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Proposed Financial Assistance
<br />5
<br /> Financial
<br />Assistance
<br />Package
<br />Initial request $5,300,000
<br />Reduction of request based on financial review $(1,400,000)
<br />Reduction based on fee credits $(300,000)
<br />
<br />Net Assistance through TIF (est. 9.5 years) $3,600,000
<br />
<br />Pooled TIF from Housing District 1-5 $382,000
<br />
<br />Proposed TIF Assistance to Developer from TIF 1-13
<br />(New Housing TIF District) over 8.5 years $3,218,000
<br />
<br /> Financial
<br />Assistance
<br />Package
<br />Initial request $5,300,000
<br />Reduction of request based on financial review $(1,400,000)
<br />Reduction based on fee credits $(300,000)
<br />
<br />Net Assistance through TIF (est. 9.5 years) $3,600,000
<br />
<br />Pooled TIF from Housing District 1-5 $382,000
<br />
<br />Proposed TIF Assistance to Developer from TIF 1-13
<br />(New Housing TIF District) over 8.5 years $3,218,000
<br />
<br />Scenario 1 Scenario 2 Scenario 3 Scenario 4
<br />Total Estimated
<br />Taxable Value
<br />$28,991,000 $28,991,000 $31,890,100
<br />(10% increase)
<br />$34,789,200
<br />(20% increase)
<br />Annual MV Inflator 0%3%3%3%
<br />Total # of Years 8.5 years 7.5 years 7 years 6.5 years
<br />Total Gross Increment $3,701,133 $3,668,729 $3,485,203 $3,810,504
<br />City Retainage $185,058 $183,437 $174,262 $190,524
<br />Total Net Increment $3,516,075 $3,485,292 $3,310,941 $3,619,980
<br />Maximum Amount to
<br />Developer
<br />$3,218,000 $3,218,000 $3,218,000 $3,218,000
<br />Estimated Surplus $298,075 $267,292 $92,941 $401,980
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