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DRAFT 03.11.99 <br />It is anticipated that the proposed development will consist of detached single family <br />residences, townhomes, multifamily, retail, light to business industrial facilities and rail <br />facilities. <br />Vacant Land Proiect Costs <br />The proposed public improvements necessary to develop the land within the TIRZ <br />include water distribution facilities, wastewater collection facilities, storm water <br />drainage improvements, street improvements and streetscape improvements. <br />The preliminary total cost of facilities to be constructed within the TIRZ for water, <br />wastewater, streets and drainage improvements is approximately $31 million. The <br />monetary obligations incurred or estimated to be incurred as described above are <br />necessary or convenient to the creation of the TIRZ. A summary of the preliminary cost <br />estimates is outlined below. <br />Residential <br />Phase 1 <br />$ 7,008,000 <br />Phase II <br />2,897,000 <br />Phase III <br />2,215,000 <br />Phase IV <br />2,096,000 <br />Total $14,216,000 <br />Commercial <br />$14,480,000 <br />1,476,000 <br />1,525,000 <br />$17,481,000 <br />Sylvan Beach Development Opportunities <br />Benchmark Hospitality Group proposes to build a full -service hotel and conference <br />center on Sylvan Beach located on Galveston Bay. The proposed development <br />consists of: <br />• 170 guestrooms; <br />• 15,000 square feet of conference space; <br />• additional 5,000 square feet of meeting space located in the existing Sylvan <br />Pavilion; <br />• full -service all day restaurant, as well as a pub bar offering entertainment -and light <br />fare; <br />• outdoor pool with pool house, health club and deck area; and <br />• golf privileges at Bay Forest Golf Club <br />Preliminary Reinvestment Zone Financing Plan 3 <br />La Porte, Texas <br />