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Senior 3 , LLC <br /> 5001 American Blvd W.,#501 * Bloomington, MN 55437 *952.830.0161 x326 Fax: 952.831.1215 <br /> November 14,2012 <br /> City of Elk River <br /> Annie Deckert <br /> Director of Economic Development <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Dear Annie, <br /> Please find attached our narrative describing Blackhawk Woods, a 40 unit, one-level rental townhome <br /> development that we propose to build for Senior Citizens with low and moderate incomes under the <br /> HUD Section 42 tax credit program. <br /> I talked to the Assessors' office the other day and got more accurate information to compute the TIF <br /> amount, which is shown below. They can give exact numbers after they have had a chance to review <br /> the building plans. <br /> Assessors' estimate: <br /> 0 Assumed Market Value per Unit: $135,000 <br /> ® Estimate of Non-Homestead Real Estate tax: $2,283 <br /> ® Rate for subsidized rental projects (Apartment 4-D): 75%x$2,283 =$1,712 <br /> m Increment=$1,712 less existing tax of$380=$1,332 <br /> 0 10%of the increment is retained by City($133) <br /> ® TIF amount/Unit: $1,332-$133 =$1,199 <br /> ® Estimated TIF amount/Project: $1,199 x 40 units=$47,960 <br /> ® Note: The Project will still pay the existing real estate taxes plus 10%of the increment <br /> Please call me after you have had a chance to review the narrative, so we can discuss our next step. <br /> Thank you, <br /> in rely, <br /> o er Dern-k <br /> Chief Manager <br /> enclosures: Narrative, Site Plan <br />