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Ehlers Calculations4/5/2017 Base Value Assumptions - Page 1 Guardian Angels Housing TIF District City of Otsego, MN 143 unit assisted living facility ASSUMPTIONS AND RATES DistrictType:Housing District Name/Number:TIF No. 2 County District #:ISD 728 Exempt Class Rate (Exempt)0.00% First Year Construction or Inflation on Value 2018 Commercial Industrial Preferred Class Rate (C/I Pref.) Existing District - Specify No. Years Remaining First $150,000 1.50% Inflation Rate - Every Year:0.00%Over $150,000 2.00% Interest Rate:5.00%Commercial Industrial Class Rate (C/I)2.00% Present Value Date:1-Aug-18 Rental Housing Class Rate (Rental)1.25% First Period Ending 1-Feb-19 Affordable Rental Housing Class Rate (Aff. Rental) Tax Year District was Certified:Pay 2017 First $115,000 0.75% Cashflow Assumes First Tax Increment For Development:2020 Over $115,000 0.25% Years of Tax Increment 26 Non-Homestead Residential (Non-H Res. 1 Unit) Assumes Last Year of Tax Increment 2045 First $500,000 1.00% Fiscal Disparities Election [Outside (A), Inside (B), or NA]NA Over $500,000 1.25% Incremental or Total Fiscal Disparities Incremental Homestead Residential Class Rate (Hmstd. Res.) Fiscal Disparities Contribution Ratio 33.4802%Pay 2017 First $500,000 1.00% Fiscal Disparities Metro-Wide Tax Rate 150.0490%Pay 2017 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)45.8020%Pay 2017 Market Value Tax Rate (Used for total taxes)0.19367%Pay 2017 TNT Building Total Percentage Tax Year Property Current Class After Land Market Market Of Value Used Original Original Tax Original After Conversion Map #PID Owner Address Market Value Value Value for District Market Value Market Value Class Tax Capacity Conversion Orig. Tax Cap. 1 118-264-000010 1,072,300 0 1,072,300 100%1,072,300 Pay 2017 C/I Pref.20,696 Rental 13,404 2 118-264-001010 409,700 0 409,700 100%409,700 Pay 2017 C/I 8,194 Rental 5,121 1,482,000 0 1,482,000 1,482,000 28,890 18,525 Note: 1. Base values are for pay 2017 based upon review of County website on 4.5.2017. Area/ Phase Tax Rates BASE VALUE INFORMATION (Original Tax Capacity) Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnsota\Otsego\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 2\TIF Run - Guardian Angels Housing 4.5.2017.xls 1 4/5/2017 Base Value Assumptions - Page 2 Guardian Angels Housing TIF District City of Otsego, MN 143 unit assisted living facility Estimated Taxable Total Taxable Property Percentage Percentage Percentage Percentage First Year Market Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full Taxes Area/Phase New Use Per Sq. Ft./Unit Per Sq. Ft./Unit Sq. Ft./Units Value Class Tax Capacity Capacity/Unit 2018 2019 2020 2021 Payable Apartments 84,720 84,720 143 12,115,000 Rental 151,438 1,059 100%100%100%100%2020 TOTAL 12,115,000 151,438 Subtotal Residential 143 12,115,000 151,438 Subtotal Commercial/Ind.0 0 0 Note: 1. Market values are based upon estimates from the County Assessor's Office on 3.31.2017. Total Fiscal Local Local Fiscal State-wide Market Tax Disparities Tax Property Disparities Property Value Total Taxes Per New Use Capacity Tax Capacity Capacity Taxes Taxes Taxes Taxes Taxes Sq. Ft./Unit Apartments 151,438 0 151,438 172,805 0 0 23,463 196,268 1,372.51 TOTAL 151,438 0 151,438 172,805 0 0 23,463 196,268 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. Total Property Taxes 196,268 Current Market Value - Est.1,482,000 less State-wide Taxes 0 New Market Value - Est.12,115,000 less Fiscal Disp. Adj.0 Difference 10,633,000 less Market Value Taxes (23,463)Present Value of Tax Increment 2,036,725 less Base Value Taxes (21,139) Difference 8,596,275 Annual Gross TIF 151,666 Value likely to occur without Tax Increment is less than:8,596,275 WHAT IS EXCLUDED FROM TIF?MARKET VALUE BUT / FOR ANALYSIS TAX CALCULATIONS PROJECT INFORMATION (Project Tax Capacity) Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnsota\Otsego\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 2\TIF Run - Guardian Angels Housing 4.5.2017.xls 2 4/5/2017 Tax Increment Cashflow - Page 3 Guardian Angels Housing TIF District City of Otsego, MN 143 unit assisted living facility TAX INCREMENT CASH FLOW Project Original Fiscal Captured Local Annual Semi-Annual State Admin.Semi-Annual Semi-Annual PERIOD % of Tax Tax Disparities Tax Tax Gross Tax Gross Tax Auditor at Net Tax Present ENDING Tax Payment OTC Capacity Capacity Incremental Capacity Rate Increment Increment 0.36%10%Increment Value Yrs.Year