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City of Lino Lakes, Minnesota Prelim Review of Lyngblomsten Request for TIF Assistance April 1, 2019 Page 2 available tax increment revenues and the amount necessary for the project to proceed will need to occur as the project proceeds. The total estimated sources and uses of funds is shown below: Sources Amount Uses Amount Equity $9,800,000 Property Acquisition $3,620,000 Debt $66,000,000 Building Costs $44,855,442 TIF * $5,300,000 Site Development $6,000,000 Soft Costs $19,570,162 Financing Costs $850,000 Contingencies $2,325,267 Total $77,220,871 Total $77,220,871 . TIF assistance would be provided as pay-as-you-go (reimbursement) and not upfront Tax Increment Financing Assumptions Springsted made certain assumptions to calculate the estimated amount of tax increment revenues generated by the project. Those assumptions include the following: • Estimated 6-year collection term o Maximum term for housing districts is 26 years ■ 25 years after receipt of first increment o First year taxes payable 2022 (construction commences in 2019) ■ Full year collected in 2022 • Total base value for land and building o Housing District: $634,300 ■ Parcel ID: 31-31-22-43-0018 • Total completed value following development o Housing TIF District ■ 100 independent living units valued at $21,990,000 ■ 50 assisted living units valued at $6,840,000 ■ Total estimated taxable value of $28,830,000 ■ Preliminary — based on construction cost estimates • Construction schedule o Commences in 2019 and complete in 2020 o Partial value as of assess Jan. 1, 2020 for taxes payable 2021 o Full value as of assess Jan. 1, 2021 for taxes payable 2022 o Election to delay receipt of first increment until full value realized • Payable 2019 tax rates constant o Combined rate of 117.574%