HomeMy WebLinkAbout12.F.1. Setting a Public Hearing for Compass Datacenter's Request for Tax Abatement I "IA I 11. F. 1.
SHAKOPEE
TO: Mayor and City Council
FROM: Mark McNeill, City Administrator
DATE: 03/19/2013
SUBJECT: Compass Data Center -- Request for Tax Abatement Public Hearing (B)
Introduction
To consider a request for tax abatement, and call for a public hearing to consider abatement.
For the past several months, the City has been negotiating with Compass Data Centers for possible economic
development assistance for them to locate on 11.3 acres of land in the Dean Lakes area. Compass is a Dallas -based
corporation which provides data centers.
Data centers are centralized locations with a concentration of banks of computer servers which serve commercial
and private data storage needs. They typically locate in areas that have large amounts of uninterruptable power.
They consume large amounts of electricity -- sometimes as much as a small city.
Compass desires to locate in the Twin Cities area, and has looked at six locations in and around Shakopee. They
have settled on the Dean Lakes site, as it is close to the power it needs from SPUC, and has sufficient fiber lines
available for their IT connectivity.
Compass proposes to build five condo units of the data centers over the next two years. It would initially build two
units that it would own themselves. Upon completion, there would be a total of 40 jobs created, at an average
salary of $68,500. The applicant has been notified of the wage requirements of the City for all employees, in order
to receive business subsidy assistance.
FINANCIAL REQUEST:
The application which has been received from Compass requests $2.1 million in financial assistance, based on what
they anticipate to be a $67 million total investment, which includes major items of equipment, which are not
subject to property taxes in Minnesota. They have also requested fees to be waived for various City fees and
assessments, SAC credits, consideration from SPUC, and 50% of tax abatement over 10 years.
As part of the negotiations so far, staff is recommending that up to 50 SAC credits could be made available (with
those unused credits being returned to the City). Compass is also working with the State of Minnesota for
assistance that it might be able to provide.
Staff had Springsted do a financial analysis of the Compass proposal, a copy of which is attached. If approved, tax
abatement would be based on a taxable valuation of $13 million. This was reviewed with the EDAC at its meeting
of March 7th. Abatement in the amount of 100% was reviewed with the EDAC. It was their recommendation that,
while they are interested in Compass locating in Shakopee, there was some question as to whether this was the best
location in Shakopee. As noted previously, Compass had looked at other sites.
The consensus of the EDAC was that 50% abatement was a more appropriate figure. If the City Council chooses to
offer 50% tax abatement, Compass would receive a total of $281,659 over a nine year period of time. Nine years is
the City's standard term of abatement.
Compass has made a similar application to Scott County for business assistance. That request is being processed
separately. For comparison purposes, using the same criteria as the City, the County's abatement over nine years
would be $272,173, should the County choose to participate.
SCHEDULING:
In order to meet the desired time line of Compass, it will be necessary to hold the Public Hearing as a special City
Council meeting which would be held on April 9th (which allows for the requisite 10 days' published notice). That
evening is currently scheduled for a SCALE 501 Educational Workshop; The Public hearing could be scheduled
at 7 PM; the workshop could follow.
If the Council calls instead for a Public hearing on its next regularly scheduled meeting night, April 16th, it would
mean a two week delay for the County to hold its Public Hearing (May 21st, rather than May 7th), as the County
will not act on business subsidies until after the host city has taken action.
RECOMMENDATION:
If the Council wants to consider tax abatement for Compass, it should call for a Public Hearing for Tuesday, April
9, 2013, at 7 PM.
BUDGET IMPACT:
There is no impact on the budget for calling the Public Hearing.
Relationship to Visioning:
The supports Goal B, "Positively manage the challenges and opportunities presented by growth, development, and
change."
