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9/30/2004 Metro Plains-JACKSON BLOCK Page 4 of 5
<br /> CITY OF ELK RIVER-RIVERFRONT REDEVELOPMENT AREA
<br /> 32 Units of Rental Multi-Family and 13,600 Sq/Ft Retail
<br /> • DRAFT FOR DISCUSSON ONLY
<br /> CASH FLOW ASSUfi1PTI0. is
<br /> District Redevelopment District
<br /> County Distrito 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 NIA
<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 /> BASE VALUE INFORMATION Vii. :yi, .`. °. mkt
<br /> Property Land Building Total Class Base Date
<br /> Map ID PID Owner Market Value Market Value Market Value Rate Tax Capacity Payable
<br /> L21 754050310 147,600 23,500 171,100 1.5%-2.0% 2,672 2004
<br /> Totals Current Use 171,100 2,672
<br /> Totals Rental Use 1,920,000 59.95% 102,580 1.25% 1,282
<br /> Totals Retail Use 1,282,500 40.05% 68,520 1.5%-2.0% 1,028
<br /> • Totals NEW Use 171,100 2,310
<br /> Note:
<br /> 1. Market values are pay 2004 per review of County records on 2-23-04
<br /> PROJECT INFORMATION .. '
<br /> Use Total Market Value Taxes Per Total Market Class Date
<br /> Phase Sq.Ft./Units Sq.Ft./Units Sq.Ft/Units Taxes Value Rate Tax Capacity Payable
<br /> Rental 32 60,000.00 $965.94 30,910 1,920,000 1.25% 24,000 2006
<br /> Retail 13,500 95.00 3.34 45,087 1,282,500 1.5%-2.0% 24,900 2006
<br /> Total 75,997 3,202,500 48,900
<br /> •Tax estimates are based upon developers estimates of market value,construction costs and taxes per sqlft.
<br /> TAX CAt:CUt,ATIONS
<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 /> Rental 24,000 24,000 0 1.22714 0.00000 0.54447 29,451 0 0 1,459 30,910
<br /> Retail 24,900 24,900 0 _ 1.22714 0.00000 0.54447 30,556 0 13,557 974 45,087
<br /> TOTAL 48,900 48,900 0 1.22714 0.00000 0.54447 60,007 0 13,557 2,433 75,997
<br /> Note: Elk River does not pay Fiscal Disparities and Apartments do not pay State-wide property tax
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<br /> Prepared by Ehlers NewCashOOw 9-21-04 wo admin
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