City of Dunedin, FL Department of Finance Government Services Center Five Year Cost Comparison 8/4/2010

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2 Government Services Center Five Year Cost Comparison Option #1 Option #2 Net Cost Comparison Debt Service Operating Cost Revenue Net Cost/(Revenue) Debt Service Operating Cost Revenue Net Cost/(Revenue) Option #1 Option #2 FY 2011 $ - 507, ,360 $ - - 1,600,000 (1,600,000) $ 507,360 (1,600,000) FY ,017 27, , ,500 (400,000) 912, , ,500 FY ,017 28, , , , , , ,370 FY ,017 29, , , , , , ,587 FY ,017 29, , , , , , , ,624 Total $ 696, ,383-1,318,450 $ 461,415 1,643,633 1,739, ,081 $ 1,318, ,081 9,000 Note: *Operating cost includes the estimated per squarefoot facility charges and janitorial costs, grown at 2% annually. **Revenue includes the estimated Tangible Personal Property Tax estimate of $100,000, grown annually at 1%.

3 Government Services Center Consolidation 3 Option Analysis FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY Year Cost Option #1 - Minor Renovation of existing Municipal Services Building to extend life by 5-10 years. Rehabilitation Cost - Municipal Services Facility Replacement of Roof 250, ,000 Electrical Work 125, ,000 Mechanical Plumbing 20, ,000 Building Renovations 500, , ,000 Moving (Cash Funded) 30, , ,000 Temporary Trailers (Cash Funded) 50, , ,000 IT Relocation and Furnishings (Cash Funded) 110, ,000 Total MSB Rehabilitation Cost 1,085, , ,580,000 Rehabilitation Cost - Minor Rehab of Technical Services 1st Floor Minor Renovations 600, , ,000 2nd Floor Minor Renovations 600, , ,000 Total TSB Rehabilitation Cost 1,200, , ,600,000 Total Cost of Rehab 2,285, , ,180,000 Debt Service on Rehabilitation (20 5.5%, Tax-Exempt) Principal - 59,600 62,924 66,432 70,136 74,046 78,175 82,534 87,135 91,994 97, ,255 54,967 2,672,251 Interest - 114, , , ,881 99,971 95,842 91,483 86,882 82,023 76, ,847 20,118 1,932,032 Total Debt Service - 174, , , , , , , , , , ,102 75,085 4,604,283 Cost By Fund (80% - General Fund and 20% Utility Funds, GF assumes full cost of technical services) Non-Utility Funds 152, , , , , , , , , , , ,455 66,450 4,226,790 Utility Funds 38,000 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 28,647 8, ,493 Total Cost By Fund 190, , , , , , , , , , , ,102 75,085 4,794,283 Economic Development Opportunities - Possible Ad Velorem Revenue (1% Annual Growth in Value) & Sale of Land Development of the Baptist Church Site ($3 million) ,000 24,240 24,482 24,727 24,974 25,224 25,476 29, ,741 Gateway Development Phase I ($8 million) ,000 64,640 65,286 65,939 66,599 67,265 77,319 1,409,216 Gateway Development Phase II ($5 million) ,000 40,400 40,804 46, ,218 Sale of Gateway Phase II Land ,600, ,600,000 Additional Land Purchase at Gateway (290,000) , Total Ad Velorem Values (290,000) ,000 1,978,240 89,122 90, , , , ,507 4,304,175 Note: Assumes CRA is Renewed for the Duration of the Analysis Possible Ad Velorem and Sale of Land Revenue Breakdown CRA (290,000) , ,240 89,122 90, , , , ,507 2,704,175 Penny Fund Revenue ,600, ,600,000 Total Ad Velorem Revenue (290,000) ,000 1,978,240 89,122 90, , , , ,507 4,304,175 Total Cost/(Revenue) 480, , , , , ,017 (1,804,223) 84,895 84,003 43,103 41, ,557 (78,422) 490,108 Total Cost/(Revenue) By Fund Non-Utility Funds 152, , , , , , , , , , , ,455 66,450 4,226,790 Utility Fund 38,000 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 20,012 28,647 8, ,493 Penny Fund (1,600,000) (1,600,000) CRA Fund 290, (24,000) (378,240) (89,122) (90,014) (130,914) (132,223) (133,545) (153,507) (2,704,175) Total Cost/(Revenue) All Funds 480, , , , , ,017 (1,804,223) 84,895 84,003 43,103 41, ,557 (78,422) 490,108

