CCR2006113COMMON COUNCIL - CITV OF MUSKEGO
RESOLUTION #113-2006
. APPROVAL OF TID STRATEGY AND INCENTIVES FOR PARKLAND VIEW DEVELOPMENT
LOCATED ALONG JJl~NESVILLE ROAD
(Part of Current Tax K,ey NIJmber MSKC 2198.991)
WHEREAS, As per Common Council Resolution #021-2005, the Common Council
approved giving the development rights of tl1e devølopable portion of a parcel along
Janesville Road (Known as part of Tax Key I\lumber MSKC 2198.991) to the
Community Development Authority to assurEl the appropriate development of the parcel
consistent with the adopted Redevelopment District #2 Plan; and
WHEREAS, The sale of the property was to be under the final authorization of the
Common Council and the Common Council was to have final approval authority of any
resale of said property; and
WHEREAS, A condition of the Council approval was that the Community Development
Authority will retain the proceeds resulting from sale of the property in a separate CDA
account for future deve!lopment, grant matching, or bonding authority purposes; and
.
WHEREAS, The Community Development Authority has solicited for Request For
Proposals within the last year and has approvelj of a mixed use development meeting
the guidelines of the Redevelopment District #2 Plan along with TID incentives for the
project; and
WHEREAS, The Council approved TID #8 document does appropriate incentives for
the parcel in question in the event development is to occur; and
WHEREAS, The proposed development meets the guidelines outlined in the TID #8
document for this parcel to have a mixed usø development where incentives were
expected to be allowed; and
WHEREAS, The proposed development and TID incentives meets the
recommendations set forth in the City's 2C03 Adopted Economic Development
Strategic Plan; and
.
WHEREAS, The TID analysis for the project includes the following known variables:
1. The concept plan includes a 10,000 square foot retail center and a 30-unit
condominium development;
2. The estimated developmenlt value of the retail and residential
development is $6.3 million, which is to be initiated in 2006 and completed
in 2007;
3. A request from the Developer for assistance from TID No.8 in the amount
of $350,000 for Demolition and Site Improvement costs;
4. Purchase of a parcel of land from the CDA for $150,000. Since the parcel
currently has a fair market valuE of $533,000 (As per appraisal), this
constitutes additional assistancE~ in the amount of $383,000; and
WHEREAS, The proposed development provides for a $8.60:$1 ratio of developer
dollars to City incentive dollars; and
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Reso. #113-2006 Page 2
WHEREAS, The proposed development would payoff the incentives requested and the
existing outstanding debt in the current TID by the y,ear 2013, which is one year earlier
than currently scheduled in the TID 8 document.
NOW, THEREFORE, BE IT RESOLVED Thai: the Common Council of the City of
Muskego, upon the recommendation of the Community Development Authority, does
hereby approve the TID Strategy and Incentives for the Parkland View Development as
proposed in concept.
BE IT FURTHER RESOLVED, That a finall Developer's Agreement outlining the TID
payback methods shall be approved by the Common Council prior to building permits
being issued.
BE IT FURTHER RESOLVED, That the liD incentives are approved in concept at this
time and a final Developer's Agreement will outline the exact incentives once all other
approvals are complete.
BE IT FURTHER RESOLVED, The Developer's Agreement must include that the City
will only borrow money to pay back the developer once increment begins to be
generated (When taxes begin to be paid) ill1l order to assure the investment is being
realized.
BE IT FURTHER RESOLVED, That all neCE~SScjry approvals must be accomplished by
the developer prior to Developer's Agreement approval including, but not limited to,
rezonings, Building, Site, and Operation Plans, é'md Condominium Plats.
BE IT FURTHER RESOLVED, The City's 2003 Adopted Economic Development
Strategic Plan identified major policy recommendations including, to "pursue new
commercial development catering to local cListomers," and to "Create a genuine
downtown, and encourage distinctive nE~ighborhooci design," and City therefore finds
the use of economic development incentives to be in the public interest.
