ITEM 1 Otsego Apartments Finanical Assitance Request0
T'f 0
Ot�e F 0
MINNESOTA'g
TO: Mayor and City Council
FROM: Adam Flaherty, City Administrator & Finance Director
DATE: November 13,2017
SUBJECT: Otsego Apartments Financial Assistance Request
On Monday, the City Council will be considering the updated request for financial assistance from
Otsego Apartments, LLC for a multi -family housing project within Riverbend North.
At a previous meeting on August 28, 2017, 1 the City Council concurred that they would provide
further consideration to a Redevelopment TIF District. City Staff was directed to work with a
specialized consultant to determine whether the proposed project would meet redevelopment criteria
necessary to establish the respective TIF District.
City staff has been working with Michael Fischer from LHB. Mr. Fischer has informed City staff
that the proposed project would meet redevelopment criteria, and that he is comfortable with the
creation of a Redevelopment TIF District.
The City has also continued discussions with Ehlers as the Tax Increment Financing (TIF)
consultant for this request. Updated financial information, calculations and projections have been
included with this memo for review.
The applicant has developed a revised financial assistance request, which is attached with this
memo for review.
After the request has been presented to the City Council, the meeting will allow for the Council to
ask questions of the applicant and for the Council to have discussion on the request. No action is
necessary at this meeting; however, direction on how to move forward is being requested by both
the applicant and City staff.
Materials Attached for Discussion
1) Revised Request for Financial Assistance
2) Ehlers Financial Information, Calculations and Projections
a. Based on: Apartment Complex and Mini -Storage
b. Based on: Apartment Complex, Mini -Storage & Future Commercial
City of Otsego 113400 90' Street NE, Otsego, MN 55330 1 Tel. (763) 441-4414 Fax (763) 441-9163
11r712017
40 EHLERS
IF ADF AS IN P11111 I C FIRANC17
Riverbend North
City of Otsego, IVIN
Redevelopment: Market Rate Apartments and mini -storage facility only
,)N.q AND RA
Base Value Assumptions - Page 1
DistrictType:
Redevelopment
BASE
Tax Rates
INFORMATION
District Name/Number: 30011 SD 728
TIF 4
County District #:
Exempt Class Rate (Exempt)
0.00%
First Year Construction or Inflation on Value
2018
Tax Year
Commercial Industrial Preferred Class Rate (C/I Pref.)
Current
Existing District - Specify No. Years Remaining
After
First $150,000
1.50%
Inflation Rate - Every Year:
0.00%
Original
Over $150,000
2.00%
Interest Rate:
4.76%
Conversion Area/
Commercial Industrial Class Rate (C/1)
2.00%
Present Value Date:
1 -Aug-1 8
for District
Rental Housing Class Rate (Rental)
1.25%
First Period Ending
1 -Feb -19
Conversion
Affordable Rental Housing Class Rate (Aff. Rental)
118303000010
Tax Year District was Certified:
Pay 2018
59,400
First $121,000
0.75%
Cashflow Assumes First Tax Increment For Development:
2020
743
Over $121,000
0.25%
Years of Tax Increment
26
0
Non -Homestead Residential (Non -H Res. 1 Unit)
100%
Assumes Last Year of Tax Increment
2045
Rental
First $500,000
1.00%
Fiscal Disparities Election [Outside (A), Inside (B), or NA]
NA
207,100
Over $500,000
1.25%
Incremental orTotal Fiscal Disparities
Incremental
Pay 2018
Homestead Residential Class Rate (Hmstd. Res.)
2,705
Fiscal Disparities Contribution Ratio
2,705
First $500,000
1.00%
Fiscal Disparities Metro -Wide Tax Rate
342,200
Over $500,000
1.25%
Maximum/Frozen Local Tax Rate:
114.110%
Pay2017
Agricultural Non -Homestead
1.00%
Current Local Tax Rate: (Use lesser of Current or Max.)
