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5. Rosemount Business Park Tax Increment Finance Plan/District
City of Rosemount Executive Summary for Action City Council: March 6, 1996 Agenda Item: Business Park TIF Plan/District Agenda Section: Public Hearing Prepared By: Dan Rogness, Community Development Agenda No: Director ITEM # 5 Attachments: Hearing Notice; Dakota County Resolution; Approved By: Various Exhibits; TIF Plan The City Council will hold its public hearing on the proposed tax increment financing distract for the Rosemount Business Park. You will find the TIF Plan and other associated information attached. The Dakota County Board took action on this proposal; I am not aware that School District#196 took any action. • Recommended Action: MOTION to approve RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN FOR THE ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT. c A `'' CITY OF ROSEMOUNT CITY HALL West \% P.0 Box 510 4,4 Everything's Coming Up Rosemount!! Rosemount,MN 55068-0510 _� Phone:612.423-4411 Fax:612-423-5203 Affidavit of Posted Hearing Notice Modifying a Redevelopment Project Plan and Establishing a Tax Increment Financing District for the Rosemount Business Park STATE OF MINNESOTA ) COUNTY OF DAKOTA ) SS CITY OF ROSEMOUNT ) Susan M. Walsh, being first duly sworn, deposes and says: I am a United States citizen and the duly qualified Clerk of the City of Rosemount, Minnesota. On February 16, 1996 acting on behalf of the said City, I posted at the City Hall, 2875 145th Street West, Rosemount, Minnesota, a copy of the attached notice of a Public Hearing for consideration of modifying a redevelopment project plan and establishing a tax increment fmancing district for the Rosemount Business Park. S City Clerk City of Rosemount Dakota County, Minnesota Subscribed and sworn to before me this 16 day of Cc:DC°O.(' , 1996.Cuti\J ,.< KELU ANNE GRUND tJ�l/l 1 ( A h IP:1 NOTARY PUBLIC—MINNESOTA Notary Public ,'" DAKOTA COUNTY My Comm.Expires Jan.31.2000 • con,,i on r<rici.a pux+ Rosemount Town Pages AFFIDAVIT OF PUBLICATION Kristin Franck,being duly sworn, on oath says that she is an authorized agent and-employee of the publisher of the newspaper, known as The Rosemount Town Pages, and has full knowledge of the facts which are stated below: (A)The newspaper has complied with all of the requirements constituting qualification as a legal newspaper, as provided by Minnesota Statues 331A.02,331A.0ksid�applicable laws,as amended. (B)The printed �� which is attached, was cut from the columns of said newspaper, and was printed and published once each week for successive w eks; it was fi t published on Friday, the' day of U.0 1,4,19 io and was thereafter printed p lished on '1very Friday,`to and including Friday, the day of d 4.r\U.Q.At A , 19 ; and printed below is a copy of the lower case alphab't from A to Z, both inclusive, which is hereby acknowledged as being the size and kind of type used in the composition and publication of the notice: abcckfgbijk1muopgrstuvwxyz By: Title:Typesetter Subscribed and sworn to before me on this � — day of I - -L, 19 ci Notary Public AFFIDAVIT CONNIE E. FIFAREK /`. NOTARY PUBLIC—MINNESOTA MY COMMISSION EXPIRES 1-31-00 • The Rosemount Business Pads Tax Increment Financing NOTICE OF District encompasses all property and adjacent and interior PUBLIC HEARING roads and rights-of-way as found on tlx map and indicated by parcel identification numbers and general descriptions ,4ODIFYING A REDEVELOPMENT below: PROJECT PLAN PID 55aolo-00 and PID 434-6455ao10- AND ESTABLISHING A TAX Ol.#34-6 generally 5 described as an 80anre site at the INCREMENT FINANCING DISTRICT southwest intersection of CSAH 42 and FOR THE ROSEMOUNT Biscayne Avenue. . BUSINESS PARK Subject to certain limitations,tax increment from the Rosemount Business Park Tax Increment Financing ' NOTICE IS HEREBY GIVEN that the City Council may be spent on eligible uses within the (the'Council")of the City of Rosemount,County of boundaries of its Redevelopment Project as chosen on the Dakota,State of Minnesota,will hold a public bearing on .. Wednesday.March 6.1996,at approximately 8:00 pm in .. • the City Council Chambers in the Rosemount City Hall. All interested persons may appear at the hearing and 2875 145th Street West,Rosemount.Mitmeso je tt andg to present their views orally or prior to the meeting in writing.• the modification of its RedevelsPtnBut Profs and the Questions should be directed to the Community establishment of the Rosemount Business Park Tax Development Department at 322-2051. Increment Financing District(an econanic development district)and the approval and adoption of a modified Dated this 16th day of February,1996. Redevelopment Plan and a Tax Increment Financing Plan !al Susan(collectively,the"Plana)relating thereto,pursuant to M.Walsh Minnesota Statutes,Sections 469.001 through 469.047 and Susan M.Walsh.City Clerk Minnesota Statutes,Sections 469.174 to 469.179, City of Rosemount inclusive,as amended. Copies of the Plans are on file and Dakota County.Minnesota available for public inspection at the office of the 2/23 Community Development Director at City Hall. -- ral a,-•so es:,t crrr ce pusourrt P . '� a • i t:i•I• d/ l 119 ` - II 4_ _L ` ,act t .g " _ice€ - - 33 1 ' 1.7. 2":._2314*._:_,.--2:Z.'"___I-,..,;x.„---'-.7-.'7-71_,:f.,...H.,-,",..,. ...„,r,177----_,..--'-'-`,-..2"4;7rr71.:16:44.=imm/4114111...... ,:/29 i m 741: A - I- o�. --4' �.1- i _ o= - r1 tom_ - J'• EHFIRE si f� xosrrcU`JS 1555 or-to'trr.s:sP_tcr I n t�'ly 0 ""El ex_ I( '...a osentoun� CITY OF ROSEMOUNT RESOLUTION NO. RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN FOR THE ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT BE IT RESOLVED By the City Council ("Council") of the City of Rosemount, Minnesota ("City") as follows: Section 1. Recitals. 1.01. The City has previously established the Rosemount Redevelopment Project(the "Project") and a Redevelopment Plan therefor, currently administered by the Rosemount Port Authority (the"Authority"). 1.02. The Authority has proposed the establishment within the Project of the Rosemount P P Project Park Tax Increment Financing District (the"TIF District") and a Tax Increment Financing Plan("TIF Plan") therefor, pursuant to Minnesota Statues, Sections 469.001 to 469.047 (the"HRA Act") and Minnesota Statutes, Section 469.174 through 469.179 (the"TIF Act"). 