HomeMy WebLinkAbout1989-05-12 VTR Memorandum to CA & NAC VOTO, TAUTGES, RE & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
Birch Lake Professional Building 0 1310 E. Hwy. 96 White Bear Lake, MN 55110 • Phone 426 -3263
MELIO RAND L'1%2
TO: Mark Vierling ROBERT I.VOTO,CPA
Dan Wi l son ROBERT G. TAUTGES, CPA
JAMES S. REDPATH, CPA
FROM Bob Voto D. KENNETH GEORGE, CPA
DAVID I. MOL, CPA
DATE: May 12, 1989
RE: OAK PARK HEIGHTS - TIF
ST. CROIX MALL APPLICATION
ACQUISITION PRICE VS. USE OF TIF PROCEEDS
The St. Croix Mall TIF Application includes a project proforma for
"acquisition /construction costs" summarized as follows:
ACQUISITION PRICE $3,600,000
CONSTRUCTION COSTS:
° Hard Costs 5,000,000
°Soft Costs 500,000
°Construction Interest 700,000
Total $9,800,000
The $3.6 million acquistion price is based upon parcels being purchased by
"Watson" from "Swager" under two separate Contract For Deed Agreements both
dated December 28, 1988.
One such agreement (C /D #2) covers the following parcels - all of which are not
included in the Mall TIF Project.
F14V - Per
County
Parcel - Current Use Assessor
Blk 1 /Lot 3 — Vacant Lot @ South
West Corner of Mall $ 121,600
Blk 2 /Lots 7, 8 & 9 — Strip Mall @
North East
Corner of Mall 660,400
Total $ 782,000
Acquisition Price $1,005,000 �VED
Factor 1.2 � 1 1989
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
GOVERNMENT FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS
Mark Vierling
Dan Wilson
May 12, 1989
Page 2
The other agreement (C /D #1) covers several parcels. Some of these parcels are
included in the Mall TIF Project and others are not. The total acquisition
price for these parcels includes an unconditional amount of $4.995 million plus
a conditional amount of $1.2 million up to $1.5 million. The conditional amount
represents Tax Increment Financing proceeds (at a discounted present value based
upon a 10 3/4% interest factor).
A comparison of the above acquisition prices with the Washington County
Assessor's values is as follows:
Amount Factor
° FMV - Per County Assessor $4,504,000
*Acquisition Price:
°Unconditional Amount $4,995,000 1.11
°Total Amount:
°Minimum ( +$1.2 million) $6,195,000 1.38
°Maximum ( +$1.5 million) $6,495,000 1.44
If you compare the above factors with the same factor for the smaller strip
mall, (see page 1) it becomes difficult to justify any need for Tax Increment
Assistance for the proposed project. The "unconditional" acquistion price
appears to value the mall at a lesser factor than the smaller strip mall, (i.e.
a factor of 1.11 vs. 1.29).
If the mall is in need of renovation (as stated by the developer), this factor
should result in a lowered purchase price. The unconditional amount reflects
this situation as we would expect. The higher amount (additional $1.2 million)
does not appear justified.
The City's "Statement of Interest" calls for the use of Tax Increment as a tool
for the planning and implementation of project activities. As such, Tax
Increment Assistance is intended to help finance new construction and new tax
base. This project specifically directs such assistance to a prior owner of an
existing facility as stated in the underlying Contract For Deed Agreement.
Mark Vierling
Dan Wilson
May 12, 1989
Page 3
PROJECT VALUES VS. TAX VALUES
The attached Exhibit A presents an overall summary of all parcels included in
the St. Croix Mall PUD subdivision and the St. Croix Mall PUD - second addition
subdivision. Use this Exhibit as a "road map" to illustrate ownership and pre-
sent use of the various parcels included. The last three columns indicate the
parcels being purchased by Watson and the parcels included in this TIF Project.
The attached Exhibit B presents an allocation of the $4.995 million and $6.195
million (i.e. $4.995 + $1.200) purchase price among the various parcels being
purchased. This allocation is based upon the relative values per the
Washington County Assessor's Office.
The last four columns (Exhibit B) summarize only those parcels which are
included in this TIF Project. It is interesting to note the last column on
Exhibit B. This is the value used by Watson (Publicorp) to compute the level of
incremental taxes to be made available. This value ($3,516,200) closely
approximates the Washington County value of $3,480,900 for those parcels
included in the TIF Project.
