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06-24-2019 Council Packet
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06-24-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Exhibit II <br /> <br />BAKER TILLY Page 13 <br /> <br /> <br />Assumptions Report <br />City of Lino Lakes, Minnesota <br />Tax Increment Financing (Housing) District No. 1-13 <br />Lyngblomsten Site: Senior Care Campus <br />Draft TIF Plan Exhibits: Updated Revenue Projections with $28,991,000 new value <br />Type of Tax Increment Financing District Housing <br />Maximum Duration of TIF District 25 years from 1st increment <br />Projected Certification Request Date 12/30/19 <br />Decertification Date 12/31/30 (9 Years of Increment) <br />2017/2018 <br />Base Estimated Market Value $908,400 <br />Original Net Tax Capacity $11,355 <br />Assessment/Collection Year <br />2019/2020 2020/2021 2021/2022 2022/2023 <br />Base Estimated Market Value $908,400 $908,400 $908,400 $908,400 <br />Estimated Increase in Value - New Construction 0 0 28,082,600 28,082,600 <br />Total Estimated Market Value 908,400 908,400 28,991,000 28,991,000 <br />Total Net Tax Capacity $11,355 $11,355 $362,388 $362,388 <br />City of Lino Lakes 41.817% <br />Anoka County 34.473% <br />Centennial SD #12 35.984% <br />Other 5.300% <br />Local Tax Capacity Rate 117.5740% 2018/2019 <br />Fiscal Disparities Contribution From TIF District 0.0000% <br />Administrative Retainage Percent (maximum = 10%) 5.00% <br />Pooling Percent 0.00% <br />Present Value Date & Rate 02/01/20 5.00% PV Amount $2,726,536 <br />Notes <br />Projections assume no future changes to classification rates and current tax rates remain constant. <br />Projections are based on final pay 2019 rates. <br />Projections assume project 100% completed in 2020 <br />Projections assume no market value inflation.
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