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Assumptions Report <br /> City of Hugo, Minnesota <br /> Tax Increment Financing(Redevelopment) District No. 1-2 <br /> Carpenters Steakhouse Redevelopment Project <br /> SCEN 2: $2.OM Total EMV-15 years-1.25%MV Inflator <br /> Type of Tax Increment Financing District Redevelopment <br /> Maximum Duration of TIF District 25 years from 1 st increment <br /> Projected Certification Request Date 06/30/09 <br /> Decertification Date 12/31/36 (15 Years of Increment) <br /> 2008/2009 <br /> Base Estimated Market Value $758,700 <br /> Original Net Tax Capacity $15,116 <br /> Assessment/Collection Year <br /> 2009/2010 2010/2011 2011/2012 2012/2013 <br /> Base Estimated Market Value $758,700 $758,700 $758,700 $758,700 <br /> Estimated Decrease in Value -Bldg Demo $0 $0 $0 <br /> Estimated Increase in Value-New Construction 0 741,300 1,260,050 1,285,284 <br /> Total Estimated Market Value 758,700 1,500,000 2,018,750 2,043,984 <br /> Total Net Tax Capacity $15,116 $29,250 $39,625 $40,130 <br /> City of Hugo 34.443% <br /> Washington County 26.371% <br /> ISD#624 19.396% <br /> Other 3.896% <br /> Local Tax Capacity Rate 84.106% 2008/2009 <br /> Fiscal Disparities Contribution From TIF District 37.9112% <br /> Administrative Retainage Percent(maximum= 10%) 10.00% <br /> Pooling Percent 0.00% <br /> Bonds Note(Pay-As-You-Go) <br /> Bonds Dated NA Note Dated 06/30/09 <br /> Bond Issue @ 0.00%(NIC) $0 Note Rate 8.00% <br /> Eligible Project Costs $0 Note Amount $148,800 <br /> Present Value Date&Rate 06/30/09 8.00% PV Amount $151,665 <br /> Notes <br /> Calculation assumes no changes to future tax rates,class rates,or market values. <br /> Construction schedule:75%built in 2009, 100%in 2010 and includes a 1.25%market value inflator. <br /> Payable 2009 Tax Rates were provided by Washington County. <br /> Total project value of$2.OM as provided by Washington County Assessor beginning in taxes payable 2012. <br /> Base value land and building for taxes payable 2009. <br /> Prepared by:Springsted Incorporated Hugo TIF 1-2 Carpenters 15 Yr Term 043009.xls <br /> (printed on 4/30/2009 at 12:45 PM) Assumptions <br />