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2004-05-12 CC Meeting
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2004-05-12 CC Meeting
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<br />. <br />, <br /> <br />NORTHLAND.SECURITI ES <br /> <br />45 South 7''' Street <br />Suite 2500 <br />Minneapolis, MN 55402 <br /> <br />(800) 851-2920 <br />(612) 851-5900 <br />Fax (612) 851-5917 <br /> <br />E X T ERN A L <br /> <br />MEMORANDUM <br /> <br />DATE: May 1],2004 <br /> <br />TO: Ms. Kim Moore-Sykes <br />Ms. Ellen Paulseth <br /> <br />CC: Mr. Pat Pelstring <br /> <br />FROM: Nick Skarich, Vice President, partrinf <br />Northland Public Finance <br /> <br />RE: Centerville Town/lOme TIF <br /> <br />The following is a brief synopsis of the proposed townhome/office townhome proposal within the City of <br />Centerville. The following is a partial list of the assumptions used as reflected in the attached supporting <br />documentation. <br /> <br />Assumptions <br /> <br /># of Residential Units <br />Average Value (90% of Sale Price) <br /># of Office Units <br />Average Value (90% of Sale Price) <br />MV Inflation <br />TIF to Developer <br /> <br />92 <br />$166,500 <br />18 <br />$180,000 <br />0% <br />70% <br /> <br />The above-referenced assumptions were used to compare a 10, 15 and 20-year scenario. The results are <br />as follows: <br /> <br />Summarv of TIF Scenarios <br />ABC <br /> <br />Years <br />TOTAL NET TIF @ 70% <br />PV TIF @ Prime+2 <br /> <br />10 15 20 <br />$1,280,000 $1,979,000 $2,678,000 <br />$805,000 $1,090,000 $1,304,000 <br /> <br />The PV is reflective of a TIF Pay-as-you-go Note being issued immediately and includes capitalizing the <br />interest until receipt of the first revenues. Out of the 30% of the TIF remaining, the City would be <br />allowed to use 25% for administrative expenses and pooling/other eligible costs. The remaining 5% <br />would need to be returned to the County. I would suggest structuring the TIF plan so the 5% was just <br />retained by the County for normal distribution. <br />
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