CITY OF EAST LANSING BROWNFIELD REDEVELOPMENT AUTHORITY REVISED BROWNFIELD PLAN AMENDMENT 4. June 17, 2010
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1 CITY OF EAST LANSING BROWNFIELD REDEVELOPMENT AUTHORITY REVISED BROWNFIELD PLAN AMENDMENT 4 June 17, 2010 FOR THE WEST VILLAGE REDEVELOPMENT PROJECT (FORMER GREYHOUND BUS STATION) Prepared on Behalf of: API Hotel at West Village, LLC 1575 Ramblewood Drive East Lansing, Michigan Contact Person: Mr. Christopher Abood Telephone: (517) Prepared By: PM Environmental, Inc Ranger Road Lansing, Michigan Contact Person: Peter S. Bosanic, P.E., C.P. Telephone: (517)
2 TABLE OF CONTENTS I. INTRODUCTION AND PURPOSE....1 II. GENERAL DEFINITIONS AS USED IN THIS PLAN..2 III. WEST VILLAGE REDEVELOPMENT PROJECT (FORMER GREYHOUND BUS STATION)....2 SUBJECT PRPOPERTY PROJECT DESCRIPTION...3 BROWNFIELD PLAN ELEMENTS...4 A. Description of Costs to Be Paid for With Tax Increment Revenues and Summary of Eligible Activities... 4 B. Estimate of Captured Taxable Value and Tax Increment Revenues... 5 C. Method of Financing and Description of Advances by the Municipality...5 D. Maximum Amount of Note or Bonded Indebtedness E. Duration of Brownfield Plan... 5 F. Estimated Impact of Tax Increment Financing on Revenues of Taxing Jurisdictions... 5 G. Legal Description, Property Map and Personal Property H. Estimates of Residents and Displacement of Families I. Plan for Relocation of Displaced Persons J. Provisions for Relocation Costs... 6 K. Strategy for Compliance with Michigan s Relocation Assistance Law... 6 L. Description of Proposed Use of Local Site Remediation Revolving Fund... 6 M. Other Material that the Authority or Governing Body Considers Pertinent... 6 APPENDICES Exhibit A Exhibit B Exhibit C Exhibit D Legal Description Affidavit of City Assessor Site Maps Tax Capture Tables i
3 I. INTRODUCTION AND PURPOSE The East Lansing City Council established the City of East Lansing (the City ) Brownfield Redevelopment Authority (the Authority ) and designated the boundaries of the Brownfield Authority by adoption of a resolution on August 15, 2000, pursuant to the Brownfield Redevelopment Financing Act, Michigan Public Act (PA) 381 of 1996, as amended. The resolution was filed with the Michigan Department of State, Office of the Great Seal, on August 21, The primary purposes of this revision to Amendment 4 of the Brownfield Plan ( Plan ) are to revise the costs associated with Phase I and II and include costs associated with the new proposed development for Phase III of the redevelopment and promote the redevelopment of and private investment in certain Brownfield properties within the City. Inclusion of property within this Plan will facilitate financing of environmental response and other eligible activities at eligible properties, and will also provide tax incentives to eligible tax payers willing to invest in revitalization of eligible sites, commonly referred to as Brownfields. By facilitating redevelopment of Brownfield properties, this Plan is intended to promote economic growth for the benefit of the residents of the City and all taxing units located within and benefited by the Authority. The identification or designation of a developer or proposed use for the eligible property that is subject to this Plan shall not be integral to the effectiveness or validity of this Plan. This Plan is intended to apply to the eligible property identified in this Plan and, if tax increment revenues are proposed to be captured from that eligible property, to identify and authorize the eligible activities to be funded by such tax increment revenues. Any change in the proposed developer or proposed use of the eligible property shall not necessitate an amendment to this Plan, affect the application of this Plan to the eligible property, or impair the rights available to the Authority under this Plan. This plan is intended to be a living document which may be modified or amended as necessary to achieve the purposes of Act 381. The applicable sections of Act 381 are noted throughout the plan for reference purposes. This Brownfield Plan contains information required by Section 13(1) of Act 381. This Brownfield Plan consists of three (3) phases on separate, but contiguous, properties: Phase I and II Consists of the redevelopment of the subject property. Redevelopment activities associated with these Phases consisted of construction of approximately 19,455 sft (square feet) of condominium space located in 15 row style 2.5 story condominiums. Phase III Phase III of the redevelopment of the subject property. Redevelopment activities associated with this Phase will consist of the construction of an approximately 83,000 sft 5-story hotel and/or mixed use building. 1
