Agenda - Economic Development Authority - 02/21/2001

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9-i8-2000 Darkenwald Development Background: John Darkenwald is a developer based out of Elk Pdver. He current owns 18.39 acres on the Elk River/Ramsey border. He is interested in Developing his property as well as acquiring an additional 11.11 acres directly south of his parcel and developing it too. Currently this property_ is not within Development District No. 1 Assumptions: John Darkenwald will acquire the remaining 11.11 acres and develop the entire 29.5-acre parcel. The development would total 600,000 SQ./FT. at. a rate of $50 per SQ./FT. The buildings will be industr/al/ofEce warehouse buildings. The Estimated Market Value of the project would total $30,000,000. Sewer and Water Revenue Estimates: Based upon usage of 1000 gallons per day per acre the Sanitary Sewer charge per year would be $27,000 per year. The Water charge based on the same usage rates would be $14,760. Tax revenue Estimates: Based upon the Tax Capacity generated by the new buildings the city would receive an estimated $267,051 per year in revenues upon decertification of the TIF District. TIF revenue Estimates: Based upon the Tax Capacity generated by the proposed development of Mr. Darkenwald, the City would receive $673,198 per year in TIF dollars. Development District No. l would have to be modified to include the parcels that Mr. Darkenwald plans to develop. Base Values: Current Property Information: Pin Number R19-32-25-22-0001 R19-32-25-23-0008 R19-32-25-23-0009 R19-32-25-23-0011 R19-31-25-23-0020 R 19-32-25-23-0021 R19-32-25-23-0022 R19-32-25-23-0023 R19-32-25-23-0024 E19-32-25-23-0024 (Ramsey) 2001 Market Value 2001 Tax Capacity $65,700 $63 100 $115 600 $34 7OO $301,200 $108 9OO $249 4O0 $45 500 $43 000 $4 100 $1,031,200 1577 1514 2774 833 8741 1272 6980 1092 1032 139 25954 26