2019.01.22 WS Packet - Laserfiche WebLink

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13 $1,450,000,000 $1,400,000,000 $1,350,000,000 $1,300,000,000 $1,250,000,000 $1,200,000,000 $1,150,000,000 $1,100,000,000 2012 2013 2014 2015 2016 $340,000,000 $330,000,000 $320,000,000 $310,000,000 2012 2013 2014 2015 2016 Physical Redevelopment Achieve residential tax base growth of $9.5M by 2019; C/I tax base growth of $5M by 2016 RESULTS Total Residential Property Values (2012-2016) * Total Commercial/Industrial Property Values (2012-2016) * * Source: Ramsey County Assessor INTERPRETATION As of September, 2017, four office projects and an apartment building have been completed with a total taxable market value of over $60 million. Pulte Homes’ Enclave development is expected to be complete by the end of 2017. It’s current market value is $36,254,00, with this value rising in years 2018 and 2019 as all 125 units are fully completed and assessed for market value. Pulte’s project completed over one year early and is expected to exceed projections for total value. Block D is under construction of a 37,000 SF building for TUV SUD, which is expected to generate a market value of at least $5 million. APi and CSI both have options that could generate an additional $7-10 million or more depending on project specifics, bringing New Brighton Exchange’s estimated market value to over $110 million. RESPONSE City staff will continue to work with Ryan Companies and Colliers International to actively market remaining Block B in order to reach full build-out by 2022. Since 2012, residential tax base growth equates to $186.5 million and commercial/Industrial tax base growth equates to $23 million, far exceeding stated goals of $9.5 million and $5 million respectively.