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APPENDIX D <br />9 ESTIMATE OF TAX INCREMENT AND BONDING <br />TAX INCREMENT ESTIMATE <br />ASSUMPTIONS <br />- Pour year buildout of a $24 million dollar development consisting of: <br />231,000 S.F. of Offlee/Service <br />481,0V S.F. of "arehouse <br />4,000 S.F.:f R:.taurant <br />- Approximately $6,000000 of copstructmn per year starting in: <br />1997 for Stage I, taxes payable 1989 <br />1988 for Stage 11, taxes payable 1990 <br />1989 for Stage III, taxes payable 1991 <br />1990 for Stage IY, taxes payable 1992 <br />- Average tax per square foot on 716,000 S.F. estimated by Developer <br />at $1.47 per square foot. <br />- Average tax per square foot estimated by County Assessor at $1.44. <br />- Mill Rate (1985/1986) at 100.079 <br />- Assessment Ratio at 43% <br />- Average Construction cost after sales ratio equals $33.40 per square <br />foot (assessed market value). <br />H. BOND ESTIMATE <br />- Approximate annual payment at full buildout = $1,000,000 <br />- Interest rate on tarnble general cbligation bond estimated at 10.5% <br />- Term limited to 15 yenrs, 12 year amortization and 3 years of capitalized <br />Interest <br />- Gross Bond of $6,650,000 <br />- Net Bond, niter cepitalized Interestdeduction, of $4,350,000° <br />This mny incrense to as much as $5,000,000 depending on terms of takedown to be <br />negotiated as part of Development Agreement and reinvestment rates of bond <br />proceeds prior to disbursements. <br />