BE IT FURTHER RESOLVED, The City's 2003 Adopted Economic Development
Strategic Plan identified economic opportunitieß anel constraints, one of which is "the
city is severely underserved with commElrcial dEwelopment relative to other Waukesha
County communities," and the City therøforH fi1ds the use of economic development
incentives to be in the public interest.
DATED THIS 23rd DAY OF ~~____, 2006.
~3PQNSORED BY:
COMMUNITY DEVELOPMENT AUTHORITY
Ald. Eric Schroeder
Ald. Nancy Salentine
This is to certify that this is a true and accurate copy of Resolution #113-2006 which was
adopted by the Common Council of the City of lVIL1sk'~go.
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~ ENER-CON --.. . ..--..-.-"..--.-.-.----'--~~......~...---~-J.... YEARS OF
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EXCELLENCE
. COM PA N I E S L L C ~ REAL ESTATE: DEVELOPER5:"BtJ1LfiE;S:.PROP~tt MANAGEMENT. SALES
". -g"
i: 7
1 985 - 2005
7300 S. 13th St. Suite 101
Oak Creek, WI 53154
Office: (414) 764-7800
Fax: (414) 764-7900
www.ener-con.com
Parkland View ~~velopment
OfferingJl>rice:
$150,000 for the land
Pro pose+'JJJse:
The developer currently proposes one 30-1Jnit condominium building
with underground parking and 10,000 sq. ft. of upscale retail space,
which would conform with the COlnmuni~y Development Authority's
vision for the area. Please see the attached proposed site plan (EXHIBIT
. A).
'.
DeveioIaer:
Ener-Con Companies. LLC:
. Celebrating its 20-year anniversary in 2005
. Constructed and/or developed in Wisconsin and S.W. Florida
approximately:
o 3,000 residential units comprised of single family lots, single
family homes, apartments and condominiums
o 65,000 square feet of professional ojÌÌce space
o 150,000 square feet of warehouse and distribution facilities
. Property management:
o 500 rental units and 300 condominium units
o 30,000 square feet ofproft~ssional ojÌÌce space
o 40,000 square feet of retail space
. Ener-Con Conlpanies, LLC has marketed and sold approximately
150 condominium units in the last two years
1985 - 2005
20
~ ENER-CON --...... nm 0>
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EXCELLENCE
COM PA N I E S L L C ~
REAL ESTATE: DEVELOPERS. BUILDERS. PROPERTY MANAGEMENT. SALE
7300 S. 13th St. Suite 101
Oak Creek, WI 53154
Office: (414) 764-7800
Fax: (414) 764-7900
www.ener-con.com
. The principals of the entity subnlitting this offer are currently
developing a 152 unit condonliniurn project in Cudahy with similar
buildings, whi,ch is also located in a TIF district - see attached
brochure. The Cudahy project is valued at $24,000,000.
. Proposed Buyer: TMB 7 #2, 1.,1.,C
o Comprised of:
· Tom Beaudry, owner of Beaudry Services, Inc.
· Mike Dilworth, owner of Ener-Con Companies, LLC
~ S76 W18004 Janesvilk Rd. Muskego, WI 53150
· Robert Hoormann, owner of Tri- Town Heating and Air
Conditioning
~ S77 W15455 Woods Rd. f\1uskego, WI 53150 .
Overall ECQnomie Impact:
. The Condominiums will have:
o Approximate Average Sale PricelUnit
o 30 Condo lJnits @ $170,000/lJnit
o Approximate Annual Tal:Revfnu{~ for City
of Muskego
.
. The 10,000 Sq. Ft. Retail Center 'will have:
o Approximate Value per Square Foot
o Approximate Total Value
o Approximate Annual TaJJ: Revfnu{~ for City
of Muskego
o Approximate TOTAL PropeJrty V ~due
o Approximate TOTAL Annual Tax Revenue
for City of Muskego
$170,000
$5,100,000
$83,640
$120/Sq. Ft.
