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<br />SCHEDULE 2 TO EXHIBIT A <br />RESOLUTION NO. 97-057 <br /> <br />REDEVELOPMENT WITHOUT TIF ASSISTANCE <br /> <br />It is unlikely that any development would occur without TIF <br />assistance, since 80% of the area is in a Super Fund site. <br />For 20% of the area not in the Super Fund Site, <br />the city would hope to have 32 units of townhome <br />development and 30,000 sq. ft. of commercial/retail <br />development with estimated market values <br />respectively of $3,839,680 and $1,200,000 <br /> <br />Estimated Fair Market Value * <br />Original Market Value <br />Increased Market Value <br /> <br />REDEVELOPMENT WITH TIF ASSISTANCE <br /> <br />The site would be completely redeveloped and <br />would include 32 units of townhome development <br />(estimated MV. of $3,839,680),60,000 sq. ft. of <br />commercial/retail ($2,400,000) and 306,000 sq. ft. <br />of light industrial ($10,627,380) <br /> <br />Estimated Fair Market Value <br />Original Market Value <br />Increased Market Value <br />Less: Present Value of the Tax Increment Generated <br />@ 8.0%, 24 tax increment years (see attached Exhibit 1) <br /> <br />Net Increased Market Value <br /> <br />6,368,180 <br />2,056,600 <br />4,311,580 <br /> <br />16,867,060 <br />2,056,600 <br />14,810,460 <br />4,431,333 <br /> <br />10,379,127 <br /> <br />* Included is $1,328,500 which is the current market value of the 80% <br />of the District in the Super Fund site. <br />