ACTION REQUIRED:
If the City Council will consider tax abatement for Compass Data Centers, if should adopt the following resolution:
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. 7285
Resolution Calling a Public Hearing on a Property Tax Abatement for Certain Property in the CITY OF
SHAKOPEE, MINNESOTA, and Granting Certain Business Subsidies to COMPASS DATACENTERS,
LLC, OR ANY OF ITS AFFILIATES
Attachments: Compass PH Resolution
App for Business Subsidies
Shakopee Proposed Data Center Final Abatement draft Memo
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. 7285
RESOLUTION CALLING A PUBLIC HEARING ON A
PROPERTY TAX ABATEMENT FOR CERTAIN PROPERTY II
THE CITY OF SHAKOPEE, MINNESOTA, AND GRANTING
CERTAIN BUSINESS SUBSIDIES TO COMPASS
DATACENTERS, LLC, OR ANY OF ITS AFFILIATES
WHEREAS, Compass Datacenters, LLC, a Delaware limited liability company, or any of its
affiliates (the "Developer "), has proposed to acquire, construct, and equip an approximately 109,000 square
foot data center building (the "Minimum Improvements ") on real property (the "Property") located in the
City of Shakopee, Minnesota (the "City "); and
WHEREAS, the City has contemplated granting a property tax abatement in order to facilitate the
Minimum Improvements, all pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815 (the
"Abatement Act"); and
WHEREAS, the City Council of the City has determined to consider granting a tax abatement of all
or a portion of the City's share of property taxes generated by improvements on the Property in the maximum
amount of $553,832 and to hold a public hearing thereon in accordance with the Abatement Act; and
WHEREAS, the Abatement provided to the Developer by the City to help fmance the Minimum
Improvements constitutes a business subsidy under Minnesota Statutes, Sections 1161993 to 116J.995 (the
"Business Subsidy Act "); and
WHEREAS, before the City may grant an abatement or provide financial assistance that
constitutes a business subsidy under the Business Subsidy Act, the City must conduct a duly noticed
public hearing; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shakopee, Minnesota
that:
1. The Finance Director /City Clerk is authorized and directed to publish a notice for
publication in the official newspaper of the City setting a public hearing before the City Council on Tuesday,
April 9, 2013, at or after 7:00 p.m. at City Hall on the proposed Abatement. The notice, attached as
EXHIBIT A, shall be published in the newspaper at least 10 but not more than 30 days prior to the public
hearing, and shall be in substantially the form attached hereto.
2. The Finance Director /City Clerk is authorized and directed to take all other actions
necessary to bring the proposed abatement and business subsidy before the City Council at the time of the
public hearing.
420436v 1 JAE SH155 -23
Approved by the City Council of the City of Shakopee, Minnesota this 19th day of March, 2013.
Mayor
ATTEST:
Finance Director /City Clerk
420436v1 JAE SH155 -23 2
EXHIBIT A
NOTICE OF PUBLIC HEARING
TAX ABATEMENT AND BUSINESS SUBSIDY
Notice is hereby given that the City Council of the City of Shakopee, Minnesota (the "City ") will meet at
or after 7:00 p.m. on Tuesday, April 16, 2013, at the City Council Chambers of City Hall, located at 129
South Holmes Street South in the City, to conduct a public hearing on the granting of a property tax
abatement under Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Act ") for
certain property located in the City (the "Property") to be acquired and developed by Compass
Datacenters, LLC, a Delaware limited liability company, or any of its affiliates (the "Developer "). The
proposed abatement constitutes a business subsidy under Minnesota Statutes, Sections 116J.993 to
116J.995 (the "Business Subsidy Act ").
The Property consists of
Following the public hearing, the City Council will consider a resolution granting an abatement of all or a
portion of the City's share of property taxes on the Property for a period of up to nine years. The City
estimates that the total amount of the abatements will be approximately $553,832. Following the public
hearing, the City Council will consider granting the abatement as a business subsidy which will reimburse
the Developer for a portion of the costs of acquiring, constructing and improving the Property and the
buildings located on the Property. A summary of the terms of the proposed business subsidy is available for
inspection at City Hall during regular business hours.
Any person with a residence in the City or who is the owner of taxable property in the City may file a written
complaint with the City if the City fails to comply with the Business Subsidy Act. No action may be filed
against the City for the failure to comply unless a written complaint is filed. Any person wishing to express
an opinion on the matters to be considered at the public hearing will be heard orally or in writing.
Dated: , 2013
BY ORDER OF THE CITY COUNCIL OF
THE CITY OF SHAKOPEE, MINNESOTA
/s/ Mark McNeill
City Administrator
City of Shakopee, Minnesota
420436v1 JAE SH155 -23 A_1
CITY OF SHAKOPEE
SHAKOPEE
COMMUNITY PRIDE SINCE 1857
Application for Business Subsidies
1
129 Holmes Street South Shakopee, MN 55379
Phone (952) 496 -9661 Fax (952) 233 -3801
2
Section I: General Information
** With this application, please submit a formal letter requesting the assistance.
1. Business Name: Compass Datacenters, LLC
2. Address: 14180 N. Dallas Pkwy, Suite 610, Dallas, TX 75254
3. Contact Person: Chris Curtis
4. Telephone: 214 - 452 -0354
5. Fax: 214 - 452 -0344
6. E -Mail: ccurtis @compassdatacenters.com
7. Brief Description of the Business / Company: Compass Datacenters is a wholesale
Datacenter Development company who focuses on delivering standalone datacenters for
businesses seeking 1MW to 4MW of capacity with the ability for future growth.
