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SPRINGSTED.
<br /> INCORPORATED
<br /> -PUBLIC FINANCE
<br /> ADVISORS
<br /> 21 June 1984
<br /> Mr. David Childs,,City Manager
<br /> City of St: ,Anthony
<br /> 330.1. Silver Lake Road '
<br /> St. Anthony, Minnesota 55418 a
<br /> i RE: •Tax Increment. FeasibiIity.of Redevelopmen#,,of S ba yRAAe1I.
<br /> Dear Dave:. .
<br /> a Based onsa letter received from Dick Krier-,dated,May 22, 1984, and.also based.
<br /> on our telephone conversation of this week,:-we have calculated three .tax
<br /> increment cash f low 'schedules based on various assumptions with respect to
<br /> project costs and tax increment income. Fol,low.ing is a table showing the
<br /> computation of the three. bond issues; for whi6h'ytheM cash flow schedules were-
<br /> prepared:
<br /> Schedule A :. Sdkxedu]e B Schedule C
<br /> Land Acquisition Costs $275,000 =$-,275,000 $ 275,000•
<br />' Less: Land Sale Proceeds
<br /> - _A(°l 28,000) (120'.000)
<br /> Relocation Costs 40,000 40,000 409000
<br /> Issuance Costs &..Admin, 31 ,500 31 ,500 31 ,500
<br /> Contingencies 33,500- 33,500 35,840
<br /> Capitalized Interest 145,000 133,000 52,660
<br /> Total Bond Issue $525,000 .$ 385,000 $ 315,000
<br /> You will note when examining Schedules A, B and C, that columns I through -5
<br /> show the principal and estimated interest payments due in each year of the
<br /> program, utilizing a 25-year life of the District. We have not included the
<br /> statutorily required 5% overlevy as it would tend to distort these computations
<br /> somewhat.
<br /> Column 6 of the debt maturity schedules shows the availability of tax
<br /> increment revenues from development occurring within the District. The
<br /> i assumptions used in determining the amount of this income are as follows:
<br /> i
<br /> i
<br /> Schedule A Schedule B Schedule C
<br /> Assessors Market Value $. 789000 $ 78,.000 $100,000
<br /> y Assessed Value Per Uni t- 16,200 16,200 220800
<br /> i No. of Units 32 32 9
<br /> a
<br /> Total Assessed Value $518,400 $5189400 $205,200
<br /> Less: Base Value (65,300) (65,300) (65,300)
<br /> i Captured Assessed Value $453, 100 $453, 100 $139,900
<br /> 3
<br /> 4 Incremental Income @ 100 Mills $ 45,310 $ 45,310 $ 139,990
<br /> 800 Osborn Building, Saint Paul, Minnesota 55102-(612) 222-4241
<br /> 250 North Sunnyslope Road; Brookfield, Wisconsin 53005(414) 782-8222
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