Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Financial Calculations
8/23/2017 Base Value Assumptions - Page 1 Riverbend North City of Otsego 164 unit market rate Apartments only ASSUMPTIONS AND RATES DistrictType:Redevelopment District Name/Number: 3001 / SD 728 County District #: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:4.75%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 2018 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)0.19373%Pay 2017 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. 118500262400 207,100 9,300 216,400 85%183,940 Pay 2018 Rental 2,299 Rental 2,299 207,100 9,300 216,400 183,940 2,299 2,299 Note: 1. Base values are for pay 2018 based upon review of County website on 8.18.2017. Percentage of value allocated from 7.4 acres use of existing 8.42 acre site. Area/ Phase Tax Rates BASE VALUE INFORMATION (Original Tax Capacity) Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnsota\Otsego\Housing - Economic - Redevelopment\Pending Projects\Riverbend North\2017 TIF application\Otsego_Riverbend North TIF Run Apartment Only 8.23.2017.xls 8/23/2017 Base Value Assumptions - Page 2 Riverbend North City of Otsego 164 unit market rate Apartments only 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 91,896 91,896 164 15,071,000 Rental 188,388 1,149 50%100%100%100%2021 TOTAL 15,071,000 188,388 Subtotal Residential 164 15,071,000 188,388 Subtotal Commercial/Ind.0 0 0 Note: 1. Market values are based upon estimates from the TIF Application and County Assessor's office. 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 188,388 0 188,388 214,969 0 0 29,197 244,166 1,488.82 TOTAL 188,388 0 188,388 214,969 0 0 29,197 244,166 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 Estimated Property Taxes 244,166 Current Market Value - Est.183,940 less State-wide Taxes 0 New Market Value - Est.15,071,000 less Fiscal Disp. Adj.0 Difference 14,887,060 less Market Value Taxes (29,197)Present Value of Tax Increment 2,840,371 less Base Value Taxes (2,624) Difference 12,046,689 Annual Gross TIF 212,345 Value likely to occur without Tax Increment is less than:12,046,689 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\Pending Projects\Riverbend North\2017 TIF application\Otsego_Riverbend North TIF Run Apartment Only 8.23.2017.xls 8/23/2017 Tax Increment Cashflow - Page 3 Riverbend North City of Otsego 164 unit market rate Apartments only 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%25%Increment Value Yrs.Year Date - - - - 02/01/19 - - - - 08/01/19 - - - - 02/01/20 100%94,194 (2,299) - 91,895 114.110%104,861 52,430 (189) (13,060) 39,181 35,670 0.5 2020 08/01/20 100%94,194 (2,299) - 91,895 114.110%104,861 52,430 (189) (13,060) 39,181 70,512 1 2020 02/01/21 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 139,432 1.5 2021 08/01/21 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 206,753 2 2021 02/01/22 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 272,512 2.5 2022 08/01/22 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 336,746 3 2022 02/01/23 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 399,489 3.5 2023 08/01/23 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 460,777 4 2023 02/01/24 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 520,643 4.5 2024 08/01/24 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 579,121 5 2024 02/01/25 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 636,241 5.5 2025 08/01/25 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 692,037 6 2025 02/01/26 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 746,538 6.5 2026 08/01/26 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 799,774 7 2026 02/01/27 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 851,776 7.5 2027 08/01/27 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 902,571 8 2027 02/01/28 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 952,188 8.5 2028 08/01/28 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,000,654 9 2028 02/01/29 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,047,995 9.5 2029 08/01/29 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,094,239 10 2029 02/01/30 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,139,409 10.5 2030 08/01/30 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,183,531 11 2030 02/01/31 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,226,630 11.5 2031 08/01/31 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,268,729 12 2031 02/01/32 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,309,852 12.5 2032 08/01/32 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,350,020 13 2032 02/01/33 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,389,257 13.5 2033 08/01/33 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,427,583 14 2033 02/01/34 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,465,020 14.5 2034 08/01/34 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,501,589 15 2034 02/01/35 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,537,309 15.5 2035 08/01/35 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,572,200 16 2035 02/01/36 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,606,283 16.5 2036 08/01/36 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,639,574 17 2036 02/01/37 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,672,093 17.5 2037 08/01/37 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,703,858 18 2037 02/01/38 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,734,886 18.5 2038 08/01/38 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,765,194 19 2038 02/01/39 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,794,798 19.5 2039 08/01/39 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,823,717 20 2039 02/01/40 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,851,964 20.5 2040 08/01/40 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,879,556 21 2040 02/01/41 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,906,507 21.5 2041 08/01/41 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,932,834 22 2041 02/01/42 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,958,550 22.5 2042 08/01/42 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 1,983,669 23 2042 02/01/43 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,008,205 23.5 2043 08/01/43 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,032,173 24 2043 02/01/44 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,055,584 24.5 2044 08/01/44 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,078,452 25 2044 02/01/45 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,100,790 25.5 2045 08/01/45 100%188,388 (2,299) - 186,088 114.110%212,345 106,173 (382) (26,448) 79,343 2,122,609 26 2045 02/01/46 Total 5,413,493 (19,489) (1,348,501) 4,045,504 Present Value From 08/01/2016 Present Value Rate 4.75%2,840,371 (10,225) (707,536) 2,122,609 Prepared by Ehlers & Associates, Inc. - Estimates Only N:\Minnsota\Otsego\Housing - Economic - Redevelopment\Pending Projects\Riverbend North\2017 TIF application\Otsego_Riverbend North TIF Run Apartment Only 8.23.2017.xls