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7E, Arden Village Letter of Support Request
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7E, Arden Village Letter of Support Request
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Arden Village Letter of Support Request
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Arden Village Letter of Support Request
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9/14/2009
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What Does the Property Currently Generate in Property Taxes? <br />For 2009, the total market value of the property as determined by Ramsey County is $903,300, <br />and the property generated $27,580 in property taxes. In 2008, the City was responsible for <br />about 21 percent of the property tax bill, which means the City should collect about $5,792 in <br />property taxes from this property. There is currently a transmission antenna and support <br />structure on the property. <br />Existing - Year 2009 <br />t Value <br />$903,300 <br />Property Tax Value <br />EEst. <br />$27,580 <br />ty Portion of Property Taxes <br />$5,792Ramsey <br />County Property Records <br />The preliminary property tax calculations prepared by SCI are attached. If the development <br />moves forward, the antenna and support structure would be subdivided into a separate property <br />with the existing structures left in place. For this initial assessment, it was assumed that the <br />antenna property would continue to generate one half of the existing property taxes, which would <br />be $13,790 per year. If the City continues to collect about 21 percent of the property taxes, the <br />City would continue to collect $2,896 from the antenna property <br />Upon completion of the 55 unit apartment building, SCI estimates that the housing property <br />would generate $52,250 in property taxes in the first year after development. This is an increase <br />of $3 8,460 in property taxes from the existing $13,790 for this portion of the property. If the <br />City continues, to collect about 21 percent of the property taxes, the City would collect $11,602 <br />in property taxes from the new apartment property. <br />Not including any increases for the antenna property, the total property taxes for the antenna <br />property and apartment property combined would be $69,040 in 2013. This is an increase of <br />$41,460 over the existing $27,580. If the City continues to collect about 21 percent of the <br />property taxes, the City would collect $14,498 from the two properties. This is an increase of <br />$8,706 over the existing $5,792. <br />Completed Housing Development (SCI Data) <br />Antenna Market Value* <br />$4517650 <br />Antenna Property Tax Value* <br />$137790 <br />Est. City Portion of Property Taxes <br />$2,896 <br />Housing Market Value <br />$57500,000 <br />Housing Property Tax Value <br />$55,250 <br />Est. City Portion of Property Taxes <br />$11,603 <br />Combined Market Value <br />$5,9517650 <br />Total Property Tax Value <br />$697040 <br />Total Est. City Portion of Property Taxes <br />$14,498 <br />*Based on 2009 Data <br />City of Arden Hills <br />Arden Village — Preliminary TIF Review <br />Page 2 of 4 <br />
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