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February 16, 1993 <br />TO: Steve Sarkoz <br />City manager <br />From: Ed Burrell <br />Finance Director <br />Re SW s to Ckmwt Came for Val tip <br />Attached is a copy of the article which appeared in the February <br />14, 1993 Pioneer Prsaaf <br />Currently Rosedale has been valued at $64 million which gener- <br />ates taxes of approximately $3 +8 million. If they are success- <br />ful in reducing their estimated market vacua there will he a <br />definite tax shift to homewowers as well as a reduction in tax <br />increments. Several senarios are listed below: <br />It is our best estimate that for every 1% in estimated market <br />value (EM) reduction at Rosedale, approximately $14, 000 in gener- <br />al tax levy will shift to Roseville home owners. In addition the <br />tax increment available to the City will he reduced by approxi- <br />mately $26,000 for even 1% EW reduction. <br />Should you reed additional review, please let me know. <br />Total <br />General <br />Tax Increment <br />ENV <br />Taxes <br />Tax Portion <br />Portion of Total <br />Current $68 Mil <br />$3.8 <br />$108 Mill <br />$2.00 Mil <br />5 decrease $65 Mil <br />$3.6 <br />$1973 Mill <br />$1.87 Mil <br />10% decrease $61 Mil <br />$3,4 <br />$1e64 Mill <br />$1o76 Mil <br />It is our best estimate that for every 1% in estimated market <br />value (EM) reduction at Rosedale, approximately $14, 000 in gener- <br />al tax levy will shift to Roseville home owners. In addition the <br />tax increment available to the City will he reduced by approxi- <br />mately $26,000 for even 1% EW reduction. <br />Should you reed additional review, please let me know. <br />