114.110%
Pay 2017
State-wide Tax Rate (Comm./Ind. only used for total taxes)
45.8020%
Pay 2017
Market Value Tax Rate (Used for total taxes)
0.19373%
Pay 2017
Note:
1. Base values are for pay 2018 based upon review of County website on 11.6.2017.
PrepaTed by Ehlem & Associates, Inc. - Estimates Only N.AMinnSDts\Otsego\Houslng - Economic - Redevelopmentloending Projects\RlveTbend North\2D17 T1F application\Apartment & storage only_Redevelopment TIF Run Model 11 .6.2017
BASE
VALUE
INFORMATION
(Original Tax
Capacity)
Building
Total
Percentage
Tax Year
Property
Current
Class
After
Land
Market
Market
Of Value Used
Original
Original
Tax
Original
After
Conversion Area/
Vap ID PID Owner
Address MarketValue
Value
Value
for District
Market Value
MarketValue
Class
Tax Capacity
Conversion
Orig. Tax Cap. Phase
118303000010
50,100
9,300
59,400
100%
59,400
Pay 2018
Rental
743
C/I Pref.
891
118303000020
66,400
0
66,400
100%
66,400
Pay 2018
Rental
830
C11 Pref.
996
118500262400
207,100
9,300
216,400
1D0%
216,400
Pay 2018
Rental
2,705
Rental
2,705
342,200
4,278
4,592
Note:
1. Base values are for pay 2018 based upon review of County website on 11.6.2017.
PrepaTed by Ehlem & Associates, Inc. - Estimates Only N.AMinnSDts\Otsego\Houslng - Economic - Redevelopmentloending Projects\RlveTbend North\2D17 T1F application\Apartment & storage only_Redevelopment TIF Run Model 11 .6.2017
1117/2017
is EHLERS
I, F?,LFR 5 !N PHO I I C Fl N;NQ
Riverbend North
City of Otsego, MN
Redevelopment: Market Rate Apartments and mini -storage facility only
Base Value Assumptions - Page 2
Note:
1. Market values are based upon estimates from the TIF Application and the County Assessor's office.
i
PROJECT
INFORMATION
(Project Tax
Capacity)
I
New Use
Tota.
Tax
Capacity
Area/Phase New Use
tstimated Taxable
Market Value Market Value
Per Sq. Ft./Unit Per Sq. Ft./Unit
Total
Sq. Ft./Units
Total Taxable
Market
Value
Property
Tax
Class
Project
Tax Capacity
Project Tax
Capacity/Unit
Percentage
Completed
2018
Percentage
Completed
2019
Percentage
Completed
2020
Percentage
Completed
2021
First Year
Full Taxes
Payable
Tpartments
Comm. Storage
91,896 91,896
164
15,071,000
1,08D,000
Rental
C/I Pref.
188,388
2D,85D
1,149
0
1 DO%
0%
100%
1DO%
100%
100%
100%
100%
2020
2021
TOTAL
31,289
--TrXTf5--
16,151,000
209,238
Subtotal Residential
154
15,071,000
188,388
Subtotal Commercial/Ind.
1,080,000
20,850
Note:
1. Market values are based upon estimates from the TIF Application and the County Assessor's office.
i
TAX CALCULATIONS
I
New Use
Tota.
Tax
Capacity
Fisca.
Disparities
Tax Capacity
Loca�
Tax
Capacity
ca.
Property
Taxes
Fiscan
Disparities
Taxes
6tate-wide
Property
Taxes
Mar et
Value
Taxes
Total
Taxes
Taxes Per
Sq. Ft./Unit
Apartments
Comm. Storage
188,388
20,850
0
0
188,388
20,850
214,969
23,792
0
0
0
8,863
29,197
2,092
244,166
34,747
1,488.82
0.83
TGTAr-
209,238
0
209,2Tg--
238,761
0
8,863
31,289
--TrXTf5--
Note:
1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factors
which cannot be predicted.
