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9/30/2004 Metro Plains-BLUFF BLOCK Page 2 of 5
<br /> CITY OF ELK RIVER-RIVERFRONT REDEVELOPMENT AREA
<br /> 60 Units of For Sale Single Family and 10,000 Sq/Ft Retail
<br /> • DRAFT FOR DISCUSSON ONLY
<br /> 4 TIF cA iI;I.OWA MPT14 15" 1
<br /> District New Redevelopment District
<br /> County District 9
<br /> Inflation Rate-Every_Years 3.00%
<br /> Internal Loan Rate 4.00%
<br /> Pay-As-You-Go Interest Rate: 6.75%
<br /> Note Issued Date(Present Value Date): 01-Feb-05
<br /> Local Tax Rate-Frozen 122.7140% Pay 2004
<br /> Fiscal Disparities Election(A-inside or B outside) N/A
<br /> Year District was certified Pay 2004
<br /> Assumes First Tax Increment 2006
<br /> Assumes First Tax Increment For Dev 2007
<br /> Years of Tax Increment 26
<br /> Assumes Last Year of Tax Increment 2031
<br /> Fiscal Disparities Ratio N/A
<br /> Fiscal Disparities Metro Wide Tax Rate N/A
<br /> Local Tax Rate-Current 122.7140% Pay 2004
<br /> State Wide Property Tax Rate(Used for total taxes) 54.4470% Pay 2004
<br /> Market Value Tax Rate(used for total taxes) 0.07597% Pay 2004
<br /> Commercial Industrial Class Rate 1.5%-2.0% Pay 2004
<br /> First 150,000 1.50%
<br /> Over 150,000 2.00%
<br /> Rental Class Rate 1.25% Pay 2004
<br /> . I
<br /> BASE VALUE INFORMATION„
<br /> Property Land Building Total Class Base Date
<br /> PID Owner Market Value Market Value Market Value Rate Tax Capacity Payable
<br /> 754050450 ECM 5u5w.re 89,300 85,400 174,700 1.5%-2.0% 2,744 2004
<br /> 754050460 Flat Bank Maple ore 118,400 139,200 257,600 1.5%-2.0% 4,402 2004
<br /> 754050470 Laura Nadeau 117,200 118,200 235,400 1.5%-2.0% 3,958 2004
<br /> 754040140 3,500 0 3,500 1.5%-2.0% 53 2004
<br /> 754050141 200 0 200 1.5%-2.0% 3 2004
<br /> 754050410 72,700 307,700 380,400 1.5%-2.0% 6,858
<br /> 754050420 58,500 68,100 126,600 1.5%-2.0% 1,899
<br /> 754050430 57,000 65,200 122,200 1.5%-2.0% 1,833
<br /> 754050440 97,200 90,700 187,900 1.5%-2.0% 3,008
<br /> Totals Current Use 1,488,500 24,758
<br /> • Totals For Sale Use 12,000,000 92.66% 1,379,305 1.00% 13,793
<br /> Totals Retail Use 950,000 7.34% 109,195 1.5%-2.0% 1,638
<br /> Totals NEW Use 1,488,500 15,431
<br /> Note:
<br /> 1. Market values are pay 2004 per review of County records on 2-23-04
<br /> PROaEOT INFORMATION
<br /> Use Total Market Value Taxes Per Total Market Class Date
<br /> Phase Sq.Ft./Units Sq.Ft./Units Sq.FtJUnhs Taxes Value Rate Tax Capacity Payable
<br /> For Sale 60 200,000.00 2,606.22 156,373 12,000,000 1.00% 120,000 2006
<br /> Retail 10,000 95.00 3.31 33,054 950,000 1.5%-2.0% 18,250 2006
<br /> Existing Tax Capacity 0 8,471
<br /> Total 189,427 12,950,000 146,721
<br /> *Tax estimates are based upon developers estimates of market value,construction costs and taxes per sq/ft.
<br /> ri//i/iJ//G/y';.7'7:77X0',7 ii�� ,,v:, .,,..TAX CALCtN:ATtON8071,7,i,A*Alk,....�
<br /> Total Local Fiscal Local Fiscal State-wide Local Fiscal State-wide Market Total
<br /> Use Tax Tax Disparities Tax Disparities Property Taxes Disparities Property Value Taxes
<br /> Capacity Capacity Tax Capacity Rate Tax Rate Tax Rate Taxes Taxes Taxes
<br /> For Sale 120,000 120,000 0 1.22714 0.00000 0.54447 147,257 0 0 9,116 156,373
<br /> Retail 18,250 18,250 0 1.22714 0.00000 0.54447 22,395 0 9,937 722 33,054
<br /> TOTAL 146,721 146,721 0 1.22714 0.00000 0.54447 180,047 0 9,937 9,838 189,427
<br /> Note: Elk River does not pay Fiscal Disparities and For Sale Homes do not pay State-wide property tax
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<br /> Prepared by Ehlers NewCashnow 9-21-04 wo admin
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