4 Government Services Center Consolidation 3 Option Analysis FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY Year Cost Option #2 - Short-term Rental at the Gateway Site and Building a New 15,000 to 17,000 sq.ft. Municipal Services Facility. Short-Term Leasing Costs Rent (14,000 square ft.) - 364, , , , , ,960,000 Moving Expenses - 15, ,000 IT Relocation and Furnishings - 110, ,000 Maintenance Savings (2% Inflation) - (27,360) (27,907) (28,465) (29,035) (29,615) (142,383) Custodial Services 2% Inflation) - 20,860 21,277 21,703 22,137 22, Rent Credit for Lease of Public Parking (133,487) (366,513) (500,000) Total Short-Term Leasing Costs - 482, , , ,615 32, ,442,618 Cost of New Municipal Services Facility Construction of New Municipal Services Facility ,000 3,870, ,300,000 Moving Expenses , ,000 Demolition of Existing Municipal Services Bldg. (Cash) - 30, ,000 Furnishings , ,000 Maintenance Allocation (2% inflation) 54,910 56,008 57,128 58,271 59,436 60,625 61,838 63,074 83,225 1,498,987 Total Cost of New Municipal Services Facility - 30, ,000 3,870,000 94,910 56,008 57,128 58,271 59,436 60,625 61,838 63,074 83,225 5,868,987 Rehabilitation Cost - Minor Rehab of Technical Services 1st Floor Minor Renovations - 50, , , ,000 2nd Floor Minor Renovations , , , ,000 Total TSB Rehabilitation Cost - 50, , , , ,600,000 Debt Service (20 5.5%, Tax-Exempt) Principal , , , , , , , ,538 24,566 5,807,856 Interest , , , , , , , ,435 8,991 3,927,405 Total Debt Service , , , , , , , ,973 33,557 9,735,261 Cost By Fund (80% - General Fund and 20% Utility Funds, GF assumes full cost of technical services) Non-Utility Funds - 410, , , , , , , , , , ,980 94,480 10,590,025 Utility Funds - 102,500 74,274 79, ,900 95,487 89,220 89,449 89,682 89,920 92,111 96,067 22,303 2,265,397 Total Cost By Fund - 512, , , , , , , , , , , ,783 12,855,422 Economic Development Opportunities - Possible Ad Velorem Revenue (1% Annual Growth in Value) & Sale of Land Development of the Baptist Church Site ($3 million) ,000 24,240 24,482 24,727 24,974 25,224 25,476 29, ,741 Gateway Development Phase I ($8 million) & Parking - (500,000) 64,000 64,640 65,286 65,939 66,599 67,265 67,937 68,617 69,303 69,996 80,458 1,226,302 Gateway Development Phase II ($5 million) ,000 40,400 40,804 41,212 41,624 42,040 42,461 42,885 49, ,863 Sale of Gateway Phase II Land 1,600, ,600,000 Total Ad Velorem Values 1,600,000 (500,000) 64,000 64, , , , , , , , , ,039 4,362,906 Note: Assumes CRA is Renewed for the Duration of the Analysis Possible Ad Velorem and Sale of Land Revenue Breakdown CRA - (500,000) 64,000 64, , , , , , , , , ,039 2,762,906 Penny Fund Revenue 1,600, ,600,000 Total Ad Velorem Revenue 1,600,000 (500,000) 64,000 64, , , , , , , , , ,039 4,362,906 Total Cost/(Revenue) (1,600,000) 1,012, , , , , , , , , , ,689 (42,256) 8,492,517 Total Cost/(Revenue) By Fund Non-Utility Funds - 410, , , , , , , , , , ,980 94,480 10,590,025 Utility Fund - 102,500 74,274 79, ,900 95,487 89,220 89,449 89,682 89,920 92,111 96,067 22,303 2,265,397 Penny Fund (1,600,000) (1,600,000) CRA Fund - 500,000 (64,000) (64,640) (105,286) (130,339) (131,643) (132,959) (134,289) (135,632) (136,988) (138,358) (159,039) (2,762,906) Total Cost/(Revenue) All Funds (1,600,000) 1,012, , , , , , , , , , ,689 (42,256) 8,492,517

