HomeMy WebLinkAbout1989-09-11 NAC Final draft of TIP Plan to OPH 1 northwest associated consultants, inc.
E - A
11 September 1989
Oak Park Heights Mayor and City Council
' 14168 57th Street North
Oak Park Heights, MN 55082
RE: Oak Park Heights - St. Croix Mall TIF Plan
FILE NO: 798.02 - 89.09
' Dear Mayor and City Council:
This letter forwards the final draft of the St. Croix Mall TIF
Plan. The Plan has been prepared incorporating the continents
received at the 28 August City Council meeting and revised cash
flow analysis from Mr. Voto.
Please review this Plan and if you have any comments or
questions, do not hesitate to call.
Very truly yours,
NO HWEST A S TED CONSULTANTS, INC.
' Daniel Wilson Curtis Gutoske
Project TIF Consultant Designer
cc: LaVonne Wilson
Lyle Eckberg
Mark Vierling
' Bob Voto
Mary Ippel
Steve Watson/Brad Henning
Gene Ranieri
4601 excelsior blvd., ste. 410, minneapolis, mn 55416 (612) 925 -9420 fax 925-2721
' TAX INCREMENT FINANCING PLAN
FOR
ST. CROIX MALL TIF PROJECT
I. INTRODUCTION
Watson Center, Inc. has submitted a Tax Increment Financing
' (TIF) application to the City of Oak Park Heights, Minnesota
for the expansion of the St. Croix Mall shopping center.
The TIF application coincides with a Planned Unit
Development (PUD) amendment required for the mall expansion
which recently received conditional City approval (7/27/89).
The mall expansion is to consist of the following:
A. A 54,000 square foot two level Herbergers store on the
east end of the mall.
B. 27,500 square feet of general retail space connecting
the Herbergers store to the existing mall.
C. 8,600 square feet of convenience retail space on the
lower level of the Herbergers store.
D. Exterior wall recladding with new entrances,
' construction of new parking lots, upgrading and
redesign of existing parking lots, and additional
landscaping.
' E. Interior renovation with new lighting, air
conditioning, skylighting, and storefront renovation
as leases are renewed.
The Oak Parks Heights Housing and Redevelopment Authority
(HRA) proposes to capture the increase in real property
taxes on improvement within the following described Tax
Increment District as authorized in Sections 469.174 to
469.179 (the TIF Act). The captured increase in taxes is
proposed to finance various public improvement projects that
1 will benefit the mall property and surrounding properties
within Planning District 6 (Oak Park Heights Comprehensive
Plan, 1979) and Planning District 5, as amended, (Oak Park
Heights Redevelopment Plan, 1989).
The public improvement projects include the following within
the Redevelopment Area Planning District No. 5:
' A. Street improvement, realignment, removal, and
construction of Osgood Avenue, Osman Avenue, 57th
Street, and 58th Street as described in the City
Engineer's feasibility studies of 21 August 1989 and 8
September 1989.
B. Street reconstruction and improvement to Omaha Avenue
' North, Oldfield Avenue North, 57th Street North, Oren
Avenue North and Upper 56th Street North, as identified
in Exhibit B, Public Improvement Project Locations.!
II. STATEMENT OF OBJECTIVE
The actions set forth in this TIF Plan seek to achieve the
beneficial program objectives identified in the Oak Park
Heights Redevelopment Plan, 1989.
Specific Objectives sought to be accomplished by this TIF
' Plan are:
A. Coordinate development activities and promote
compatible land uses within each district.
B. Enhance the overall economy of the City by retaining
current and providing additional employment
opportunities within the City.
C. Encourage high quality development that will serve to
1 increase the City's tax base.
D. Foster cooperative development planning between public
and private jurisdictions.
III.- PUBLIC ACTIVITIES
The public improvement projects identified in Section I of
this Plan will provide a direct benefit to the St. Croix
Mall, its expansion, and the immediate area surrounding the
mall (Planning District 5, as amended, of the Redevelopment
Plan). The projects will benefit these properties through
improved transportation facilities accommodating traffic
generated by the St. Croix Mall and the enhanced aesthetics
' of the resurfaced roadways.
