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City of Ramsey, Minnesota
<br />Tax Increment Financing District No. 4 (Anoka/Ramsey Sports Center)
<br />Calculation of Tax Increment IncOme
<br />
<br />By:
<br />
<br />APPENDIX Xll
<br />
<br />Prepared October 26, 1989
<br />SPRINGSTED Incorporated
<br />
<br />As of 1-2-89 As ofl-2-90 As ofl-2-91 As of 1-1~92
<br />
<br />Assessor's Estimated Market Value
<br />Property Tax Classificatibn Ratio
<br />
<br />$483,400(a) $483,400 $483,400 $483,400
<br /> (b) (b) (b) (b)
<br />
<br />Tax Capacity of Completed Development
<br />Less: Original Tax Capacity
<br />
<br />$ 22,700 $ 22,600 $ 22,500 $ 22,400
<br /> (2,405)(c) (2,405) (2,405) (2,405)
<br />
<br />Captured Tax Capacity
<br />Tax Capacity Rate
<br />
<br />$ 20,295 $ 20,195 $ 20,095 $ 19,995
<br /> 94.270%(d) 94.270% 94.270% 94.270%
<br />
<br />Estimated Increment Income
<br />
<br />$ 19,132 $ 19,038 $ 18,944 $ 18,849
<br />
<br />Assumes substantial completion of project in 1988.
<br />
<br />The classification ratios and analysis used to determine the tax capacity of the commercial development
<br />are as follows:
<br /> Class 3a Classification
<br />Taxes Pavable Estimated Market Value Ratios* Tax Capacity
<br />
<br />1990 $100,000 3.30% $ 3,300
<br /> 383,400 5.06 19,400
<br /> Total $483,400 $22,700
<br />
<br />1991 $100,000 3.20% $ 3,200
<br /> 383,400 5.06 19,40Q
<br /> Total $483,400 $22,600
<br />
<br />1992 $100,000 3.10% $ 3,100
<br /> 383,400 5.06 19,400
<br /> Total $483,400 $22,500
<br />
<br />(c)
<br />
<br />1993 $100,000 3.00% $ 3,000
<br />383,400 5.06 19,400
<br /> Total $483,400 $22,400
<br />* The classification ratios for class 3a property used in this analysis are those which were adopted in
<br /> the 1989 special sessi°n of the. Minnesota State Legislature.
<br />Based upon the estimated market Value of $45,800 for parcel #34-32-25-13-0002 as of 1-2-87 multipfied by
<br />the property tax classification ratio for taxes payable in 1989, on vacant land, of 5.25%.
<br />
<br />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 /> Total
<br />
<br />The Development Agreement dated June 14,
<br />$22,378 through 1998.
<br />
<br /> 27.425%
<br /> 13.942
<br /> 51.384
<br /> 1.51 9
<br />
<br /> 94.27O%
<br />
<br />1988 commits the developer to a minimum tax increment of
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<br />Page 18
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