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FEB 02 '98 12:25PM EHLERS & ASSOCIATES <br />Memo <br />To: <br />From: <br />Subject: <br />Date: <br />Joel Hanson -" <br />Rusty Fifield <br />Rice Street / Little Canada Road Redevelopment <br />February 2, 1998 <br />P. 2/2 <br />The table below contains the estimated gap for the current finance plan. I believe that these <br />figures reflect the methodology requested by Kim Wise. The present value of the tax increment <br />revenue assumes a 594 rate based on the estimated interest expense for bonds to be issued by the <br />City. <br />GA." <br />Land Acquisition SC29,t54 t <br />Improvements r <br />Finance Costs <br />Capitalized Interest <br />Total Expenditures <br />/lc <br />99o, .•. e 2'rs' y .$6,424,596 <br />2,650,000 <br />202,020 <br />800,000 <br />$10,076,616 <br />County $981,924 <br />Assessment 100,000 <br />TIF (Present value at 5.00%) 4,342,149 <br />Total Revenues $5,424,073 <br />Gap $4.652.543 <br />4. ^ I,✓ <br />J b <br />t� 7 � t' <br />lY 1A °14;� <br />Please note that the projected gap is $101,477 less than the estimated revenue from the sale of <br />land used in the detailed cash flow analysis. <br />ewcasersILCAN DAnDECKIAP1ErreAv.,vrn �S� ncr vs y, 7SY0 <br />Ehlers & Associates, Inc. <br />3060 Centre Pointe Drive + Roseville, Minnesota 55113-1105 <br />(612) 697 -8506 + FAX (612) 697 -8555 <br />rustySehlers- inc.com <br />Page 3 <br />