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City of Lino Lakes, Minnesota <br />Summary of TIF District No. 1-12 <br />July 1, 2016 <br />Page 3 <br /> <br /> Construction commences in 2016 <br />o 50% complete by December 31, 2016 <br /> Partial value as of January 2, 2017 for taxes payable 2018 <br />o 100% complete prior to December 31, 2017 <br /> Full value as of January 2, 2018 for taxes payable 2019 <br /> Payable 2016 tax rates remain constant through term (Rates Provided by Anoka County) <br />o City : 46.019% <br />o County: 38.894% <br />o School: 36.426% <br />o Other: 6.405% <br />o Total 127.744% <br /> Class rates remain constant through term <br />o Commercial-industrial <br />o 1.5% first $150,000 and 2% value above $150,000 <br /> Fiscal disparities contribution <br />o Required to be from properties within district <br />o 37.589% <br /> 2% annual market value inflator assumed <br /> Present Value assumptions <br /> <br />Tax Increment Revenue Estimates <br />Estimated Market Value $18,200,000 <br /> <br />Estimated Gross Revenue $2,603,627 <br />5% withheld for admin. $130,181 <br />15% withheld for pooling $390,544 <br />Estimated Net Revenue $2,082,902 <br />Developer Assistance <br /> <br />80% pledged to developer $1,200,000 <br />Number of Years 5.5 years <br />Surplus (remaining increment) $882,902 <br /> <br />Project Qualifications <br />Tax Increment Financing (TIF) District – Economic Development <br /> <br />Economic development districts must consist of a project that is in the public interest because: <br /> It will discourage commerce, industry, or manufacturing from moving their operations to another state <br /> It will result in increased employment