WHAT IS EXCLUDED FROM TIF?
o a roperty lax s 278,913
less State-wide Ta es (8,863)
less Fiscal Disp. Adj. 0
less Market Value Taxes (31,289)
less Base Value Taxes (5,240)
Annual Gross TIF 233,521
Prepared by Ehlers & Associates, Inc. - Estimates Only N:%Mh-rsota\Otcego\Housing - Economic - RedevelopmentkPending Projects\Riverbend Nonh\2017 TIF applicatiWAicartment & Storage only_Redevelopment TIF Run Model 11.6.2017
1117/2017
Tax Increment Cashfiow - Page 3
10 EHLERS
It Of NS IN 1`131111C FINANCE
Riverbend North
City of Otsego, MN
Redevelopment: Market Rate Apartments and mini -storage facility only
Project Original Fiscal Captured Local SGernl-Annual State Semi -Annual nual I PERIOD
,,a Sam = Eft
% of Tax Tax Disparit! Tax Tax G=a. ross Tax Auditor Net Tax P Fie ENDING Tax Payment
OTC Capacity Capacity Incremental Capacity Rate Increment Increment 0. 3 61A Increment Value Yrs. Year Data
08/01/19
02/01/20
100%
188,388
(4,592)
183,796
114,110%
209,729
104,865
(378)
104,487
95,123
0.5
2020
08/01120
104,865
(378)
104,487
188,040
1
2020
02101/21
100%
2139,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
289,097
1.5
2021
08101/21
1 16,760
(420)
116,340
387,809
2
2021
02/01/22
100%
209,238
(4,592)
204,646
114.110%
233,521
116.760
(420)
116,340
484,232
2.5
2022
08/01/22
1 16,760
(420)
116,340
578,417
3
2022
02/01/23
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
670,418
3.6
2023
08/01/23
116,760
(420)
116,340
760,284
4
2023
02/01124
100%
209.238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
848,065
4.5
2024
08/01/24
116,760
(420)
116,340
933,810
6
2024
02/01/25
100%
209,238
(4,592)
204,M
114.110%
233,521
116,760
(420)
116,340
1,017,566
5.5
2025
08/01/25
1 16,76D
(420)
116,340
1,099,379
6
2025
02/01/26
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
1�179,294
6.5
2026
08/01/26
1 16,760
(420)
116,340
1.257,355
7
2026
02/01/27
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
1,333,604
7.5
2027
08/01/27
1 16,760
(420)
116,340
1.408,085
8
2027
02/01/28
100%
209,238
(4,592)
204,646
114.110%
233,521
116,76D
(420)
116,340
1,480,838
8.5
2028
08101/28
1 16,760
(420)
116,340
1,551.904
9
2028
02101/29
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
1,621,320
9.5
2029
08/01/29
1 16,760
(420)
116,340
1,689,127
10
2029
02/01/30
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
1,755,360
10.5
2030
OB/01130
1 16,760
(420)
116,340
1,820,056
11
2030
02/01/31
100%
209,238
(4,592)
2124,646
114.110%
233.521
116,760
(420)
116,340
1,883,252
11.5
2031
08/01131
1 16,760
(420)
116,340
1,944,982
12
2031
02/01/32
100%
209,238
(4,592)
204,646
114.110%
233�521
116,760
(420)
116,340
2,005,279
12.5
21132
08101/32
116,760
(420)
116,340
2,064,178
13
2032
02/01/33
100%
209,238
(4,592)
2134,646
114.110%
233,521
116,760
(420)
116,340
2,121,711
13.5
2033
08101/33
116,760
(420)
116,340
2,177,908
14
2033
02/01/34
100%
209,238
(4,592)
204,M
114.110%
233,521
116,760
(420)
116,340
2,232,802
14.5
2034
08/01/34
116,760
(420)
116,340
2,286,423 M
2034
02/01/35
100%
209,238
(4,592)
204,546
114.110%
233,621
116,760
(420)
116,340
2,338,799
15.5
2035
08101135
116,760
(420)
116,340
2,389,961
