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Status Report <br />Aphl 22, 2003 <br />Page 2 <br /> <br /> Commercial jobs based on Town Center * Retail growth outside of <br /> development and 15,000 sffyear of Town Center <br /> additional commercial growth. Industrial · Timing of Town Center <br /> jobs based on sf/year of new industrial development. <br /> development provided by City. Assumed <br /> employment generation: The retail portion of mixed use <br /> · Retail - 1 job/400 sf projects in Town Center is not <br /> · Office - 1 job/300 sf yet accounted for in the analysis. <br /> · Cinema/Fitness/Banquet - t job/800 sf <br /> · Industrial - 1 job/750 sf <br /> 4 P~'o~ valuation The housing unit projections by Under review by staff to <br /> - housing subdivision/area are converted in property determine if assumptions are <br /> valuation assuming average Estimated reasonable, in particular, the <br /> Market Value per unit of: assumptions of average EMV? <br /> · SF-$250,000 <br /> · IViF - $130,000 <br /> · FID - $75,000 <br /> EMV is converted into tax capacity value <br /> using Pay 2003 class rates. <br /> .... ~--~"----'; Property valuation The projections of commercial property ~-~r~i'e-~-~'~'~"i;"~'"'"'""~:) <br /> - corrnnercial valuation are more complicated. The determine if assumptions are <br /> property valuation for Town Center is based reasonable, in particular: <br /> on building size and EMV/sfassumptions · Timing of Town Center <br /> provided by staff. Other annual commercial development. <br /> growth assumes 50,000 sfparcel at $5.00/sf · Additional value fi~om retail <br /> EMV and 15,000 sf building at $85.00/sf portion of mixed use projects <br /> EMV. in Town Center. <br /> · Amount of annual retail <br /> Tax capacity value is calculated using Pay growth outside of Town <br /> 2003 class rates. The Fiscal Disparities ' Center. <br /> contribution is calculated at a rate of <br /> 0.336143. <br /> 7 Property valuation ~he amount of annual industrial under review by staff to <br /> - industrial development and EMV/sfhas been provided determine ~f assumptions are <br /> by staff. The tax capacity value is based on reasonable. <br /> Pay 2003 class rates. As part of this <br /> analysis, staff provided projected TIF values <br /> and te~Tnination of districts. These factors <br /> influence the net value available for general <br /> _ taxation. _ <br /> 8 New staff positions -~"e'rsonnel related expenditures represent theUnder review b3) staffto--7~-~t <br /> single largest source of expense in the determine if assumptions are <br /> General Fund. New expenditures are not reasonable, in particular: <br /> added in increment, but rather in blocks as <br /> <br />~_.. new staff positions are added to the budget. · When should date2spe,.cific_.~ <br /> <br />-22- <br /> <br /> <br />