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04-01-2019 Council Packet 2
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04-01-2019 Council Packet 2
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10/30/2021 1:08:47 PM
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4/5/2019 11:52:21 AM
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City Council
Council Document Type
Council Packet
Meeting Date
04/01/2019
Council Meeting Type
Work Session Regular
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City of Lino Lakes, Minnesota <br />Prelim Review of Lyngblomsten Request for TIF Assistance <br />April 1, 2019 <br />Page 2 <br /> <br />available tax increment revenues and the amount necessary for the project to proceed will need to occur as the <br />project proceeds. The total estimated sources and uses of funds is shown below: <br /> <br />Sources Amount Uses Amount <br />Equity $9,800,000 Property Acquisition $3,620,000 <br />Debt $66,000,000 Building Costs $44,855,442 <br />TIF * $5,300,000 Site Development $6,000,000 <br /> Soft Costs $19,570,162 <br /> Financing Costs $850,000 <br /> Contingencies $2,325,267 <br /> <br />Total $77,220,871 Total $77,220,871 <br /> <br />* TIF assistance would be provided as pay-as-you-go (reimbursement) and not upfront <br /> <br />Tax Increment Financing Assumptions <br />Springsted made certain assumptions to calculate the estimated amount of tax increment revenues generated by the <br />project. Those assumptions include the following: <br />• Estimated 6-year collection term <br />o Maximum term for housing districts is 26 years <br /> 25 years after receipt of first increment <br />o First year taxes payable 2022 (construction commences in 2019) <br /> Full year collected in 2022 <br />• Total base value for land and building <br />o Housing District: $634,300 <br /> Parcel ID: 31-31-22-43-0018 <br />• Total completed value following development <br />o Housing TIF District <br /> 100 independent living units valued at $21,990,000 <br /> 50 assisted living units valued at $6,840,000 <br /> Total estimated taxable value of $28,830,000 <br /> Preliminary – based on construction cost estimates <br />• Construction schedule <br />o Commences in 2019 and complete in 2020 <br />o Partial value as of assess Jan. 1, 2020 for taxes payable 2021 <br />o Full value as of assess Jan. 1, 2021 for taxes payable 2022 <br />o Election to delay receipt of first increment until full value realized <br />• Payable 2019 tax rates constant <br />o Combined rate of 117.574%
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