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10/29/2018Base Value Assumptions - Page 2Project Surf Redevelopment Project - New TIF DistrictCity of Little Canada, MinnesotaProposed Office/Production/Warehouse/Storage/Distribution FacilityEstimated Taxable Total Taxable PropertyPercentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/Phase New Use Per Sq. Ft./Unit Per Sq. Ft./Unit Sq. Ft./UnitsValue Class Tax CapacityCapacity/Unit 2019 2020 2021 2022 Payable1 Industrial 11,426,500 11,426,500 1 11,426,500 C/I Pref. 227,780 227,780 100% 100% 100% 100% 2021TOTAL11,426,500 227,780 Subtotal Residential 0 0 0 Subtotal Commercial/Ind. 1 11,426,500 227,780 Note:1. Market values are based upon estimates from County Assessor on September 20, 2018 i.e., property value will increase by $1.5M to $2M once the cooler conversion is completed.Total Fiscal Local Local Fiscal State-wide MarketTax Disparities Tax PropertyDisparities PropertyValue Total Taxes PerNew UseCapacityTax CapacityCapacityTaxes Taxes Taxes Taxes Taxes Sq. Ft./UnitIndustrial 227,780 79,544 148,236 185,578 115,414 99,916 25,082 425,990425,990.45TOTAL 227,780 79,544 148,236 185,578 115,414 99,916 25,082 425,990Note: 1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, fiscal disparities, state law and other factors which cannot be predicted.Total Property Taxes 425,990Current Market Value - Est. 9,426,500less State-wide Taxes (99,916)New Market Value - Est. 11,426,500less Fiscal Disp. Adj. (115,414) Difference 2,000,000less Market Value Taxes (25,082)Present Value of Tax Increment 216,829less Base Value Taxes (152,989) Difference 1,783,171Annual Gross TIF 32,589Value likely to occur without Tax Increment is less than:1,783,171 WHAT IS EXCLUDED FROM TIF? MARKET VALUE BUT / FOR ANALYSISTAX CALCULATIONSPROJECT INFORMATION (Project Tax Capacity)Prepared by Ehlers & Associates, Inc. - Estimates OnlyN:\Minnsota\Little Canada\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 7-2 - 2018\TIF Plan Documents\TIF cashflow no inflation - PLAN 10.29.2018
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