|
Page 1
<br />CITY OF ROSEVILLE HR A
<br />HAR MAR APARTMENTS - TAX INCREMENT ANALYSI S
<br />A SSUMPTIONS
<br />EXISTING
<br />RENTAL A REA OF PARCE L 2006 EMV / PAY 200 7
<br />ORIGINAL MARKET VALUE S PIN #OWNERUNITS(Acres)(Sq. Feet)LandBuildingTotal
<br />2225-2265 Snelling Ave N09-29-23-44-0001CCHT 120 5.40 235,224 x2,265,1002,984,9005,250,000 -----------------------------------------------------------------------------------------------------
<br />Totals1205.40235,2242,265,100 $ 2,984,900 $ 5,250,000 $
<br />9.63per sq. ft.43,750
<br />TOTAL ORIGINAL TAX CAPACIT Y Per Uni t
<br />TypeUnits OMV Class Rate OTC39,962
<br />Rehab - Class 4d 103 4,662,752@0.75%=34,971
<br />New - Class 4d 40 469,799@0.75%=3,523
<br />New - Market Rate 10 117,450@1.25%1,468 ------------------------------------------------------
<br />1535,250,00039,962
<br />REHAB
<br />Construction Started2007
<br />Construction Completed2008
<br />Estimated Market Value1BR2009 73 units @ 70,000 per unit =5,110,000
<br />2BR 30 units @ 80,000 per unit =2,400,0007,510,000
<br />Estimated Tax Capacity200973units @525per unit =38,325
<br />30units @600per unit =18,00056,325
<br />Estimated Property Taxes201073units @618per unit =45,085
<br />30units @706per unit =21,17566,260
<br />Estimated Tax Increment201073units @195per unit =14,251
<br />30units @195per unit 5,85720,107
<br />NE W
<br />Construction Started2008
<br />Construction Completed2009
<br />Estimated Market Value2BR2010 40 units @ 90,000 per unit =3,600,000
<br />3BR 10 units @ 100,000 per unit =1,000,0004,600,000
<br />Estimated Tax Capacity201040units @675per unit =27,000
<br />10units @1,250per unit =12,50039,500
<br />Estimated Property Taxes201140units @794per unit =31,762
<br />10units @1,355per unit =13,54845,310
<br />Estimated Tax Increment201140units @650per unit =25,995
<br />10units @650per unit 6,49932,493
<br />TOTAL
<br />Estimated Market Value153units @79,150per unit =12,110,000
<br />Estimated Tax Capacity153units @626per unit =95,825
<br />Estimated Property Taxes153units @729per unit =111,570
<br />Estimated Tax Increment153units @344per unit =52,601
<br />LOCAL TAX RAT E
<br />FOR PROPERTY TAX CALCULATION 0.94501 x tax capacity
<br />MARKET VALUE REFERENDUM TAX RAT E 0.17353%x market value
<br />ADMIN FEES 10.00%
<br />STATE AUDITOR FE E 0.360%
<br />INFLATIO N (after 2 yrs of full value)2.50%
<br />PRESENT VALUE RAT E 6/1/20086.50%
<br />COVERAGE 120.00%
<br />NEW
<br />REHABNE W MARKET
<br />SUMMARYCLASS 4DCLASS 4DRATETOTAL
<br />Acres4.001.120.285.40
<br />Sq. Ft.174,24048,78712,197235,224
<br />Units10340101530
<br />Coverage (units per acre)25.835.735.728.3
<br />Original Market Value4,662,752469,799117,4505,250,0000
<br />Original Tax Capacity34,9713,5231,46839,9620
<br />New Market Value7,510,0003,600,0001,000,00012,110,0000
<br />New Tax Capacity56,32527,00012,50095,8250
<br />Total Property Taxes66,26031,76213,548111,5700
<br />Property Taxes as a % of Mkt Valu0.88%0.88%1.35%0.92%
<br />Captured Tax Capacity21,35423,47711,03255,863
<br />Tax Increment - Annual20,10722,10610,38852,6010
<br />% of Total38.2%42.0%19.7%100.0%
<br />Tax Increment- 25 yrs (w/inflation)750,067824,607387,4921,962,1670
<br />Avail. TI - Present Value-90%261,977288,011135,340685,328
<br />Available TI - Rev Bond176,617194,16891,242462,027
<br />Available TI - Rev Note85,36093,84344,098223,301
<br />Har Mar Apartments 2.xlsPrepared by Krass Monroe, P.A.10/13/2006
|