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Home My WebLink About1990-07-27 VTR Ltr to OPH Re Revised TIF Projections CORRESPONDENCE KOUTING TL, David Licht Steve Grittman Alan Brixius _ Curt Gutoske. Allan Hunting Kris Aaker Bob Kirmis Kyle Brown Jon Lyman Dan Wilson Larry Bodahl Nancy Dupont Nina Nielsen Return to: Fit / e: PURPOSE: For Your Information For Action /Response Other: NOTE: �- �� /.n q ., Svc Ac VOTO, TAUTGES, REC*\TH & CO., LTD. CERTIFIED PUBLIC ACCOUNTANTS \ / Birch Lake Professional Building e 1310 E. Hwy. 96 e White Bear Lake, .`IN 55110 e Fax (612) 426 -5004 \ e Phone (612) 426 -3263 ROBERT I. VOTO. CPA July 27, 1990 ROBERT G. TAUTGES. CPA I. -wES S. REDPATH. CPA D. KENNETH GEORGE, CPA DAB 10 I. MOL. CPA To the Honorable Mayor and Members of the City Council City of Oak Park Heights 14168 North 57th Street Stillwater, MN 55082 Re: ST. CROIX MALL - REVISED TIF PROJECTIONS Attached herewith are the following schedules projecting the TIF calculations and developer assistance for the St. Croix Mall - TIF Agreement, based upon current (1990) data: Exhibit A - Computations of developer assistance (assistance basis) based upon an $8,000,000 final project value. Exhibit B - Computations of total tax allocations (county basis) including City T.I.F. monies based upon an $8,000,000 final project value. Exhibit C - A repeat of Exhibit A, but based upon an $8,417,300 final project value. Exhibit D - A repeat of Exhibit B, but based upon an $8,417,300 final project value. When the City Council/IHRRA approved this TIF Agreement, it was anticipated that payments to the developer would total $960,000 over eight years (i.e. approximately $120,000 per year). However, this level of assistance will not be reached due primarily to a change in the "economic adjustment factor" to be used for this project. ECONOMIC ADJUSTMENT FACTOR, The economic adjustment factor is computed by the County and is used to adjust the base property values before computing annual incremental (TIP) values. For example, if the base value starts at $3,000,000 and the economic adjustment factor is 2 %, the base value will be increased by 2% per year. This base value (adjusted upwards annually) cannot be used for TIF purposes. It remains as part of the City's (plus County and School District) regular tax base. In effect, this adjustment allows the regular tax base to increase annually over the life of the TIF District (based upon inflationary increases prior to the creation of the TIF District). MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS e PRIVATE COMPANIES PRACTICE SECTION MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MUNICIPAL FINANCE OFFICERS ASSOCIATION 0 MINNESOTA ASSOCIATION OF SCHOOL. BUSINESS OFFICIALS Tb the Honorable Mayor a* • Members of the City Council City of Oak Park Heights July 27, 1990 Page 2 When the initial TIF projections were prepared, we used an economic adjustment factor of 1.91% per year. This factor was based upon data estimated by the developer and the County. The actual economic adjustment factor for this project is 5.785% or more than three times the estimated