This comparison points out an inconsistency in the Application as to the actual
"base value" (for tax increment purposes) of this property. Is the base value
$3.5 million or is the base value $4.8 million?
The Publicorp computations use a base value of $3,516,200 and a completed pro-
ject value of $6,616,200. The difference between these values will generate
annual incremental taxes of $156,740 per year (based upon the Publicorp
computations). This is the level or amount of TIF Assistance being requested.
However, if the base value is really $4,787,252 (i.e. a pro -rata portion of the
$6.195 acquistion price); then, the available incremental taxes would be much
less. This is illustrated as follows:
*Value of Completed Project
(Per Application) $6,616,200 $6,616,200
*Base Value:
*Per Application (3,516,200)
°Per Purchase Agreement (4,787,252)
°Incremental Value $3,100,000 $1,828,948
°Incremental Annual Taxes $ 156,740 $ 92,474
The above comparisons (coupled with the stipulation that the tax increment pro-
ceeds are to be paid to the prior owner), should be considered a major incon-
sistency to this proposed project.
Mark Vierling
Dan Nilson
May 12, 1989
Page 4
Further elaboration on inconsistency is warranted. The application specifies a
total project cost of $9.8 million (see page one of this memo.) However, the
total project value for projected real estate taxes is only $6,616,200 (see abo-
ve) or 68% of the $9.8 million. The two values should be approximately equal.
If the total project cost is $9.8 million; why is the project value for real
estate tax purposes only $6.6 million?
If a $9.8 million value of completed project value is used rather than the $6.6
million, the incremental taxes would total $311,620 per year instead of the
$156,740 per year as stated in the application. At this level, the requested
$1.2 million of TIF assistance (on a present value basis) would be achieved with
6 1/2 years of incremental tax payments rather than the 15 1/2 years as shown in
the application. Note that the 6 1/2 years fits the policy as established by
the City Council (see the attached Exhibit C and D), except for the fiscal,
disparity question. My present value numbers are somewhat different from those
proposed by Publicorp. I have not determined the reason for these differences.
However, these differences do not change the situation relating to the incon-
sistency of the application.
This inconsistency is becoming all too common with the TIF Financing Assistance
Application. The developer is apparently using inflated "financing values" for
total project costs of $9.8 million and reduced "property tax values" for the
requested level of assistance. Such an inconsistency cannot be allowed. If the
final project is worth $9.8 million, it should be valued and taxed as such.
INTEREST VS. PRESENT VALUE COMPUTATIONS
Upon further analysis of the data, other inconsistencies become evident. The
developer acquisition /construction costs summary includes a $700,000 item for
construction period interest. Basd upon "hard" construction costs of $5.0
million plust "soft" construction costs of $500,000 and a 10 3/4% interest fac-
tor, this represents 13% or approximately twenty -eight months of capitalized
construction interest. This seems to be excessive in the extreme. I would have
expected one year or less, computed as follows:
°Total Costs $5,500,000
°Interest Rate x 10.75
*Total 591,250
°Average Use X .25
°Construction Interest $ 147,800
Mark Vierling
Dan Wilson
May 12, 1989
Page 5
The one - quarter factor for average use is based upon a concept that the money
will be paid out ratably over the construction period of six months. The above
construction interest should carry the financing costs of this project to a
December, 1989 completion date. If the project is completed in 1989, it will be
on the tax rolls at January, 1990 and pay full real estate taxes in 1991 as
shown on the Pulicorp schedules.
However, the Publicorp schedules (Exhibit C and D) use a 1989 date for deter-
mining the present value of the tax increment flows. This is also inconsistent.
The 1989 interest factor is computed in the construction interest. It should not
be computed a second time in the present value computation.
I have prepared Exhibits E and F to restate the tax increment present value com-
putations starting with a 1990 (instead of a 1989) date. As you can see, this
factor shortens the time period (for achieving the $1.2 million present value)
by approximately one year.
FISCAL DISPARITIES POLICY
The TIF Application and the preceeding analysis allocates 1000 of increased
real estate tax base to the project. Alternatively, adopted City policy
(following state statutes) allocates only 60% of such tax base to the project.
The remaining 40% (of the increased tax base) will be allocated to the fiscal
disparity program.
