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TIF Request — Continued <br />The county assessor has adjusted the property valuation and property taxes downward for both 2016 <br />and D317 based on the property's blighted condition. Ho has also projected the property taxes for this <br />property, if redeveloped, to be $50 per square foot based on comps in the area. |n meetings and <br />conference calls discussing the project, he has stated that he would favor recommending TIF to the <br />county board. Here is an overview of the property valuation and taxes provided by county assessor via <br />17354 Zane St NW, Elk River <br />Property Tax Review 2015 2016 2017 <br />Property Valuation less $20,000 for small lots $730,000 $505,000 <br />Property Vm|mmtimmAssmmmimgUmmprmvemmemts - $1,200,000 <br />less $20,000 for small <br />Property Taxes if Remains C-3 $29,200 $20,100 <br />Property Taxes if Rezoned Multi-Family - $11,000 <br />rates are about half mfcommercial rates <br />Property Taxes if Planned Improvements Made $48,000 <br />As you can see by the projected taxes, there would bo more revenue for the school and state ifthe <br />property were to remain commercial and be redeveloped. It would take a multi-family project twice as <br />big to generate the same tax revenues. <br />Summary <br />Our goal is to create a long term home for Skeeter Boat Center while becoming an asset to the Elk River <br />community. Would you be willing to amend the land use plan from multi-family back to commercial to <br />enable aT|Fapplication? Would you support a TIF application for the purpose of restoring a blighted <br />property that has been empty for over 6 years into a community asset? <br />Respectfully submitted, <br />DavoMarkquart <br />uxvnor <br />Skeeter Boat Center <br />Dave Markquart Enterprises <br />