$1,200.000
$19,680
$6,300,000
$103,320
I 19 B 5 - :2 -0:0 5
.--- ENER-CON -:> .
ii~,e~[
i-1 COM PA N I E S L L C ~
REAL ESTATE: DEVELOPERS. BUILDERS. PROPERlY MANAGEMENT · SALES
7300 S. 13th St. Suite 101
Oak Creek, WI 53154
Office: (414) 764-7800
Fax: (414) 764-7900
www.ener-con.com
.
Benefits fof' th!~ (l!Y.. of Muske2o:
. The development would conform to the land use plan and the
design requirement for the redeveloplnent district in the subject
area
. It will create a good tax base, with few public services
. The condominiums and retail space will place minimal pressure on
the public school system
. Both the condominium and retail buildings will have an
aesthetically plleasing design
. The proposed developer also intE:nds to try and acquire the land to
the east and 'west of this pr~ject for further expansion - SEE
EXHIBITB
o A member of the proposed Buyer has already acquired the
"Residential Parcel" (2198.995) &. the "Mixed-Use" Parcel"
(2198.998) to the east of the property (Parcel 'c' in EXlllBIT
B)
o The proposl~d Buyer currently i5: under contract to purchase the
"Assist-to-Sell Parcel" (2198,,992) to the east of the property
(Parcel 'D' in EXHIBIT B)
o The proposed Buyer is also planning on attempting to acquire
the "House of Toys Parcel" (2198.993) and the back portion of
the "Gas Station Parcel" (2198.991.001) (Parcels 'B' in
EXlllBITB)
.
.
Construction Bud2et:
. Hard and soft costs to construct
o the residential condominiuIll building will be approximately
$4,000,000
o the retail center will be approximately $1,000,000
Financi!!~Strate2V:
.
. Ener-Con Companies, LLC and its partners are involved in
approximately $100 million in project loans with several local
banks
. The average Loan to Value on these loans is approximately 75 %.
. The TIF funds are intended to help offset land acquisition and site
work costs and are used to improve the site
. TIF value:
o Land Acquisition (Assist-to-Sell Parcel-- see
attached Offer to Purchase)
o Demolition/Site ImproveIllent
TOTAL TIF' INCENTIVE:
$150,000
$200,000
$350~OOO
.
1985 - 2005
~ENER.CON-~ .
,,?e9a,
~
EXCELLENCE
COM PA N I E S L L C f- REAl, ESTATE: D~V1~LOPERS . BUlLDERS . PROPERlY MANAGEMENT · SALES
7300 S. 13th St. Suite 101
Oak Creek, WI 53154
Office: (414) 764-7800
Fax: (414) 764-7900
www.ener-con.com
Market~[!g Strateev:
. Condominium Units:
o Ener-Con Companies, LLC has an in-house real estate sales
division, currently containing 7 licensed sales associates/brokers
o Utilize media advertising, billboards, and the company website
o Ener-Con Companies, LLC is a tnember of Multiple Listing
Service (1\/ILS) which reaches over 5,000 licensed sales
associates and brokers in ,Visc:onsin
o Direct mail and brochures in area establishments
. Retail Center:
. 0 Most likely will use a local/national/commercial real estate fmn
(ex: Polachek, MLG, etc.)
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A = Subject Parcel--
"Developable" Area
B= Possible Future Land
Acquisition ("House of Toys" &
';;Gas Station")
D = "Assist-to-Sell" Land currently
under contract - see attached Offer
C = Land currently owned by Tri-
Town Heating
E = Subject Parcel-
Wetlands/Storm water Ponds
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3350 SOUTH RIVER ROAD
WEST BEND. WI 53095-8140
[2621 334-3111 FAIl: (2621 334-4990
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DECEMBER 23, 2005 05137.10
.