This application is contrary to-the adopted City policy with regard to the
fiscal disparity question. The effect of this deviation from policy will be to
increase property taxes on all other property taxed by the City and the other
taxing jurisdictions.
MALL489A.XLS
PLAT DATA ST. CROIX MALL P_ U. D. EXHIBIT A
ST_ CROIX MALL P_ U. D. - -2ND. ADDITION
1988189
ASSESSER'S VALUE PROPERTY SWAGERIWATSON
FEE OWNER TAX PAYER 1/1188 1/1/89 TAX PRESENT USE CID #1 CID #2 T. 1. F.
ST_ CROIX MALL P. U_ D.
ELK 11 LOT3 ST. CROIX VALLEY BANK SAME 451,500 495,500 21,969.76 BANK BLDG.
ELK 11 LOT5 DUENOW FOODS, INC. SAME 119,100 126,500 3,988.20 RESTAURANT - -FRIED CHICKEN
ELK 11 LOT6 CITY OF 0. P. H. K -MART CORP. 1,861,100 1,861,100 88,752.14 K -MART STORE -- ORIGINAL
BLK 1/ LOT? H. P. BROOKS SAME 278,100 297,300 13,749.24 OFFICE BLDG.
ELK 1 i LOTS GREEDER- HINDS - COMFORT VFW CLUB 365,000 365,000 16,308.46 VFW BLDG.
ELK 11 LOT9 ST. CROIX LTD. SAME 957,200 1,024100 44,769.04 BOWLING BLDG.
ELK 1/ LOT11 SWAGER BROS. INC. WATSON CENTERS INC. 7,800 7,800 392.90 MALL ACCESS @SO. WEST CORNER {
C LK 1/ LOT12 SWAGER BROS. INC. WATSON CENTERS INC. 18,900 18,900 950.54 MALL ACCESS @SO. WEST CORNER
LK 11 LOT17 ST. CROIX CAR WASH INC. SAME 148,400 148,400 5,517.94 CAR WASH BLDG.
4,207,100 4.346,600 196,398.22
ST_ CROIX MALL P_ U. D---2ND- ADDITION
BLK 1/ LOT 1 SWAGER BROS INC SAME 19,800 19,800 1,097.28 VACANT LAND @SO. WEST CORNER
BL K 11 LOT 2 SWAGER BROS INC SAME 40,200 40,200 2,107.52 VACANT LAND @SO. WEST CORNER
BLK 11 LOT 3 SWAGER BROS INC SAME 121.600 121,600 6,077.18 VACANT LAND @SO. WEST CORNER
181,600 181,600 9,261.98
BLK 2 / LOT 1 OAK PARK DEV & SWAGER WATSON CENTERS INC. 1,140,100 1,161,600 55,475.90 PARKING / MALL EXPANSION +�
BLK 2 / LOT 2 OAK PARK DEV. CO. WATSON CENTERS INC. 1,654,700 1,654,700 78,776.10 MAIN MALL
BLK 21 LOT 3 OAK PARK DEV & SWAGER WATSON CENTERS INC. 438.600 471.100 21,342.30 MALL/ MALL EXPANSION
ELK 2/ LOT 4 SWAGER BROS INC WATSON CENTERS INC. 26,600 28,500 1,330.10 MALL i MALL EXPANSION
BLK 2/ LOT 5 OAK PARK DEV. CO. WATSON CENTERS INC. 150,300 165,000 7,313.68 MALL-- THEATER f
BLK 2 / LOT 6 OAK PARK DEV. CO. WATSON CENTERS INC. 796,000 807,600 38,829.88 MALL- -K -MART EXPANSION f
y Q LK 2 /LOT 7 SWAGER BROS INC SAME 114,900 114,900 5,590.68 STRIP MALL @NO. EAST CORNER
LK 2/ LOT 8 OAK PARK DEV. CO. SAME 290,800 290,800 14,150.04 STRIP MALL @NO. EAST CORNER f
BLK 2 / LOT 9 OAK PARK DEV. CO. SAME 254,700 254,700 12,393.68 STRIP MALL @NO. EAST CORNER
1 BLK 2 / LOT 10 OAK PARK DEV. CO. WATSON CENTERS INC. 140,306 189,300 6,827.10 PARKING- BEHIND K -MART
5,009.000 5.138.200 242.029.46
5,190,600 5,319,800 251,311.44
4,375,300 4,504,500 C 1 DEED # 1- 12/28188- $4,995,000 + $1,200,000. TIF PROCEEDS
782,000 782,000 C / DEED # 2- 12128188- $1,005,000 TOTAL
Page 1
MALL489B.XL5
PLAT DATA ST. CROIX MALL P. U_ D. EXHIBIT B
ST. CROIX MALL P_ U_ D. - -2ND. ADDITION
CID #1 T_ 1. F_ @►
ASSESSER'S VALUE '%" TO CID #1 CID #1 ASSESS_ SWAGER / WATSON
FEE OWNER TAX PAYER 1/1/88 1/1/89 TOTAL ALLOC_ ALLOC_ MKT. 4,995,000 6,195,000 APPUC_
ST. CROIX MALL P. U_ D.
