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07-08-1996 WS
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07-08-1996 WS
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MV City Council
City Council Document Type
City Council Packets
Date
7/8/1996
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Page Three <br /> May 21, 1996 . <br /> Company B has indicated it cannot justify the proposed relocation to Building N <br /> unless a source of funds is available to defray approximately $300,000 of its <br /> relocation costs. Accordingly, in addition to the pay-as-you-go TIF assistance <br /> described above, Everest requests that the City provide a grant of $200,000 to <br /> Company B out of the City's excess tax increment funds, to be utilized to defra <br /> Company B's moving expenses, racking and equipment costs, to supplement <br /> contribution of $100,000 toward Company B's moving expenses from Company <br /> B's current building owner/landlord. <br /> Attached are the following three schedules: <br /> 1. Schedule A - cash flow analysis, including assumptions; <br /> 2. Schedule B - proposed form of revenue note; <br /> 3. Schedule C - estimated site and public improvements costs. <br /> SCHEDULE A <br /> The assumptions for Schedule A are listed on the second <br /> and include the following: page of that schedule <br /> 1. The original market value and original tax capacity (based on the <br /> payable 1996 values per Ramsey County) are $507,800 and <br /> $23,359, respectively. <br /> 2. The estimated market value of the building assumes a market <br /> value of $23.33 per square foot for 103,000 SF. Combining this <br /> building market value of $2,402,990 with the land market value of <br /> $507,800, generates a total estimated market value upon <br /> completion of $2,910,790. Based on current class rates, this <br /> market value converts into an estimated tax capacity of$133,896. <br /> 3. Assuming the current pay 1996 tax rate of 1.36949, this estimated <br /> tax capacity will generate real estate taxes of $183,369 or $1.78 <br /> per square foot of building. <br /> 4. During the term of the Revenue Note, the City would retain 10% of <br /> the tax increment generated for Administrative/Development <br /> Program Expenses and apply the remaining 90% to the Revenue <br /> Note. • <br />
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