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Section 1 INTRODUCTION AND METHODOLOGY First-tier cities in large metropolitan areas are faced with the challenge of how to grow and maintain their communities' quality of life when 'they become landlocked. The City of St. Anthony (the "City") and the St. Anthony-New Brighton School District (the "District") (jointly the "Community"), have an opportunity for growth as a result of the Salvation Army listing for sale land that has heretofore been used as a campground. The City and the District authorized this Tax Impact Study for the purpose of analyzing the impacts to the Community as a result of acquiring land that is currently owned by the Salvation Army. The Study has been divided into two phases. This first phase of the study examines the property tax impact at several different acquisition costs. The second phase of the Study will identify and outline options for use and development of the property by the District and the City. Upon completion of this Phase I Study, the City and the District will have a summary written document with supporting analysis relating to the property tax impact of acquiring the Salvation Army Property. The Study includes an examination of both the City's and the District's debt levels, an identification of the financing options for purchasing the property, and the resulting property tax impacts to the taxpayers in the Community. Collection and Review of Records and Documents The gathering of a number of City and District records and documents was necessary for the completion of this Study. Phase I of the Study required the collection and review of the City's and the District's outstanding debt and their current debt capacity status. The collection of this information allowed Springsted Incorporated to create baseline information, which was critical to the analysis required in the Study. Primary Assumption The impact of financing options has been limited to a bond issuance. The reason for this is two-fold: 1) other options for up-front financing such as those.suggested at the "Brainstorming" session on April 26, 1999 (included in Appendix B) were not identified by either the City or the District as immediately available options for the purpose of this Study, 2) bonding is the primary method that is available to both municipalities and school districts to raise large sums of_money in an equitable, efficient, and effective_manner. 2 SPRINGSTED lstanthoTtxi Page 1-1