Within these improvements, complete street reconstruction
will be provided, including concrete curb and gutter as
1 determined in the City's Street Capital Improvement Program,
1987. See Exhibit B, Public Improvement Location.
In addition to the Osgood /57th /58th Street improvement
project outlined in the previously � referenced City
feasibility studies, the specific street segments as
outlined in the Street Capital Improvement Program are
illustrated in the table on the following page.
2
Ref. No.* Street Segment
O1 /1 Oldfield Ave. No. Service Road to 57th`
05/1 Omaha Avenue No. Service Road to Pvmt Chg
06/3 Oren Avenue No. 57th to Upper 56th
1 32/1 57th Street No. O'Brien to Oldfield
32/2 57th Street No. Oldfield to Oldfield
32/3 57th Street No. Oldfield to Omaha
32/4 57th Street No. Omaha to Oren
33/5 Upper 56th St. No. Oren to Osgood
III. TAX INCREMENT FINANCING DISTRICT
PID # Legal Description Current Owner
63- 61402 -2150 Lot 1, Block 2 Watson Centers, Inc.
St. Croix Mall PUD
2nd Addition
63- 61402 -2200 Lot 2, Block 2 Watson Centers, Inc.
St. Croix Mall PUD
2nd Addition
' 63- 61402 -2250 Lot 3, Block 2 Watson Centers, Inc.
St. Croix Mall PUD
2nd Addition
63- 61402 -2300 Lot 4, Block 2 Watson Centers, Inc.
St. Croix Mall PUD
2nd Addition
63- 61402 -2350 Lot 5, Block 2 Watson Centers, Inc.
St. Croix Mall PUD
2nd Addition
The St. Croix Mall District is within the Oak Park Heights
Redevelopment Area. See Exhibit A, TIF District Boundary
Map.
3
IV. STATUTORY AUTHORITY AND DISTRICT ELIGIBILITY AS AN ECONOMIC
DEVELOPMENT DISTRICT
A. Economic Development District
The District is an "Economic Development District"
pursuant to Minnesota Statutes, Chapter 469..174,
Subdivision 12. That section of the Act defines an
economic development district as any project not
meeting the requirements found in the definition of
redevelopment district or housing district, but which
the HRA finds to be in the public interest because:
' 1. It will result in increased employment in the
municipality.
2. It will result in preservation and enhancement of
the tax base of the municipality.
' B. Restricted Uses in Economic Development
District
The proposed redevelopment is within the Seven County
Metropolitan Area. Therefore, Section 469.176, Subd 4C
applies to this TIF District. The Developer has
agreed by the Development Contract that no more than
25% of the buildings and facilities, determined on a
square foot basis, will be used for the purposes
listed in Section 144 (a) (8) of the Internal Revenue
Code of 1986.
C. Economic Necessity
' The proposed development would not be economically
feasible without participation of the HRA through the
use of tax increment financing. The Developer has
provided financial information demonstrating the need
' for assistance being sought. The Developer has
notified the HRA that it would not be economically
feasible for the Developer to pay market value for the
property and site improvement costs. Therefore, in
the opinion of the HRA, the proposed private
development would not reasonably be expected to occur
solely through private investment within the
' reasonably foreseeable future and therefore, the HRA
elects to use tax increment financing pursuant to the
TIF Act to finance part of the project cost.
D. Conformance with General Plan
1. Zoning Regulations. The property is zoned B -2,
General Business and is appropriately zoned for
the proposed development.
4
2. Comprehensive Plan. The proposed St. Croix Mall
1 expansion is located within Planning District 6 of
the Oak Park Heights Comprehensive Plan (1979) and
within Planning District 5, as amended, of the Oak
ark Heights Redevelopment Plan (1989). The Mall
expansion is consistent with the planning goals
and policies of both Plans. A number of goals and
policies from the Comprehensive Plan and the
Redevelopment Plan are facilitated with the St.
Croix Mall proposal. Among them are:
o Planning recommendations for this district
' are to complete development of the commercial
service and entertainment center.
o The district should be approached as a
' planned unit development (PUD) to ensure
control and compatibility of development.
o The natural break (topography) running
parallel to the highway should be used to
define the highway oriented businesses from
' those of a more consumer orientation with the
St. Croix Mall acting as the focal point for
this entire district.
o Further development should be designed to be
internally oriented, catering to the
pedestrian- shopper, with joint use of
facilities.
o Franchised architectural styles should be
provided to diminish the harshness of the
1 automobile oriented strip development.
o Points of access onto the minor arterial
Osgood Avenue should be limited.
