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SPRINGSTED
<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.I.
<br />06/30/11
<br />6.00%
<br />Increase in EMV With TIF District
<br />Less: P.V of Gross Tax Increment
<br />Subtotal
<br />Less: Increase in EMV Without TIF
<br />Difference
<br />591,723,309
<br />68, 943, 022
<br />$522,780287
<br />0
<br />$522,780,287
<br />2
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<br />Annual
<br />Gross Tax
<br />Year Increment
<br />2012 343,345
<br />2013 490,707
<br />2014 781,187
<br />2015 953,629
<br />2016 1,822,390
<br />2017 is 2,165,957
<br />2018 2,955,640
<br />2019 3,776,149
<br />2020 4,614,724
<br />2021 5,471,724
<br />2022 6,265,104
<br />2023 7,075,637
<br />2024 7,878,588
<br />2025 8,698,648
<br />2026 9,365,035
<br />2027 9,979,802
<br />2028 10,218,416
<br />2029 10, 461, 803
<br />2030 10,710,057
<br />2031 10, 963, 276
<br />2032 11, 221, 560
<br />2033 11,485, 010
<br />2034 11, 753, 728
<br />2035 12, 027, 821
<br />2036 12, 307, 395
<br />2037 12, 592, 562
<br />$186,379,894
<br />Present
<br />Value @
<br />6.00%
<br />319,174
<br />430,342
<br />646,310
<br />744,319
<br />1,341,885
<br />1,504, 589
<br />1,936,929
<br />2,334,562
<br />2,691,511
<br />3,010,709
<br />3,252,123
<br />3,464, 961
<br />3,639,782
<br />3,791,167
<br />3,850,567
<br />3,871,073
<br />3,739,272
<br />3,611,638
<br />3,488, 057
<br />3,368,420
<br />3,252,620
<br />3,140, 549
<br />3,032,103
<br />2,927,180
<br />2,825,679
<br />2,727,501
<br />$68,943,022
<br />Page 27
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