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City of Ramsey
<br />October 19, 2010
<br />Page 2
<br />Build -Out Projections:
<br />Private Residential Development:
<br />We projected the remaining build -out for the privately owned residential portion of the COR Development area. Our
<br />projections were created using the existing building valuations in the area, and parcel information from Anoka County
<br />indicating which parcels are currently undeveloped. Based on this information we projected an additional 155
<br />residential units will be constructed within this area and that the average valuation per home will be $130,654, which
<br />is the current average value for the homes that have already been constructed in the area. The preliminary revenue
<br />projections include a 15 -year build -out for the remaining homes. The chart below shows the current base values, the
<br />projected growth values, and the projections for future Tax Capacity.
<br />*The average valuation per home assumption was prepared using current value information as provided by Anoka
<br />County. Additionally, a 2% annual market value inflator has been included starting in 2018, as directed by City Staff.
<br />Private Residential Portion
<br />Base Market Value Base Tax Capacity
<br />Land Building Total Total
<br />3,738,000 14,633,300 18,371,300 178,393
<br />Post Development Market Value Post Dev Tax Cap.
<br />Land Building Total Total
<br />3,738,000 34,884,742 38,622,742 386,227
<br />rowt
<br />Build -Out Schedule:
<br />15 Years, starting with construction in 2010
<br />Year
<br />Base TC
<br />Total TC
<br />Incremental Growth
<br />1 -2012
<br />178,393
<br />192,249
<br />13,856
<br />2-2013
<br />178,393
<br />206,104
<br />27,711
<br />3-2014
<br />178,393
<br />219,960
<br />41,567
<br />4-2015
<br />178,393
<br />233,816
<br />55,423
<br />5-2016
<br />178,393
<br />247,671
<br />69,278
<br />6-2017
<br />178,393
<br />261,527
<br />83,134
<br />7-2018
<br />178,393
<br />280,613
<br />102,220
<br />8-2019
<br />178,393
<br />300,081
<br />121,688
<br />9-2020
<br />178,393
<br />319,938
<br />141,545
<br />10-2021
<br />178,393
<br />340,192
<br />161,799
<br />11
<br />-2022
<br />178,393
<br />360,852
<br />182,459
<br />12-2023
<br />178,393
<br />381,925
<br />203,532
<br />13-2024
<br />178,393
<br />403,419
<br />225,026
<br />14-2025
<br />178,393
<br />425,343
<br />246,950
<br />15-2026
<br />178,393
<br />447,705
<br />269,312
<br />16-2027
<br />178,393
<br />456,659
<br />278,266
<br />17-2028
<br />178,393
<br />465,792
<br />287,399
<br />18-2029
<br />178,393
<br />475,108
<br />296,715
<br />19-2030
<br />178,393
<br />484,611
<br />306,218
<br />20-2031
<br />178,393
<br />494,303
<br />315,910
<br />21
<br />-2032
<br />178,393
<br />504,189
<br />325,796
<br />22-2033
<br />178,393
<br />514,273
<br />335,880
<br />23-2034
<br />178,393
<br />524,558
<br />346,165
<br />24-2035
<br />178,393
<br />535,049
<br />356,656
<br />25-2036
<br />178,393
<br />545,750
<br />367,357
<br />26-2037
<br />178,393
<br />556,665
<br />378,272
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