V. FINANCING PLAN
A. Budget
1. Private Assistance
The Developer's assistance will be provided on a
"pay as you go" basis. No bonds will be sold to
' finance the Developer subsidy. Payments to the
Developer will be on a semi - annual basis after
receipt of the tax increment from the County
Auditor, according to Exhibit B -Cash Flow
1 Analysis.
5
The amounts are estimated amounts and are subject
to change in relation to the actual taxes levied
and collected each year. In no event will the
amount of funds paid to the Developer exceed the
$960,000.
The public assistance provided the Developer : will
be used to write down the land acquisition cost
and site improvement costs as detailed in the
Development Contract.
2. Public Improvements
' Estimated TIF
Expenditures
Street Improvements 489,000
Administration 50,500
Capitalized Interest 97,500
Bond Discount 13,000
SUBTOTAL 650,000
The items of cost and the costs thereof shown
above are estimated to be necessary based upon the
qualified appraisers, consultants, legal and cost
information now available. It is anticipated that
the items of cost and the costs thereof shown in
each category above may decrease or increase, but
that the total project cost will not exceed the
amount shown above.
The total administrative expense is defined in
Minnesota Statutes Section 469.176, Subd. 3 of the
TIF Act and is estimated to be $50,000 which
amount does not exceed 10% of the total tax
increment expenditures.
C. Original Tax Capacity Valuation
The most recent tax capacity of all the property in the
St. Croix Mall -TIF District which amount is expected to
be certified by the Washington County Auditor as the
original tax capacity value is $185,366. See Exhibit
' C, County Auditor's Letter.
'1989 Tax
PID # Current Owner Capacity
63- 61402 -2150 Watson Centers, Inc. 54,656
63- 61402 -2200 Watson Centers, Inc. 77,546
63- 61402 -2250 Watson Centers, Inc. 21,027
63 -61402 -2300 Watson Centers, Inc. 1,276
' 63- 61402 -2350 Watson Centers, Inc. 7,206
TOTAL $185,366
6
D. Captured Tax Capacity Value
' It is estimated that the "Captured Tax Capacity Value"
of all taxable property in the Project, upon completion
' of the development TIF District in accordance with-this
Plan, will be $254,592.
Total Estimated Tax Capacity Value
at Completion $439,958
- Frozen Base 185,366
i Estimated Captured Tax Capacity
Value $254,592
E. Tax Increment Calculation
1: Economic Adjustment Factor.
Economic Development TIF projects require that the
original tax capacity value be adjusted annually
by the average percent increase in tax capacity
valuation during the previous five years. The
County Assessor has determined that the annual
factor will be 1.0191.
The following table demonstrates the impact of
increasing the frozen base of $185,316 by 1.0191
compounded annually, while holding the completed
tax capacity value constant. In practice, the
completed tax capacity values will increase or
decrease each year based upon the County
Assessor's valuation of the project. The total
tax increment decreases annually as shown in the
final column.
Tax Capacity
(1) (2) (3) Tax
Year Base Complete Increase Increment
0 1988 -89 185,316
1 1989 -90 188,853
2 1990 -91 192,460
' 3 1991 -92 196,136 439,958 243,822 224,391
4 1992 -93 199,822 439,958 240,136 220,999
5 1993 -94 203,700 439,958 236,258 217,431
6 1994 -95 207,591 439,958 232,367 213,550
7 1995 -96 211,556 439,958 228,402 210,200
8 1996 -97 215,596 439,958 224,362 206,483
9 1997 -98 219,714 439,958 220,244 202,693
10 1998 -99 223,911 439,958 216,047 -- 198,830
TOTAL 1,694,577
7
F. Debt Service Analysis
Exhibit F is a cash flow analysis, prepared on an
annual basis for the retirement of the proposed bonds.
The following assumptions are an integral part of that
analysis:
Debt Service Analysis Assumptions
1. The effective annual interest rate is 7.5 %.
2. Ten year bonds will be sold with an eight year
principal repayment.
3. The annual tax increment as computed at a tax
capacity rate of 92.031.
' 4. The annual tax increment will remain constant
during the period bonds are outstanding.
