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Last modified
6/25/2007 4:30:08 PM
Creation date
4/26/2007 2:50:43 PM
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04-30-07 TCAAP Work Session
General - Type
Agenda Item
Category
TCAAP Work Session Discussion
Date
4/30/2007
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<br />CONFIDENTIAL ATTORNEY/CLIENT PRIVILEGED COMMUNlCATION- <br />NOT TO BE DISCLOSED <br /> <br />Kurt Ulrich - Executive Director <br />Economic Development Authority <br />June 10, 2005 <br />Page 8 <br /> <br />valuation of the property below the $80 sq/ft amount. This agreement will remain in <br />place until the TIF Note is paid in full or the district is terminated, whichever is earlier. <br /> <br />c. Base Valuation. Since the property is currently exempt from property taxes, the County <br />Assessor will be required to assign a value to the property. Medtronic will not have the <br />right to contest this valuation. The current base value assigned to this property, per the <br />Ramsey County tax exempt abstract, is $7,228,000. This will equate to approximately <br />$41,000 in ammal taxes to the City's General Fund <br /> <br />NOTE: THE BASE VALUE WILL CHANGE AND BE UPDATED BY THE <br />COUNTY ASSESSOR WHEN THE PROPERTY IS TRANSFERRED FROM TAX <br />EXEMPT TO TAXABLE. IT IS ANTICIPATED THAT THE BASE VALUE <br />WJLL BE INCREASED FROM TillS AMOUNT AND mus, THE PROPERTY <br />WILL GENERATE MORE ANNUAL TAXES TO THE CITY'S GENERAL <br />FUND. <br /> <br />d. Amount of Increment: Based upon the latest Sources and Uses from the Development <br />Team, it is anticipated that the Phase I development will generate approximately <br />$14.8 million in present value tax increment, at a five (5) percent rate. Requests -for- <br />increment for future phases will be reviewed and negotiated at the time development is <br />ready to move forward. <br /> <br />NOTE: THE ACTUAL AMOUNT OF INCREMENT THAT WJLL BE <br />GENERATED WILL DEPEND UPON THE BASE VALUE ESTABUSHED BY <br />THE COUNTY ASSESSOR, VALUATION OF THE DEVELOPMENT <br />DETERMINED BY TIlE COUNTY ASSESSOR AND CURRENT TAX RATES. <br /> <br />e. Oualified Costs. Based upon budget estimates submitted by Medtronic, Ehlers & <br />Associates estimates that the qualified costs eligible for TIF reimbursement for Phase I of <br />the project are as follows: <br /> <br />Land Acquisition <br />Billboard RemovallRelocation <br />Environmental <br />Soil Correction <br />Demolition/Relocation <br />Wetland Mitigation <br />Utilities <br />Parking <br />Landscaping and Lighting <br />Access Road <br />Fees Associated With Above <br />City Administrative Fees <br /> <br />$11,000,000 <br />$260,000 <br />$100,000 <br />$1,900,000 <br />$500,000 <br />$1,500,000 <br />$600,000 <br />$3,000,000 <br />$1,500,000 <br />$1,500,000 <br />$1,000,000 <br />$500.000 <br /> <br />$23,360,000 <br /> <br />TOTAL <br /> <br />SJR-26396Svl <br />J.\.fU205-30 <br />
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