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<br />- 13 - <br />Ten of the Largest Taxpayers in the City <br /> <br /> 2015/16 Net <br />Taxpayer Type of Property Tax Capacity <br /> <br />Target Corporation Retail $ 202,952 <br />Xcel Energy Utility 190,733 <br />Biynah Industrial Partners LLC(a) Industrial 183,332 <br />Molin Concrete Products Co. Concrete Products 107,982 <br />Gargaro Properties Inc. Industrial 104,374 <br />Taylor Corporation Promotional/Printing Products 99,648 <br />Kohls Department Store Retail 99,092 <br />Marmon/Keystone Corp. Industrial 74,216 <br />Minnegasco Inc. Utility 72,162 <br />Lino Lakes Assisted Living LLC Apartments 63,729 <br /> <br />Total $1,198,220(b) <br /> (a) In February 2016, Biynah Industrial Partners, LLC acquired the property formerly owned by Lino Lakes <br />Reality LLC. (b) Represents 6.0% of the City's 2015/16 adjusted taxable net tax capacity. <br /> <br /> <br /> <br />CITY INDEBTEDNESS <br /> <br /> <br />Legal Debt Limit and Debt Margin* <br /> <br />Legal Debt Limit (3% of 2015/16 Estimated Market Value) $ 54,211,962 <br />Less: Outstanding Debt Subject to Limit (11,055,250) <br /> <br />Legal Debt Margin as of November 23, 2016 $ 43,156,712 <br /> <br />* The legal debt margin is referred to statutorily as the “Net Debt Limit” and may be increased by debt service <br />funds and current revenues which are applicable to the payment of debt in the current fiscal year. <br />NOTES: Certain types of debt are not subject to the legal debt limit. See Appendix III – Debt Limitations. The 2013 Minnesota Legislature clarified the definition of estimated market value and established it as <br />the basis for the calculation of the Net Debt Limit. Previously, Net Debt Limit was calculated on <br />taxable market value. A large contributing factor to the change was to offset the effect of the Market <br />Value Homestead Exclusion implemented by the 2012 Minnesota Legislature, which had a significant <br />impact on taxable market values. <br />