amount. This change has the effect of increasing future base values for this project and decreasing future TIF values for this project. The effect of this change is reflected in the following schedule: Original Revised Estimates Estimates Year Base TIF Base TIF 1991 71.0% 29.1% 76.9% 23.1% 1992 45.3% 54.7% 50.5% 49.5% 1993 45.3% 54.7% 52.3% 47.7% 1994 45.3% 54.7% 54.3% 45.7% 1995 45.3% 54.7% 56.3% 43.7% 1996 45.3% 54.7% 58.4% 41.6% 1997 45.3% 54.7% 60.6% 39.4% 1998 45.3% 54.7% 62.8% 37.2% The above, original estimates reflected a consistent split of 45.3% /54.7% between base and TIF because we used an economic adjustment factor of 1.91% which closely approximated our annual inflationary factor of 2.0 %. The revised estimates are based upon the actual economic adjustment factor of 5.7858% and the original inflationary factor of 2.0 %. This results in an increasing base value and decreasing TIF value after the second year. PROJECTED/ESTIMATED DEVELOPER ASSISTANCE, The annual estimated amount of developer assistance is shown in Exhibit A at the $8,000,000 completed project level. A comparison of the original estimates and revised estimates is as follows: Developer Assistance Original Revised % Year Estimates Estimates Decrease Change 1991 $41,708 $30,500 ($11,208) (26.9 %) 1992 126,342 105,908 (20,434) (16.2 %) 1993 128,880 103,950 (24,930) (19.3 %) 1994 131,470 101,716 (29,754) (22.6 %) 1995 134,110 99,188 (34,922) (26.0 %) 1996 136,804 96,342 (40,462) (29.6 %) 1997 139,552 93,160 (46,392) (33.2 %) 1998 121,134 89,616 (31,518) (26.0 %) $960,000 $720,380 ($239,620) (25.0 %) The decreased developer assistance is primarily the result of the increased economic adjustment factor as stated previously. As clearly shown above, the revised estimates are 25% below the original estimates. The above schedule reflects the effects of the higher economic adjustment To the Hdnorable Mayor an* Members of the City Council City of Oak Park Heights July 27, 1990 Page 3 factor. Each year, a greater portion of this tax base is retained as part of the regular (i.e. Non -TIF) tax base. Alternatively, the TIF portion of this tax base will decrease, unless the overall value is increased at or above the economic adjustment factor level. CITY TIF REVENUES The original TIF plan and projections were based upon developer assistance equal to 60% of the incremental tax base. The remaining 40% is applied towards the City's fiscal disparity contribution amount -- in theory. In actual practice, the City's fiscal disparity factor was 10% applied against all (100 %) commercial/industrial property values. This 10% against all commerciaLrindustrial value equates (equals) 40% against post 1971 increased commercial/industrial property values. This variance (methodology - between theory and practice) creates a situation whereby the developer receives his full 60% assistance and the City receives additional amounts (i.e. 40% fiscal disparity - theory versus 10% fiscal disparity - actual practice) of TIF revenues. The aforementioned increase in the economic adjustment factor had the effect of decreasing the developer assistance by 25 %. This change