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05-26-1998 EDA
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05-26-1998 EDA
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6/15/2018 6:44:52 AM
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MV EDA
EDA Document Type
Council Packets
Date
5/26/1998
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NU.G3y 1'002 <br /> • <br /> Subject: Hotel Project Proposal <br /> Revised TIP Assumptions <br /> Date: April 1, 1998 <br /> AssumW ions <br /> 1. TIF Hotel/Banquet Facility(105 rooms) <br /> ICS Development Proposal dated January 5, 1998 <br /> 2. Tax increments captured for 15 years beginning in the year 2000 and ending in 2014. 95% <br /> of TIF available for debt service. <br /> 3. Taxable TIF Revenue Bond issued on 7/1/98; 15 year amortization;and for planning <br /> purposes, an interest raze of 7.25%. <br /> 4. Issuance expense budget provides for 24 months of capitalized interest, finance fees and <br /> legal costs. <br /> 5. Stable tax increment revenues and no project expansion. <br /> 6. Rent-All is acquired with funds from the Mounds View Economic Development Project <br /> Fund("pooled account"). <br /> PreliminaryBudget Profile <br /> Hotel Facility Banquet Center Totals <br /> Development Costs $5,905,000 $1,660,000 $7,565,000 <br /> Tax Increment Assistance $1,000,000 $ 700,000 $1,700,000 <br /> % of Development Costs 17% 42% 22% <br /> TIF-Acquisition $ 400,000 $ 400,000 $ '800,000 <br /> TIF-Project Costs S 600,000 $ 300,000 $ 900,000 <br /> Annual TIF Estimate $ 178,500 $ 40,000 $ 218,500 <br /> Prelimin.ry Debt Projections <br /> Annual TIF Bond Issue Issuance Expenses Net Procee <br /> lti <br /> 1. 5218,500 $1,900,000 $375,000 $1,525,000 <br /> 2. $245,000 $2,120,000 $420,000 $1,700,00(13 <br /> (1) Developers request is for$1,700,000. <br />
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