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(AS MODIFIED MARCH 13, 1989) <br />ESTIMATE OF TAX INCREMENTS PHASE I <br />Range <br />250,000 SF Office/Warehouse $ 240,000 - $ 260,000 <br />PHASE II <br />200,000 SF Office/Warehouse $ 160,000 - $ 220,000, <br />TOTALS $ 420,000 - $ 460,000 <br />The City fiscal consultant calculated that the $5,900,000 market value for <br />the Phase 1 250,000 square foot project would produce a tax capacity of $304,000 <br />for taxes payable 1991 and $302,000 for taxes payable in 1992. After converting <br />the original market value of the district to tax capacity ($215,000 to $9,369) and <br />subtracting from the estimate, a captured tax capacity of $295,031 for payable <br />1991 and $292,631 payable in 1992 was determined. An adjustment was made to <br />the tax capacity rate for LS.D. referendum levy resulting in an estimated tax <br />Increment range of approximately $252,000 to $254,000 annually. This tax <br />increment estimate was used to determine an estimated bond size of $1,760,000 for <br />project Phase I costs. Phase II costs will be financed with either a bond or a "pay- <br />as-you-go" from tax increments produced by Phase 11 increments. <br />City of Mounds View TIF District No. 3 Modification 25 1 Y a g c <br />