also had the effect of decreasing the City's TIF revenue by approximately $121,500 or 25 %. Additionally, the original projections would have capped the developer assistance at the $960,000 level. This cap increased the City's 1998 TIF revenue by approximately $21,200. The developers cap will not be reached under the revised projections. Accordingly, the City's TIF revenue would have decreased by $142,700 ($121,500 plus $21,200) representing a 29% total decrease. However, the City elected another change which has the effect of negating most of the above decreases to City TIF revenue. Under normal circumstances, all commercial/industrial property will contribute to the fiscal disparity pool. However, (under current TIF State Statutes), the City has the option of excluding TIF property from fiscal disparities. If this option is elected, the excluded amount will be applied to other City property values. The City of Oak Park Heights did make this election for this TIF project. Accordingly, the revised projected City TIF revenues will stay at approximately the originally projected amounts. The following schedule summarizes and compares the original estimates and the revised estimates (normal fiscal disparity contribution and optional fiscal disparity contribution) at the $8,000,000 completed project level: Revised Estimates Change from Original Original Normal Optional Normal Optional Year Estimates F.D. F.D. F.D. F.D. 1991 $20,854 $15,748 $20,886 ($5,106) $32 1992 63,170 53,920 71,678 (9,250) 8,508 1993 64,440 53,014 70,454 (11,426) 6,014 994 65,734 51,972 69,048 (13,762) 3,314 1995 67,056 50,786 67,450 (16,270) 394 1996 68,404 49,450 65,650 (18,954) (2,754) 1997 69,776 47,950 63,630 (21,826) (6,146) 1998 92,398 46,276 61,376 (46,122) (31,022) $511,832 $369,116 $490,172 ($142,716) ($21,660) To the Honorable Mayor al Members of the City Council City of Oak Park Heights July 27, 1990 Page 4 As clearly shown on the above schedule, the City will initially receive more TIF revenues than originally projected. This increase is entirely the result of the City's decision to exclude this project from the State fiscal disparity program. The only real decrease (on a present value basis) will occur in 1998. The City Council has been discussing other uses for City TIF revenue (i.e. TIF related projects). The City can expect to receive $490,172 over the next eight years as shown above - under the Optional F.D. column. If you have any further questions, please don't hesitate to call. Yours very truly, VOTO, TAUTGES, REDPATH & CO., LTD. Robert J. Voto, CPA Attachments cc: Mark Vierling Dan Wilson Curtis Gatoske CITY OF OAF. PARK HEIGHTS MALL590A.XLS EXHIBIT A T. L F. PROP03AL - -ST. CROIX MALL (BASED UPON PROJECT VALUE OF $0,000,000 .