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CITY PROPERTY TAX PROJECTIONS - <br />Entire Developable Area <br />Built Out (years) % of forecast Valuation Total Taxes City Only <br />16 <br />100% $165.8M $82.5M $16.7M <br />16 <br />90% $149.2M $70.7M $14.6M <br />16 <br />80% $132.6M $65.8M $13.3M <br />Industrial Park Only <br />Built Out (years) <br />% of forecast Valuation Total Taxes City Only <br />16 <br />100% $86.4M $51.8M $8.7M <br />16 <br />90% $77.7M $46.6M $7.9M <br />16 <br />• Tax benefits are displayed <br />on 2015 tax rates. <br />80% $69.1M $41.4M $6.9M <br />in future value terms based on 30 years of tax collections, based <br />Valuations are total cumulative, and include annual inflation of 2%. <br />ssumes school campus remains tax exempt (not accounted for in this scenario). <br />• 100% build out models are based on 25% industrial building coverage. Max building <br />coverage is 45% based on City zoning. Typically, in mature business parks, the market <br />delivers building coverages ranging between 25%-35%. The 16 year > 100% build out <br />model outlined in the table above is considered reasonable and conservative by staff; and <br />should be considered as base projections. <br />• The "City Only" portion of property taxes outlined does not include proceeds from fiscal <br />disparities. About 40% of commercial/ industrial property taxes are placed into the fiscal <br />disparities pool. <br />• Utilizing TIF to pay for costs associated with the future business park would positively <br />affect the cost -benefit analysis for the City (i.e. property tax revenues would be increased <br />by a factor of about 2.5). <br />NON -CITY PROPERTY TAX PROJECTIONS - <br />Entire Developable Area <br />Built Out (years) <br />16 <br />20 <br />% of forecast <br />100% <br />100% <br />County <br />$14.6M <br />$12.8M <br />School <br />$7.9M <br />$6.9M <br />State <br />$15.8M <br />$12.8M <br />Other <br />$2.2M <br />$2.0M <br />Fiscal Disparities <br />$18.0M <br />$14.6M <br />Industrial Park Only <br />Built Out (years) <br />16 <br />20 <br />% of forecast <br />100% <br />100% <br />County <br />$7.7M <br />$7.0M <br />School State <br />$4.1M $12.5M <br />$3.7M $11.6M <br />Other <br />$1.7M <br />$1M <br />Fiscal Disparities <br />$14.2M <br />$13.2M <br />Tax benefits are displayed in future value terms based on 30 years of tax collections, based on 2015 tax rates. <br />Valuations are total cumulative, and include annual inflation of 2%. Assumes school campus remains tax exempt (not <br />accounted for in this scenario). 100% build out models are based on 25% industrial building coverage. Max building <br />coverage is 45% based on City zoning. Typically, in mature business parks, the market delivers building coverages <br />ranging between 25%-35%. <br />Page 6 of 12 <br />