5 Government Services Center Consolidation 3 Option Analysis FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY Year Cost Option #3 - Relocate All City Functions to the Nielsen Site Leasing Costs Base Rent - 50,000 Square Feet (CPI - Inflator 3%) 365, , , , , , , , , , , ,814 1,020,717 18,672,733 Operating Expenses ($7 per sqft. - Inflated at 1%) 262, , , , , , , , , , , , ,851 10,246,471 Additional Build out ($10,000/per $2.5 Million) 187, , , , , , , , , , , ,000-5,187,500 Maintenance Services ($1.49 sq. w/2% Inflator) 55,875 75,990 77,510 79,060 80,641 82,254 83,899 85,577 87,289 89,034 90,815 92, ,225 2,489,857 Moving Expenses 60, ,000 IT Relocation and Furnishings 250, ,000 Adjustment for Vacated Space Total Short-Term Leasing Costs 1,181,500 1,181,615 1,201,734 1,222,370 1,243,538 1,265,254 1,287,532 1,310,388 1,333,839 1,357,901 1,382,592 1,407,929 1,591,793 36,906,562 Cost By Fund (95% - General Fund and 5% Utility Funds) Non-Utility Funds 1,122,425 1,122,534 1,141,647 1,161,251 1,181,361 1,201,991 1,223,155 1,244,869 1,267,147 1,290,006 1,313,462 1,337,533 1,512,203 35,061,234 Utility Funds 59,075 59,081 60,087 61,118 62,177 63,263 64,377 65,519 66,692 67,895 69,130 70,396 79,590 1,845,328 Total Cost By Fund 1,181,500 1,181,615 1,201,734 1,222,370 1,243,538 1,265,254 1,287,532 1,310,388 1,333,839 1,357,901 1,382,592 1,407,929 1,591,793 36,906,562 Economic Development Opportunities - Possible Ad Velorem Revenue (1% Annual Growth in Value) & Sale of Land Development of the Baptist Church Site ($3 million) ,000 24,240 24,482 24,727 24,974 25,224 25,476 29, ,741 Development of Loudon/Virginia Site ($2 million) ,000 16,160 16,322 16,485 16,650 19, ,974 Gateway Development Phase I ($8 million) ,000 64,640 65,286 65,939 66,599 67,265 77,319 1,409,216 Gateway Development Phase II ($5 million) ,000 40,400 40,804 46, ,218 Sale of Gateway Phase II Land ,600, ,600,000 Additional Land Purchase at Gateway (290,000) , Total Ad Velorem Values (290,000) ,000 1,978, , , , , , ,645 4,637,149 Possible Ad Velorem and Sale of Land Revenue Breakdown CRA (290,000) , , , , , , , ,645 3,037,149 Penny Fund Revenue ,600, ,600,000 Total Ad Velorem Revenue (290,000) ,000 1,978, , , , , , ,645 4,637,149 Total Cost/(Revenue) 1,471,500 1,181,615 1,201,734 1,222,370 1,243,538 1,241,254 (690,708) 1,205,266 1,227,665 1,210,666 1,233,884 1,257,735 1,419,148 32,269,413 Total Cost/(Revenue) By Fund Non-Utility Funds 1,122,425 1,122,534 1,141,647 1,161,251 1,181,361 1,201,991 1,223,155 1,244,869 1,267,147 1,290,006 1,313,462 1,337,533 1,512,203 35,061,234 Utility Fund 59,075 59,081 60,087 61,118 62,177 63,263 64,377 65,519 66,692 67,895 69,130 70,396 79,590 1,845,328 CRA Fund (1,600,000) (1,600,000) Penny Fund 290, (24,000) (378,240) (105,122) (106,174) (147,235) (148,708) (150,195) (172,645) (3,037,149) Total Cost/(Revenue) All Funds 1,471,500 1,181,615 1,201,734 1,222,370 1,243,538 1,241,254 (690,708) 1,205,266 1,227,665 1,210,666 1,233,884 1,257,735 1,419,148 32,269,413

6 Government Services Center 25 Year Cost Comparison Option #1 Option #2 Net Cost Comparison Debt Service Operating Cost Revenue Net Cost/(Revenue) Debt Service Operating Cost Revenue* Net Cost/(Revenue) Option #1 Option #2 FY 2011 $ - 507, ,360 $ - - 1,600,000 (1,600,000) $ 507,360 (1,600,000) FY ,017 27, , ,500 (400,000) 912, , ,500 FY ,017 28, , , , , , ,370 FY ,017 29, , , , , , ,587 FY ,017 29, , , , , , , ,624 FY ,017 30,208 24, , ,415 88, , , , ,475 FY ,017 30,812 1,978,240 (1,773,411) 461,415 57, , ,800 (1,773,411) 281,800 FY ,017 31,428 89, , ,415 58, , , , ,575 FY ,017 32,057 90, , ,415 59, , , , ,349 FY ,017 32, ,914 75, ,415 60, , ,123 75, ,123 FY ,017 33, ,223 75, ,973 61, , ,454 75, ,454 FY ,102 34, , , ,973 63, , , , ,227 FY ,102 34, , , ,973 64, , , , ,000 FY ,102 35, , , ,973 65, , , , ,774 FY ,102 36, , , ,973 66, , , , ,548 FY ,102 36, , , ,973 68, , , , ,323 FY ,102 37, , , ,973 69, , , , ,099 FY ,102 38, , , ,973 71, , , , ,877 FY ,102 39, , , ,973 72, , , , ,656 FY ,102 39, , , ,939 73, , , , ,404 FY ,773 40, , , ,220 75, , , , ,469 FY ,085 41, ,517 (30,963) 494,973 76, , ,008 (30,963) 297,008 FY ,085 42, ,992 (31,609) 494,973 78, , ,797 (31,609) 295,797 FY ,085 43, ,482 (32,253) 488,798 79, , ,415 (32,253) 288,415 FY ,085 44, ,987 (32,895) 33,557 81, ,180 (168,029) (32,895) (168,029) FY ,085 44, ,507 (33,535) 33,557 83, ,012 (169,229) (33,535) (169,229) Total $ 4,604,283 1,401,236 4,594,175 1,411,344 $ 9,735,261 3,120,161 7,187,226 5,668,197 $ 1,411,344 5,668,197 9,000 Note: *Operating cost includes the estimated per squarefoot facility charges and janitorial costs, grown at 2% annually. **Revenue includes the estimated Tangible Personal Property Tax estimate of $100,000, grown annually at 1%.