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City of Ramsey, Minnesota <br />Tax Increment Financing District No. 1 <br /> (Rum River Terrace) <br />Calculation of Tax Increririent Income <br /> <br />APPENDIX XI <br /> <br /> Prepared October 26, 1989 <br />By: SPRINGSTED Incorporated <br /> <br />As of 1-2-89 <br /> <br />Assessor's Estimated Market Value <br />Property Tax Classification Ratio <br /> <br />$1,440,600 (a) <br /> 3.60%(b) <br /> <br />Tax Capacity of Completed Development <br />Less: Original Tax Capacity <br /> <br />$ 51,862 <br /> (247) <br /> <br />Captured Tax Capacity <br />Tax Capacity Rate <br /> <br />$ 51,61 5 <br /> 94.270%(d) <br /> <br />Estimated Increment Income <br /> <br />$ 48,657 <br /> <br />(a) Assumes substantial completion of project in 1988. <br /> <br />(b) For class 4a (commercial) property; as adopted dudng the 1989 special session of the <br /> Minnesota Statute Legislature. <br /> <br />(c) Based upon the estimated market value of $4,700 for parcel #36-32-25-12-0012 as of <br /> 1-2-84 multiplied by the property tax classification ratio for taxes payable in 1989, on <br /> vacant land, of 5.25%. <br />(d) The 1988/89 tax capacity rate for the project area is as follows: <br /> <br />Anoka County <br />City of Ramsey <br />lSD 11 (Anoka-Hennepin) <br />Special Districts* <br /> <br />27.425% <br />13.942 <br />51.384 <br /> 1.519 <br /> <br />Total 94.270% <br /> <br />* Special Districts include the Metropolitan Council, Metropolitan Transit District, <br /> Mosquito Control, and the Anoka County Regional Railroad Authority. <br /> <br />Page 17 <br /> <br /> <br />