16
2035
02101/36
100%
209,238
(4,592)
204,646
114.110%
233,521
116,76D
(420)
116,340
2,439,935
16.5
2036
08101136
116,760
(420)
116,340
2,488,750
17
2036
02101/37
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
2,536,433
17.5
2037
08/01137
116,760
(420)
116,340
2,683,1309
18
2037
02/01/38
100%
209,238
(4,592)
204,646
114.110%
233,521
116,761)
(420)
116,340
2,628,505
18.5
2038
08/01/38
116,780
(420)
116,340
2,672,946
19
2038
02/01/39
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
2,716,355
19.5
2039
08/01/39
116,760
(420)
116,340
2_768,764
20
2039
02/01/40
100%
209,238
(4,592)
204,646
114.110%
233.521
116,760
(420)
116,340
2,800,177
20.5
2040
08/01/40
116,760
(420)
116,340
2,840,635
21
2040
02/01/41
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
2,880,154
21.5
2041
08/01141
116,760
(420)
116,340
2,918,756
22
2041
02/01/42
100%
209,238
(4,592)
2134,13413
114,110%
233,521
116,760
(420)
116,340
2,956,463
22.6
2042
08/01142
116,760
(420)
116,340
2,993,296
23
2042
02/01/43
10D%
209,238
(4,692)
204,646
114.110%
233,521
116,760
(420)
116,340
3,029,273
23.5
2043
08/01/43
116,760
(420)
116,340
3,064,417
24
2043
02101/44
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
3,098,744
24.5
2044
08/01144
116,760
(420)
116,340
3,132,276
25
2044
02/01/45
100%
209,238
(4,592)
204,646
114.110%
233,521
116.760
(420)
116,340
3.165,029
25�5
2045
08/01/45
116,760
(420)
116,340
3,197,023
26
2045
02/01/46
Total
6,047,754
(21,772)
6,025,982
Present Value From OB/Oi/2018
Present Value Rate
4.75%
3,208,674
(11,551)
3,197,023
Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnaota1Otsego\Housing - Economic - RedevelopmentTendIng Projects�Riverbend North\2017 TIF aippllcatlon�Apartment & Storage only_RedevelopmentTIF Run Model 11.6.2017
1117/2017
EHLERS
Riverbend North
City of Otsego, MN
Full Redevelopment: Market Rate Apartments, mini -storage facility, and 15,000 retail
wq ANn Rz
Base Value Assumptions - Page I
DistrictType:
Redevelopment
BASE
Tax Rates
INFORMATION
District Name/Number: 3001 / SID 728
TIF 4
County District #:
Exempt Class Rate (Exempt)
0.00%
First Year Construction or Inflation on Value
2018
Tax Year
Commercial Industrial Preferred Class Rate (C/I Pref.)
Current
Existing District - Specify No. Years Remaining
After
First $150,000
1.50%
Inflation Rate - Every Year:
0.00%
Original
Over $150,ODO
2.00%
Interest Rate:
4.75%
Conversion Area/
Commercial Industrial Class Rate (C/1)
2.00%
Present Value Date:
11 -Aug -18
for District
Rental Housing Class Rate (Rental)
1.25%
First Period Ending
I -Feb -19
Conversion
Affordable Rental Housing Class Rate (Aff. Rental)
118303000010
Tax Year District was Certified:
Pay 2018
59,4DD
First $121,000
0.75%
Cashflow Assumes First Tax Increment For Development:
2020
743
Over $121,000
0.25%
Years of Tax Increment
26
0
Non -Homestead Residential (Non -H Res. I Unit)
100%
Assumes Last Year of Tax Increment
2045
Rental
First $500,000
1.00%
Fiscal Disparities Election [Outside (A), Inside (8), or NA]
NA
207,100
Over $500,000
1.25%
Incremental or Total Fiscal Disparities
Incremental
Pay 2018
Homestead Residential Class Rate (Hmstd. Res.)
