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what metro competitors can achieve (a factor of about 2.3). This benefit is somewhat offset by a significantly higher <br /> tax rate in Elk River. <br /> RAMSEY INVENTORY—when the discussion of a new business park commenced in 2013,the inventory of <br /> available* industrial land in Ramsey was identified to be less than five acres (*all utilities nearby, willing seller,and <br /> proper zoning). Over past the nine months, nearly 52 acres of industrial land has come to the market. <br /> About half of this 52 acre inventory is considered by staff as ready-to-go today, and very marketable. About half of <br /> this inventory will require moderate due-diligence and addressing of various development impediments/questions <br /> (clean-up of existing improvements, short extension of public infrastructure, etc.). <br /> Business Park Benefits <br /> One of the major benefits a community receives from land development is an increase to property tax revenues. <br /> In order to project future property tax revenues, a forecast of future land development must be established. The <br /> forecasting below was developed by staff with assistance from Ehlers &Associates, CBRE, and ACG Consulting. <br /> DEVELOPMENT FORCASTING— <br /> Entire <br /> Developable <br /> Industrial Square Retail Square Single Family <br /> Year Built _ Footage Footage Residential <br /> 2017 45,000 0 0 <br /> 2018 45,000 0 30 <br /> 2019 45,000 30,000 30 <br /> 2020 60,000 0 30 <br /> 2021 60,000 0 30 <br /> 2022 65,000 30,000 7 <br /> 2023 65,000 0 0 <br /> 2024 65,000 0 0 <br /> 2025 65,000 30,000 0 <br /> 2026 65,000 0 0 <br /> 2027 65,000 0 0 <br /> 2028 65,000 20,000 0 <br /> 2029 65,000 0 0 <br /> 2030 80,000 0 0 <br /> 2031 80,000 0 0 <br /> 2032 80,000 0 0 <br /> TOTALS 1,015,000 110,000 127 <br /> Assumes school campus remains tax exempt(not accounted for in this scenario). Based on 25% <br /> industrial building coverage,19%retail building coverage,and about 2 lots per gross acre for single <br /> family residential. Max building coverage for industrial is 45%based on City zoning. Typically,in <br /> mature business parks,the market delivers building coverages ranging between 25%-351/c. <br /> Once development forecasting was established, Ehlers &Associates was able to develop property tax projections. <br /> The tables below provide a brief summary of property tax projections. Please see Economic Development Analysis <br /> FINDINGS REPORT and APPENDICES for additional property tax projections scenarios. <br /> Page 5 of 12 <br />