BLK 1I LOT3 ST. CROM VALLEY BANK SAME 451,500 495,500
BLK 1/ LOT5 DUENOW FOODS, INC. SAME 119,100 128,500
BLK 1/ LOT6 CITY OF 0. P. H. K - MART CORP. 1,861,100 1,861,100
BLK 1I LOT? H. P. BROOKS SAME 278,100 297,300
BLK 11 LOT8 GREEDER-HINDS- COMFORT VFW CLUB 365,000 365,000
BLK 11 LOT9 ST. CA00( LTD. SAME 957,200 1,024,100
BLK I/ LOT11 SWAGER BROS. INC. WATSON CENTERS INC. 7,800 7,800 0.1732 8,649 10,727
LK 1/ LOT12 SWAGER BROS. INC. WATSON CENTERS INC. 18,900 18,900 0.4196% 20,958 25,993
LK 11 LOT17 ST. CROIX CAR WASH INC. SAME 148,400 148,400
4,267,100 4,346,600
ST- CROIX MALL P_ U. D_ - -2ND- ADDITION
BLK 11 LOT 1 SWAGER BROS INC SAME 19,800 19,800
BLK I1 LOT 2 SWAGER BROS INC SAME 40,200 40,206
BLK 1l LOT 3 SWAGER BROS INC SAME 121,600 121,600
181,600 181,600
BLK 2 / LOT 1 OAK PARK DEV & SWAGER WATSON CENTERS INC. 1,140,100 1,161,600 25.7875% 1,286,086 1,597,536 1,161,600 1,286,066 1,597,536 1,191,600
BLK 2 / LOT 2 OAK PARK DEV. CO. WATSON CENTERS INC. 1,654,700 1,654,700 36.7344 1,834,882 2,275,695 1,654,700 1,834,882 2,275,695 1,690,000
BLK 2 / LOT 3 OAK PARK DEV & SWAGER WATSON CENTERS INC. 438,600 471,100 10.4584°; 522399 647,900 471,100 522,399 647,900 471,100
BLK 2 / LOT 4 SWAGER BROS INC WATSON CENTERS INC. 26,600 26,500 0.6327 31,603 39,196 28,500 31,603 39,196 28,500
BLK 2 /LOT 5 OAK PARK DEV. CO. WATSON CENTERS INC. 150,300 165,000 3.6630°.; 182967 226,923 165,000 182,967 226,923 165,000
BLK 2 / LOT 6 OAK PARK DEV. CO. WATSON CENTERS INC. 798,000 807,600 17.9287 895,540 1,110,665
W 2 /LOT 7 SWAGER BROS INC SAME 114,900 114,900
LK21 LOT 8 OAK PARK DEV. CO. SAME 290,800 290,800
BLK 2 /LOT 9 OAK PARK DEV. CO. SAME 254,700 254,700
BLK 2 / LOT 10 OAK PARK DEV. CO. WATSON CENTERS INC. 140,300 189,300 4.2025 209,913 260,343
5.009.000 5.138.200
5,190,600 5,319,800
100.0000°/; 4,995,060 6,195,000 3,480,900 3,659,939 4,787,252 3,516,200
Page 1
MALL4$90.XLS
CITY OF OAK PARK HEIGHTS EXHIBIT C
T. 1. F. PROPOSAL - -ST. CROIX MALL {BASED UPON PROJECT VALUE OF X6.6 MIL}
MITH A 1989 P_ V_ STARTING DATE)
