Agenda Packets - 1995/03/06 - Laserfiche WebLink

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DISCUSSION Attached are the following three schedules : 1 . Schedule A - cash flow analysis, including assumptions; 2 . Schedule B - proposed form of revenue note; and 3 . Schedule c - distribution of taxes analysis . SCHEDULE A The assumptions for Schedule A are listed on the second page of that Schedule, and include the following: 1 . The original market value and original tax capacity (based on the payable 1994 values per Ramsey County) are $474, 060 and $21 , 807, respectively. 2 . The estimated market value of the building assumes a market value of $23 . 33 per square foot for 103, 000 square feet. Combining this building market value of $2, 402, 990 with the land market value of $474, 060, generates a total estimated market value upon completion of $2, 877, 050 . Based on current class rates, this market value converts into an estimated tax capacity of $132, 344 . 3 . Assuming the current pay 1994 tax rate of 141 . 402%, this estimated tax capacity will generate real estate taxes of approximately $187, 137, of $1 . 82 per square foot of building. 4 . Over the remaining term of the TIF District ( 2014 ) , approximately $3 , 115, 621 is generated' in tax increment. During the term of the Revenue Note, the City would retain 15%, of the tax increment generated for Administrative/ Development Program Expenses and apply the remaining 85% to the Revenue Note. When the Revenue Note is paid in full in February 2006, all tax increment generated then accrues to the City ' s Development Program. Through 2014, approximately $3 , 115, 621 in-tax increment is generated; $1 , 861 , 288 of which is available for the City' s Administrative/Development Program Expenses ( $467, 343 and $1 , 393, 945, respectively) , and $1 , 254, 333 which is available for payment of the Revenue Note.