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OPTIONS Original Option <br />Agreement <br />EDC/Council <br />Recommended <br />Option Extension <br />APi’s Counter <br />Extension <br />Pulte Offer <br />(based on <br />Letter of <br />Intent) <br />Term <br />3 years: Begin <br />construction by <br />9/30/2017, <br />complete building <br />by 12/31/2018 <br />2-3 years: Be <br />substantially <br />complete by <br />12/31/2020 <br />10 years or 2026 Build in 2017 <br />Options <br />Payments $0 <br />Annual option <br />payments equal to <br />lost tax increment <br />(~$60,000)** <br />$35,000 per year <br />with portions <br />applied to price of <br />land <br />N/A <br />Land Price $8/SF = $627,264 $8/SF = $627,264 <br />$4/SF – “Fair <br />Market Value” = <br />$313,632 - ? <br />$375,000 <br />(could rise if <br />unit count goes <br />above 25) <br />Total Tax <br />Increment $2,572,189* <br />$2,452,757 (2 years) <br />– $2,386,405 (3 <br />years)* <br />Depends greatly <br />on when <br />construction <br />occurs but <br />between <br />$2,386,405 (3 year <br />delay) - $1,921,941 <br />(10 year delay)* <br />$2,480,382* <br />*These numbers are approximate and based on current taxable market values of APi and Pulte’s existing <br />buildings and those market values holding for the life of the TIF district. <br />**Early on when discussing the option payment with APi, staff and Ehler’s only had an estimate of <br />$60,000 per year. Per staff’s request, Ehlers has since refined the annual amount to $66,352. <br />