1.03. The Authority has caused to be prepared a document titled"Tax Increment Financing Plan for Rosemount Tax Increment Financing District (an economic development district), Rosemount Port Authority," and has approved that document by resolution dated March 6, 1996. 1.04. The City Planning Commission has provide a written comment to this Council finding that the TIF Plan is consistent with the comprehensive City plan. 1.05. Estimates of the fiscal and economic implications of the TIF Plan were presented to Independent School District No. 196 and to Dakota County at least 30 days before the public hearing on the TIF Plan. 1.06. The City Council has fully reviewed the contents of the TIF Plan and on March 6, 1996, conducted a public hearing thereon, at which the views of all interested persons were heard. Section 2. Findings:Rosemount Business Park TIF District. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Project and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF District and the Project. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the TIF Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future, and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result form the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district. 2.03. The proposed improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF District and the Project in terms of development intensity, employment opportunities and tax base. 2.04. The Plan for the TIF District conforms to the general plan of development of the City as a whole. 2.05. The Plan for the TIF District will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District and the Project by private enterprise. 2.06. The TIF District is an economic development district under Section 469.174, Subd. 12 of the TIF Act, based on the findings described in the TIF Plan, which are incorporated herein by reference, and other records on file with the City. 2.07. The establishment of the TIF District and the approval of the TIF Plan therefor is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the TIE Plan. 2.08. The factual basis for the findings in this Section is set forth in the TIF Plan. The City has also relied upon the reports and recommendations of its staff as well as the personal knowledge of members of the City Council in reaching its conclusions regarding the TIF District. 2.09. The City elects calculation of tax increment from the TIF District under Section 469.177, Subd. 3(b) of the TIF Act. 2.10. The City elects to make qualified local contributions to the development projects in the TIF District, and therefore anticipates that the TIF District is exempt from loss of local government aid or homestead and agricultural credit aid under Minnesota Statutes, Section 273.1399, Subd. 6(d). Section 3. TIF Plan Adopted; Certification;Filing. 3.01. The TIE Plan is hereby approved and adopted , and the Rosemount Business Park TIF District is established. 3.02. The geographic boundaries of the Redevelopment Project and of the TIE District are described in the Redevelopment Plan and TIF Plan therefor, respectively, which documents are incorporated herein by reference. 3.03. The Authority staff or consultants are authorized and directed to transmit a certified copy of this resolution together with a certified copy of the TIF Plan to the Auditor of Dakota County with a request that the original tax capacity of the property within the TIE District be certified to the Authority pursuant to Section 469.177, Subd. 1 of the TIF Act, and to file a copy of the TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. Approved by the City Council of the City of Rosemount this 6th day of March, 1996. CITY OF ROSEMOUNT Mayor ATTEST: City Clerk • FORECLOSURE SALE fans, ar NOTICE IS HEREBY GIVEN that default has occurred in sides o the condition'of the following described mortgage: DATE OF MORTGAGE:November 19,1984 n this . ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: The Rwemount Business Park Tax ixremeat Rogueing been T72.950.00 NOTICE OF unfortut MORTGAGOR(S):Charles B.Hansen and Cynthia M. PUBLIC HEARING act eOC`ms'�' property and adjacent dialed Hansen.husband and wife roads and rights-of-way as found on the map and itd(obd around by MORTGAGEE:First Lakeville Bank.a Minnesota parcel identification n®bets and general dtacriptiao REDEVELOPMENT reason£ MODIFYING A REVELOPMENT below: DATE AND PLACE OF RECORDING: Filed for PROJECT PLAN would F recording in the office of the County Recorder in and for AND ESTABLISHING A TAX RD 034.64550.010-00 and P>D.34-64550-010• their bo 01.generally deambed as an 80-sae sits at the the County of Dakota and State of Minnesota,on INCREMENT FINANCING DISTRICT southwest intersection of CSAH 42 and idea of December 12.1984,and recorded as Document No. 613832.which mortgage was subsequently assigned to FOR THE ROSEMOUNT Biscayne Avenue. kids ar First Trust Company of Saint Paul.Trustee for Certain BUSINESS PARK Subject to certain limitations.tax ioeremeat from the prograrr Bondholders of the Dakota County Housing and Redevelopment Authority.Under an Indenture of Trust. NOTICE IS HEREBY GIVEN that the City Council Rosemount Business Park Tax Increment Financing enrollmt September (the'Council' of the City of Rosemount,County of District may be spent on eligible uses within the will eons Dated, her 1.ter 1 Between the Issuer and Such ) Y Y boundaries of its Redevelopment Project as shown en the Trustee,dated November l9,1984,recorded December 12, Dakota.State of Miweaota.will hold a public hearing on. 1984.as Document No.673833. Wednesday,March 6.1996.at approximately 8:00 p.m.in ®p' ...Fans Document LEGAL DESCRIPTION OF PROPERTY:Lot 8,Block I. the City Council Chambers in the Rosemount City Hall, witness Dakota County Estates.according to the plat thereof now 2875 145th Street West.Rosemount,Minnesota,relating to All interested persons may appear at the bearing and prestrt their views onBy or prior to the medal in College no file and of record in the office of the County Recorder the modification of its Redevelopment Project and tie 8 wan& 9 in and for said County and State. establishment of the Rosemount Business Park Tax Questions should be directed to the Community Tigers tf COUNTY IN WHICH PROPERTY iS LOCATED:Dakota Increment Financing District(an economic development Development Department at 322-2051. the Got AMOUNT DUE AND CLAIMED