8. Parent Corporation, if any: None
9. Consultant information, if applicable:
Name: Maximus Alliance, LLC
Address: 3131 McKinney Ave., Suite 500, Dallas, TX 75204
Telephone:214- 884 -4405 Fax: 866- 214 -1145
E -Mail: rwatson @maximusalliance.com
10. Type . : i `. Subsidy.Requested: Tax Increment Financing Mx Abatement X
Othi:r .< (Describe:,.:
1). Fee waiver on Trunk Storm Water Charge- Approximately $72,000,
2). Fee waiver on Dean Lakes infrastructure assessment- approximately $275,000,
3). SAC Credit dedication to Compass Datacenters — Request up to 50 SAC Units
4). 50% Property Tax Abatement for 10 years
5). SPUC Installation Fee Waiver
(6) Any assistance from SPUC on ongoing electrical rates associated with this project.
(Check appropriate item)
11. Amount of Subsidy Requested:
1) Property Tax Abatement ($1,482,000 over 10 years- based on 50% tax abatement
on total new property tax evaluation of approximately $67 million (completed in 3
years)
2) SAC Units ($124,000- based on 50 units at $2,475 per unit) Any credits not needed
for project to be returned to city.
3) Fee Waiver ($275,000- based on $22,000 /acre /year assessment on the Dean Lakes
development)
4) Fee Waiver ($72,000- based on Trunk Storm Water Charge for project
5) SPUC Fee Waiver ( $142,604- based on estimate to put in infrastructure to facility)
6) SPUC electrical rate assistance
Total subsidy is estimated at: $2,095,604
12. Public Purposes of the Subsidy:
1). Increase of $67,813,000 in new taxable property, for an estimated
$352,000 /annually in new property taxes.
2). 40 new Quality Jobs with an average wage of $68,500 annually
3). First Tier III data center in the Shakopee area -- success with this project opens
the market for additional, sought -after high -tech, high -wage facilities and jobs to
locate in the area.
4). Potential for ancillary development in association with the project
13. Location of Proposed Project:
Approximately 11.32 of the 28 Acres in the Dean Lakes Development between Dean Lake
Blvd and Highway 169 in Shakopee.
14. Legal Description of Project Location:
Approximately 11.32 Acres in the Dean Lakes Fifth Addition, including Lot 4 &5 of Block 1,
and a portion of Lots 1,2, &3 of Block 1, Dean Lakes Fifth Addition.
4
15. Property Identification Number(s): Outlot D
16. Present Ownership of the Site: The Ryan Companies
17. Name / Description of the proposed project (Attach site plan, if available):
Project Phalanx (see Exhibit 1, with renderings) is a 5- condo, Tier III, LEED Gold -
certified data center providing a low -cost data center alternative for startups /small
businesses in the greater Minneapolis -St Paul area that do not currently have the
resources to build their own data center facilities.
18. Size of the Property: 493,099 sq. ft
19. Estimated Total Building Square Footage: 21,904 sq. ft. (5 total)= 109,520 sq ft.
20. Estimated size of the Proposed Facility: 109,520 sq ft.
Manufacturing /Assembly /Processing sq. ft.
Office sq. ft.: 6,800 sq. ft
Research Laboratory sq. ft.
Warehousing sq. ft.
Other (Please Specify) sq. ft. :_Data Processing: 10,000 (x5)= 50,000 sq ft, Building: 52,720 sq
ft
TOTAL sq. ft. 109,520 sq. ft.
21. Estimated Project Costs (including relocation, contruction):
Land Acquisition:
$2.50 psf x 493,099= $1,232,747 + $40k acquisition fees + Site Works= $2,132,747
5
Site Development (grading, landscaping, etc.):
Total Site Works BNA($1.5 mil x 10 %) +$600k Development = $2,290,000
Building Cost:
BNA Hard cost $3,092,000 (x10 %) x 5= $17,006,000
Street /Road Improvements (include your costs only):
Improvements (RDU): $362,000 (x5)= 1,810,000
Utility Improvements (include your costs only):
Utilities (RDU): $575,000
Capital (machinery and equipment):
OFE + Pod Costs= $6,934,000 (x5): $34,670,000
Professional Services (archit., engin.,legal, fiscal):
Building Soft Costs: $271,000; Pod Soft Costs: $395,000; Site DD: $170,000= $3,500,000
Fees and Permits (same as total from below): $612,000
Development: $400,000; Broker: $766,000 = $5,830,000
Other (Please specify ) $
TOTAL $67,813,747
22. Estimated Fee and Permit Costs:
City Permits and Fees $ 95,396
(Grading and Building Permits, Park Dedication Fees, etc.)