} (WITH A 7/1190 P. V. STARTING DATE' R.E. TAX ALLOC. -- ASSIST. BASIS " CITY/ P. V_ Ip FAIR MARKET VALUE TAX CAPACITY VALUE TAX @ P. A. Y. G. PAYMENT CTY- CITY DEVEL. F. DIS. PER. "9.Qro" YEAR BASE INCR. TOTAL BASE INCR. - i OTAL 0.90383 AMT. P. V. ACCUM. SCH. T. I. F. T_ I. F. "P40 %" TOTAL YEAR 1989 3.410,300 0 3,410,300 177,092 177,092 82,068 ACTUAL 1989 1989 3,410,300 0 3,410,300 177,092 177,092 82,063 ACTUAL 1939 1990 3,607,613 - 126,713 3,480,900 18G,683 -6,309 174,374 80,152 ACTUAL i2[lF G.5 0.957613 1990 3.607,613 -126,713 3,460,906 180,603 -C,309 174,3?4 60,1E2 ACTUAL 1930 0.917431 1991 3,816,342 1,144,358 4,950,700 1 0 .6,951 56,854 243,605 110.179 1;,250 13,991 13,991 50,857 G 15,250 44,672 110,175 19 1 1 E 0.67674 1691 ',@16,342 1.144,36 4,960,705 1cl 6.S51 56,604 243,8 1101,179 15,250 13,401 =7,35. 50.657 D 16,260 44,012 110,179 1 91 ? 5 196,462 354.2150 178,167 52.95.1 44,570 71,962 5:,,946 0 52,9:4 71,267 178,161 19:2 u 6 <iu6 1591 ;,037,14% "s,962,60� 6.000,000 1 + ,76� . i 5 U 300183 1992 4,037.146 3,962,Q52 5,006,000 It'-7,703 196,482 394,250 178,167 52,954 52',691 114,603 53,946 0 52,95; 7 i,2u "7 178,167 1S92 S 6.772183 1995 4.270.729 3.889.271 8.16G.0015 20:.210 1E-'2.960 402.170 181,747 51,915 49;,134 154,787 57,07": 0 51,976 72,69`+ 131,747 1981: 3.5 0.739616 1923 4,^c7D,729 3,689,271 6,160,000 2 `:,210 192,900 402,170 131.747 51,975 3S,41 199,..29 5',073 0 51,975 72,699 1811,74? 15:3 4 0.706425 1994 4,517,825 3,805,375 8,323,200 221,314 180,934 410,246 155,397 50,858 36,020 229,258 60,380 0 50,858 74,159 165,337 1994 ;.6 0.676548 1994 4,517,825 3,805,375 8,323,200 221,314 188,934 410,248 185,397 50,858 34,510 263,760 60,380 0 50,858 74,159 185,397 199; 5 0.649931 1995 4.779,217 3,710,447 8,489,664 234,119 164.363 418,488 189,121 49.594 32,233 296.001 63,679 0 49,594 75.646 189,121 1Z" 55 5 5 0 622521 1995 4.779,217 3,710,447 6,489,6G4 234,119 184,369 418,468 189,121. 4y,594 30,673 326,874 63,879 0 49,594 75,648 169,121 19 °E 6 0.596267 1996 5,055,733 3,603,724 6,659,457 247,665 179,228 4266,893 192,919 48,i71 21',723 355,597 67,530 0 48,171 77,166 192,919 1996 6.5 0.571121 1996 5,055,733 3,603,724 8,651,45-7 247,GG5 179,228 426,693 192,919 48,17, 27,511 353,108 67,580 0 48,171 77,168 19 2,919 193& 7 0.547034 1997 5,348,246 .,484,396 8 21,994 173,472 435,456 196,794 46,580 25,481 408,569 71,496 0 46,580 78,71E 196,794 196' 7.5 G.E23964 1997 5,34E,24o 3,484,396 0,832,646 261,994 173,472 435,466 19C,794 41580 24,405 432,995 71.496 0 4E,580 76,713 136,794 1667 8 0.501666 1998 5.657,687 3,351,612 9,009.299 277,152 167,058 444,210 200,745 44,808 22,488 455,463 75,639 0 44,806 80.298 200,745 1936 5.5 0.460781 1956 5,657,687 3,351,612 9,009,299 277,152 167,058 444,210 230,745 ;4,803 21,539 477,022, 75,63) G 44,608 80,295 200,7.15 1938 TOTALS - -8 YEARS ONLY 2,872,135 720,380 477,022 1,001,700 0 720,280 1,148,058 2,876,13E NOTE: 5ASE VALUE EQUALS THE 198899 REAL ESTATE TAX VALUE AS FOLLOWS: ELF; 2I LOT 1 1,140,1GG PARF:II,'G / MALL EXPANSION 61462-2150 BLK 21 LOT 2 1,654,700 MAIN' MALL 61432 -2201; • KV, 21 LOT 3 438,605 MALL; MALL EXPANSiON 61402 Ou' " 2 ' L T 4 2G,G0G Mali 1 MALL EY,PANSiON 61402 ELr. 21 LOT 5 150,36 -G MALL -- THEATER 61402 TOTAL Mr: T. VALUE 3.4 i 0,360 TAX C.APACTY VALUE -1990 RULES 170,901 ANNUAL ECO1401.11C ADJUSTMENT FACTOR 0.057356 TOTAL VALUE GROWS TO SET AMOINCT AT 1991 AND THEN. INCREASES BY 2 PER YEARTHEREA= i� ER P:t;c 1 CITY OF OAK PART: HEIGHTS MALL590S.XLS EXI Iit3,T 5 T. 1. F. PROPOSAL - -ST. CROIX MALL {BASED UPON PROJECT VALUE OF 58,000.000 .) COUNTY ASSESSEF'S OFFICE BASIS R-E. TAX ALLOC.