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I <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br /> <br /> EXHIBIT C <br />TAX GENERATION FOR LAND USE PLAN - RLK & Biko <br /> <br />Residential <br /> Total Acreage ................................................................ 701 Acres <br /> <br /> Density .... . ................................................................... 3 Homes Per Acre <br /> Total Homes ................................................................. 2,103 <br /> Average New Home Value in 1994 .......................................$117,272 <br /> Tax Capacity Rate for Each Home (72,000 @ 1% > 72,000 @2%)..$1,625.44 <br /> Tax Generation Rate ........................................................ 1.09593 <br /> <br />Total Taxes Generated .............................. $3 746 217 87 <br /> <br />Mix <br /> <br />Residential, <br /> Total Acreage ................................................................ 402 Acres <br /> Average De~isity ............................................................. 7 Units Per Acre <br /> Total Units .; .................................................................. 2,814 <br /> [ <br /> Value Per Uhit (Based on Existing Apartment Building) ............... $38,070.00 <br /> Total Value .- .................................................................. $107,128,980.00 <br /> Tax Capacit~ Rate @ 3.4% ................................................ $3,642,385.~2 <br /> Tax Generatlon Rate ........................................................ 1.09593 <br /> <br /> Total Taxes Generated ...................................................... $3,991,799.34 <br /> <br />Commercial/Indt~strial <br /> Total Acreage ................................................................ 477 Acres <br /> Lot Coverage ................................................................. 35% <br /> ? <br /> Total Squara Footage of Building ......................................... 7,272,342 <br /> Value Per S~uare Foot (manufacturing/warehouse value) .............. $31.46 <br /> Market Value ................................................................. $228,787,879.30 <br /> Tax Capacity Rate ........................................................... 4.7% <br /> Tax CapaCity Value .......................................................... $10,753,030.32 <br /> Tax Generation Rate ........................................................ 1.09593 <br /> <br /> Total Taxes Generated ...................................................... $11,784,568.51 <br /> Total Prol~erty Taxes Generated By Land Use Plan ....... $19,522,585.72 <br /> City's portion @17% ........................................ $3,318,839.57 <br /> <br />/q7 <br /> <br /> <br />