4 II. GENERAL DEFINITIONS AS USED IN THIS PLAN Terms used in this Brownfield Plan are defined as provided in the following statutes, as appropriate: The Brownfield Redevelopment Financing Act, 1996 Mich. Pub. Acts. 381, M.C.L et seq., as amended. III. WEST VILLAGE REDEVELOPMENT PROJECT (FORMER GREYHOUND BUS STATION) SUBJECT PROPERTY The subject property consisted of four (4) legal parcels. The addresses include: 308, 310, 324, and 346 W. Grand River Avenue as well as VAC Hillside Ct with respective tax ID numbers of: ; ; ; and, The parcel numbers and legal descriptions are included in Exhibit A. The parcels and all tangible personal property located thereon will comprise the eligible property and is referred to herein as the Property. Each parcel included in this Plan can be considered eligible property as defined by Section 2 of Act 381 because (a) it is located within the City of East Lansing, a Qualified Local Government Unit; and (b) the Property is determined to be either functionally obsolete, blighted or a facility or is adjacent or contiguous to a parcel that functionally obsolete, blighted or a facility as further described below. Phases I and II Residential Property The property located at 324 and 345 West Grand River Avenue historically contained two (2) residential dwellings. Both were identified by the City as rental properties with a combined occupancy of 14. Both dwellings were built in This property is contiguous to the functionally obsolete former Greyhound Bus Station property described below. According to Section 2(m) of Act 381, eligible property also includes parcels that are adjacent or contiguous to [eligible parcels] if the development of the adjacent or contiguous parcels is estimated to increase the captured taxable value of that property. The development will tie all legal parcels together, and increase the taxable values of each significantly. Therefore, the residential properties can be considered eligible property. Board of Water and Light Site The property occupied by the Board of Water and Light is contiguous to both the former residential properties and the former Greyhound Bus Station, and is currently vacant. According to Section 2(m) of Act 381, eligible property also includes parcels that are adjacent or contiguous to [eligible parcels] if the development of the adjacent or contiguous parcels is estimated to increase the captured taxable value of that property. The development will tie all 2
5 legal parcels together, and increase the taxable values of each significantly. Therefore, the Board of Water and Light property can be considered eligible property. Phase III Former Greyhound Bus Station The property located at 310 West Grand River Avenue was historically occupied by the Greyhound Bus Station. The property has been determined to be functionally obsolete. Functionally obsolete is defined under Act 381 as: A property that has been previously utilized for a commercial purpose, is unable to be used to adequately perform the function for which it was intended due to a substantial loss in value resulting from factors such as overcapacity, changes in technology, deficiencies or superadequacies in design, or other similar factors that affect the property itself or the property's relationship with other surrounding property. For assessment and documentation purposes, the property was inspected by City of East Lansing Assessor (Level Four), Mr. Robert E. Johnson, and verified as functionally obsolete. A notarized affidavit dated June 2, 2004 with information attesting to this conclusion is provided in Exhibit B. Former Sunrise Café The property located at 308 West Grand River Avenue was historically occupied by the Sunrise Café and is contiguous to the former Greyhound Bus Station. According to Section 2(m) of Act 381, eligible property also includes parcels that are adjacent or contiguous to [eligible parcels] if the development of the adjacent or contiguous parcels is estimated to increase the captured taxable value of that property. The development will tie all legal parcels together, and increase the taxable values of each significantly. Therefore, the Sunrise Café property can be considered eligible property. PROJECT DESCRIPTION API Hotel at West Village, LLC is the current project developer. The previous project developer was Holiday Townhouse, LLC, who submitted the last revised Plan revision on February 17, Holiday Townhouse, LLC had financial problems related to the economic downturn during 2008 and 2009 and the project was taken over by API Hotel at West Village, LLC in Phases I and II of the project involved the demolition of all existing building and parking areas, and the new construction of approximately 19,455 square feet (sft) of condominium space located in 15 row style 2.5-story condos constructed in two Phases along Grand River Avenue (Phase I) and Hillcrest Avenue (Phase II). This work was completed by Holiday Townhouse, LLC. 3