- -COUIM BASIS CITY/ FAIR MARKET VALUE TAX CAPACITY VALUE TAX CTY. CITY DEVEL F. DIS. YEAR BASE INCR_ TOTAL BASE INCR. TOTAL 0.90383 SCH. T. 1. F. T. I. F- "@ 040" TOTAL YEAR ' 1969 3,410,300 0 3,410,300 177,092 177,092 32,068 ACTUAL 74,412 0 0 7,650 62.098 1964 1989 3,410,300 0 3,410,360 17,032 177,092 62,GG6 ACTUAL 74,412 0 0 7,656 VU68 1981J 1090 3,607,613 -12 5,713 3,430,900 160,683 -6,302 174,374 60,152 ACTUAL 70,204 C 0 9,943 60,152 1990 1990 3,607,613 - 123,713 3,460,900 1 °0,863 -6,365 174,374 BU52 ACTUAL 70,204 0 0 9,946 60,1;2 1530 1591 3,818,342 1,144,556 4,966,705 186,951 56,854 243,805 110.175 64,466 16 .443 15,250 8 1 110,175 1591 1991 3,16,342 1,144.358 4,966,760 1BE,951 56,664 243,695 110,179 64,466 10,443 15,2 50 0 110,179 1991 1992 4,037,148 3,962,652 8,000,030 197,766 196,482 394,250 176,167 89,374 35,839 52,954 0 176,167 1992 • 1992 4,037,143 3,962,352 6,000,000 197,763 195,462 394,250 178,167 89,37~ 35,839 52,954 0 175,167 1992 • 1993 4,277,729 30 8,1CO 209,210 192,960 412,170 181,747 94,545 35,227 51,975 0 161,747 1993 1993 4.270,72 3,669,271 S. 160,00 209,10 192,950 402,170 151,747 94,545 35,227 51,575 0 1C 1,747 1953 1994 4,517,825 3,305,375 8,323,200 221,314 188,534 410,243 185,397 100,015 34 50,858 0 165,397 1994 1994 4,517,825 3,805,375 6,323,200 221,314 188,934 410,248 185,397 100,015 34,524 50,858 0 185,397 1994 1995 4,779,217 3,710,447 8,489,664 234,119 164,369 418,466 185,121 105,602 33,725 43,594 0 169,121 1595 1595 4,779,217 3,710,447 8,489,664 234,119 184,369 418,486 169,121 105,802 33,725 45.594 0 159,121 1995 1996 5,055,733 3,603,724 8,659,457 247,685 179,228 426,893 192.919 111,923 32,325 4,171 0 192,919 1996 1996 5,055,733 3,603,724 8,659.457 247,665 179,226 426,6 192,919 111,23 32,825 48,171 0 192,919 199 6 195? 6.343.248 :,434,396 8. &32,C 46 261.994 173.472 435,466 196,794 116.339 31,615 4,580 C 193,794 1997 ;997 5,,348,48 3,4:,4,296 8,632.6-16 2;1,934 173,472 43 ;,466 196,754 11E,39? 31, 615 46,580 0 196,794 1937 1998 5,657,637 3,351,612 9.002,299 27 7,15 2 167,956 444,210 200,745 12 30,588 44,808 0 200,745 199E 199; 5,657,697 3,351,61 9,009,293 277,152 137,053 444,210 200,745 125,249 30,00 / 44,609 0 200,745 1998 TOTALS - -B YEARS ONLY 2 ,870,131: ',659,566 49:i 17^- 720,360 C ^_670.133 NOTE: BAS , ,LL:E EQ' 1ALS 7H E ,::3 , RE A'- c , ATE TAX lALU= A,; Fig � .�.IIS. 6LK 2! LOT 1 1,140,; 0J PARKIN / MALL EIPANSiON 6140 -21 ;0 • ELK 2 i LOT 2 1,654,700 MAIN MALL 61402 -2200 • ELK 2 LOT 3 4:3,600 MALL r IAL EXPANS3I0I4 6142.226 BLK 21 LOT 4 26.60G MALL ; MALL EXPANSION 61402.2300 BLY, 2.' LOT 5 l ;L,Z'ID MALL -TH =A T EER G! 402 -2:50 TOTAL MKT. VALUE' 3.410,3.0 TAX CAPACi Y VAL! i` -1990 RULES 170,801 ANNUAL E0 1 INS )Mr: ADJUSTMENT FACTOR 0.057;56 = 160,683 TOTAL VALU GRO TO S =T AMG I! T AT 1991 AND THEN' !N OREAS S BY 2`:4 PER YEAS -H-E. ,EAF ;; ER CITY OF OAK PARK HEIGHTS MALL590C:.XLS EXH1Bil C T_ 1. F- PROPOSAL--ST- CROIX MALL (BASED UPOII PROJECT VALUE OF $3,417,390.) (WITH A 7/1190 P. V. STARTING DATE) R.E. TAX ALLOC.