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Exhibit Vll
<br />Market Value Analysis Report
<br />City of Ramsey, Minnesota
<br />Tax Increment Financing (Redevelopment) District No. 14
<br />The COR Project
<br />Scenario 2 - Without FD
<br />Assumptions
<br />Present Value Date
<br />P.V. Rate -Gross T. 1.
<br />06/30/11
<br />6.00%
<br />Increase in EMV With TIF District
<br />591,723,309
<br />Less: P.V of Gross Tax Increment
<br />68,943,022
<br />Subtotal
<br />$522,780,287
<br />Less: Increase in EMV Without
<br />TIF
<br />0
<br />Difference
<br />$522,780,287
<br />Annual
<br />Present
<br />Gross Tax
<br />Value @
<br />Year
<br />Increment
<br />6.00%
<br />1
<br />2012
<br />343,345
<br />319,174
<br />2
<br />2013
<br />490,707
<br />430,342
<br />3
<br />2014
<br />781,187
<br />646,310
<br />4
<br />2015
<br />953,629
<br />744,319
<br />5
<br />2016
<br />1,822,390
<br />1,341,885
<br />6
<br />2017
<br />2,165,957
<br />1,504,589
<br />7
<br />2018
<br />2,955,640
<br />1,936,929
<br />8
<br />2019
<br />3,776,149
<br />2,334,562
<br />9
<br />2020
<br />4,614,724
<br />2,691,511
<br />10
<br />2021
<br />5,471,724
<br />3,010,709
<br />11
<br />2022
<br />6,265,104
<br />3,252,123
<br />12
<br />2023
<br />7,075,637
<br />3,464,961
<br />13
<br />2024
<br />7,878,588
<br />3,639,782
<br />14
<br />2025
<br />8,698,648
<br />3,791,167
<br />15
<br />2026
<br />9,365,035
<br />3,850,567
<br />16
<br />2027
<br />9,979,802
<br />3,871,073
<br />17
<br />2028
<br />10,218,416
<br />3,739,272
<br />18
<br />2029
<br />10,461,803
<br />3,611,638
<br />19
<br />2030
<br />10,710,057
<br />3,488,057
<br />20
<br />2031
<br />10,963,276
<br />3,368,420
<br />21
<br />2032
<br />11,221,560
<br />3,252,620
<br />22
<br />2033
<br />11,485,010
<br />3,140,549
<br />23
<br />2034
<br />11, 753, 728
<br />3,032,103
<br />24
<br />2035
<br />12,027,821
<br />2,927,180
<br />25
<br />2036
<br />12,307,395
<br />2,825,679
<br />26
<br />2037
<br />12,592,562
<br />2,727,501
<br />$186,379,894
<br />$68,943,022
<br />SPRINGSTED Page 27
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