P_ A. Y_ G. PAYMENT
YEAR O. T. C N. T. C. C_ T. C. T. C. R_ T_ 1_ AMT. P_ V, ACCUM_ YEAR
1989 176,245 176,245 0 0.9266 0 1989
1989 176,245 176,245 0 0.9266 0 1989
1990 176,245 176,245 0 0.9266 0 1990
1990 176,245 176,245 0 0.9266 0 0 1990
1991 176,245 345,401 169,156 0.9266 78,370 77,370 59,940 59,940 1991
1991 176,245 345,401 169,156 0.9266 78,370 77,370 56,956 116,896 1991
1992 176,245 345,401 169,156 0.9266 78,370 77,370 54,121 171,017 1992
1992 176,245 345,401 169,156 0.9266 78,370 77,370 51,428 222,445 1992
1993 176,245 345,401 169,156 0.9266 78,370 77,370 48,868 271,313 1993
1993 176,245 345,401 169,156 0.9256 78,370 77,370 46,436 317,749 1993
1994 176,245 345,401 169,156 0.9266 78,370 77,370 44,125 361,874 .1994
1994 176,245 345,401 169,156 0.9266 78,370 77,370 41,929 403,803 1994
1995 176,245 359,217 182,972 0.9266 84,771 83,771 43,138 446,941 1995
1995 176,245 359,217 182,972 0.9266 84,771 83,771 40,991 487,932 1995
1996 176,245 373,586 197,341 0.9266 91,428 90,428 42,046 529,978 1996
1996 176,245 373,586 197,341 0.9266 91,428 90,428 39,953 569,931 1996
1997 176,245 388,529 212,284 0.9266 98,351 97,351 40,871 610,802 1997
1997 176,245 388,529 212,284 0.9266 98,351 97,351 38,837 649,639 1997
1998 176,245 404,070 227,825 0.9266 105,551 104,551 39,634 689,273 1998
1998 176,245 404,070 227,825 0.9266 105,551 104,551 37,661 726,934 1998
1999 176,245 420,233 243,988 0.9266 113,040 112,040 38,350 765,284 1999
1999 176,245 420,233 243,988 0.9266 113,040 112,040 36,441 801,725 1999
2000 176,245 437,042 260,797 0.9266 120,827 119,827 37,034 838,759 2000
2000 176,245 437,042 260,797 0.9266 120,827 119,827 35,191 873,950 2000
2001 176,245 454,524 278,279 0.9266 128,927 127,927 35,700 909,650 2001
2001 176,245 454,524 278,279 0.9266 128,927 127,927 33,923 943,573 2001
2002 176,245 472,705 296,460 0.9266 137,350 136,350 34,357 977,930 2002
2002 176,245 472,705 296,460 0.9266 137,350 136,350 32,647 1,010,577 2002
2003 176,245 491,613 315,368 0.9266 146,110 145,110 33,015 1,043,592 2003
2003 176,245 491,613 315,368 0.9266 146,110 145,110 31,372 1,074,964 2003
2004 176,245 511,278 335,033 0.9266 155,221 154,221 31,682 1,106,646 2004
2004 176,245 511,278 335,033 0.9266 155,221 154,221 30,105 1,136,751 2004
2005 176,245 531,729 355,484 0.9266 164,696 163,696 30,365 1,167,116 2005
2005 176,245 531,729 355,484 0.9266 164,696 163,696 28,853 1,195,969 2005
2006 176,245 552,998 376,753 0.9266 174,550 173,550 29,068 1,225,037 2006
2006 176,245 552,998 376,753 0.9266 174,550 173,550 27,621 1,252,658 2006
2007 176,245 575,118 398,873 0.9266 184,798 183,798 27,796 1,280,454 2007
2007 176,245 575,118 398,873 0.9266 184,798 183,798 26,413 1,306,867 2007
2008 176,245 598,123 421,878 0.9266 195,456 194,456 26,553 1,333,420 2008
2008 176,245 598,123 421,878 0.9266 195,456 194,456 25,232 1,358,652 2008
Page 1
MALL489C.XLS
C17Y OF OAK PARK HEIGHTS EXHIBIT D
T. 1. F. PROPOSAL - -ST. CROIX MALL (BASED UPON PROJECT VALUE OF $9.8 MIL.)
(WITH A 1989 P_ V_ STARTING DATE)
P. A. Y. G_ PAYMENT