2,705
Fiscal Disparities Contribution Ratio
2,7D5
First $500,000
1.00%
Fiscal Disparities Metro -Wide Tax Rate
342,200
Over $500,000
1.25%
Maximum/Frozen Local Tax Rate:
114.110%
Pay 2017
Agricultural Non -Homestead
1.00%
Current Local Tax Rate: (Use lesser of Current or Max.)
114.110%
Pay 2017
State-wide Tax Rate (Comm./Ind. only used for total taxes)
45.8D20%
Pay 2017
Market Value Tax Rate (Used for total taxes)
0.19373%
Pay 2017
Note:
1. Base values are for pay 2018 based upon review of County website on 11.6.2017.
Prepared by Ehlers & Associates, [no. - Estimates Only N:\Mlnnsota\Otsago\Housing - Economic - Redevelopment\Pending Projects\Riverbend North\2017 TIF applicationTull Redevelopment TIF Run Model 11.6.2017
BASE
VALUE
INFORMATION
(Original Tax
Capacity)
Building
Total
Percentage
Tax Year
Property
Current
Class
After
Land
Market
Market
Of Value Used
Original
Original
Tax
Original
After
Conversion Area/
Map ID PID Owner
Address Market Value
Value
Value
for District
Market Value
Market Value
Class
Tax Capacity
Conversion
Orig. Tax Cap. Phase
118303000010
5D,100
9,300
59,4DD
100%
59,400
Pay 2018
Rental
743
C/I Pref.
891
118303000020
66,400
0
66,400
100%
66,400
Pay 2018
Rental
830
C/I Pref.
996
118500262400
207,100
9,30D
216,400
100%
216,400
Pay 2018
Rental
2,705
Rental
2,7D5
342,200
4,278
4,592
Note:
1. Base values are for pay 2018 based upon review of County website on 11.6.2017.
Prepared by Ehlers & Associates, [no. - Estimates Only N:\Mlnnsota\Otsago\Housing - Economic - Redevelopment\Pending Projects\Riverbend North\2017 TIF applicationTull Redevelopment TIF Run Model 11.6.2017
I lf7/2017
10 EHLERS
LEADERS IN PURI I C FINANCE
Riverbend North
City of Otsego, MN
Fu H Redevelopment: Market Rate Apartments, mini -storage facility, and 15,000 retail
Base Value Assumptions - Page 2
Note:
1. Market values are based upon estimates from the TIF Application and the County Assessor's office.
PROJECT
INFORMATION
(Project Tax
Capacity)
Tota.
F-Isca.
Estimated Taxable
Loca
Total Taxable
Property
lviarkeu-
Percentage
Percentage
Percentage
Percentage
First Year
Prope4
Market Value Market Value
Total
Market
Tax
Project
ProjectTax
Completed
Completed
Completed
Completed
Full Taxes
Area/Phase New Use
Per Sq. Ft./Unit Per Sq. FtIUnit
Sq. Ft./Units
Value
Class
Tax Capacity
CapacitylUnit
2018
2019
2020
2021
Payable
Apartments
91,896 91,896
164
15,071,000
Rental
188,388
1,149
100%
100%
100%
100%
2020
Comm. Storage
15,550
0
1,080,000
C/[ Pref.
20,850
0
0%
100%
100%
100%
2021
Retail
109
7,500
815,000
C/I Pref.
15,550
2
0%
0%
0%
10D%
2023
Retail
109
7,500
815,000
-T7-,781,000
C/I Pref.
15,550
2
0%
0%
0%
100%
2023
TOTAL
240,338
iSubtotal Residential
164
16,071,000
188,388
ISubtotal Commercial/Ind.
2,710,000
51,950
Note:
1. Market values are based upon estimates from the TIF Application and the County Assessor's office.
!N.i..
1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factors
which cannot be predicted.
