Revenue |
Monthly Leases |
30 |
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$90.00 |
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$13,581.00 |
2 Hours or Less |
104 |
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$9.00 |
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1 |
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$141,336.00 |
3 Hours or Less |
98 |
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$9.00 |
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0.8 |
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$106,545.60 |
Max Daily |
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98 |
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$9.00 |
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0.5 |
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$66,591.00 |
Total |
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330 |
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$328,053.60 |
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Marketing & Amenity Services |
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$60,000.00 |
Vendor Rental |
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$125,000.00 |
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Total Annual Revenue |
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$1,895,520.20 |
Back to Open Letter
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Contact Frank Parlato Jr. |
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