TO BE DUE AS OF district)and the approval and adoption of a modified Doled this 16th day o[Febmary 1996 DATE OP NOTICE INCLUDING TAXES.IF ANY.PAID Redevelopment Plan and a Tax Increment Financing Plan h e ra id e BY MORTGAGEE:$69,342.02 (collectively,the'Plans')relating thereto,pursuant to hocks THAT prior to the commencement of this mortgage Minnesota Statutes.Sections 469.001 through 469.047 and ts/Susan M.Walsh Y. n' foreclosure proceeding mortgagee complied with all notice Minnesota Statutes,Sections 469.174 to 469.179, Susan M.Walsh.City Clak slot are requirements as required by statute: inclusive.as amended Copies of the Plans are on file and (ICY ofRoeemount and the THAT on action orgeooeeding has been instituted at law or available for public inspection at the office of the Dakota CoCounty,Minnesota otherwise to recover the debt secured by said mortgage.or Community Development Director at City Hag. any part thereof; PURSUANT to the power of sale contained in said mortgage,the above described property will be sold by the -_ ._vac or•55 69..,a*v or so2nxr,r Qp e, Sheriff of said county as follows: •s DATE AND TIME OF SALE:March 18,1996 at 11:00 • , !=i_f"=''L ti∎- % •'''. • :i '.6 5.51. �_��i' _ ' - 't t h e, PLACE OF SALE:Sale held in the Dakota County Law ( _ — � s.,"qtr• Enforcement Center,1580 W.Hwy 55,Lobby S-t00,Ci — of Hastings �'•''• 1 —' 1r -• (lea._ _ ?._ to pay the debt secured by said mortgage and taxes,if any, I I..I' t ltll . Wi on said premises and.the costs and disbursements, 0 ! ��,j.-.�.,;.,. including attorneys fees allowed by law subject to -0 - _ redemption within six months from the date of said sale by o 1,...1,1/ - nn_ "ll�` �1 �- the mortgagor(s),their personal representatives or assigns. �G I y1S �� •"\ ,1 q O 0 t_ •�..._1d - ∎ t./0 .8 Dated:February 2,,,/996 .; , _'� C Trust Trust National Association.flea First Trust Company - I��p / - - ,-• of Saint Paul.Trustee for Certain Bondholders a_„ of the Dakota County Housing and Redevelopment )t:."-"__ .-� j�' - -,q A -i By Jim Ht trty 8 P ro.�`� r I .cs Authority.Under an Indenture of Trust.Dated I -, - Rosemot September 1.1984.Between the Issuer 'Jr / - and Such Trustee, < ^ I ' - _ five matt' Assignee of Mortgagee - I 0^ .A t -.x.29+:,, �. �' Section 1.i._. _ - b _ 2B Northwest Le Services,P.A. -dr -=_,,,. - John Mars - ti- � s by Robert L Howe/Sachin lay Darji a%'3°�q , _,. 550 Capital Centre ''�f �,� �� + a as the forfeit in 386 N.Wabasha ( Ate 4:4/--' IP. St Pout MN 55IO2 <.�' —+�, a -- e v �O An.„ J.A.I. to beat the (612)225-9092 • Attorneys for Assignee of Mon ! - - "' 15 in Roe Ram-3/8 �geC I 0�?'. '. /_—_"��� scored the City of Rosemount - J� 3 those last 1�, _:-". , _ / - match that Ordinance No.-57 `� : - o� _ the final sot AN ORDINANCE AMENDING i- `_'• 1 r - s an The Irisi ORDINANCES '- �' I --- ,• £9i EMPIRE Winters we CITY OF ROSEMOUNT �.f °/ �..a ! osrvousr 1990 Or4_LO?4raT OISTAICt + ^' but CoulCli3 ZONING ORDINANCE I gosenio/unt I NUY°=a csr I Fire Station Property on illnesses ib: Shannon Parkway Mike Schol THE CITY COUNCIL OF THE CITY OF ROSEMOUNT. Koenig. Rt MINNESOTA.ORDAINS AS FOLLOWS: Hiem, Seeln s,.,..40.t Ordinance B.adopted September 19.1989, in replaci entitled City of Rosemount Zoning Ordinance is hereby valiantly an amended to rezone from R-2 Single Family Attached He was eve Residential to P Public and Institutional the following Q: What are the only three pro franchises(two in one city)that are described property located within the City of Rosemount. • • nicknamed after one of their players-one each in hockey,football, Irish led j us Minnesota to-wit: rivia and baseball? set to fort. Outlet B.Weusmann Ninth Addition.Section 30, because of Township 115,Range 19,Dakota County,Minnesota. ^ & A:The winnipeg Jets,the Cleveland Indians and the Cleveland e`[. Browns. pivotal mate ,Section`,The Zoning Map of the Qty of Rosemount. When Bobby Hull joined the fledgling Winnipeg franchise when Daggett's l refereed to and described in said Ordinance No.B as that the World Hockey Association started in 1972,the Manitoba team A decision t certain map entitled Zoning Map of the Gty of Rosemount y shall not be republished to show the aforesaid rezoning,but A was nicked the Jets,a take-off(so to speak)on Hull's monicker,the 7-point crush the Clerk shall appropriately mark the said rolling map on Golden Jet The team kept its original name when it joined the fib in the Clerk's office for the purpose of indicating the win after los rezoning herei°above provided for in thus Ordinance and NHL in 1979,along with the New England Whalers,the Edmonton all of the notation references and other information shown Oilers,and the Quebec Nordiques of the old WHA. finnal al weight. thereon arc hereby incorporated by reference sad trade a In 1915,the Cleveland Spiders of the American League,were Daggett g part of this ordinance. renamed the Indians after a vote by fans. The new nickname was in opponent b Gninn 1,This ordinance shall be effective immediately eo�jl pi 1 e� Honor of former player and Penobscot Indian Louis Sockelesis, upon its passage and publication according to law. Ij ]iiii who had died in 1913 at age 42. Sockelezis played for the pinned to gi' y Jim lead and the ENACTED AND ORDAINED into an Ordinance this 6th legendary John McGraw,who once said he was the greatest g ry 8 day of February,1996. Hoey natural talent he had ever witnessed. Cleveland's other names Greg Dray CITY OF ROSEMOUNT were the Molly Maguires,Broncos.Blues,and Naps wrestled a: 1.,ram I.•ul_e....,'-....F,hell r,,.r .r....Ivan..n .._..