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(AS MODIFIED JUNE 12, 1989) <br />ESTIMATE OF TAR INCITEMENT AND BONDING <br />i. TAX INCREMENT ESTIMATE <br />ASSUMPTIONS <br />- Two to three year buildout of a $7.2 million dollar development <br />consisting of 270,000 S.F. of Office, Manufacturing and Warehouse <br />Approximate value of construction per year starting int <br />--1990 for Stage 1, taxes payable 1991 - $2,880,000 to $4,680,000 <br />--1991 for Stage It, taxes payable 1992 - $2,160,000 to $2,520,000 <br />--1992 for Stage III, taxes payable 1993 - $2,160,000 to $.1,100,000 <br />- Average tax per square foot estimated by comparable development at <br />$1.25 to $1.46. <br />Tax Capacity Rate (1988/1989) at 91.646 <br />Tax Capacity Ratio at 5.05 <br />Il. BOND ESTIMATE* <br />- Approximate annual payment at full buildout = $330,000 to $380,000 <br />- Interest rate on taxable general obligation bond estimated at 10% <br />- Interest rate on exempt general obligation bond estimated at 7.1% <br />- Term limited to 14 years, It year amortization and 3 years of <br />capitalized interest <br />- Gross Band Range of $2,300,000 to $2,500,000 <br />*To be finalized by Springsted-lne. <br />City of Mounds View TIF District No. I Modification 381 P a k c <br />