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Projected Annual Tax Increment Revenues upon
<br />Completion Full Buildout Year 2
<br />$467,200
<br />$358,367
<br />$108,379
<br />Less: City withheld for Admin 10%
<br />$46,720
<br />$35,837
<br />$10,838
<br />Projected Annual Net Revenues 90% Year 2
<br />$420,480
<br />$322,530
<br />$97,541
<br />Projected Total Gross Revenues over District Term
<br />$4,464,856
<br />$3,444,854
<br />$1,015,911
<br />Less: City Retaina a 10%
<br />$446,486
<br />$344,487
<br />$101,592
<br />Projected Total Net Revenues over District Term 90%
<br />$4,018,370
<br />$3,100,367
<br />$914,319
<br />As shown the total development is estimated to generate $4,464,856 in increment over the full 9
<br />year term of a district. Of this amount the Ryan project is expected to generate $3,444,854. The
<br />City would expect to retain 10% ($344,487) for administrative expenses and pooling purposes,
<br />leaving approximately $3.1 million available for project use.
<br />Staff has reviewed the extraordinary costs identified by Ryan Co.'s, along with their financial
<br />projections for development of the "north" district and extension of 21 st Avenue. Based on this
<br />review we are supportive of assistance in the amount of $2,900,000 as shown in the following
<br />table:
<br />Estimated Total TIF Eligible Costs
<br />Identified Costs
<br />Eligible Costs
<br />Extraordinary Site Costs
<br />Soil Corrections/Lime Stabilization
<br />$1,000,000
<br />$1,000,000
<br />Site Fill
<br />$2,500,000
<br />$200,000
<br />Public Utility Relocation
<br />$300,000
<br />$300,000
<br />Aggregate Piers
<br />$1,000,000
<br />$1,000,000
<br />Subtotal Extraordinary Site Costs
<br />$4, 800, 000
<br />$2, 500, 000
<br />Offsite 21 st Ave Road Extension
<br />Removal s/S itework
<br />$300,000
<br />$150,000
<br />Utilities
<br />$300,000
<br />$100,000
<br />Paving
<br />$200,000
<br />$100,000
<br />Land scapin /Street Lighting
<br />$100,000
<br />$0
<br />A&E/M mt/Inspections/Contin encies
<br />$200,000
<br />$50,000
<br />Subtotal Offsite 21StAve Road Extension
<br />$1,100,000
<br />$400,000
<br />Total Ryan Project
<br />$5, 900, 000
<br />$2, 900, 000
<br />Baker Tilly has prepared a draft of the Tax Increment Financing Plan for District 1-14 based on
<br />the projects above. The plan establishes the objectives, district assumptions, budget and use of
<br />funding for the district. This will form the basis for any TIF assistance with Ryan Companies
<br />should they move forward with the project.
<br />If the City Council is satisfied with the plan staff will prepare the required notifications and set
<br />the public hearing for October in accordance with the attached table. A final plan and analysis
<br />memo will be completed for review by the City Council at the October work session.
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