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07-06-1998 WS
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07-06-1998 WS
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MV City Council
City Council Document Type
City Council Packets
Date
7/6/1998
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07/01/98 WED 15:23 FAX 612 885 5969 KRASS MONROE 0 002 <br /> KRASS MONROE , P . A . <br /> ATTORNEYS AT LAW <br /> • James R.Casserly <br /> Emar7 jamesc@krassmonme.com <br /> www.krassmonmaacom <br /> Direct Dial(612)8854296 <br /> MEMORANDUM <br /> To: City of Mounds View <br /> Attn: Rick Jopke, Community Development Director <br /> From: James R. Casserly, Esq. <br /> Greg D. Johnson, CPA <br /> Date: July 1, 1998 <br /> Re: Silverview Estate/Senior Housing <br /> Our File No. 9806-1 <br /> We have been informed that a portion of the Silverview Estates project that was to be used for a <br /> senior rental housing project will now be used for a senior co-op housing project. The REALIFE <br /> Cooperative will be the developer of the senior co-op housing project and will purchase the <br /> property from Silverview Estates. The development of a co-op project significantly reduces the <br /> amount of tax increment that can be generated. <br /> Attached are Schedules A and B which contain assumptions and a cash flow and present value <br /> analysis for the rental housing project and co-op housing project respectively. The differences <br /> between the two projects are described below: <br /> Rental Co-op <br /> (Schedule A) (Schedule B) <br /> No. of Units 82 77 <br /> Class Rate 2.5% 1.0% <br /> Market Value/Unit $ 52,500 $ 65,000 <br /> Total Market Value $ 4,305,000 $ 5,005,000 <br /> Taxes/Unit $ 1,705 $ $44 <br /> Total Taxes $ 139,781 $ 65,004 <br /> Total Available Tax Increment $ 1,710,842 $ 789,157 <br /> P.V. at 7.5% $ 904,618 $ 417,272 <br /> SUITE 1100 SOUTHPOINT OFFICE CENTER•1650 WEST 82ND STREET•BLOOMINGTON,MINNESOTA 55431-1447 <br /> TELEPHONE 612/885-5999•FACSIMILE 612/885-5969 <br />
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