-.. ----'--a T. 02/28/96 08:52 DAKOTA COUNTY-ADMINISTRATION 002 BOARD OF COUNTY COMMISSIONERS DAKOTA COUNTY, MINNESOTA February 20, 1996 Resolution No.96-121 Motion by Commissioner Bataglia Second Dy Commissioner Krause Review of Tax Increment Financing Plan for Rosemount Business Park Tax increment District, Rosemount Port Authority WHEREAS, the Port Authority of the City of Rosemount has submitted a proposal for the creation of the Rosemount Business Park Economic Development District to Dakota County for review; and WHEREAS, the purpose of the Tax Increment District is to authorize land acquisition and public Improvement expenditures to assist private companies within the Rosemount Business Park; and WHEREAS, the use of tax increment financing (TIF) for this purpose is inconsistent with Dakota County's policy regarding tax increment financing. NOW, THEREFORE, BE IT RESOLVED, That the Dakota County Board of Commissioners hereby encourages the Port Authority of the City of Rosemount not to create the Rosemount Business Park Economic Development District, nor to use tax increment financing for the purposes proposed in the TIF plan. STATE OF MINNESOTA County of Dakota YES NO I, Mary S. Schelde, Clerk to the Board of the County of Dakota, State or Minnesota,do hereby certify that I have compared the foregoing copy of a Harris _X_ Harms resolution with the original minutes of the roceedt s P of the Board of nH o manor X Matter County Commissioners,Dakota County,Minnesota,at their session Held on the 20th day or February 1990, now on file In the County AdmInistratlon Batagtia X Batagtia Department,and have found the same to be a true and correct copy thereof. Mueller X Mueller Witness my hand and official seal of Dakota County this 22nd day of Turner X Turner February 1986. Krause X Krause Loeding X Loeding •'S Clerk to the Board ..... JAN 09 '96 09:42 CITY OF ROSEMOUNT P.S Y':c"' a —L.A0111114i i . • • ,. . , . N. .040 -. . . . :. ,• „ - . , .. aF_srA_ EC__ el IMIIIP7age arAmm--- 1 • • ....-- ..... -, . . 7 . .. ,.1 ..... ::.,i7:.:.' AIN ••••• lii t •••=1 11111111.11.W E., .0.; /I ..• ..... ■ I 1L . \/-. : Ile '4 .....-) / ---1- s. ,...,w, , ,....,-,-.."...-- . ____, . ,4�� ... ` ter. _" .ar _ `.f it , „ a ., ,,,,.,....„,„,,,,-,,,,, . yam. •.. . 1 'i I �' — 1 L:d %Um .7i. -, ■■•■—;:. • �� + zei 7.... "-�7L�3� ' n "j� �� a 1i ♦ I cy; d' emu• <: . •� da__. , .-.'.. - --� ;��� J r,, �, ... -- •t.a-;.•-imid - . - .. AGRICULTURAL < •Ir-- ' ..-• '...',. - .1.-F,•7_47.7,71.... . --.1. =1.7-71.-nw - ..=.t. — .e . ,E /1",.. ' r_J AlrC a .. �� Effi,•„ 1.1.i�+. 1/466V16.= ..��n�~na X0714 • �y� - •-.t �.am t�2 WW�l.`Ya .. '... . .. © i _ ® — /� '7 ...--.--- ill tWeL 1 "-' ■c.. ,., r _... .., _....1011 J A.rte ,� : a• r' el I� G>P.aA..LQ �� Ellt..mus I! ,! EMPIRE PROJ. NO. e ... o ROSEMOUNT 1990 DEVELOPMENT DISTRICT NUMBER ONE FIGURE L osernoun ,. WHAT IS TAX INCREMENT FINANCING (TIF)? Tax increment financing is a financing tool allowing communities to use property tax revenues generated by a development to finance some of the costs of that development. The public subsidy is intended to enable private development that might not otherwise occur. Instead of going into the general funds of the city, county and school district, property taxes generated within TIF districts are reserved to pay for certain development costs or public improvements. The tax reserved for TIF use is the tax generated on the increased value of property in the TIF district, or the "tax increment". State statutes restrict the duration of TIF districts based on the type of district...from 11 years for an economic development district to 25 years for housing/redevelopment districts. When the TIF district's costs have been paid or the district is decertified, the property tax proceeds revert back to the local taxing jurisdictions...approximately 50% to the school district, 25% to the county and 25% to the city. The main uses of TIF are cities, HRA's, EDA's and port authorities; counties and school districts do not have TIF authority. The state's overall use of tax increment financing is measured in the percent of total tax base being captured. The state average in 1994 was 6.7 percent. PERCENT OF TAX CAPACITY CAPTURED IN TAX INCREMENTS --- PAYABLE 1995 City Percent South St. Paul 14.6 Apple Valley 7.7 Farmington 7.7 Lakeville 5.8 Rosemount 4.1 Inver Grove Heights 3.7 Hastings 2.9 State Average: 7.6 Source: League of Minnesota Cities ESTIMATE OF PUBLIC COSTS Qualified Costs Land Acquisition ---- i ff\- \ J ;.,$ $580,000 Public Improvements - = 4 j,ecl /3,330,000 Contingency = 8q�,000 195,000 Subtotal $4,105,000 20% Economic Development Costs (including 10% city admin) 821,000 TOTAL $4,926,000 * MEM 41 ,47FIEIE -11 § § § § § § § § T r r T T T T CV v' rr- rrr ,- a 0 ucT1RgRggrtso � P 5a0mamaaq g gw § § § §. § § § §, g H @ § § § § § § § E 4gliggggggq 0 a A § § § § § § §, k iLLEiggggggqi •- N �'') tt � �Ot� IO iiiiiii15 • Subsection 1.12. Estimated Captured Net Tax Capacity Value/Increment, Pursuant to Minnesota Statutes, Section 469.174 Subdivision 4 and Minnesota Statutes, Section 469.177, Subdivisions 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District upon completion of all phases of the project, will annually approximate $355,351 or an annual tax increment of$429,142. The Authority requests 100 percent of the available increase in tax capacity for repayment of debt and current expenditures, beginning in the tax year payable 1998. The project tax capacity listed is an estimate of values when the construction is completed. Estimated Project Tax Capacity $562,581 moo Original Tax Capacity ( 81 99. Gross Captured Tax Capacity 480,585 Sari Fiscal Disparities Tax Capacity (30.22%) 145 233 = Net Captured Net Capacity $335,352 The Authority elects the calculation of tax increment under Section 469.177, subd. 3(b), which means that fiscal disparities contribution will be made from inside the District. TAX INCREMENT CASH FLOW Base Project Captured Fiscal Semi-Annual Admim. Semi-Annual Future Present PERIOD BEGINNING Tax Tax Tax Disparities Gross Tax at Net Tax Value Tax Value Tax PERIOD ENDING Yrs. Mth. Yr. Capacity Capacity Capacity 30.22% Increment 10.00% Increment Increment Increment Yrs. Mth. Yr. _ 0.0 02-01 1996 81,996 81,996 0 0 0 0 0 0 0 0.5 08-01 1996 0.5 08-01 1996, 81,996 81,996 0 0 0 0 0 0 1.0 02-01 1997 81,996 81,996 0 0 ^'0` 0 ---17 0 1.5 02-01 1997 0 0 0 1.5 08-01 1997 1.5 08-01 1997 81,996 81,996 0 0 0 0 0 0 0 2.0 02-01 1998 2.0 02-01 T998 81,996 191,397 109,401 (33,061) (4,885) Mtn 43,961 37,921 2.5 08-01 1998 2.5 08-01 au 81,996 191,397 109,401 (33,061) .4 ,846 (4,885) �4.3�96.11 87,923 74,738 3.0 02-01 1999 3.0 02-01 1999 81,996 246,098 164,102 (49,592) 73,269 (7,327) -B5,942 153,865 128,355 3.5 08-01 1999 3.5 08-01 am 81,996 246,098 164,102 (49,592) 269 (7,327) _655 942 219,807 180,411 4.0 02-01 2000 4.0 02-01 2000 81,996 300,799 218,803 (66,122) 97,692 (9,769) 87,923 307,730 247,796 4.5 08-01 2000 4.5 08-01 2000 81,996 300,799 218,803 (66,122) 47,6,99.2. (9,769) 8.74911 395,653 313,219 5.0 02-01 2001 5.0 02-01 2001 81,996 355,500 273,504 (82,653) 122,115 (12,212) 109,904 505,556 392,616 5.5 08-01 2001 5.5 08-01 . L 81,996 355,500 273,504 (82,653) jam (12,212) 109 904 615,460 469,700 8.0 02-01 2002 6.0 02-01 2002 81,996 410,200 328,204 (99,183) 146,538 (14,654) 1� 747,344 559,507 6.5 08-01 2002 6.5 08-01 AM, 81,996 410,200 328,204 (99,183) J46.53, (14,654) 1.:. 