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CP-+,t.Y7C 1C:l CJT1UN1 FY PRRTNERS INC. 4 16127843462 NO.239 P882 <br /> Subject: Hotel Project Proposal <br /> Revised TIF Assumptions <br /> Date: April 1, 1998 <br /> Assumption$ <br /> 1. TIF Hotel/Banquet Facility(105 rooms) <br /> JCS Development Proposal dated January 5, 1998 <br /> 2. Tax increments captured for 15 years beginning in the year 2000 and ending in 2014. 95% <br /> of TIF available for debt service. <br /> 3. Taxable TIP Revenue Bond issued on 711/98; 15 year amortization; and for planning <br /> purposes, an interest rate of 7.25%. <br /> 4. Issuance expense budget provides for 24 months of capitalized interest, finance fees and <br /> legal costs. <br /> 5. Stable tax increment revenues and no project expansion. <br /> 6. Rent-All is acquired with funds from the Mounds View Economic Development Project <br /> Fund("pooled account"). <br /> EceliguaacapageeProfile <br /> Hotel Facility Banquet Center Totals <br /> Development Costs $5,905,000 51,660,000 57,565,000 <br /> Tax Increment Assistance - $1,000,000 $ 700,000 $1,700,000 <br /> % of Development Costs 17% 42% 22% <br /> TIF-Acquisition $ 400,000 $ 400,000 $ 800,000 <br /> TIF-Project Costs $ 600,000 $ 300,000 S 900,000 <br /> Annual=Estimate $ 178,500 $ 40,000 $ 218,500 <br /> Preliminary Debt Projections <br /> Annual TIF Bond Issue Issuance Expenses Net Proceeds <br /> 1. $218,500 $1,900,000 $375,000 $1,525,000 <br /> 2. $245,000 $2,120,000 $420,000 51,700,000) <br /> (1) Developers request is for$1,700,000. <br />