Date - - - - 02/01/19 - - - - 08/01/19 - - - - 02/01/20 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 61,608 0.5 2020 08/01/20 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 121,714 1 2020 02/01/21 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 180,354 1.5 2021 08/01/21 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 237,564 2 2021 02/01/22 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 293,378 2.5 2022 08/01/22 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 347,831 3 2022 02/01/23 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 400,956 3.5 2023 08/01/23 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 452,785 4 2023 02/01/24 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 503,350 4.5 2024 08/01/24 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 552,681 5 2024 02/01/25 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 600,810 5.5 2025 08/01/25 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 647,764 6 2025 02/01/26 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 693,573 6.5 2026 08/01/26 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 738,265 7 2026 02/01/27 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 781,867 7.5 2027 08/01/27 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 824,406 8 2027 02/01/28 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 865,907 8.5 2028 08/01/28 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 906,396 9 2028 02/01/29 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 945,897 9.5 2029 08/01/29 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 984,435 10 2029 02/01/30 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,022,033 10.5 2030 08/01/30 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,058,713 11 2030 02/01/31 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,094,500 11.5 2031 08/01/31 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,129,413 12 2031 02/01/32 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,163,475 12.5 2032 08/01/32 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,196,706 13 2032 02/01/33 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,229,126 13.5 2033 08/01/33 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,260,756 14 2033 02/01/34 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,291,614 14.5 2034 08/01/34 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,321,720 15 2034 02/01/35 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,351,091 15.5 2035 08/01/35 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,379,746 16 2035 02/01/36 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,407,703 16.5 2036 08/01/36 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,434,977 17 2036 02/01/37 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,461,586 17.5 2037 08/01/37 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,487,546 18 2037 02/01/38 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,512,873 18.5 2038 08/01/38 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,537,582 19 2038 02/01/39 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,561,688 19.5 2039 08/01/39 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,585,207 20 2039 02/01/40 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,608,152 20.5 2040 08/01/40 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,630,537 21 2040 02/01/41 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,652,376 21.5 2041 08/01/41 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,673,683 22 2041 02/01/42 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,694,470 22.5 2042 08/01/42 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,714,750 23 2042 02/01/43 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,734,535 23.5 2043 08/01/43 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,753,838 24 2043 02/01/44 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,772,669 24.5 2044 08/01/44 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,791,042 25 2044 02/01/45 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,808,967 25.5 2045 08/01/45 100%151,438 (18,525) - 132,913 114.110%151,666 75,833 (273) (7,556) 68,004 1,826,454 26 2045 02/01/46 Total 3,943,328 (14,196) (392,913) 3,536,219 Present Value From 08/01/2018 Present Value Rate 5.00%2,036,725 (7,332) (202,939) 1,826,454 Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnsota\Otsego\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 2\TIF Run - Guardian Angels Housing 4.5.2017.xls 3