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. EHILERS
& ASSOCIATES INC
LEADERS IN PUBLIC FINANCE ~
TO: City of Muskego CommLlnity Development Authority (CDA)
FROM: Philip L. Casson, Vice President
DATE: May 16,2006
SUBJECT: Revised Analysis of the Proposed Parkland View Development
Per your request, we have revised our analysis of the ParkLand View Development Proposal to reflect the
recently received appraisal for the Janesville Road site owned by the City. As you know, the Parkland
View Developer has requested financial assistance from Tax Increment District (TID) No.8 for this
project. The amount ofth~ assistance has been changed to refll:ct the additional value the developer will
receive through the purchase of a parcel of land currently owned by the CDA. Our analysis of the
proposal is as follows:
. Overview Of Proiect
1. The concept plan includes a ] 0,000 square fo01t retail center and a 30-unit condominium
development;
2. The estimated development value of the retail :md resid'~ntial development is $6.3 million, which
is to be initiated in 2006 and completed in 2007;
3. A request from the Developer tor assistance from TID No.8 in the amount 01'$350,000; and
4. Purchase of a parcel of land from the CDA fOor $1 ~;O,OOO. Since the parcel currently has a fair
market value 01'$533,000 this constitutes additional assistance in the amount 01'$383,000.
Proiect Analvsis
The analysis for the proposed ç1evelopment can. he found cn the three exhibits that are attached. Exhibit
A reflects the revenue that would be generated from thl~ propos{:d Project over the remaining life of the
TID. A present value calculation of the revenue stream shows that the Parkland View Development
would generate $1,571,715 in net present revenue assuming a 4.50% interest rate. The financial assistance
to be provided to the developer in the amount of$733,000 would be paid back within 9-years with the
remaining revenue being available to retire existing debt of the TID.
Exhibit B reflects the impact ofthe proposed development on the overall TID. A net present value
calculation ofthe existing TID increment along with this projected development nets $2,913,396 in net
present revenue again using a 4.50% interest rate.. When we take into account existing debt of the TID
(previous storm water projects) along with the financiial assistance for this development, the anticipated
closeout of the TID would be 2013. This is demonstra1ted in EX:l1ibit C of this analysis. .
375 Bishops Way, Suite 225, BroCII<field, WI 53005-6202 262.785.1520 fax 262.785-1810 www.ehlers-inc.com
.
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. EHLERS
& ASSOCIATES ItlC
LEADERS IN PUBLIC FINANCE J
It should also be noted, that the proposed development e:xc(:eds the pay back time period that was
presented in the Amended Project Plan. This development would generate $8.60 of development for
every $1 ofTID assistance. This 8.6:1 ratio far exceeds previous proposals brought forth by developers
for TID No.8.
While the CDA and City cU1Tently do not have specific: policies regarding the use ofTIF or policies to
determine the appropriate amount ofTID assistance for developments, this proposed project which will
generate an 8.60 to 1 ratio will fmancially benefit the overall TIC!. In addition. this development will
strengthen the financial cash flow of the TID which willroÞvide the CDA with additional increment that
can be used to undertake additional þroiects or close out the TID earlier.
If you have any questions or need additional information pll~ase do not hesitate to give me a call directly
at (262) 796-6161.
Cc: Jennifer Sheiffer, City Administrator
Jeff Muenkel, Planning Director
375 Bishops Way, Suite 225, Brookfield, WI 53005-6202 262.:785.15:~0 fëlX 262.785-1810 www.ehlers-inc.com
Exhibit A
Tax Increment District No.8
.-- 'J' ,...~.% "
I' ,. ~.. .../ ',.