8`. 879,228 646,698 7.0 02-01 2003 7.0 02-01 2003 81,996 464,901 382,905 (115,714) 170,961 (17,096) 153,865 1,033,093 745,458 7.5 08-01 2003 7.5 08-01 2003 81,996 464,901 382,905 (115,714) imat (17,096) 153865 1,186,958 841,341 8.0 02-01 2004 8.0 02-01 2004 81,996 519,602 437,606 (132,245) 195, (19,538) 75,846 1,362,803 947,731 8.5 08-01 2004 8.5 08-01 Ism. 81,996 519,602 437,606 (132,245) =AL (19,538) 175,846 1,538,649 1,051,021 9.0 02-01 2005 9.0 02-01 2005 81,996 562,581 480,585 (145,233) 214,574 (21,457) 111711 1,731,765 1,161,153 9.5 08-01 2005 9.5 08-01 2005 81,996 562,581 480,585 (145,233) mizt. (21,457) 193y 6 1,924,881 1,268,076 10.0 02-01 2006 10.0 02-01 2006 81,996 562,581 480,585 (145,233) 214,574 (21,457) 193,116 2,117,997 1,371,886 10.5 08-01 2006 10.5 08-01 2006 81,996 562,581 480,585 (145,233) 214,574 (21,457) 193,116 2,311,114 1,472,672 11.0 02-01 2007 Totals (1,738,071) 2,567,904 X256,790) 2,311,114 2,3111114 Present Values (1,107,522) 1,636,302 (163,630) 1472,672 1,472,672 TAX INCREMENT FINANCING PLAN FOR ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT (an economic development district) ROSEMOUNT PORT AUTHORITY City of Rosemount County of Dakota State of Minnesota Public hearing:March 4,1996 Adopted:March 4,1996 Prepared by: EHLERS AND ASSOCIATES,INC. 2950 Norwest Center 90 South Seventh Street Minneapolis,Minnesota 55402-4100 (612)339-8291 TAX INCREMENT FINANCING PLAN FOR THE ROSEMOUNT BUSINESS PARK TAX INCREMENT DISTRICT Subsection 1.1. Forward The City,staff and consultants have prepared the following information to expedite and create the Rosemount Business Park Tax Increment Financing District,an economic development tax increment financing district,in Redevelopment Project No. 1. Subsection 1.2. Statutory Authority Within the City of Rosemount(the"City")there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end,the Rosemount Port Authority(the"Authority")has certain statutory powers pursuant to Minnesota Statues,Sections 469.174 through 469.179,inclusive,as amended(the`Tax Increment Financing Act"or'TIP Act")to assist in financing public costs related to this project. Below is the Tax Increment Financing Plan(the"Plan")for the Rosemount Business Park Tax Increment Financing District(the"District"). Other relevant information is contained in the Redevelopment Plan for Redevelopment Project No 1,as most recently modified on December 20, 1994. Subsection 1.3. Statement of Objectives The District currently consists of 2 parcels of land. Present plans on the site primarily include,but are not necessarily limited to,land acquisition,site improvements and road improvements. The District is expected to achieve many of the objectives set forth in the Redevelopment Plan in regard to land use. They include,but are not limited to: 1. Enhance the tax base of the City and the State. 2. Promote and secure additional employment opportunities within the Redevelopment Project and for the City residents of the City and the surrounding area,thereby improving living standards,reducing unemployment and the loss of skilled and unskilled labor and other human resources in the City. 3. Encourage the expansion of local businesses. Subsection 1.4. Development Program Overview 1. Property to be Acquired-All property located within the District is currently owned by the Rosemount Port Authority. 2. Relocation - Complete relocation services are available pursuant to Minnesota Statutes, Chapter 117 and other relevant state and federal laws. 3. Upon approval of the developer's plan relating to the project and completion of the necessary legal requirements,the Authority may sell to the developer selected properties within the District or may lease land or facilities to the developer. 4. The Authority may perform or provide for some or all necessary acquisition,construction, relocation,demolition,and required utilities and public streets work within the District. TIP Plan for Rosemount Business Park 1 Subsection 1.9 Bonded Indebtedness The Authority has previously issued bonds for land acquisition in the amount of$580,000 and for public improvements tY P Y an9 P Pre in the amount of$1,630,000. The Authority is authorized to apply tax increments for the District toward payment of such bonds. It is assumed that there will be a need for an additional$1,700,000 in public costs by the time the project is completed The City or Authority may issue tax increment bonds for the remainder oft costs may also be financed through pay-as-you-go tax increment financin r 4 ,G� payable is whole or in part with tax increments is not expected to exceed! pt _( Subsection 1.10. Sources of Revenue vjAGd( pt ` ' Public improvements costs,acquisition,relocation,and site preparation ci of Costs(Subsection 1.8)will be financed through the annual collection oft V i available to the Authority. I II., � - Subsection 1.11. Original Tax Capacity and Tax Rate �" I { ' "'4', Pursuant to Minnesota Statutes,Section 469.174,Subdivision 7 and Section 469.177,Subdivision 1,the Original Net Tax Capacity(ONTC)as certified for the District is based on the market values placed on the property by the assessor in 1995 for taxes payable 1996.The total market value for both parcels is$1,782,520.The tax capacity of the property when the tax increment district is certified in 1996 is estimated to be 81,995. Under Section 469.177,Subd. 1(f)of the TIF Act,the County Auditor is required to increase the ONTC each year by the average percent increase in the estimated market value of the TIF District during the five years prior to certification. The applicable adjustment period would normally be assessment years 1990 through 1995. However,the property in the TIF District has been owned by the Authority and tax-exempt since 1994. The property was taxable in assessment years 1990 through 1993,which are used to calculate the adjustment factor for the District in accordance with Minnesota Department of Revenue procedures. Average 1990/91 1993/94 Increase %Increase Annual Increase $213,000 $213,000 0 0% 0 Pursuant to Section 469.177,Subds. 