6 Phase III of the project was proposed to be a 4-story, approximately 23,472 sft mixed use condo/office/retail building. However, due to economic conditions Phase III of the development was not completed. API Hotel at West Village, LLC is proposing a different Phase III of development that will consist of approximately 83,000 sft 5-story hotel and/or mixed use building. The development will also include a one (1) level underground parking facility to accommodate the new use. Exhibit C includes maps of the locations of Phases I through III of the development. The portion of the property slated for hotel and/or mixed use is located in East Lansing s Downtown Development Authority District. BROWNFIELD PLAN ELEMENTS A. Description of Costs to Be Paid for With Tax Increment Revenues and Summary of Eligible Activities Tax increment revenues will be used to reimburse for eligible activities (as defined by Section 2 of Act 381) as permitted under the Brownfield Redevelopment Financing Act that includes: site assessment, demolition, asbestos abatement, site preparation, and public infrastructure improvements which directly benefit the property. The following eligible activities and budgeted costs are intended as part of the development of the property and are to be financed solely by the developer. The Authority is not responsible for any cost of eligible activities and will incur no debt. Phases I and II 1. An Act 381 Work Plan (the Work Plan) was previously prepared to determine eligible activities. Since Phase III of the development has changed, a revised Work Plan will be prepared to describe the revisions to the development. Because the property is located in a Qualified Local Unit of Government, these activities can be recovered through the use of Brownfield Tax Increment Financing (TIF). The Work Plan will include all additional activities not completed during Phases I and II that are associated with site preparation and infrastructure improvements that directly benefit the eligible property. The cost to draft and review this Work Plan at the Michigan Economic Development Corporation was $12, Completion of a Site Assessment activities as part of completing environmental due diligence on behalf of Holiday Townhouse, LLC. The cost to complete Site Assessment activities was approximately $10, Approximately $31,000 was incurred for asbestos abatement prior to the demolition of the former buildings. 4. Approximately $79,425 was incurred for the demolition of the former buildings. 4
7 5. Approximately $721,100 was incurred for site preparation, including relocation of existing utilities, land balancing, mass grading, and foundation work to address existing conditions. An additional $75,000 is expected to be spent for the construction of a volley ball court and playground area and related equipment. 6. Approximately $583,000 has been and/or will be incurred for infrastructure improvements that directly benefit the eligible property. Utility improvements and upgrades will be required to support the new development including, water, sewerage, gas and electric systems. Streets, parking lots, curbs, and sidewalks will be reconfigured and improved as well. 7. Approximately $217,851 has already been incurred for the relocation of a existing public building (Board of Water and Light Substation). It is estimated that $100,000 in additional work is required to complete the relocation of the substation. 8. A contingency of approximately $269,000 was incurred to cover unanticipated eligible costs and is based on a rate of seven (7) percent. 9. Approximately $653,203 of the developer s interest cost of was proposed for reimbursement under the Plan. This is necessary to cover the gap that remains in the project and keeps the project viable. 10. Reasonable administrative costs incurred by the Authority during the administration of this plan. The majority of the activities associated with Phase I and Phase II were or will be completed between 2006 and All activities are intended to be eligible activities under Act 381 as amended. The total cost of eligible activities that are subject to payment or reimbursement from tax increment financing revenues will not exceed $2,752,279 for Phase I and II. Phase III 1. Act 381 Work Plan (the Work Plan) was previously prepared to determine eligible activities. Since the planned development in Phase III has been revised, a revised Work Plan will be prepared to describe the revisions to the development. Because the property is located in a Qualified Local Unit of Government, these activities can be recovered through the use of Brownfield Tax Increment Financing (TIF). The Work Plan will include all additional activities not completed during Phases I and II that are associated with site preparation and infrastructure improvements that directly benefit the eligible property. The estimated cost to draft and review this Work Plan at the Michigan Economic Development Corporation was $7,000. 2, Preparation of Brownfield Plan and associated activities (e.g. meetings with the Authority, etc.) at a cost of approximately $5,000. 5
8 3. Approximately $479,944 will be incurred for site preparation, including excavation of soils for the sub grade parking structure, relocation of existing utilities, land balancing, mass grading, and foundation work to address existing conditions. 4. Approximately $1,432,386 will be incurred for infrastructure improvements that directly benefit the eligible property. Utility improvements and upgrades will be required to support the new development including, water, sewerage, gas and electric systems. Streets, parking lots, curbs, and sidewalks will be reconfigured and improved as well. An underground parking garage is also planned for the site and will provide much-needed parking for tenants. 5. A contingency of approximately $800,000 is proposed to cover unanticipated eligible costs. 