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R <br />Items of Interest <br />• Effective tax rates (ETR) continue to rise and are up significantly since 2008, the recent low. <br />o Residential ETR are up 50% in six years. <br />o Commercial ETR are up 41% in six years. <br />o Market Apartment ETR is up 53% in six years. <br />o Subsidized housing (4D) ETR are up 70% since 2006, when these properties received a <br />special legislative class rate reduction. <br />• 2015 Taxes <br />o Value changes will reverse recent trends; taxes will now begin to shift back on to homes. <br />o Even though 2014 residential value is up $2.5 billion this year, our 2014 residential value <br />is still $8.4 billion less than it was in 2008. <br />0 89% of our single family homes are still assessed at lower value in 2014 than they were <br />in 2008. <br />o The mechanics of the Homestead Exclusion law will exacerbate the tax shift on to <br />residential property as values rise. <br />o The changes in property taxes will have very wide variances from property -to -property. <br />o More homeowners will be eligible for a State Property tax Refund in 2015 and many will <br />also be eligible for larger refunds <br />Ongoin¢ Development — Redevelopment of $3+ Billion <br />• 3M R & D Facility— Maplewood — Under Construction - $150 mil <br />• LowertownBallpark — under construction — opens in2015-$63mil <br />• Schmidt Brewery - $123 mil redevelopment — completed with 247 new residential units <br />• Ordway Theatre — Renovation of McKnight Theatre from 308 seats to 1,100 seats - $75 million <br />• Pioneer -Endicott Apartments — 234 apartments & 36,000 [/] of commercial space - $40 million - <br />leasing <br />• RayetteLofts —88 apartments- $23 mil project <br />• West Side Flat apartments - $32.6 million - leasing <br />• New Lafayette Bridge —to be finished in 2015 - $130.5 million —firstspan completed <br />• A $250 million renovation -repurposing of the Union Depot into a regional transportation hub is <br />completed. <br />• The central corridor light rail line between St Paul and Minneapolis is open - $900 mil. <br />• The Penfield Apartments —178 units and Lunds Grocery - $35 mil open for business <br />• Custom House (former Post Office) — hotel, apartments and retail project; opens in 2015. <br />Investment estimated at $60 mil <br />• Victoria Park — 215 apartments and new charter school, under construction - $30 mil <br />• Episcopal Homes — Midway village nearing completion with 168 senior units -$45 mil <br />• New Super Walmart in Roseville —150,000 sq ft, $30 mil building plus land at $20 [/] <br />Excellence 9 Respect • Diversity <br />