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3/19/2019Base Value Assumptions - Page 2New Brighton Elementary RedevelopmentCity of New Brighton, MN 354 apartments and 53 town homesEstimated Taxable Total Taxable Property Percentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/Phase New Use Per Sq. Ft./Unit Per Sq. Ft./Unit Sq. Ft./UnitsValueClass Tax Capacity Capacity/Unit 2019202020212022 Payable1 Workforce Apt 160,000160,000 15424,640,000Aff. Rental168,630 1,095 50%100%100%100%20221Sr. Apt 160,000160,000 20032,000,000Aff. Rental219,000 1,095 50%100%100%100%20221 Town Homes 250,000235,260 5312,468,780 Hmstd. Res. 124,6882,353 50%100%100%100%2022TOTAL69,108,780512,318Subtotal Residential40769,108,780512,318Subtotal Commercial/Ind.000Note:1. Market values are based upon estimates.Total FiscalLocalLocalFiscal State-wide MarketTax Disparities TaxProperty Disparities PropertyValueTotal Taxes PerNew UseCapacity Tax Capacity Capacity TaxesTaxesTaxesTaxesTaxes Sq. Ft./UnitWorkforce Apt 168,6300168,630 210,0080046,237 256,245 1,663.93Sr. Apt 219,0000219,000 272,7380060,048 332,786 1,663.93Town Homes 124,6880124,688 155,2840023,398 178,681 3,371.35TOTAL 512,3180512,318 638,03000129,683 767,713Note: 1.Taxes and tax increment will vary significantly from year to year depending upon values, rates, state law, fiscal disparities and other factorswhich cannot be predicted.Total Property Taxes767,713Current Market Value - Est.4,356,560less State-wide Taxes0New Market Value - Est.69,108,780less Fiscal Disp. Adj.0Difference64,752,220less Market Value Taxes(129,683)Present Value of Tax Increment11,986,617less Base Value Taxes(50,837)Difference52,765,603Annual Gross TIF 587,193Value likely to occur without Tax Increment is less than:52,765,603 WHAT IS EXCLUDED FROM TIF?MARKET VALUE BUT / FOR ANALYSISTAX CALCULATIONSPROJECT INFORMATION (Project Tax Capacity)Prepared by Ehlers & Associates, Inc. - Estimates OnlyN:\Minnsota\New Brighton\Housing - Economic - Redevelopment\TIF\TIF Districts\TIF 34 - New Brighton Elementarty Redevelopment\TIF Plan Documents\TIF Plan Run - FINAL Revised
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