-- ASSIST. BASIS CITY/ P. V. C FAIR MARKET VALUE TAX CAPACITY VALUE TAX @ P. A- Y. G. PAYMENT CTY. CITY DEVEL. F. DIS. PER. "9.0°.x" YEAR BASE INCR. TOTAL BASE INCR. TOTAL 0.96303 AMT. P. V. ACCIJM. SCH. T. 1. F. T. 1. F. " @40 TOTAL YEAR ' 1989 3,416,300 0 3,410,300 177,092 177,092 BUGS ACTUAL 1589 1969 3,410.300 0 3,410,300 177.092 177,092 82,068 ACTUAL 1989 1990 3,607,613 -126,713 3,480,900 180,683 -6,309 174,374 80,152 ACTUAL 1990 0.5 0.9 7626 1990 3,607,613 -126,713.3,460,900 160,683 -6,369 174,374 60,152 ACTUAL 1990 1 0.917431 1991 3,616,342 1,144,358 4,960,700 136,951 53,854 243,805 110,17 15,2510 13,931 13,991 50,35' 0 15, 25 0 44,072 110,179 1991 1 5 0.87874 1991 3,81x,342 1,144,256 4,960,700 186,951 56,654 243,895 116,179 15,250 13,4 27,392 53,857 0 15,250 44.072 11079 19r'1 • 2 G.8416G 199: 4,037,548 4,380,152 8,4 197,713E 21 414,906 197,502 5 49,274 7G,666 53,958 0 58,543 75,001 187,502 59?� • 2.5 0.806183 1992 4,037,148 4.380,152 6,417,3G0 197,760 217,138 414,906 187,5G2 58,543 47,196 123,802 53,958 "0 5"6,543 75,001 107,5G"_ 1992 3 6.772183 1993 4.270,72• 4.314,917 6.585,646 209.210 214,029 423,239 191,268 57,676 44,536 166,398 57,08- 0 57,676 76,507 191,268 1?5:; 3.5 0.739616 1993 4,270,729 4,314,917 6,565,646 209,210 214,029 423,239 191,266 57,676 42,658 211,056 67,065 0 5 ?,676 70,507 191,266 1393 4 6.708425 1994 4,517,825 4,239,534 8,757,359 221,314 210,425 431,739 195.109 56,673 40,149 251,205 60,393 0 56,573 78,044 155,110 1994 4.5 0 678546 1994 4,517,625 4,239,534 6,757,359 221,314 210,425 431,739 195,109 56,673 36,455 289,66E 60,393 0 56,673 78,044 195,116 1954 5 0.649931 1995 4,779,217 4,153,289 6,932,506 234,119 206,290 440,409 199,027 55,524 36,067 325,747 63,092 0 55,524 79,611 193,027 1995 5.5 6.622521 1995 4,779,217 4,153 289 8,932,506 234,119 206,290 440,409 199,027 55,52; 34,565 360,312 63, 0 55,524 79,13 11 199,027 1905 i 6 0.596267 1996 5,055,733 4,055,423 9,111,156 247,665 2201,567 449,22 203,024 54,220 32,330 392,642 67,594 0 54,220 81,210 203,024 199E 13.5 0.57 1121 1996 5.055,733 4,055,423 9,111,156 247,635 201,587 449,252 203,024 54,220 30,966 423,608 67,594 0 54,220 81,210 203,024 1996 7 ['.547034 1997 5,346,248 3,945.131 9,293,379 261,H4 196 458,272 207,100 52,750 28,656 452,464 71,510 0 52,750 e2,840 207,100 1297 i 7.5 0 523964 1997 5,348,246 3,945,131 9,293,379 261,994 196,278 458,272 207,100 52,750 27,639 480,103 71,510 0 52,750 82,840 207,100 1097 8 0 501866 1998 5,657,687 3,821,560 9,479,247 277,152 190,321 467,473 211,258 51,101 25,646 505,749 75,654 0 51,101 84,503 211, 1953 6.5 U.4007G1 1996 5,657,687 1 1,321,5G0 9,479,247 277,152 190,321 407,473 211,258 51,1C1 24,564 530,313 75,654 0 51,101 84,503 211,25E 19 TOTALS - -B YEARS ONLY 3,003,934 6H, 474 53J,313 1,031,656 6 803,474 1,203,576 3,008,9'16 140TE: BASE VALUE E(3IUALS THE 1986T5 REAL ESTATE TAX VAL UE AS F� )LLOVIS: BUI 2 i LOT 1 1,140,100 PARKING / MALL E),?ANIMON G 1402 150 . BLK 2 LOT 2 1 ,654,700 MAIN IfALL 01402.2200' • BLK 2 LOT T 3 438,600 MALL I MAI I EXPANSION 61402 -2250 °1,K 2 'LOT A 26,600 MALL, MALL EXPANSION 01402 -2300 BLK 2 i LOT 5 150,300 MALL-THEATER 614G2 -2350• TOTAL FI'n"T.VALUE 3.410,30C TAX CAPACITY W.WE -1996 RULES 17 ANNUAL ECONOMIC ADJUSTMENT FACTOR 0.057856 = 180,G83 TOTAL VALU [GROWS TO SET AM. MINT AT 1991 AND THEN INCREASES BY 2% P ER YEAR THEREAFTER CITY OF OAV W.Rll' HEIGHTS MALL590D.YLS EXHIBIT D T. I. F. PROPOSAL - -ST. CROM MALL {BASED UPON PROJECT VALUE OF 58.417,30Il .) COUNTY ASSESSOR'S OFFICE BASIS , R.E. TAX ALLOC. -- COUNTY BASIS CITY/ FAIR FIARKET VALUE TAY. CAPACITY VALUE TAX 0 CTY. CITY REVEL. F. DIS. YEAR BASF INCR. T0Tk!