YEAR O. T. C, N. T. C. C_ T. C. T. C. R. T. I. AMT. P. V. ACCUM. YEAR
1989 176,245 176,245 0 0.9266 0 1989
1989 176,245 176,245 0 0.9266 0 1989
1990 176,245 176,245 0 0.9266 0 1990
1990 176,245 176,245 0 0.9266 0 0 1990
1991 176,245 512,550 336,305 0.9266 155,810 154,810 119,933 119,933 1991
1991 176,245 512,550 336,305 0.9266 155,810 154,810 113,964 233,897 1991
1992 176,245 512,550 336,305 0.9266 155,810 154,810 108,292 342.189 1992
1992 176,245 512,550 336,305 0.9266 155,810 154,810 102,902 445,091 1992
1993 176,245 512,550 336,305 0.9266 155,810 154,810 97,780 542,871 1993
1993 176,245 512,550 336,305 0.9266 155,810 154,810 92,914 635,785 1993
1994 176,245 512,550 336,305 0.9266 155,810 154,810 88,289 724,074 1994
1994 176,245 512,550 336,305 0.9266 155,810 154,810 83,895 807,969 1994
1995 176,245 533,052 356,807 0.9266 165,309 164,309 84,611 892,560 1995
1995 176,245 533,052 356,807 0.9266 165,309 164,309 80,400 972,980 1995
1996 176,245 554,374 378,129 0.9266 175,187 174,187 80,991 1,053,971 1996
1996 176,245 554,374 378,129 0.9266 175,187 174,187 76,960 1,130,931 1996
1997 176,245 576,549 400,304 0.9266 185,461 184,461 77,443 1,208,374 1997
1997 176,245 576,549 400,304 0.9266 185,461 184,461 73,589 1,281,963 1997
1998 176,245 599,611 423,366 0.9266 196,145 195,145 73,976 1,355,939 1998
1998 176,245 599,611 423,366 0.9266 196,145 195,145 70,294 1,426,233 1998
1999 176,245 623,595 4147,350 0.9266 207,257 206,257 70,599 1,496,832 1999
1999 176,245 623,595 447,350 0.9266 207,257 206,257 67,085 1,563,917 1999
2000 176,245 648,539 472,294 0.9266 218,814 217,814 67,318 1.631,235 2000
2000 176,245 646,539 472,294 0.9266 218,814 217,814 63,968 1,695,203 2000
2001 176,245 674,481 498,236 0.9266 230,833 229,833 64,138 1,759,341 2001
2001 176,245 674,481 498,236 0.9266 230,833 229,833 60,946 1,820,287 2001
2002 176,245 701,460 525,215 0.9266 243,332 242,332 61,062 1,881,349 2002
2002 176,245 701,460 525,215 0.9266 243,332 242,332 58,023 1,939,372 2002
2003 176,245 729,518 553,273 0.9266 256,331 255,331 58,092 1,997,464 2003
2003 176,245 729,518 553,273 0.9266 256,331 255,331 55,201 2,052,665 2003
2004 176,245 758,699 582454 0.9266 269,851 268,851 55,231 2,107,896 2004
2004 176,245 758,699 582,454 0.9266 269,851 268,851 52,482 2,160,378 2004
2005 176,245 789,047 612,802 0.9266 283,911 282,911 52,478 2,212,856 2005
2005 176,245 789,047 612,802 0.9266 283,911 282,911 49,866 2,262,722 2005
2006 176,245 820,609 644,364 0.9266 298,534 297,534 49,833 2,312,555 2006
2006 176,245 820,609 644,364 0.9266 298,534 297,534 47,353 2,359,908 2006
2007 176,245 853,433 677,188 0.9266 313,741 312,741 47,296 2,407,204 2007
2007 176,245 853,433 677,188 0.9266 313,741 312,741 44,942 2,452,146 2007
2008 176,245 887,570 711,325 0.9266 329,557 328,557 44,865 2,497,011 2008
2008 176,245 887,570 711,325 0.9266 329,557 328,557 42,632 2,539,643 2008
Page 2
MALL489D.XL5
CITY OF OAK PARK HEIGHTS EXHIBIT E
T. 1. F. PROPOSAL - - ST. CROIX MALL (BASED UPON PROJECT VALUE OF $6.6 MIL)
(WITH A 1990 P_ V_ STARTING DATE)
