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3 <br /> Physical Redevelopment <br />Achieve residential tax base growth of $9.5M by 2019; C/I tax base growth of $5M by 2016 <br /> <br />RESULTS <br /> <br />Total Residential Property Values (2012-2016) * <br /> <br />Total Commercial/Industrial Property Values (2012-2016) * <br /> <br />* Source: Ramsey County Assessor <br /> <br />INTERPRETATION <br /> <br />As of September, 2017, four office projects and an apartment building have been completed with a <br />total taxable market value of over $60 million. Pulte Homes’ Enclave development is expected to be <br />complete by the end of 2017. It’s current market value is $36,254,00, with this value rising in years 2018 <br />and 2019 as all 125 units are fully completed and assessed for market value. Pulte’s project completed <br />over one year early and is expected to exceed projections for total value. Block D is under construction <br />of a 37,000 SF building for TUV SUD, which is expected to generate a market value of at least $5 million. <br />APi and CSI both have options that could generate an additional $7-10 million or more depending on <br />project specifics, bringing New Brighton Exchange’s estimated market value to over $110 million. <br /> <br />RESPONSE <br /> <br />City staff will continue to work with Ryan Companies and Colliers International to actively market <br />remaining Block B in order to reach full build-out by 2022. Contract extensions must be considered in <br />the last quarter of 2017, with existing agreements terminating on 12-31-2017. Since 2012, residential tax <br />base growth equates to $186.5 million and commercial/Industrial tax base growth equates to $23 <br />million, far exceeding stated goals of $9.5 million and $5 million respectively. <br />$1,100,000,000$1,150,000,000$1,200,000,000$1,250,000,000$1,300,000,000$1,350,000,000$1,400,000,000$1,450,000,000 <br />2012 2013 2014 2015 2016 <br />$310,000,000$320,000,000$330,000,000$340,000,000 <br />2012 2013 2014 2015 2016