1 and 2,of the Tax Increment Financing Act,the County Auditor shall certify in each year(beginning in the payment year 1998)the amount by which the original value has increased or decreased as a result of a: 1. change in tax exempt status of property; 1. reduction or enlargement of the geographic boundaries of the district; 3. change due to adjustments,negotiated or court-ordered abatements; 4. change in the use of the property and classification; 5. change in state law governing class rates. In any year in which the current Net Tax Capacity value of the District declines below the ONTC,no value will be captured and no tax increment will be payable to the Authority. The original local tax rate for the District will be the local tax rate for 1996 taxes. Since the 1996 tax rate had not been certified at the time of plan approval,the tax rate of 127.969 is being used as an estimate. TIF Plan for Rosemount Business Park 3 IMPACT ON TAX RATES 1995/96 Purposed Percentage Tax Capacity Rates of Total CTC Taxes Dakota County 0.265020 20.7097% 335,352 88,875 ISD No. 196 0.607750 47.4920% 335,352 203,810 City of Rosemount 0.359520 28.0943% 335,352 120,566 Other 0.0474 3.7040% 335.352 15.896 • Total 1.27969 100.0000% 335,352 429,147 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the 1995/Pay 1996 purposed rate. The total net capacity for the entities listed above are based on Pay 1996 figures. Subsection 1.15. Modifications to the District In accordance with Minnesota Statutes,Section 469.175,Subdivision 4,any reduction or enlargement of the geographic area of the project or tax increment Financing district; increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan,or to increase or decrease the amount of interest on the debt to be capitalized; increase in the portion of the captured tax capacity to be retained by the Authority; increase in total estimated tax increment expenditures; or designation of additional property to be acquired by the Authority shall be approved upon the notice and after the discussion,public hearing and findings required for approval of the original plan. The geographic area of a tax increment financing district may be reduced,but shall not be enlarged after five years following the date of certification of the original tax capacity by the county auditor. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in this subsection of the Plan. Subsection 1.16. Administrative Expenses In accordance with Minnesota Statutes, Section 469.174, Subdivision 14;and Minnesota Statutes, Section 469.176, Subdivision 3 administrative expenses means all expenditures of an authority other than amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services,including architectural and engineering services,directly connected with the physical development of the real property in the district,relocation benefits paid to or services provided for persons residing or businesses located in the district or amounts used to pay interest on,fund a reserve for, or sell at a discount bonds issued pursuant to Section 469.178. Administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. No tax increment shall be used to pay any administrative expenses for a project which exceed ten percent of the total tax increment expenditures authorized by the tax increment Financing plan or the total tax increment expenditures for the project,whichever is less. Pursuant to Minnesota Statutes,Section 469.176,Subdivision 4h,tax increments may be used to pay for the county's actual administrative expenses incurred in connection with the District. The county may require payment of those expenses by February 15 of the year following the year the expenses were incurred. Subsection 1.17. Limitation of Increment Pursuant to Section 469.176, Subd. 1, of the Tax Increment Financing Act, no tax increment shall be paid to the Authority for the Tax Increment Financing District after three(3)years from the date of certification of the Original Net Tax Capacity value of the taxable property in the Tax Increment Financing District by the County Auditor unless within the three(3)years period: (a) bonds have been issued pursuant to Section 469.178,or in aid of the Project pursuant to any TIE Plan for Rosemount Business Park 5 Financing District by the value of improvements for which a building permit was issued. Pursuant to Minnesota Statutes,Section 469.177,Subdivision 4,the Authority has reviewed the area to be included in the District and found that no building permits had been issued during the 18 months immediately preceding approval of the Plan by the City. If the building permit had been issued within the 18 month period preceding approval of the plan by the City,the county auditor shall increase the original tax capacity of the district by the valuation of the improvements for which the building permit was issued. Subsection 1.20. Excess Tax Increments • Pursuant to Minnesota Statutes,Section 469.176, Subdivision 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan,including the amount necessary to cancel any tax levy as provided in Minnesota Statutes,Section 475.61,Subdivision 3,the Authority shall use the excess amount to do any of the following: 1. prepay the outstanding bonds; 1. discharge the pledge of tax increment therefor; 3. pay into an escrow account dedicated to the payment of such bond;or 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their tax capacity rate as provided in Minnesota Statutes,Section 469.176,Subd. 1. Subsection 1.21 Requirements for Agreements with the Developer The Authority will review any proposal for private development to determine its conformance with the Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate this effort,the following documents may be requested for review and approval: site plan,construction,mechanical,and electrical system drawings,landscaping plan, grading and storm drainage plan,signage system plan,and any other drawings or narrative deemed necessary by the City to demonstrate the conformance of the development with city plans and ordinances. Pursuant to Section 469.176,Subd.5,of the Tax Increment Financing Act,no more than 10 percent(10%),by acreage, of the property to be acquired in the Tax Increment Financing District as set forth in the tax increment Financing plan shall at any time be owned by the City or Authority as a result of acquisition with the proceeds of bonds issued pursuant to Section 469.178,of the Tax Increment Financing Act,without the City or Authority having,prior to acquisition in