>-
2.00%
-1.00%
Construction Valuation Revenue Inflation Value Valuation Tax
Year Year Year Increment" Removed Added Increment Rate
1 2000 2001 2002
2 2001 2002 2003 ,
3 2002 2003 2004
4 2003 2004 2005
5 2004 2005 2006
6 2005 2006 2007
7 2006 2007 2008 -98,400 1,575,000 1,476,600 17.38 "
8 2007 2008 2009 29,532 4,725,000 6,231,132 17.21 0
't:
9 2008 2009 2010 124,623 6,355,755 17.04 .. Q,
10 2009 2010 2011 127,115 6.482,870 16.87 e
"
11 2010 2011 2012 129,657 6,6i2,527 i6.87 ~I
12 2011 2012 2013 132,251 6,744,778 16.87 il
13 2012 2013 2ûî4 î34,ô9ô ,.. ""'7.... .....,.... 16.67 0,01 tlI,O' " '1'1
14 2013 2014 2015 137,593 7,017,267 16.67 i I 15 2014 2015 2016 140.345 7.157,612 16.87
16 . 2015 2016 2017 143,152 7,300,764 16.87 I 17 2016 2017 2018 146,015 7,446,780 16.87
~! 2017 2018 2019 1"'8.9313 7.1iA!'i,711i 1R,II7
19 2018 2019 2020 151,914 7,747,629 16.87
20 2019 . 2020 2021 154,953 7,902,582 16.87
21 2020 2021 2022 158,052 8,060,634 16.87
22 2021 2022 2023 161,213 8,221,846 16.87
23 2022 2023 2024 164,437 8,386,283 16.87
24 2023 2024 2025 167,726 8,554,009 16.87
25 2024 2025 2026 171,080 8,725,089 16.87
28 2025 2026 2027 174.502 8,899,591 16.87
27 2026 2027 2028 177,992 9,077,583 16.87
Totals .98400 6300000
0 EHLERS Net Present value @ 4.5% for (2008 - 2028) 1,571,7151
" J, 'I '{ 1'\ t; l At ~ ~ Illi ~
Proposed TID Contribution for Parkland View Developmenl (350,000)
Land Write Down CDA Contribution: ($533,000 FMV - $150K Offering Price) p83.000)
Total Developer Incentive ~(WJm~JïP.J!
liIet Present Value TID Revenue @4.50% (2008.2028) - (Proposed Debt): I 1,221,715 1
Payback on $733K Investment @ 4.50% (Revenue 2008 - 2015) 735,929 1
. .
. Inflation Increment is based uopn the value added only.
NOTE: All Values are equalized.
Prepared by Ehlers Associale.. Inc.
.
Base Value 4023,720 Inflation Factor 2.00%
Base Value After amendment 12258,220
-1.00%
Construction Valuation Revenue Inflation Value Valuation Tax
Year Year Year Increment Removed* Added Increment Rate
1 2000 2001 2002 321,500 321,500 20.35
1il 2 2001 2002 2003 176,300 497,800 20.76
:J Õ 3 2002 2003 2004 14,600 512,400 20.42
< 4 2003 2004 2005 759,900 1,272,300 19.60
5 2004 2005 2006 94500 1366800 17.74
6 2005 2006 2007 272,500 3,578.480 5,217,780 17.56
7 2006 2007 2008 349,520 -2.494,152 1,575,000 4,648,148 17.38 .,\
6 2007 2008 2009 338,127 4,725,000 9,711,276 17.21
0
'C
..
9 2008 2009 2010 439,390 10,150,666 17.04 Q.
