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12/11/2019Base Value Assumptions - Page 2TCAAPCity of Arden HillsMixed Use DevelopmentEstimated Taxable Total Taxable Property Percentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/PhaseNew UsePer Sq. Ft./Unit Per Sq. Ft./UnitSq. Ft./UnitsValueClassTax CapacityCapacity/Unit2021202220232024Payable1 TC Apartments 200,000 200,000 290 58,000,000 Rental 725,000 2,500 50% 100% 100% 100% 20241 TC Sr. Apt 200,000 200,000 290 58,000,000 Rental 725,000 2,500 50% 100% 100% 100% 20241 TC Retail 175 175 25,500 4,462,500 C/I Pref. 88,500 3 50% 100% 100% 100% 20241 TC Hotel 115,000 115,000 200 23,000,000 C/I Pref. 459,250 2,296 50% 100% 100% 100% 20241 TC Theater 105 105 42,000 4,410,000 C/I Pref. 87,450 2 50% 100% 100% 100% 20241 W. Side Costco 80 80 166,000 13,280,000 C/I Pref. 264,850 2 100% 100% 100% 100% 20231 W. Side Retail 175 175 62,000 10,850,000 C/I Pref. 216,250 3 50% 100% 100% 100% 20241 Hill South SF 760,000 760,000 101 76,760,000 Hmstd. Res. 833,250 8,250 25% 50% 75% 100% 20261 Hill South SF 617,500 617,500 15 9,262,500 0 - 25% 50% 75% 100% 20261 Hill South SF 499,000 499,000 54 26,946,000 0 - 25% 50% 75% 100% 20262 Condos 400,000 398,760 120 47,851,200 Hmstd. Res. 478,512 3,988 0% 50% 100% 100% 20252Apartments 200,000 200,000 300 60,000,000 Rental 750,000 2,500 0% 50% 100% 100% 20252 Retail 175 175 17,000 2,975,000 C/I Pref. 58,750 3 0% 50% 100% 100% 20252 Restaurant 175 175 21,000 3,675,000 C/I Pref. 72,750 3 0% 50% 100% 100% 20252 TC S. Residential 297,000 286,490 88 25,211,120 0 - 0% 25% 50% 100% 20263 TC N. Residential 356,000 350,800 33 11,576,400 0 - 0% 25% 50% 100% 20263 TC N. Residential 297,000 286,490 29 8,308,210 0 - 0% 25% 50% 100% 20263 Hill N. SF380,000 376,960 37 13,947,520 0 - 25% 50% 75% 100% 20263 Creek SF 404,000 403,120 101 40,715,120 0 - 25% 50% 75% 100% 20263 Creek SF 427,500 427,500 77 32,917,500 0 - 25% 50% 75% 100% 20263 Creek SF 451,000 451,000 45 20,295,000 0 - 25% 50% 75% 100% 20264 W. Side Office 100 100 185,950 18,595,000 C/I Pref. 371,150 2 25% 50% 75% 100% 20264Flex N/s60 60 468,850 28,131,000 C/I Pref. 561,870 1 25% 50% 75% 100% 20265 Thumb Office 100 100 740,000 74,000,000 C/I Pref. 1,479,250 2 25% 50% 75% 100% 2026TOTAL673,169,0707,171,832 Subtotal Residential 1,101 300,611,200 3,511,762 Subtotal Commercial/Ind. 1,728,500 183,378,500 3,660,070 Note:1. Market values are based upon estimatesTotalFiscal LocalLocalFiscal State-wideMarketTax Disparities Tax Property Disparities PropertyValue Total Taxes PerNew UseCapacity Tax Capacity Capacity Taxes Taxes Taxes Taxes Taxes Sq. Ft./UnitTC Apartments 725,000 0 725,000 819,468 0 0 108,837 928,305 3,201.05TC Sr. Apt 725,000 0 725,000 819,468 0 0 108,837 928,305 3,201.05TC Retail 88,500 27,128 61,372 69,368 39,063 36,902 8,374 153,707 6.03TC Hotel 459,250 140,776 318,474 359,971 202,706 194,159 43,160 799,996 3,999.98TC Theater 87,450 26,806 60,644 68,545 38,599 36,457 8,275 151,876 3.62W. Side Costco 264,850 81,186 183,664 207,596 116,901 111,703 24,920 461,119 2.78W. Side Retail 216,250 66,288 149,962 169,502 95,449 91,088 20,360 376,400 6.07Hill South SF 833,250 0 833,250 941,822 0 0 144,040 1,085,863 10,751.12Hill South SF 0 0 0 0 0 0 17,381 17,381 1,158.74Hill South SF 0 0 0 0 0 0 50,564 50,564 936.37Condos 478,512 0 478,512 540,862 0 0 89,793 630,655 5,255.46Apartments 750,000 0 750,000 847,725 0 0 112,590 960,315 3,201.05Retail 58,750 18,009 40,741 46,050 25,931 24,283 5,583 101,847 5.99Restaurant 72,750 22,300 50,450 57,023 32,111 30,221 6,896 126,251 6.01TC S. Residential 0 0 0 0 0 0 47,309 47,309 537.60TC N. Residential 0 0 0 0 0 0 21,723 21,723 658.28TC N. Residential 0 0 0 0 0 0 15,590 15,590 537.60Hill N. SF 0 0 0 0 0 0 26,173 26,173 707.37Creek SF 0 0 0 0 0 0 76,402 76,402 756.45Creek SF 0 0 0 0 0 0 61,770 61,770 802.20Creek SF 0 0 0 0 0 0 38,084 38,084 846.30W. Side Office 371,150 113,770 257,380 290,917 163,820 156,791 34,894 646,421 3.48Flex N/s 561,870 172,232 389,638 440,408 248,001 237,687 52,788 978,883 2.09Thumb Office 1,479,250 453,440 1,025,810 1,159,473 652,918 626,802 138,861 2,578,054 3.48TOTAL7,171,8321,121,9366,049,8966,838,1981,615,4981,546,0931,263,20211,262,990Note: 1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factors which cannot be predicted.Total Property Taxes 11,262,990Current Market Value - Est. 100,697,100less State-wide Taxes (1,546,093)New Market Value - Est. 673,169,070less Fiscal Disp. Adj.(1,615,498) Difference572,471,970less Market Value Taxes (1,263,202)Present Value of Tax Increment 73,186,922less Base Value Taxes(1,577,402) Difference499,285,048Annual Gross TIF 5,260,796Value likely to occur without Tax Increment is less than:499,285,048 WHAT IS EXCLUDED FROM TIF? MARKET VALUE BUT / FOR ANALYSISTAX CALCULATIONSPROJECT INFORMATION (Project Tax Capacity)Prepared by Ehlers & Associates, Inc. - Estimates OnlyN:\Minnsota\Arden Hills\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 5\TIF cashflows\TIF Plan Run - TIF 5 TCAAP - FINAL
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