- BASE INCA. TOTAL 0.90383 SC!i. T. I. F. T. 1. F. "0 0 °0" TOTAL YEAR • 1989 3,410,300 G 3,410,:;30 177,092 177.092 82,066 ACTUAL 74,411 0 0 7,078 81,489 1569 19 @9 3,410,300 0 3,410.300 177,092 177,032 82,065 ACTUAL 74,411 0 0 7,078 81,489 1929 1990 3,607,613 - 126,713 3,460,900 160,663 -6,305 174,374 80,152 ACTUAL 70,204 0 0 9,948 80,152 1990 1956 9,901,913 - 126,713 3,480,500 180,683 -6,309 174,374 80,152 AOT UAL 70,204 0 0 9,946 80,152 1990 1591 3,516,342 1,144,358 4,960,700 166,951 5E,854 243,605 110,179 84,486 10,443 15,250 D 110,17D 1991 • 1991 3,816,342 1,144,358 060,700 166,951 5E,654 243,805 110,179 64,406 10,443 15,250 0 110,179 1991 1992 4,037,148 4,380,152 8,417,300 157,768 217,138 414,906 187,502 89074 39,585 58,543 0 167,502 1992 • 1992 4037,148 4,380,152 8,417,30 137,768 217,138 414,906 137,502 59,374 39,585 56,543 0 187,502 1932 1993 4.273,729 4,314,917 8,565,141 289,210 214,029 423,239 191,268 94,545 39,047 57,676 0 191,266 1993 1993 4,270,729 4,314,917 8,565.6.16 29,210 214,029 423,239 131,266 9.1,545 39,047 57,676 0 191,268 1993 1954 4,517,825 4,239,534 6,757,359 2'1,314 210,425 431,739 195,109 100,015 38,421 56,673 0 19,109 1994 1994 4,517,625 4,239.534 8,757,359 221,314 210,425 431,739 195,109 100.0 i5 38,421 56,673 0 195,10° 1994 1995 4,779,217 4,153,269 8,932,505 234,119 206,290 440,409 199,027 165,802 37,701 55,524 0 199,027 1995 1995 4,779.217 4J53,28E- 8,932,506 234,119 206,290 440,409 199,027 105,802 37,701 55,524 0 199,027 1925 196 5.055,733 4,055,423 9,111,156 247,665 201,587 449,252 203,024 111,924 36,380 54,220 0 203,024 1996 199L 5,055,733 4,055,423 9,111,156 21 4 7,665 201,567 449,252 2D3,024 111,924 3C,880 54,220 0 203,024 1996 1997 5.346-248 3,945.131 9,291879 201.994 196.276 456,272 207.109 116,399 35,951 52,750 0 207,100 1997 1597 6,348,245 3,945,131 9,293,376 261,994 196,278 458,272 207,100 116,399 35,951 52,750 0 207,100 1957 1998 5,657,687 3,821,560 9,479,247 277,152 190,321 467,473 211.258 125,249 34,908 51,101 0 211,258 1 H 8 1998 5,657,687 3,621,560 9,479,247 277,152 190,321 467,473 211,258 125,249 34,906 51,101 0 211,258 1990 TOTALS - -6 YEARS ONLY 3,008,934 1,659,586 545,872 603,474 0 3,002,93.5 NOTE: BASE VALUE EQUALS THE 1939'89 REAL ESTATE TAX VALUE AS FOLLOW& 6LK 2 l LOT 1 1,140,100 PARKING / MALL EXPANSION 61 402 -2150 • 6LK 2 LOT 2 1,654,700 MAIN MALL 61402 -2200 BLK 21 LOT 3 438,600 MALL 1 MALL EXPANSION 61402-2250 ELK 21 LCIT 4 26,600 MALL /MALL EXPANSION 01402 -2300 ELK 2! LOT T 5 150,30[ MALL-- THEATER, 61402 -2350 TOTAL MKT. VALUE 3,410306 TAY. CAPACITY VALUE-19 RULES 170,805 ANNUAL ECONOMIC ADJUSTMENT FACTOR C.C5785Z = 160,683 TOTAL VALUE GROWS Ti s SET AMOUNT AT 1991 AN<< THEN INCREASES BY 2`'o PEE RYEARTHEREAFTE; c•. 1