excess of ten percent(10%)of the acreage,concluded an agreement for the development or of the property acquired and which provides recourse for the City or Authority should the development not be completed. Subsection 1.22. Assessment Agreements Pursuant to Minnesota Statutes,Section 469.177,Subdivision 8,the Authority may enter into an agreement in recordable form with the developer of property within the tax increment Financing district which establishes a minimum market value of the land and completed improvements for the duration of the District. The assessment agreement shall be presented to the assessor who shall review the plans and specifications for the improvements constructed,review the market value previously assigned to the land upon which the improvements are to be constructed and,so long as the minimum market value contained in the assessment agreement appear,in the judgment of the assessor,to be a reasonable estimate,the assessor may certify the minimum market value agreement. Subsection 1.23. Administration of the District Administration of the District will be the responsibility of the Executive Director of the Authority. Subsection 1.24. Financial Reporting Requirements Pursuant to Minnesota Statutes,Section 469.175,Subdivisions 5,6,and 6(a);an authority must file an annual disclosure report for all tax increment Financing districts with the Office of the State Auditor,the county board,school board,and TIF Plan for Rosemount Business Park 7 before or on July 1 of each year the following amounts for the entire City: 1. the total principal amount of nondefeased bonds that are outstanding at the end of the previous calendar year;and 2. the total annual amount of principal and interest payments that are due for the current calendar year on(i)general obligation tax increment Financing bonds and(ii)other tax increment Financing bonds. and for each tax increment Financing district within the City: 1. the type of tax increment Financing district; 2. date on which the district is required to be decertified; 3. amount of any payments and the value of in-kind benefits,such as physical improvements and the used of building space,that are financed with revenues derived from increments and are provided to another governmental unit(other than the municipality)during the preceding calendar year, 4. the tax increment revenues for taxes payable in the current calendar year; 5. whether the tax increment Financing plan or other governing document permits increment revenues to be expended outside of the tax increment Financing district; 6. any additional information that the State Auditor may require. Copies of this report must also be provided to the county and school district boards. Subsection 1.25. Municipal Approval and Public Purpose Pursuant to Minnesota Statutes,Section 469.175,Subdivision 3,before or at the time of approval of the tax increment Financing plan, the municipality shall make the following findings and shall set forth in writing the reasons and 'supporting finds for each determination: 1. Finding that the District is an Economic Development District as defined in Minnesota Statutes, Section 469.174,Subdivision 11. The District qualifies as an Economic Development District because the facilities will increase employment in the state and because less than 15 percent of space necessary in the new and existing facilities will be comprised of unallowable uses. 2. Finding that the proposed development,in the opinion of the Council,would not occur solely through private investment within the reasonably foreseeable future and,therefore,the use of tax increment Financing is deemed necessary and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment Financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. The high costs of new development including land acquisition and assessments for commercial and industrial uses is a detriment to the expansion and attraction of industry in and to the City. A comparative analysis of estimated market values both with and without establishment of the Rosemount Business Park Tax Increment Financing District and the use of tax increments has been performed as described above. Such analysis is on file with the City,and indicates that the increase in estimated market value of the proposed development(less the indicated subtractions)exceeds the estimated market value of the site absent the establishment of the Rosemount Business Park Tax Increment Financing District and the use of tax increments. (See Cash flow in Appendix C) 3 Finding that the Tax Increment Financing Plan for the District conforms to the general plan for the development or redevelopment of the municipality as a whole. TIF Plan for Rosemount Business Park 9 If the calculations pursuant to Minnesota Statutes,Section 469.177,subdivision 3,clause b,are followed,the following method of computation shall apply: (1) The original tax capacity shall be determined before the application of the fiscal disparity provisions of chapter 473F. The current tax capacity shall exclude any fiscal disparity commercial-industrial tax capacity increase between the original year and the current year multiplied by the fiscal disparity ratio determined pursuant to section 473F.08, subdivision 6. Where the original tax capacity is equal to or greater than the current tax capacity, there is no captured tax capacity and no tax increment determination. Where the original tax capacity is less than the current tax capacity,the difference between the original tax capacity and the current tax capacity is the captured tax capacity. This amount less any portion thereof which the authority has designated in its tax increment financing plan,to share with the local taxing districts is the retained captured tax capacity of the authority. (2) The county auditor shall exclude the retained captured tax capacity of the authority from the taxable value of the local taxing districts in determining local taxing district tax capacity rates. The tax capacity rates so determined are to be extended against the retained captured tax capacity of the authority as well as the taxable value of the local taxing districts. The tax generated by the extension of the less of(A)the local taxing district tax capacity rates or(B)the original tax capacity rate to the retained captured tax capacity of the authority is the tax increment of the authority. The Authority