WHAT IS EXCLUDED FROM TIF?
o a rope y axes 330,429
less State-wide Taxes (21,733)
less Fiscal Disp, Adj. 0
less Market Value Taxes (34,447)
less Base Value Taxes (5,240)
Annual Gross TIF 269,009
Prepared by Ehlers & Associates, I= - Estimates Only NAMInnsote0tselloftusing - Economic - Redevelopment\Pending ProjectsNRiverbend North\2017 TIF applicatonWull Redevelopment TIF Run Model 11 .6.2017
TAX CALCULATIONS
Tota.
F-Isca.
oc
Loca
'Isc
Isc
tate-wide
lviarkeu-
Tax
Disparities
Tax
Prope4
Disparities
Property
Value
Total
Taxes Per
Now Use
Capacity
Tax Capacity
Capa ity
Taxes
Taxes
Taxes
Taxes
Taxes
Sq. FtJUnit
Apartments
188,388
0
188,388
214,969
0
0
-29,
244,166
1,488.82
Comm. Storage
20,850
0
20,850
23,792
0
8,863
2,092
34,747
0.83
Retail
15,550
0
15,550
17,7"
0
6,435
1,579
25,758
3.43
Retail
-AL
16,650
0
Q%31
17,744
0
6,43
579
`!i
25,758
3.43
T UT
24D,338
U
274,249
u
33
21 T
447
330,42 -9 --
!N.i..
1. Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factors
which cannot be predicted.
WHAT IS EXCLUDED FROM TIF?
o a rope y axes 330,429
less State-wide Taxes (21,733)
less Fiscal Disp, Adj. 0
less Market Value Taxes (34,447)
less Base Value Taxes (5,240)
Annual Gross TIF 269,009
Prepared by Ehlers & Associates, I= - Estimates Only NAMInnsote0tselloftusing - Economic - Redevelopment\Pending ProjectsNRiverbend North\2017 TIF applicatonWull Redevelopment TIF Run Model 11 .6.2017
11/712017
Tax Increment Cashflow - Page 3
4a EHLERS
L [AGE RS IN PUMIC I [RANCE
Riverbend North
City of Otsego, MN
Full Redevelopment: Market Rate Apartments, mini -storage facility, and 15,000 retail
% of
OTC
Project
Tax
Capacity
Original Fiscal
Tax Disparities
Capacity Incremental
Captured
Tax
Capacity
Local
Tax
Rate
Annual
Gross Tax
Increment
I Semi -Annual
Gross Tax
Increment
State
Auditor
0.36%
Semi -Annual
Net Tax
Increment
Semi -Annual
Present
Value
I PERIOD
ENDING
Yrs.
Tax
Year
Payment
Date
02101119
08/01/19
100%
188,388
(4,592)
183,796
114.110%
209,729
-
104,865
-
(378)
-
104,487
95,123
0.5
2020
02/01120
08/01120
104,865
(378)
104,487
188,040
1
2020
02101121
100%
209,238
(4,592)
2D4,646
114.110%
233,521
116.760
(420)
116,340
289,097
1.5
2021
08/01/21
1 16,760
(420)
116,340
387,809
2
2021
02101122
100%
209,238
(4,592)
204,646
114.110%
233,521
116,760
(420)
116,340
484,232
2.6
2022
08/01/22
1 16,760
(420)
116,340
578,417
3
2022
02101/23
100%
240,338
(4,592)
235,748
114.110%
269,009
134,505
(484)
134,020
684,399
3.5
2023
08/01123
1 34,605
(484)
134,020
787,922
4
2023
02101/24
100%
240,338
(4,592)
235,746
114.110%
269,009
134,5D5
(484)
134,020
889,044
4.5
2024
08/01124
1 34,505
(484)
134,020
987,820
5
2024
02/01/25
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
1,084,304
5.5
2025
08101125
1 34,5D5
(484)
134,020
1,178,550
6
2025
02/01/26
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
1,270,609
6.5
2026
08/01/26
134,505
(484)
134,020
1,360,533
7
2026
02/01/27
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