5. Invested surplus funds will earn at least 5 %.
' G. Excess Tax Increments
The tax increments received from the District in any
year not needed to pay debt obligations of the City,
shall be used first to reduce any ad valorem property
tax levied pursuant to and in accordance with Minnesota
Statutes, Section 475.61, Subd. 3.
The HRA shall then use excess tax increments, if any,
in the following manner:
1. Pay into an escrow account dedicated to payment of
the Bonds.
2. Prepay any outstanding Bonds or Developer
commitments.
' 3. Provide funds for the future redevelopment project
efforts within Oak Park Heights Redevelopment
Area.
' 4. Discharge the pledge of tax increments.
5. Return the excess amount to the County Auditor who
shall distribute the excess amount to the
municipality, county and school district in which
the tax increment financing district is located,
in direct proportion to their respective mill
rates.
' 8
' H. Duration of the District
It is estimated that the District will remain in
existence until December 31, 1999, or until the City's
obligation to pay the project expenses has, been
discharged in accordance with the resolution
authorizing the issuance of the debt.
t In no event will the TIF District exist more than eight
years from the receipt of the first increment, which is
expected to be in 1991. It is estimated that the tax
increment financing district, including any
modifications or changes, will terminate December 31,
1999.
' I. Election as to Increment
The HRA finds it necessary to receive 100% of the
' captured tax capacity value, to produce sufficient tax
increments to fund project expenses in least amount of
time.
' J. Fiscal Disparities
The City elects the method of tax increment
computation set forth in Section 469.177, Subd. 3,
clause a. The contribution ratio of the municipality
is not applied to commercial - industrial property inside
a tax increment district, but the contribution these
' properties would otherwise make would be spread on
commercial- industrial properties outside the district.
Therefore, the total amount of captured tax capacity is
available for tax increment debt retirement.
K. Estimated Impact on Other Tax Jurisdictions
i The taxing jurisdiction within which the District is
located will continue to receive taxes as if no new
development were to occur with the current tax capacity
valuation neither increasing nor decreasing. The HRA
will receive all taxes derived from the increased tax
capacity valuation above the base. This precludes the
jurisdictions from receiving tax increases due to the
1 Project, inflation other than base inflaction or other
development of the taxable property in the District.
As the Exhibit D indicated, this property comprises a
very small portion of the tax capacity value of these
jurisdictions.
The tax capacity value of the taxable property within
the District will be frozen at its original tax
capacity value through 1999, adjusted only by base
inflation factor.. At that point, the taxing
9
jurisdictions will begin to receive taxes on the full
' tax capacity value of the property. The amount each
jurisdiction will receive annually during the duration
of the district will vary with changes in the tax
capacity rate. Exhibit D further describes the impact
the proposed project will have on the taxing
jurisdictions.
VI. TAX INCREMENT FINANCING REQUIREMENTS
A. Limitation on Administrative Expenses
In accordance with Minnesota Statutes, Section 469.174,
Subd. 14 and Minnesota Statutes, Section 469.176, Subd.
3, administrative expenses means all expenditures of an
' Authority other than amounts paid for the purchase of
land or amounts paid to contractors and engineering
services, directly connected with the physical
development of the real property in the district,
relocation benefits paid to or services provided for
persons residing or business located in the district or
amounts used to pay interest on, fund a reserve for, or
sell at a discount bonds issued pursuant to Section
469.178. Administrative expenses include amounts paid
for services provided by bond counsel, fiscal
consultants, and planning for economic development
1 consultants. No tax increment shall be used to pay any
administrative expenses for a project which exceeds ten
percent of the total tax increment expenditures
authorized by the tax increment financing plan or the
total tax increment expenditures for the project,'
whichever is less.
B. Project Administration and Maintenance of Tax
Increment Account
Administration of the tax increment financing economic
development district will be handled by the Office of
the City Administrator.
' The tax increment received as a result of increases in
the tax capacity value of the tax increment financing
district will be maintained in a special account
separate from all other municipal accounts and expended
only upon sanctioned municipal activities identified in
the financing plan.
' C. Limitation on Duration of Tax Increment
Financing Districts
Pursuant to Minnesota Statutes Section 469.176, Subd.
