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Casserly Molzahn & Associates, Inc. <br /> 215 South 11th Street, Suite 300 • Minneapolis • Minnesota 55403 <br /> Office (612) 342-2277 • Fax (612) 334-3382 <br /> MEMORANDUM• <br /> TO: Economic Development Authority for the <br /> City of Mounds View <br /> FROM: Mary, E. Molzahn <br /> James R. Casserly <br /> RE: Analysis of Request by The Everest Group for TIF <br /> Assistance <br /> DATE: July 20, 1994 <br /> INTRODUCTION <br /> The Everest Group ( "Everest" ) is proposing the construction of an <br /> approximate 103, 000 square foot office/warehouse on approximately <br /> 300, 038 square feet of land. Construction of the project would <br /> conclude in 1995 with full valuation in 1996 for taxes payable in <br /> . 1997 . Upon completion, the estimated market value of the <br /> office/manufacturing/warehouse facility approximates $2, 877, 050 , <br /> with an estimated tax capacity of $132, 344. Projected property <br /> taxes are calculated at approximately $187, 137 compared to <br /> current taxes of approximately $30, 836 . Further, upon completion <br /> of this project, the build-out of the Mounds View Business Park <br /> would be completed. <br /> The anchor tenant with whom Everest is currently negotiating <br /> would occupy the majority portion of the building. Although the <br /> prospective tenant is not interested at this time in purchasing <br /> the building, it is agreeable to a long term lease. Because the <br /> prospective tenant-is also considering alternate sites, Everest <br /> is requesting TIF Assistance from the Economic Development <br /> Authority (the "EDA" ) to further attract the tenant to the City <br /> of Mounds View (the "City" ) . <br /> The TIF Assistance which Everest is requesting is through a <br /> Revenue Note in the principal amount of $808, 441 , payable over <br /> nine tax increment years at a simple interest rate of 7 . 00%. <br />