1,448,370
7.5
2027
08/01127
100%
240,338
(4,592)
235,746
114.110%
269,009
1 34,505
134,505
(484)
(484)
134,020
134,020
1,534,170
1,617,980
8
8.5
2027
2028
02/01/28
08/01/28
1 34,505
(484)
134,020
1,699,845
9
2028
02101129
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(4B4)
134,020
1,779,810
9.5
2029
08101/29
134,505
(484)
134,020
1,857,921
10
2029
02/01130
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
1,934,220
10.5
2030
08/01/30
1 a4,505
(484)
134,020
2,008,748
11
2030
02/01/31
100%
240,338
(4,692)
235,746
114.110%
269,009
134,505
(484)
134,020
2,081,548
11.5
2031
08/01/31
134,605
(484)
134,020
2,152,659
12
2G31
02/01132
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
2,222,120
12.5
2032
08/01/32
1 34,505
(484)
134,020
2,289,969
13
2032
02/01/33
100%
24D,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
2,356,245
13.5
2033
08/01133
134,505
(484)
134,020
2,420,983
14
2033
02/01/34
100%
240,338
(4,592)
235,746
114.110%
269,009
134,605
(484)
134,020
2,484�219
14.5
2D34
08/01/34
134,505
(484)
134,020
2,546,9aS�
16
2034
02/01/35
10D%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
2,606,325
15.5
2035
08/01/35
1 34,505
(484)
134,020
2,665.261
16
2035
02101/36
100%
240,338
(4,692)
235,746
114.110%
269,009
134,505
(484)
134,020
2,722, B30
16.5
2036
08/01/36
134,505
(484)
134,020
2,779,064
17
2036
02/01/37
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
2,833,993
17.5
2037
08/01/37
134,605
(484)
134,020
2.887,648
18
2037
02/01138
100%
240,338
(4,592)
236,746
114.110%
269,009
134,505
(484)
134,020
2,940,058
18.5
2038
08/01/38
134.505
(484)
134,020
2,991,252
19
2038
02/01/39
100%
240,338
(4,592)
235,746
114.110%
269.009
134,505
(484)
134,020
3�041,258
19.5
2039
08/01139
134,505
(484)
134,020
3,090,105
20
2039
02101/40
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
3,137,818
20-5
2040
08101/40
134,505
(484)
134,020
3,184,424
21
2040
02101/41
100%
240,338
(4,592)
235,746
114.110%
269,009
134,505
(484)
134,020
3,229,949
21.6
2041
08/01/41
134,506
(484)
134,020
3,274,418
22
2041
02101/42
100%
240,338
(4.592) -
236,746
114.110%
269,009
134,505
(484)
134,020
3,317,855
22.5
2042
08/01142
134,505
(484)
134,020
3,360,285
23
2042
02101143
100%
240,338
(4,592) -
235,746
114.110%
269,009
134,505
(484)
134,020
3,401,730
23.5
2043
08101143
134,606
(484)
134,020
3,442,214
24
2043
02101144
100%
240,338
(4,592) -
235�746
114.110%
269,009
134,505
(484)
134,020
3,481,759
24.5
2044
08101/44
134,505
(484)
134,020
3,520,386
25
2044
02/01145
100%
240,338
(4,592) -
235,746
114.110%
269,009
134,505
(484)
134,020
3,558,117
25.5
2045
08/01/45
134,505
(4a4)
134,020
3,594,973
26
2045
02/01146
Total
6,863t982
(24,710)
6,839,272
Present Value From 08/01/2018
Present Value Rate
4.75%
3,607,961
(12,989)
3,594,973
Prepared by Ehlem & Associates, Inc. - Estimates Only W.UnnsotakOteegoWousing - Eccromlo - Redevelopment\Pending ProjectsWiverbend NortW017 TIF applicaflonTull Redevelopment TIF Run Model 11.6.2017