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11/12/2020Base Value Assumptions - Page 2TIF 3-3City of Little Canada, MN The Lodge/Garden TerraceEstimated Taxable Total Taxable PropertyPercentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/PhaseNew UsePer Sq. Ft./UnitPer Sq. Ft./UnitSq. Ft./UnitsValueClassTax CapacityCapacity/Unit2019202020212022Payable1Aff. Rental 156,973 156,973 15 2,354,600Aff. Rental 17,136 1,142 100% 100% 100% 100% 20211Aff. Rental 148,410 148,410 20 2,968,200Aff. Rental 22,262 1,113 100% 100% 100% 100% 20211Aff. Rental 115,617 115,617 41 4,740,300Aff. Rental 35,552 867 100% 100% 100% 100% 20211 Rental 12,833,800 12,833,800 1 12,833,800 Rental 160,423 160,423 100% 100% 100% 100% 20211 C/I Pref. 2,637,900 2,637,900 1 2,637,900 C/I Pref. 52,008 52,008 100% 100% 100% 100% 20211 Exempt 100 100 1 100 Exempt 0 - 100% 100% 100% 100% 20211 Rental 7,000 7,000 1 7,000 Rental 88 88 100% 100% 100% 100% 2021TOTAL25,541,900 287,468 Subtotal Residential 79 22,904,000 235,460 Subtotal Commercial/Ind. 1 2,637,900 52,008 Note:1. Market values are based upon Ramsey County as of 10/7/2020.TotalFiscal LocalLocalFiscal State-wideMarketTax Disparities Tax PropertyDisparities PropertyValue Total Taxes PerNew UseCapacityTax CapacityCapacityTaxes Taxes Taxes Taxes Taxes Sq. Ft./UnitAff. Rental 17,136 0 17,136 20,275 0 0 4,896 25,171 1,678.05Aff. Rental 22,262 0 22,262 26,339 0 0 6,171 32,510 1,625.51Aff. Rental 35,552 0 35,552 42,064 0 0 9,856 51,920 1,266.34Rental 160,423 0 160,423 189,804 0 0 26,684 216,488 216,488.19C/I Pref. 52,008 17,385 34,623 40,965 23,101 27,500 5,485 97,051 97,051.07Exempt000000 000.21Rental 88 0 88 104 0 0 15 118 118.08TOTAL287,46817,385270,084319,55023,10127,50053,107423,258Note: 1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factors which cannot be predicted.Total Property Taxes 423,258Current Market Value - Est. 2,224,000less State-wide Taxes (27,500)New Market Value - Est. 25,541,900less Fiscal Disp. Adj.(2,533) Difference23,317,900less Market Value Taxes (53,107)Present Value of Tax Increment 2,076,581less Base Value Taxes(62,637) Difference21,241,319Annual Gross TIF 277,481Value likely to occur without Tax Increment is less than:21,241,319 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 3-3 est & 3-2 mod\Modification - 2020\TIF Run - TIF 3-3 - Little Canada.xlsm
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