Metropolitan Council Fees $ 124,000
(SAC and WAC Charges).
Other fee or permit costs $ 275,000- $311,000- Dean Lakes Infrastructure fee
$ 142,604 Electrical connection fees
(Please Specify )
TOTAL $ 637,000
6
23. Indicate the proposed start date for construction and estimated date of completion:
May 2013 - November 2013 (Phase 1 &2); Phase 3 & 4: 2014; Phase V: 2015
24. Proposed Financing Source(s):
Equity $30,516,186 (45 %)
Bank Loan $37,297,560 (55 %)
(Check one): Tax Increment Financing, OR
X Tax Abatement $ 1,482,000 Total over 10 Years
Year 1 & 2 $ 142,000
Year 3 & 4 $ 284,000
Years 6 -10 $ 1,056,000
(based on Phase 1 -3 completion)
Industrial Development Revenue Bonds $
Other Local Government Assistance $ 1,984,189
(Please specify )
Fee Waivers: Utility Connection Fees: $142,604
Dean Lakes Assessment Fee: $275,000
Trunk Storm Water Fee: $ 72,000
SAC Credits (50- Requested) $ 124,000
$613,604
County Tax Abatement 50% for 10 years $1,395,585
State of Minnesota Assistance $ Yet to be determined
(Please specify ) State Sales Tax abatement associated-with >•data: cen. ters
TOTAL $3,466,189
25. If tax increment financing is requested, please submit a list of eligible project costs
7
(Refer to Section V of the Business Subsidy Policy):
26. The City reserves the right to request tax returns and /or other financial statements from
the applicant for the years of operation.
27. The City reserves the right to request three bank references from the applicant.
8
Section II:
Employment, Wage and Benefit Information
A. EMPLOYMENT
1. Does this project involve the relocation of jobs within the State of Minnesota?
Yes No
a. If so, provide a statement of why the project cannot be completed at its current
location / facility:
b. Number of full time equivalent (FTE) permanent employee positions at current
Minnesota location / facility to be relocated to Shakopee: N/A
2. If the project is an expansion of an existing Shakopee facility, what is the current number of
FTE permanent employee positions?
3. Estimated Number of FTE permanent employee positions to be created (within 2 years of
issuance of Certificate of Occupancy) as a result of the project
(1) Chief Engineer: $120,000 /year
(1) Junior Engineer: $48,000 /year
(2) Security Guard: $27,000 /year
(1) Datacenter Manager: $126,000 /year
(1) Computer Support Specialist: $52,000 /year
(2) Systems Administrators: $74,000 /year
Permanent: 8 Employees (x5)= 40 Employees
4. TOTAL number of current and estimated new FTE permanent employee positions (No. 2 +
No. 3 from above) 40 Employees
9
B. WAGES
1. What will be the minimum hourly wage (exclusive of benefits) of the FTE permanent
employee positions created by the project?
