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City of Ramsey
<br />October 19, 2010
<br />Page 5
<br />COR Development Area - City Owned Properties:
<br />For this portion of the preliminary projections we utilized the value assumptions provided by the City, in addition to
<br />information provided by Anoka County for the base value information. We assumed a 10 -year build -out period with
<br />construction starting between 2010 and 2014 depending on project type. It is important to note for the TIF
<br />calculations that these parcels are currently tax - exempt. Because they are tax exempt, the base value of the parcels
<br />will not be set until the time the parcels are sold to a private party and become taxable. As a result, the base value of
<br />these parcels will not realize land value growth, and therefore the TIF revenue projections are based solely on the
<br />incremental growth created by the building developments. The chart below shows the valuation assumptions used in
<br />these projections. The TIF valuation is the net growth from the projected land value (used for the future base value
<br />calculation) and the total valuation. For the mixed -use district we assumed a 50% split between commercial and
<br />rental property uses. It should also be noted that Housing areas H4 & H5 are located outside of the boundaries of
<br />the TIF District.
<br />"The post development value assumptions were prepared using value /square foot information provided by City Staff,
<br />including the use of a 2% annual market value inflator starting in 2018.
<br />R1
<br />Large Flexible Retail Space
<br />21.11
<br />5,516,934
<br />$
<br />42,744,840
<br />$
<br />37,227,906
<br />R2
<br />Small Retail Space
<br />4.78
<br />2,500,116
<br />$
<br />9,685,367
<br />$
<br />7,185,251
<br />R3
<br />Large Flexible Retail Space
<br />11.98
<br />3,131,292
<br />$
<br />24,261,043
<br />$
<br />21,129,751
<br />R4
<br />Large Flexible Retail Space
<br />11.28
<br />2,947,122
<br />$
<br />22,834,106
<br />$
<br />19,886,984
<br />R5
<br />Med. Retail Adjacent to MXD
<br />5.49
<br />2,867,964
<br />$
<br />11,110,398
<br />$
<br />8,242,434
<br />R6
<br />Small Retail Adj to Sunwood
<br />0.81
<br />701,720
<br />$
<br />1,631,064
<br />$
<br />929,344
<br />R7
<br />Small Retail Adj to Sunwood
<br />0.69
<br />544,374
<br />$
<br />1,405,925
<br />$
<br />861,551
<br />R8
<br />Small Retail Adj to Sunwood
<br />0.69
<br />482,704
<br />$
<br />1,402,485
<br />$
<br />919,781
<br />R9
<br />Small Retail Adj to Sunwood
<br />0.69
<br />358,416
<br />$
<br />1,388,492
<br />$
<br />1,030,076
<br />R10
<br />Small Retail Adj to Sunwood
<br />0.51
<br />268,860
<br />$
<br />1,041,555
<br />$
<br />772,695
<br />R11
<br />Small Retail Adj to Sunwood
<br />2.47
<br />1,288,788
<br />$
<br />4,992,722
<br />$
<br />3,703,934
<br />R12
<br />Small Retail Adj to Sunwood
<br />2.13
<br />1,113,732
<br />$
<br />4,314,561
<br />$
<br />3,200,829
<br />R13
<br />Small Retail Adj to Sunwood
<br />1.35
<br />705,912
<br />$
<br />2,734,680
<br />$
<br />2,028,768
<br />R14
<br />Small Retail Adj to Sunwood
<br />1.36
<br />713,172
<br />$
<br />2,762,805
<br />$
<br />2,049,633
<br />R15
<br />Small Retail Adj to Sunwood
<br />1.37
<br />1,786,710
<br />$
<br />2,768,662
<br />$
<br />981,952
<br />R16
<br />Ramp Liner Space
<br />0.70
<br />613,100
<br />$
<br />1,425,077
<br />$
<br />811,977
<br />R17
<br />Ramp Liner Space
<br />1.02
<br />887,480
<br />$
<br />2,062,841
<br />$
<br />1,175,361
<br />R18
<br />Lakeside Restaurant Parcel
<br />0.26
<br />225,000
<br />$
<br />522,986
<br />$
<br />297,986
<br />R19
<br />Lakeside Restaurant Parcel
<br />0.27
<br />232,040
<br />$
<br />539,349
<br />$
<br />307,309
<br />R120
<br />Lakeside Restaurant Parcel
<br />0.27
<br />238,700
<br />$
<br />554,830
<br />$
<br />316,130
<br />69.23
<br />27,124,136
<br />$ 140,183,786
<br />$
<br />113,059,650
<br />Mixed Use District
<br />Acres
<br />Land Value
<br />Valuation
<br />TIF Value
<br />M1
<br />NW Quadrant
<br />2.86
<br />2,490,920
<br />$
<br />11,579,690
<br />$
<br />9,088,770
<br />M2
<br />SW Quadrant
<br />2.72
<br />2,366,020
<br />$
<br />10,999,060
<br />$
<br />8,633,040
<br />M3
<br />NE Quadrant
<br />1.93
<br />1,680,120
<br />$
<br />7,810,475
<br />$
<br />6,130,355
<br />M4
<br />SE Quadrant
<br />1.07
<br />932,880
<br />$
<br />4,336,736
<br />$
<br />3,403,856
<br />M5
<br />East Parcel
<br />1.70
<br />890,040
<br />$
<br />6,895,971
<br />$
<br />6,005,931
<br />10.28
<br />8,359,980
<br />$
<br />41,621,932
<br />$
<br />33,261,952
<br />Business District
<br />Acres
<br />Land Value
<br />Valuation
<br />TIF Value
<br />B1
<br />Large Business Parcel
<br />7.60
<br />1,984,926
<br />$
<br />12,540,000
<br />$
<br />10,555,074
<br />B2
<br />Corner - Ramsey Blvd Frontage
<br />3.00
<br />2,357,568
<br />$
<br />4,950,000
<br />$
<br />2,592,432
<br />B3
<br />Ramsey Blvd Frontage
<br />1.70
<br />677,151
<br />$
<br />2,805,000
<br />$
<br />2,127,849
<br />B4
<br />Ramsey Blvd Frontage
<br />2.70
<br />1,057,968
<br />$
<br />4,455,000
<br />$
<br />3,397,032
<br />H5
<br />15.00
<br />6,077,613
<br />$
<br />24,750,000
<br />$
<br />18,672,387
<br />H1
<br />High Density Res adj. to Lake
<br />3.49
<br />1,366,830
<br />$
<br />20,918,733
<br />$
<br />19,551,903
<br />H2
<br />Lifecycle Housing
<br />7.17
<br />2,500,272
<br />$
<br />27,981,694
<br />$
<br />25,481,422
<br />H3
<br />SW quad Ramsey /Bunker
<br />5.34
<br />1,396,884
<br />$
<br />16,034,022
<br />$
<br />14,637,138
<br />H4
<br />SF Site north of Bunker
<br />0.00
<br />-
<br />$
<br />-
<br />H5
<br />SF Triangle Site North of Bunker
<br />0.00
<br />-
<br />$
<br />-
<br />16.01
<br />5,263,986
<br />$
<br />64,934,449
<br />$
<br />59,670,463
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