Laserfiche WebLink
Exhibit B <br />9-5-2000 <br /> <br />BMA INDUSTRIAL ECONOMIC TIF DISTRICT <br /> <br />Background: <br /> <br />The BMA Property is located directly west of Ramsey Boulevard and north of the <br />Burlington Northern right of way just north of US Highway 10. The property consists of <br />160 acres. A storm water drainage pond would be created and this would reduce the <br />available acreage by 8 acres. In addition to the drainage pond, there would be <br />approximately 12 acres used for roads leaving 140 acres for development. Warehouse, <br />manufacturing and distribution businesses would be the occupants of the newly created <br />industrial park. The development would be phased in over a period of 12 years and 4 <br />economic development TIF districts would be created. This proposed development would <br />require a departure from past industrial development incentive packages in that all projects <br />necessitate financial participation for land costs. <br /> <br />City Costs: <br /> <br />CITY COSTS <br /> <br />COST in Dollars <br /> <br />Land Acquisition ($.75 / SQ/FT) (24 parcels)$ <br />Infrastructure (Based on Rates of AEC) $ <br />Interest on Revenue Notes (24 parcels) $ <br />Local Contribution $ <br />TOTAL CITY COSTS <br /> <br />4,547,664 <br />1,869,400 <br />2,142,936 <br />644,816 <br />$8,560,000 <br /> <br />Assumptions: <br /> <br />Economic TIF District - Phase No. 1 <br /> Description: A 34.9-acre parcel with businesses developing the property within the <br /> guidelines of an economic TIF D/strict. <br />· Building Value: Six 45,700 SQ./FT buildings valued ~ $40 per square foot. <br />· Base Value: The Base value of each site is $331,325 with a tax capacity 0£9306. <br />· Completed Value of each phase: $10,968,000 with a tax capacity of 373,518. <br />· Annual TIF Revenue (less localcontribution) Projection (Complete Build-out); $247,927. <br />· Annual Tax Revenue (Post TIF) Projection: $97,928. <br /> <br />Economic TIF District Phases 2, 3 and 4 will have the same assumptions and values. A <br />new district will be phased in every 4 years until the 4 districts are complete. <br /> <br /> <br />