$27,000 Annual Salary; 52 weeks /year ($519.23/week) /5= $103.85/Day
Assume 8 hour work day: ^'$13 /hr
2. The hourly wage of each new permanent FTE employee position, with separate bands of
wages, is as follows:
All Wages are based on 40 hour work week (or 2,080 work hours /year)
Total Number of
Wage Levels Per Hour FTE Permanent Employee Positions
Less Than $14.16 (275% of min wage) 10 Security Guards
$14.17 —18.99
$19.94* — 23.99 5 Junior Engineers
$24.00 — 28.99 5 Computer Support
$29.00 — 33.99
$34.00 and Over 20 Chief Engineer, Datacenter
Manager, & (2) Systems
Admins
*$19.94 is equal to 275% of the federal minimum wage in 2011
C. HEALTH INSURANCE BENEFITS
The value of health insurance benefits provided by the employer for the above referenced
jobs, separated by bands of wages, is as follows:
Benefits calculated at 20% of Employee.Salaries
Wage Levels Per Hour Value of Health Insurance Benefits
Less Than $14.16 $54,000
$14.17 —18.99
10
$19.94* — 23.99 $48,000
$24.00 — 28.99 $52,000
$29.00 — 33.99
$34.00 and Over $1,280,000
*$19.94 is equal to 275% of the federal minimum wage in 2011
11
Springsted Incorporated
380 Jackson Street, Suite 300
Saint Paul, MN 55101 -2887
Springsted
Tel: 651-223-3000
Fax: 651 - 223 -3002
www.springsted.com
MEMORANDUM
TO: Mark McNeill, City Administrator
Julie Linnihan, Finance Director
FROM: Mikaela Huot, Vice President/Consultant
Paul Steinman, Vice President/Client Representative
Tom Denaway, Analyst
DATE: March 12, 2013
SUBJECT: Preliminary Tax Abatement Financing Projections for proposed development project by
Compass Datacenters, LLC based on 50% Tax Abatement Participation
The City has requested that Springsted provide preliminary tax abatement revenue projections for the proposed
construction of a new data center within the City of Shakopee. Development assumptions include the construction of
a 109,250 square foot data center building, for which a tax abatement project would be created to capture taxes
generated from the new building through an annual abatement levy. The anticipated build -out of the facility is
projected to occur over a 3 -year period starting in 2013 with completion in 2015. Therefore taxes paid in full on the
proposed project are not expected until taxes payable 2017 with partial payments made in 2015 and 2016, based on
phased -in valuations of the project.
The City of Shakopee has traditionally provided up to 9 years of tax abatement assistance similar to the terms of an
economic development district for proposed new projects. However, in certain cases in which a particular company
that has located within the Dean Lakes business park has provided greater employment opportunities with higher
wages, the City of Shakopee has considered providing up to 15 years of tax abatement assistance.
The estimated market value of the proposed projected is expected to be approximately $13M for the new building,
based on preliminary value information provided by Scott County. For the proposed project we are illustrating the
potential revenue generated by both the City and Scott County. Participation by each taxing entity is subject to
policy review and approval. Additional assumptions and terms of the proposed abatement are outlined further below.
Public Sector Advisors
City of Shakopee, Minnesota
Proposed Data Center Project: 50% Tax Abatement Participation
March 12, 2013
Page 2
The developer's application for financial assistance from the City includes fee waivers of trunk storm water charge,
infrastructure assessment, SAC credits, 50% property tax abatement for 10 years and SPUC installation fee waiver.
The purpose of this memo is to provide financial projections for proposed tax abatement assistance based on 50% of
the annual tax abatement revenues for 9 years, with City and County participation.
Tax Abatement Assumptions
Springsted made certain assumptions to calculate the estimated amount of tax abatement revenues generated by the
proposed project. Those assumptions include the following:
Tax Abatement
A city may grant a tax abatement, by contract or otherwise, of the taxes imposed by the city on a parcel of property,
which may include personal property and machinery, or defer the payments of the taxes and abate the interest and
penalty that otherwise would apply, if:
• it expects the benefits to the city of the proposed abatement agreement to at least equal the costs to the city
of the proposed agreement or intends the abatement to phase in a property tax increase, as provided in
clause (2)(vii); and
• it finds that doing so is in the public interest because it will:
o increase or preserve tax base;
o provide employment opportunities in the political subdivision;
o provide or help acquire or construct public facilities;
o help redevelop or renew blighted areas;
o help provide access to services for residents of the political subdivision;
o finance or provide public infrastructure;
o phase in a property tax increase on the parcel resulting from an increase of 50 percent or more in
one year on the estimated market value of the parcel, other than increase attributable to
improvement of the parcel; or
o stabilize the tax base through equalization of property tax revenues for a specified period of time
with respect to a taxpayer whose real and personal property is subject to valuation under
Minnesota Rules, chapter 8100.
