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New Brighton Exchange <br />Development Report <br /> <br /> <br />3 <br />Winter 2016 <br /> <br />so as to not over-estimate values and revenues. <br />Based on 2016 data, and as depicted in the table <br />below, a TIF surplus of over $11 million is <br />expected at the end of year 2035 as it relates to <br />the New Brighton Exchange project. This is an <br />increase of over $7 million since the last <br />published New Brighton Exchange e-newsletter! <br />This surplus is used to pay back the City’s internal <br />loan from the Redevelopment Fund, which then <br />helps to offset future redevelopment projects. <br /> <br /> <br /> <br /> <br /> <br />How New Brighton Exchange <br />has Changed <br />Extensive environmental clean-up and <br />development has occurred over the last 10 years. <br />Along the way, various aerial photos have been <br />taken to demonstrate the changing landscape. <br />The below series of aerial photos provides a look <br />at the last 16 years, demonstrating the <br />transformation that has occurred. <br /> <br /> Pre-New Brighton Exchange (Year 2000) <br />(Image: Metropolitan Design Center) <br /> <br />Post-Dump Closure (Year 2010) <br />(Image: Barr Engineering) <br /> <br /> New Brighton Exchange Financial Projections <br />Project Name Year Built <br />Finished <br /> Market Value <br />DSI 2008 10,040,700$ <br />The View Apartments 2011 20,000,000$ <br />APi Headquarters 2008 5,947,000$ <br />CSI Headquarters 2014 14,000,000$ <br />APi Training Center 2015 4,743,000$ <br />In Progress <br />Pulte Homes 2015-2016 43,463,050$ <br />To Be Developed <br />APi Option 2018 3,000,000$ <br />CSI - future phases 2019-2020 7,583,653$ <br />Block B 2020 10,000,000$ <br />Block D 2017 5,040,000$ <br />Total Projected Market Value 123,817,403$ <br />Projected Total Tax Increment Revenues*37,294,336$ <br />Projected Other TIF Revenue Sources**33,881,466$ <br />Outstanding Bonds (including interest)(59,455,000)$ <br />Projected TIF Surplus/(Shortfall)***11,720,799$ <br />*TIF projections are as of 2016 <br />**Variety of sources including interfund loan <br />from Redevelopment Fund <br /> & special legislation TIF pooling <br />***Will repay to Redevelopment Fund