Laserfiche WebLink
CITY OF ELK RIVER <br /> • TAX REBATE FINANCING PROJECTION WORKSHEET <br /> Project Name: Cymbet Corporation Expansion/Equity Management. Inc. <br /> TRF Project: 60,000-sq.ft. light manufacturing facility,located on 7-acres <br /> Assumption: Projection is based on estimated payable 2002 tax rates and estimated project market value. <br /> The Project will be assessed upon actual tax rates and market value in the year following construction. <br /> Per the Siting Proposal timetable,the first TRF payment to Equity Managment would be available in year 2005. <br /> YEAR 2002 <br /> State Class Rate ASSUMPTIONS <br /> Up to $150,000 0.015 Pay 2002 <br /> Over $150,000 0.020 Pay 2002 <br /> Tax Capacity Rate <br /> City Portion 0.436 Pay 2002 <br /> County Portion 0.47577 Pay 2002 <br /> School District Portion 0.45969 Pay 2002 ESTIMATE <br /> State Portion 0.56 Pay 2002 NOT TAX ABATEMENT <br /> �INPGT <br /> Land Value $ 396,396.00 $1.30/sf for 7 Acres <br /> • Building Value $ 2,400,000.00 $40/sf for 60,000-sqft <br /> Total Market Value $ 2,796,396.00 <br /> Years of TRF Project 10 <br /> Property's Total Tax Capacity $ 55,177.92 <br /> Property Tax Breakdown Annual Estimate Total TRF (10yrs) <br /> City Portion $ 24,057.57 $ 240,575.73 <br /> County Portion $ 26,252.00 $ 262,519.99 <br /> School District Portion $ 25,364.74 separate request <br /> State Portion $ 30,899.64 cannot abate <br /> Joint City& County Portion $ 50,309.57 $ 503,095.72 <br /> Tax Rebate Assistance $450,000 TRF Years <br /> City 1/2: $225,000.00 9 <br /> County 1/2: $225,000.00 9 <br /> *Amount of abatement will vary depending on market value,tax rates, class rates, construction schedule and inflation on MV. <br /> Subsidy Requirements of Equity Management: <br /> *Construction completion of minimum 60,000sf facility <br /> *Minimum 50,000 sf leased to Cymbet(min.3yr) <br /> • *Up to 10,000 sf reserved for Elk River Business Incubator Program(up to loyrs) <br /> FILE:cymbetTRF.xls 8/14/02 <br />