10 2009 2010 2011 448,178 10,598,843 16.87
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11 2010 20îi 2012 45i,î4i .,.. nt::t:. not:. 16.87 :;;
II,V"",,,,,,.QU,,", ß 12 2011 2012 2013 466,284 11,522,269 16.87
13 2ûi2 <"In 4 1"1 "n<tA J17.t: ,Q-In 11 QQ7 A7Q 16.87 .:::u .'-' LVI.., """"IUIU . '........"....... : I
14 2013 2014 2015 485,;22 î2Aô3,ûûÎ Îô.ôì : I
u
15 2014 2015 2016 494,824 12,977.825 16.87
Q) 16 2015 2016 2017 504,721 13.482,546 16.87 ! I -g
17 2016 2017 2018 514,815 13,997,361 16.87
'p- H! 21J17 21J11l 2n19 525,112 14.522.473 16.87
n:
, 19 2018 2019 2020 535,614 15,058,087 16.87
, 20 2019 2020 2021 546,326 15,604.413 16.87
,
, 21 2020 2021 2022 557,253 16,161,665 16.87
,
, 22 2021 2022 2023 568,398 16,730,063 16.87
,
,
23 2022 2023 2024 579,766 17,309,829 16.87
, 24 2023 2024 2025 591,361 17,901,190 16.87
,
, 25 2024 2025 2026 603,188 18,504,378 16.87
,
, 26 2025 2026 2027 615,252 19,119,630 16.87
,
27 2026 2027 2028 627,557 19,747,187 16.87 ,
,
,
Totals -2494,152 11 245280
. EHLERS Net Present value @ 4.5% for 2007 . 2028 2,913,396 I
.. <l"" '\(~ I .. 'J f '" t It ['
Existing TID #8 Debt (As of 1/1/06) (582,537)
Proposed TID Contribution for Parkland View Developmenl (350,000)
Land Write Down CDA Contribution: ($533,000 FMV - $150K Offering Price; -- Total Existing and Proposed Obligations. (Not Including Land Right Down Value) Ui",' Ø~liJ1
Net Present Value TID Revenue @4.50% (2007 - 2028) . minus existing & proposed debt I 1,980,859 I
. Includes propert from the Perkland View Oevelo ment.
NOTE: All Values are equalized.
Prepared by Ehlers Associates. Inc.
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Exhibit B
Tax Increment District No.8
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Exhibit C
Tax Increment District # 8 Amendment
Revenues Fund Balance
Budget
Interest' Year Increment Annual Cumulative Year
2006 24,242 17,373 17,373 932,537 2006
2007 91,617 434 53,314 70,687 907,537 2007
2008 80,799 1,767 19,766 90,453 857,537 2008
2009 167,123 2,261 33,510 123,962 732,537 2009
2010 172,938 3,099 7,537 131,499 570,037 2010
2011 178,768 3,287 169,555 301,055 557,537 2011
2012 186,478 7,526 181,505 482'~,_,.mml\JlII\ld~~,~I. 2012
"",!"',A..,. "~_A ,",,"I) ... '"' ",.. A 20î3 'u I,;) I;:II....,"'.....,} i',VO"'+ I tI''',tI'V I ..... -'-'~'ßllillIllIlllH'1lIlIlll!'~~~1fíII
2014 202,365 16,912 206,777 883,243 520.037 2014
2015 210,548 22,081 207,629 1,090,872 495,037 2015
2016 218,894 27,272 208,665 1,299,537 457,537 2016
2017 227,407 32,488 209,895 1,509,432 407,537 2017
2018 236,090 37,736 223,826 1,733,258 357,537 2018
2019 244,947 43,331 238,278 1,971,536 307,537 2019
2020 253,981 49,288 253,269 2,224,805 257,537 2020
2021 263,196 55,620 268,816 2,493,621 207,537 2021
2022 272,595 62,341 284,935 2,778,556 157,537 2022
2023 282,182 69,464 301,646 3,080,202 107,537 2023
2024 291,960 77,005 318,965 3,399,167 57,537 2024
2025 301,935 84,979 329,377 3,728,544 0 2025
2026 312,109 93,214 405,322 4,133,866 0 2026
2027 322,486 103,347 425,832 4,559,699 0 2027
2028 333,071 113,992 447,063 5,006,762 0 2028
5,070,070 5,006,762
NOTE: All Values are equalized, . EHLERS 'Interest at 2,50%
2 Existing debt to finance storm water projects,
t. ,í, 'S <:í 1'J( 14 n. ~ 1"'(
Prepared by Ehlers Associates, Inc.