' 1, "no tax increment shall be paid to an authority
three years from the date of certification by the
County Auditor unless within the three year period (1)
10
bonds have been issued pursuant to Section 469.178 or
in aid of a project pursuant to any other law, except
revenue bonds issued pursuant to Chapter 474, prior to
the effective date of the Act; or 2) the City has
acquired property within the district; or (3) the City
' has constructed or caused to be constructed public
improvements within the district..." The City may
therefore issue bonds, or acquire property, or
construct or cause public improvements to be
constructed by 1993 or the office of the County Auditor
may dissolve the tax increment financing district.
D. Limitation on Qualification of Property Tax
Increment District Not Subject to Improvement
Pursuant to Minnesota Statutes, Section 469.176, Subd.
61 "if, after four years from the date of certification
of the original gross tax capacity value of the tax
increment financing district..., no demolition,
' rehabilitation or renovation of parcel or other site
properties including improvement of a street adjacent
to a property but not installation of utility service
including sewer or water systems, has been commenced on
' a parcel located within the tax increment financing
district by the Authority or by the owner of the parcel
in accordance with the tax increment financing plan, no
' additional tax increment may be taken from the parcel
and the original gross tax capacity value of that
parcel shall be excluded from the original gross tax
capacity value of the tax increment financing district.
' If the Authority or the owner of the parcel
subsequently commences demolition, rehabilitation or
renovation or other site preparation on that parcel
' including improvement of a street adjacent to that
parcel, in accordance with the tax increment financing
plan, the Authority shall certify to the County Auditor
in the annual disclosure report that the activity has
commenced. The County Auditor shall certify the gross
tax capacity value thereof as most recently certified
by the Commissioner of Revenue and add it to the
' original gross tax capacity value of the tax increment
financing district.
E. Limitation on the Use of Tax Increment
All revenues derived from tax increment shall be used
in accordance with the tax increment financing plan.
The revenues shall be used to finance or otherwise pay
public redevelopment costs pursuant to Minnesota
Statutes, Sections 469.124 to 469.134. These revenues
shall not be used to circumvent existing levy limit
law. No revenues derived from tax increment shall be
used for the acquisition, construction, renovation,
operation, or maintenance of a building to be used
' 11
primarily and regularly for conducting the business of
' a municipality, county, school district, or any other
local unit of government or the State or Federal
government. This provision shall not prohibit the use
of revenues derived from tax increments for the
construction or renovation of a parking structure, a
common area used as a public park or a facility used
for social, recreational or conference purposes and
not primarily for conducting the business of the
municipality.
F. County Costs
1. Tax increments may be used to pay for the county's
actual administrative expenses under Sections
469.174 to 469.179. The County may require
1 payment of those expenses by February 15 of the
year after the year in which the expenses are
incurred. The amount of these payments is not
required to be set forth in the tax increment
financing plan for the project. To obtain payment
for actual administrative costs, the County
Auditor must submit to the authority a record of
' costs incurred by the County Auditor related to
administration of the authority's tax increment
financing districts.
' 2. Tax increments may be used to pay county road
costs as provided in Section 469.175, Subdivision
1(a).
G. Annual Disclosure Requirements
Pursuant to Minnesota Statutes, Section 469.175, Subd.
6, an Authority must file an annual disclosure report
for all tax increment financing districts. The report
shall be filed with the School Board, County Board and
the State Auditor's office. The report shall include
the following information:
1. The original tax capacity value of the district;
2. The captured tax capacity value of the district,
including the amount of any captured tax capacity
' value shared with other taxing districts;
3. The outstanding principal amount of bonds issued
' or other loans incurred to finance project costs
in the district;
4. For the reporting period and for the duration of
' the district, the amount budgeted under the tax
increment financing plan, and the actual amount
expended for, at least, the following categories:
' 12
a. Acquisition of land and buildings through
condemnation or purchase;
b. Site improvements or preparation costs;
C. Installation of public utilities or'other
public improvements;
' d. Administrative costs, including the allocated
cost of the authority;
5. For properties sold to developers, the total cost
' of the property to the Authority and the price
paid by the Developer;
6. The amount of tax exempt obligations, other than
those reported under clause (3), that were issued
on behalf of private entities for facilities
located in the district.