P. A. Y. G. PAYMENT
YEAR O. T. C, N. T_ C. C. T. C. T. C. R_ T. 1. AMT. P. Y, ACOUM_ YEAR
1989 176,245 176,245 0 0.9266 0 1989
1989 176,245 176,245 0 0.9266 0 1989
1990 176,245 176,245 0 0.9266 0 1990
1990 176,245 176,245 0 0.9266 0 0 1990
1991 176,245 345,401 169,156 0.9266 78,370 77,370 66,383 66,383 1991
1991 176,245 345,401 169,156 0.9266 78,370 77,370 63,079 129,462 1991
1992 176,245 345,401 169,156 0.9266 78,370 77,370 59,940 189,402 1992
1992 176,245 345,401 169,156 0.9266 78,370 77,370 56,956 246,358 1992
1993 176,245 345,401 169,156 0.9266 78,370 77,370 54,121 300,479 1993
1993 176,245 345,401 169,156 0.9266 78,370 77,370 51,428 351,907 1993
1994 176,245 345,401 169,156 0.9266 78,370 77,370 48,868 400,775 1994
1994 176,245 345,401 169,156 0.9266 78,370 77,370 46,436 447,211 1994
1995 176,245 359,217 182,972 0.9266 84,771 83,771 47,775 494,986 1995
1995 176,245 359,217 182,972 0.9266 84,771 83,771 45,397 540,383 1995
1996 176,245 373,586 197,341 0.9266 91,428 90,428 46,566 586,949 1996
1996 176,245 373,586 197,341 0.9266 91,428 90,428 44,248 631,197 1996
1997 176,245 388,529 212,284 0.9266 98,351 97,351 45,265 676,462 1997
1997 176,245 388,529 212,284 0.9266 98,351 97,351 43,012 719,474 1997
1998 176,245 404,070 227,825 0.9266 105,551 104,551 43,894 763,368 1998
1998 176,245 404,070 227,825 0.9266 105,551 104,551 41,709 805,077 1998
1999 176,245 420,233 243,988 0.9266 113,040 112,040 42,472 847,549 1999
1999 176,245 420,233 243,988 0.9266 113,040 112,040 40,359 887,908 1999
2000 176,245 437,042 260,797 0.9266 120,827 119,827 41,015 928,923 2000
2000 176,245 437,042 260,797 0.9266 120,827 119,827 38.974 967,897 2000
2001 176,245 454,524 278,279 0.9266 128,927 127,927 39,538 1,007,435 2001
2001 176,245 454,524 278,279 0.9266 128,927 127,927 37,570 1,045,005 2001
2002 176,245 472,705 296,460 0.9266 137,350 136,350 38,050 1,083,055 2002
2002 176,245 472,705 296,460 0.9266 137,350 136,350 36,157 1,119,212 2002
2003 176,245 491,613 315,368 0.9266 146,110 145,110 36,564 1,155,776 2003
2003 176,245 491,613 315,368 0.9266 146,110 145,110 34,744 1,190,520 2003
2004 176,245 511,278 335,033 0.9266 155,221 154,221 35,088 1,225,688 2004
2004 176,245 511,278 335,033 0.9266 155,221 154,221 33,342 1,258,950 2004
2005 176,245 531,729 355,484 0.9266 164,696 163,696 33,629 1,292,579 2005
2005 176,245 531,729 355,484 0.9266 164,696 163,696 31,955 1,324,534 2005
2006 176,245 552,998 376,753 0.9266 174,550 173,550 32,192 1,356,726 2006
2006 176,245 552,998 376,753 0.9266 174,550 173,550 30,590 1,387,316 2006
2007 176,245 575,118 398,873 0.9266 184,798 183,798 30,784 1,418,100 2007
2007 176,245 575,118 398,873 0.9266 184,798 183,798 29,252 1,447,352 2007
2008 176,245 598,123 421,878 0.9266 195,456 194,456 29,408 1,476,760 2008
2008 176,245 598,123 421,878 0.9266 195,456 194.456 27,944 1.504,704 2008
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MALL489D.XLS
CITY OF OAK PARK HEIGHTS EXHIBIT F
T. L F. PROPOSAL - -ST. CROIX MALL (BASED UPON PROJECT VALUE OF $9.8 M!L.)