shall submit to the County Auditor at the time of the request for certification which method of computation of fiscal disparities the authority elected. The City of Rosemount will choose to calculate fiscal disparities by clause b. According to Minnesota Statutes,Section 469.177,Subdivision 3: (c) The method of computation of tax increment applied to a district pursuant to paragraph(a)or(b)shall remain the same for the duration of the district, except that the governing body may elect to change its election from the method of computation in paragraph(a)to the method in paragraph(b). Subsection 1.28. County Road Costs Pursuant to Minnesota Statutes,Section 469.175,Subdivision la,the county board may require the authority to pay for all or part of the cost of county road improvements if the proposed development to be assisted by tax increment will in the judgement of the county,substantially increase the use of county roads requiring construction of road improvements or other road costs and if the road improvements are not scheduled within the next five years under a capital improvement plan or other county plan. The improvements outlined in the Plan serve as notice to the county that the development of the residential facilities will be assisted with tax increment. In the opinion of the Authority and consultants,the proposed development will have little or no impact upon county roads. If the county elects to use increments to improve county roads, it must notify the Authority within thirty days of receipt of this plan. Subsection 1.29. Economic Development and Job Creation The City agrees to comply with Minnesota Statutes,Section 116J.991(to the extent such statute is or remains applicable), which states that a business receiving state or local government assistance for economic development or job growth purposes,including tax increment Financing,must create a net increase in jobs in Minnesota and meet specified wage goals within two years of receiving assistance(See Appendix D). TIP Plan for Rosemount Business Park 11 01/ ((d City of Rosemount .Page r T.I.F.CASH FLOW ASSUMPTIONS-LOCAL MATCH Inflation Rate: 0.0000% Taxable Bond Rate: 6.000% Tax Extension Rate 1279690 Pay 96 Fecal Disparities-Clause B: 30.22% Pay 96 BASE VALUE INFORMATION Market Class Tax Percent Net Tax Payable Value Rate Capacity Used Capecay Year • 34.64550-01040 1,560,300 4.6000% 71,774 100.00% 71,774 Pay 95 34-64550-010-01 222,220 4.6000% 10,222 100.00% 10,222 Pay 95 TOTAL 1,782,520 81,996 81,996 PROJECT VALUE INFORMATION Total Total Total Tax Total Total Year Year Sq.Ft. Taxes Increment Tax Capacity Market Value Started Payable Phase 1 100,000 244,929 140,000 191,397 4,161,000 1996 1998 Phase 2 50,000 70,000 70,000 54,701 1,189,000 1997 1999 Phase 3 50,000 70,000 70,000 54,701 1,189,000• 1998 2000 Phase 4 50,000 70,000 70,000 54,701 1,189,000 1999 2001 Phase 5 50,000 70,000 70,000 54,701 1,189,000 2000 2002 Phase 6 50,000 70,000 70,000 54,701 1,189,000 2001 2003 Phase 7 50,000 70,000 70,000 54,701 1,189,000 2002 2004 Phase 8 40,000 55,000 55,000 42,979 934,000 2003 2005 TOTAL 440,000 719,929 615,000 562,581 12,229,000 ORIGINAL TAX CAPACITY INFLATION RATE Market Amount Percent Gross Net Value Used Used Value Value Parcel Values 5 Years Ago 213,000 213,000 100.00% 213,000 213,000 Parcel Values Current 213,000 213,000 100.00% 213,000 213,000 0 Original Tax Capacity Inflation Rate: 0.00% TAX INCREMENT CASH FLOW Base Project Captured Fiscal Semi-Annual Admim. Semi-Annual Future Present PERIOD BEGINNING Tax Tax Tax Disparities Gross Tax at Net Tax Value Tax Value Tax PERIOD ENDING Yrs. Mth. Yr. Capacity Capacity Capacity 30.22% Increment 10.00% Increment Increment Increment Yrs. Mth. Yr. 0.0 02-01 1996 81,996 81,996 0 0 0 0 0 0 0 0.5 08-01 1996 0.5 08-01 ;DA 81,996 81,996 0 0 0 0 0 0 0 1.0 02-01 1997 1.0 02-01 1997 81,996 81,996 0 0 0 0 0 0 0 1.5 08-01 1997 1.5 08-01 1997 81,996 81,996 0 0 0 0 0 0 0 2.0 02-01 1998 2.0 02-01 1998 81,996 191,397 109,401 (33,061) 48,846 (4,885) 43,961 43,961 37,921 2.5 08-01 1998 2.5 08-01 120. 81,996 191,397 109,401 (33,061) 48,846_ (4,885) 43,961 87,923 74,738 3.0 02-01 1999 3.0 02-01 1999 81,996 246,098 164,102 (49,592) 73,269 (7,327) 65,942 153,865 128,355 3.5 08-01 1999 3.5 08-01 1999 81,996 246,098 164,102 (49,592) 73,269 (7,327) 65,942 219,807 180,411 4.0 02-01 2000 4.0 02-01 2000 81,996 300,799 218,803 (66,122) 97,692 (9,769) 87,923 307,730 247,796 4.5 08-01 2000 4.5 08-01 2000 81,996 300,799 218,803 (66,122) 97,692 (9,769) 87,923 395,653 313,219 5.0 02-01 2001 5.0 02-01 2001 81,996 355,500 273,504 (82,653) Tartr (12,212) 109,904 505,556 392,616 5.5 08-01 2001 5.5 08-01 2001 81,996 355,500 273,504 (82,653) 122,115 (12,212) 109,904 615,460 469,700 6.0 02-01 2002 6.0 02-01 2002 81,996 410,200 328,204 (99,183) 146,538 (14,654) 131,884 747,344 559,507 6.5 08-01 2002 6.5 08-01 Ma 81,996 410,200 328,204 (99,183) 146,538 (14,654) 131,884 879,228 646,698 7.0 02-01 2003 7.0 02-01 2003 81,996 464,901 382,905 (115,714) 170,961 (17,096) 153,865 1,033,093 745,458 7.5 08-01 2003 7.5 08-01 2003 81,996 464,901 382,905 (115,714) 170,961 (17,096) 153,865 1,186,958 841,341 8.0 02-01 2004 8.0 02-01 2004 81,996 519,602 437,606 (132,245) 195,384 (19,538) 175,846 1,362,803 947,731 8.5 08-01 2004 8.5 08-01 2004 81,996 519,602 437,606 (132,245) 195,384, (19,538) 175,846 1,538,649 1,051,021 9.0 02-01 2005 9.0 02-01 2005 81,996 562,581 480,585 (145,233) 214,574 (21,457) 193,116 1,731,765 1,161,153 9.5 08-01 2005 9.5 08-01 2005 81,996 562,581 480,585 (145,233) 214,574 (21,457) 193,116 1,924,881 1,268,076 10.0 02-01 2006 10.0 02-01 2006 81,996 562,581 480,585 (145,233) 214,574 (21,457) 193,116 2,117,997 1,371,886 10.5 08-01 2006 10.5 08-01 2006 81,996 Totals 581 480,585 (1(,233) 2,567,904 214,574 (221,457) 2,393,116 2,311,114 1,472,672 11.0 02-01 2007 Present Values (1,107,522) 1,636,302 (163,630) 1,472,672 1,472,672 But For Analysis Current Market Value-Est. 1,782,520 New Market Value-Est 12,229,000 Difference 10,448,480 Present Value Of Tax Increment 1,838,302 Difference 8.810,178 Value Likely to Occur Without 71F 0 Difference 8,810,178 RM100-02 Prepared by Publcorp Inc. ROSEI APPENDIX A BOUNDARY MAP OF REDEVELOPMENT PROJECT NO. 1 AND The Rosemount Business Park Tax Increment Financing District Appendix A-1 APPENDIX D MINNESOTA BUSINESS ASSISTANCE FORM (MINNESOTA DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT) • APPENDIX A-4