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• S5 E. SEVENTH PLACE, SUITE 100 SAINT PAUL, MN S5101-2887 651- 223 -3000 FAX: 651 -223 -3002 MEMORANDUM TO: SPRINGSTED Advisors to the Public Sector Gordon Heitke, Director of Administration Lino Lakes Michael Grochala, Community Development Director Lino Lakes Mary Alice Divine, Economic Development Coordinator Lino Lakes Al Rolek, Finance Director Lino Lakes FROM: Paul Steinman, VP Housing & Economic Development Terri Heaton, Senior VP Client Representative Mikaela Huot, Project Manager CC: Steve Bubul, Kennedy & Graven DATE: September 20, 2004 SUBJECT: Legacy at Woods Edge Project Analysis Revised section on minimum assessment/value agreements This purpose of this memo is to provide an outline of the primary development points of the Legacy at Wood's Edge project. Background The project as proposed includes a geographic area of about 40 acres. Of that, approximately half lies within TIF District 1 -11, a redevelopment district. This split development is a bit unique, and provides a number of financial advantages to the City which will be discussed later in this memo. The following states the value of new construction for each component of the proposed project: • Outside the TIF District $60,131,100 - $68,006,100 • Inside the TIF District $55,785,000 - $69,855,000 Total estimated final value of project $115,916,100 - $137,861,100 The build -out schedule anticipates the final commercial and multi - family projects will be completed in 2008, allowing full value of the development to be assessed 2009 for taxes payable 2010. This Hartford proposal has been under consideration for about a year. Since that time staff and Springsted, along with Kennedy & Graven, legal counsel, have held numerous meetings to discuss the major development points of the project — including planning, timing, financing, CORPORATE OFFICE: SAINT PAUL, MN • Visit our website at www.springsted.com IOWA • KANSAS • MINNESOTA • VIRGINIA • WASHINGTON, DC • WISCONSIN -86-