(WITH A 1990 P. Y. STARTING MATE)
P. A. Y. G. PAYMENT
YEAR O. T. G, N. T. C. C. T. C. T. G. R. T. I. AMT. P. V, ACCUM. YEAR
1989 176,245 176,245 0 0.9266 0 1989
1989 176,245 176,245 0 0.9266 0 1989
1990 176,245 176,245 0 0.9266 0 1990
1990 176,245 176,245 0 0.9266 0 0 1990
1991 176,245 512,550 336,305 0.9266 155,810 154,810 132,826 132,826 1991
1991 176,245 512,550 336,305 0.9266 155,810 154,810 126,215 259,041 1991
1992 176,245 512,550 336,305 0.9266 155,810 154,810 119,933 378,974 1992
1992 176,245 512,550 336,305 0.9266 155,810 154,810 113,964 492,938 1992
1993 176,245 512,550 336,305 0.9266 155,810 154,810 108,292 601,230 1993
1993 176,245 512,550 336,305 0.9266 155,810 154,810 102,902 704,132 1993
1994 176,245 512,550 336,305 0.9266 155,810 154,810 97,780 801,912 1994
1994 176,245 512,550 336,305 0.9266 155,810 154,810 92,914 894,826 1994
1995 176,245 533,052 356,807 0.9266 165,309 164,309 93,707 988,533 1995
1995 176,245 533,052 356,807 0.9266 165,309 164,309 89,043 1,077,576 1995
1996 176,245 554,374 378,129 0.9266 175,187 174,187 89,698 1,167,274 1996
1996 176,245 554,374 378,129 0.9266 175,187 174,187 85,233 1,252,507 1996
1997 176,245 576,549 400,304 0.9266 185,461 184,461 85,768 1,338,275 1997
1997 176,245 576,549 400,304 0.9266 185,461 184,461 81,499 1,419,774 1997
1998 176,245 599,611 423,366 0.9266 196,145 195,145 81,929 1,501,703 1998
1998 176,245 599,611 423,366 0.9266 196,145 195,145 77,851 1,579,554 1998
1999 176,245 623,595 447,350 0.9266 207,257 206,257 78,189 1,657,743 1999
1999 176,245 623,595 447,350 0.9266 207,257 206,257 74,297 1,732,040 1999
2000 176,245 646.539 472,294 0.9266 218.814 217.814 74,555 1.806.595 2000
2000 176,245 648,539 472,294 0.9266 218,814 217,814 70,844 1,877,439 2000
2001 176,245 674,481 498,236 0.9266 230,833 229,833 71,033 1,948,472 2001
2001 176,245 674,481 498,236 0.9266 230,833 229,833 67,497 2,015,969 2001
2002 176,245 701,460 525,215 0.9266 243,332 242,332 67,626 2,083,595 2002
2002 176,245 701,460 525,215 0.9266 243,332 242,332 64,260 2,147,855 2002
2003 176,245 729,518 553,273 0.9266 256,331 255,331 64,337 2,212,192 2003
2003 176,245 729,518 553,273 0.9266 256,331 255,331 61,135 2,273,327 2003
2004 176,245 758,699 582,454 0.9266 269,851 268,851 61,168 2,334,495 2004
2004 176,245 758,699 582,454 0.9266 269,851 268,851 58,124 2,392,619 2004
2005 176,245 789,047 612,802 0.9266 283,911 282,911 58,120 2,450,739 2005
2005 176,245 789,047 612,802 0.9266 283,911 282,911 55,227 2,505,966 2005
2006 176,245 820,609 644,364 0.9266 298,534 297,534 55,191 2,561,157 2006
2006 176,245 820,609 644,364 0.9266 298,534 297,534 52,444 2,613,601 2006
2007 176,245 853,433 677,188 0.9266 313,741 312,741 52,380 2,665,981 2007
2007 176,245 853,433 677,188 0.9266 313,741 312,741 49,773 2,715,754 2007
2008 176,245 887,570 711,325 0.9266 329,557 328,557 49,688 2,765.442 2008
2008 176,245 887,570 711,325 0.9266 329,557 328,557 47,215 2,812,657 2008
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