' The annual disclosure report is designed to be a two -
way medium of information dissemination for both the
office of the County Auditor and the City. Should the
Auditor want additional activities, such information
should be requested prior to submission of the annual
disclosure report by the City. Similarly, the City
Council may utilize the annual disclosure report as a
means for requesting information from the office of the
County Auditor.
H. Modifications of the Tax Increment Financing
District
' In accordance with Minnesota Statutes, Section 469.175,
Subd. 4, any reduction or enlargement of the geographic
area of the Project or tax increment financing
' district, increase in amount of bonded indebtedness to
be incurred, including a determination or capitalized
interest on debt of that determination as not part of
the original plan, or to increase or decrease the
amount of interest on the debt to be capitalized,
increase in the portion of the captured gross tax
capacity value to be retained by the City, increase in
total estimated tax increment expenditures or
' designation of additional property'to be acquired by
the City shall be approved upon the notice and after
the discussion, public hearing and findings required
for approval of the original plan. The geographic area
of a tax increment financing district may be reduced,
but shall not be enlarged after five years following
the date of certification of the original gross tax
' capacity value by the County Auditor. The tax
increment financing redevelopment district may
therefore be expanded until 1995.
'
13
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a k EXHIBIT A - TIF DISTRICT BOUNDARY MAP North
ark 11.88 - c. I. g.
TIF District
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ak EXHIBIT B - PUBLIC IMPROVEMENT North
11.88 - c. I. g.
a rk PROJECT LOCATIONS
�i h t 1 *REFER TO CITY FEASIBILITY STUDIES �, northwest
assoc
FOR SPECIFIC LOCATIONS consu inc.
— minnerota
GTON J. Scott Renne, MAI, CAE
ounty
WASHINGTON COUNTY C 779.5 36sessor
ASSESSOR'S OFFICE Dennis Montague, CMA
Assistant County Assessor
GOVERNMENT CENTER 779.5137
O SrRI' NU6�t 14900 61ST STREET NORTH, P.O. BOX 6 • STILLWATER, MINNESOTA 55082.0006
612/779.5403 Judith M. Ellis, CMA
Fax machine: 6121779.5498 Administrative Technician
779.5465
' July 5, 1989
Brad Henning
Watson Centers Inc.
252 South Plaza Building
1433 Utica Ave. So.
Minneapolis, MN 55416 -1595
Subject: St. Croix Mall
' Dear Brad,
I have reviewed the plans and financial information that
you provided regarding the St. Croix Mall.
The addition and renovation of the Mall will, when
complete, have the following effect on the total valuation:
' - addition, $4,607,000
interior and exterior renovation, $400,000
- total, $5,007,000
From looking at your average annual rate of inflation from
1984 to 1988, it appears that you are using a five year (rather
than four year) period with compounded interest. In addition,
your estimate of the land value on Lot 6, Block 2, is slightly
' off.
Using the 1988 market values, with an adjustment for the
K -Mart improvements on.Lot 6, Block 2 (land value only for 1988
is $67,200). The total adjusted valuation for 1988 is
$3,617,800. The base value for January 2, 1983 is $3,290,700.
' Calculating the inflation rate using an HP -12C, and using
a compounding period of five years from 1983 to 1988, a
compounded inflation rate of 1.91% is determined.
' If you have any further questions, please feel free to
call me at 779 -5136.
' Sincerely,
-� Sc,
' J. Scott Renne, MAI•
Washington County Assessor
cc: LaVonne Wilson
' Washington County does not discriminate on the basis of race, color, national origin, EXHIBIT C
sex, religion, age and handicapped status In employment or the provision of services.
EXHIBIT D -
IMPACT ON TAXING JURISDICTION
TIF DISTRICT
ST. CROIX MALL
OAK PARK HEIGHTS
1988 -1989 TIF District* Increased Percent of Total
Total Tax Base Tax Tax Tax Capacity
Capacity Capacity Capacity Increase Value Available
Jurisdiction Valuation Valuation % of Total Valuation % of Total For Normal Growth
City of Oak Park
Heights 6,823,398 185,366 2.716 253,439 3.581 96.41
School District
#834 39,553,310 185,366 .493 253,439 .670 99.33
Washington
County 113,976,709 185,366 .162 253,439 .222 99.77
School District
#916 322,328,649 185,366 .057 253,439 .078 99.92
TAX CAPACITY RATE IMPACT
233,242 ANNUAL TAX INCREMENT **
Distribution
1988 -1989 Tax Increment
Tax % of Total To Individual Tax Capacity Rate
Jurisdiction Capacity Rate Tax Capacity Jurisdiction Impact of TIF
City of Oak Park
Heights 13.781 14.97 ;34;916 .512
School District
#834 49.666 53.96 125,857 .335
Washington
County 23.030 25.02_ 58,357 .051
School District
#916 1.605 1.74 4,058 .001
Other 3.949 4.29 10,006
92.031 100.00 233,242
*Base increases annually at rate of 1.91
* *Assumes development would have occurred without assistance being sought.
