07-25-1996 - Laserfiche WebLink

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Page Three May 21, 1996 Company B has indicated it cannot justify the proposed relocation to Building N unless a sourC: or Tunas is avalea�,e to at .y approximately $300,000 relocation costs. Accordingly, in addition to tie pay-as-you-go TIF assist described above, Everest requests that the City provide a grant of $230,0( , + Company B out of the City's excess tax increment funds, to be utilized to ac' 4 Company B's moving expenses, racking and equipment costs, to supple- it a il contribution of $100,000 toward Company B's moving expenses from r B's current building owner/landlord. Attached are the following three schedules: 1. Schedule A - cash flow analysis, includ' 2. Si, t u er+ fn . e .ae r ,te; 3. Schedule C estimated site and p .clic improvements costs. SCHEDL...= 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 1996 values per Ramsey County) are $507,800 and $23,359, respectively. 2. The estimated market value of the building assumes a market value of $23.33 per square foot for 103,000 SF. Combining this building market value of $2,402,990 with the land market value of $507,800, generates a total estimated market value upon completion of $2,910,790. Based on current class rates, this market value converts into an estimated tax capacity of $133,896. 3. Assuming the current pay 1996 tax rate of 1.36949, this estimated tax capacity will generate real estate taxes of $183,369 or $1.78 per square foot of building, 4. During the term of the Revenue Note, the City would retain 10% of the tax increment generated for Administrative/Development Program Expenses and apply the remaining 90% to the Revenue • Note.