Public Sector Advisors
City of Shakopee, Minnesota
Proposed Data Center Project: 50% Tax Abatement Participation
March 12, 2013
Page 3
For our preliminary tax abatement scenarios we used the following assumptions:
• Abate new building value only
• Revenue projections were prepared based on preliminary value information
o EMV with incremental market value of $13M ($118.70 psf)
• Estimated market value information provided by Scott County
• Existing land value would not be abated
• Proposed abatement term
o 9 years
• Both scenarios illustrate potential City and County participation
• Abatement participation
o 50% participation City and County
• 3 -Year construction schedule on 5 phase project
o Phases 1 and 2 in 2013
• 40% assessed in January of 2014 for taxes payable in 2015
o Phases 3 and 4 constructed in 2014
• 80% assessed in January of 2015 for taxes payable in 2016
o Phase 5 constructed in 2015
• 100% assessed in January of 2016 for taxes payable in 2017
• Proposed 2013 tax rates remain constant through abatement term
o City: 42.053%
o County: 40.637%
o School: 39.717%
o Other: 5.695%
o Total: 128.102%
• 2013 class rates remain constant through abatement term
• Fiscal Disparities contribution rate
o 2013 contribution rate of 39.0329%
o Contribution made from new tax abatement project
• Phased in annual market value inflator assumed
o 0% years 1 -3
o 1% years 4 -6
o 2% years 7 -9
• Present value date of May 1, 2013
• Present value (discount rate) of 4%
City of Shakopee, Minnesota
Proposed Data Center Project: 50% Tax Abatement Participation
March 12, 2013
Page 4
Tax Abatement Revenue Estimates
Proposed Scenario
Estimated Incremental New Building Market Value $13,000,000
Estimated Percentage of Annual Abatement Revenues 50%
2017 Annual Abatement Revenue: $33,234
City share upon completion in 2015
2017 Annual Abatement Revenue: $32,114
County share upon completion in 2015
2017 Total Annual Abatement Revenue upon completion in $65,348
2015
Estimated Total City Abatement Revenue over 9 years $281,659
Estimated Total County Abatement Revenue over 9 years $272,173
Estimated Total Tax Abatement Revenue over 9 years $553,832
Estimated Present Value of Revenues (Combined City and
County) $432,162
(4% discount rate)
Thank you for the opportunity to be of assistance to the City of Shakopee. Please let us know how we can best
assist you as this project moves forward and should you have any questions please feel free to contact us.
City of Shakopee, Minnesota
Proposed Data Center Project
March 12, 2013
Page 5
Tax Abatement Revenue Projections for Scenario la: High EMV with Estimated Building Market Value of $13M with 9 -Year Term and 50%
Annual Abatement Revenues Available for Project
Projected Tax Abatement Report
City of Shakopee, Minnesota
Proposed Data Center Tax Abatement Project - Scenario 1a
City and County Participation with Incremental Bldg Value of $13M
9 year term, FD Cont properties within and incremental MV Inflator - 50% of value abated
Less:
Non- Less: Retained Times: City County School District PV Total
Annual Total Total Abated Fiscal Captured Tax Annual Abatement Abatement Abatement Total Abatement
Period Market Net Tax Net Tax Disp. @ ** Net Tax Capacity Total Revenues * * ** Revenues * * ** Revenues Tax Revenues
Ending Value Capacity Capacity * 39.0329% Capacity Rate * ** Tax 42.05% 40.64% 39.72% Abatement 05/01/13
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 4.00%
12/31/13 0 0 0 0 0 128.102% 0 0 0 0 0 0
12/31/14 0 0 0 0 0 128.102% 0 0 0 0 0 0
12/31/15 5,200,000 103,250 0 40,301 62,949 128.102% 80,638 13,236 12,790 0 26,026 24,062
12/31/16 10,400,000 207,250 0 80,896 126,354 128.102% 161,863 26,568 25,673 0 52,241 46,442
12/31/17 13,000,000 259,250 0 101,193 158,057 128.102% 202,475 33,234 32,114 0 65,348 55,860
12/31/18 13,130,000 261,850 0 102,208 159,642 128.102% 204,505 33,567 32,437 0 66,004 54,250
12/31/19 13,261,300 264,476 0 103,233 161,243 128.102% 206,556 33,904 32,762 0 66,665 52,687
12/31/20 13,393,913 267,128 0 104,268 162,860 128.102% 208,627 34,244 33,090 0 67,334 51,168
12/31/21 13,661,791 272,486 0 106,359 166,127 128.102% 212,812 34,930 33,754 0 68,685 50,187
12/31/22 13,935,027 277,951 0 108,492 169,459 128.102% 217,080 35,631 34,431 0 70,062 49,225
12/31/23 14,213,728 283,525 0 110,668 172,857 128.102% 221,434 36,346 35,122 0 71,467 48,281
$1,715,990 $281,659 $272,173 $0 $553,832 $432,162
* Base value assumed to be $0 until PID(s) available. Total value includes newestimated land building
** Fiscal disparities contribution from incremental building growth
* ** Estimated proposed payable 2013 tax rate based on information provided by County
**** Estimated 50% of annual revenues abated for project. Remaining 50% would be available for general tax rolls or other purposes
Public Sector Advisors