EXHIBIT E
CASH FLOW ANALYSIS
' C11Y OF OAK PARK HEIGHTS
Y_ L F PROPOSAL --ST. CROIX K&LL {BASED UPON PROJECT VALUE OF $8.417.306 _}
00UM ASSESSER'S OFFICE BASIS
R-E. TAX ALLOC. -- COUNTY BASIS
fAX C7TY1
F M_Y_- COUTfTY BASIS CAPAC_ TAX @ ClY_ CITY DEVEL. F_ O13-
YEAR BASE iHCR_ TOTAL VALUE 0.92031 YEAR SCH- T. L F T_ L F_ . "CaID%r TOTAL
BASE 19911 3,480,900 0 3,480,900 180,797 83,191 19111
3990 3;480.900 0 3,480,900 180,797 83,19§ 1990
NOTE)
1991 3,560518 1,1199.482 5,150,000 268.425 123.517 1531 75,640 11509 23.017 12,352 123518
' 1991 3,6511,518 1599,482 5,150,008 268,425 123, 19.31 75.840 11,509 23,017 12M 123518
1392 3,821,528 4.795,772 8,417,300 439.958 202,449 1992 78,393 34604 69,207 20,245 202.449
1992 3,621,528 {795,772 8,417300 439.938 202,449 1392 78,393 34,604 69,267 20,245 204,449
1993 3,693,559 (091.687 0,585646 448.795 206,516 1993 79.968 35,299 70,598 20,652 206,517
' 19M 3,M.S59 4,891,687 0585,646 448,73& 205,516 1933 79.968 35299 70,598 20.652 206,517
1994 3.767.M - 4,969,521 8,757.359 457,811 210 1934 81574 35,008. 72.UIS 21,665 210,654
1944 3.767.838 4,989,521 0,757,359 457,011 210,654 1994 81,674 • 36,008 72.016: 21,0118 210,654
1995 3,843,195 5,089.311 8,932,506 467,007 214,896 1995 83.213 35,732 73,4&2 21.490 21
' 1995 3843,195 5,[)89.311 8,932,505 4&7,107 214885 1995 83,213 35,732 73.462 27,490 214.097
1336 3,920,059. 5191,097 9,111,156 476,385 219,211 1995 8 {8B4 37,468 7038- 21,921 219.211
1811& 3,920,059 5,191.097 9,111,155 47UBS 219,211 1995 84884 37,458 74SM 21.921 219,211
1897 3,998,460 529 4 9293,379 485,952 223,613 1997 86,580 38,222 76,442 22.361 223,613
' 1997 3,998,450 5:294.919 903,379 480.952 223,613 1997 86.5$8 38,222 76,442 22361 223,613
1M 4070.429 5,4011,010 9. 479,247 495.710 228,1113 1998 88 327 71,328 40.8 22-810 229.103
1996 4078,429 5,400818 9,479,247 495,710 228,103 1998 88x327 116,966 0 22810 278.103
' TOTALS -S YEARS OKLY 3,257938 1,319.174 652.978 3 60,000 325,794 3,257,944
3407E HASEVALVE r= DUALSTH1:1 989l1990MLEMTETAXYALUEASF £ILLOYIS_
' FRX21LOT 1 1,181,600 PAR?QAtixIMALLEWAHS'M
BLK 21 LOT 2 1,55470{3 MAIN MAIL
MX 2 MOT 3 471,100 MALL) MAMEXPARMN
BLK 2I LOT 4 38,5''08 MAS_LI MALL EXPAHMN
' BLK ,g ILOT 5 165,000 MALL- THEATER
TOTAL 3.480.900