6. Approximately $594,029 of the developer s interest cost of was proposed for reimbursement under the Plan. This is necessary to cover the gap that remains in the project and keeps the project viable. Reasonable administrative costs incurred by the Authority during the administration of this plan. The activities associated with Phase III are proposed and have not yet been completed. All activities are intended to be eligible activities under Act 381 as amended. The total cost of eligible activities that are subject to payment or reimbursement from tax increment financing revenues will not exceed $2,752,279 for Phase I and II and $3,318,359 for Phase III, for a total not to exceed $6,070,638. B. Estimate of Captured Taxable Value and Tax Increment Revenues The schedule provided in Exhibit D includes estimates of both real and personal property tax capture in the estimated future State Equalized Value. It is the intention of the Authority to collect only so much tax increment as is required to pay all obligations of the Authority as incurred and approved pursuant to this Plan. C. Method of Financing and Description of Advances by the Municipality No advances will be made by the City or the Authority for the costs of eligible activities under this Plan. D. Maximum Amount of Note or Bonded Indebtedness Neither the City nor its Authority will incur a financial note or bonded indebtedness for this project. Therefore, a reporting on indebtedness is not required. 6
9 E. Duration of Brownfield Plan The duration of this Plan shall extend for not less than that period during which any qualified taxpayer may make eligible investments, as defined in Section 38g of the 1975 PA 228, as amended, that may qualify for the credit. In no event, however, shall this Plan extend beyond the maximum term allowed by Section 13(1) (a) of Act 381 for the duration of this Plan, currently limited to 30 years. F. Estimated Impact of Tax Increment Financing on Revenues of Taxing Jurisdictions See attached Schedule 1 in Exhibit C. G. Legal Description, Property Map, Statement of Qualifying Characteristics and Personal Property The legal description of the property included in this plan is attached in Exhibit A. The subject property was declared functionally obsolete by the City s Level IV Assessor as is demonstrated by the affidavit included in Exhibit B. Exhibit C includes a map of the Project location and a map showing the locations of Phases I through III of the development. H. Estimates of Residents and Displacement of Families The previous residential dwellings located on the property were demolished during completion of Phases I and II of the development. The previous tenants were relocated prior to demolition. No displacement of residents or families is expected as part of Phase III.. I. Plan for Relocation of Displaced Persons Relocation occurred at the end of previous lease terms, thus no plan is necessary. J. Provisions for Relocation Costs Relocation occurred at the end of previous lease terms, thus no relocation assistance is required. K. Strategy for Compliance with Michigan s Relocation Assistance Law Relocation occurred at the end of previous lease terms, thus no relocation assistance is required. L. Description of Proposed Use of Local Site Remediation Revolving Fund No funds from the local Site Remediation Revolving Fund shall be used to finance the costs of eligible activities under this Plan. 7
10 M. Other Material that the Authority or Governing Body Considers Pertinent None. 8
11 EXHIBIT A Legal Description of Eligible Property Parcel(s)
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14 EXHIBIT B Proposed Site Development Plans and Maps of Interest
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18 EXHIBIT C Affidavit of City Assessor
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20 EXHIBIT D Tax Capture Tables
21 LOCAL CAPTURE ACTUALS Local Capture Detail - Breakdown by Taxing Entity Year Date Baseline SEV Improved SEV Incremental SEV Non-School Tax Capture Millage Annual Non- School Tax Capture Available Annual Non- School Tax Capture Available for Eligible Activities Annual Non- Cumulative Non- School Tax School Tax Capture Capture for Reimbursement Available for of Eligible Activities Administration City of East Lansing City of East Lansing Solid Waste Lansing Community College CATA Ingham County Intermediate Schools Operating Intermediate Schools Special Education Intermediate Schools Vocational Education TOTAL TOTAL - TOWNHOMES AND HOTEL , ,700 14, , , , , , , , , ,370 1,839,920 1,452, , , , , , ,370 2,008,900 1,621, ,099 51, ,094 15,000 27, , , , , , , , ,370 2,831,000 2,443, ,610 84, ,704 15,000 41,520 3,557 9,303 7,260 23, ,011 3,158 99, ,370 4,367,620 3,980, , , ,951 15,000 67,629 5,793 15,154 11,825 38, ,936 5, , ,370 4,454,972 4,067, , , ,759 15,000 69,113 5,920 15,486 12,084 38, ,329 5, , ,370 4,544,072 4,156, , , ,200 15,000 70,627 6,050 15,825 12,349 39, ,731 5, , ,370 4,634,953 4,247, , , ,344 15,000 72,172 6,182 16,171 12,619 40, ,140 5, , ,370 4,727,652 4,340, , , ,268 15,000 73,747 6,317 16,524 12,894 41, ,558 5, , ,370 4,822,205 4,434, , ,778 1,124,045 15,000 75,353 6,455 16,884 13,175 42, ,984 5, , ,370 4,918,650 4,531, , ,709 1,293,754 15,000 76,992 6,595 17,251 13,462 43, ,419 5, , ,370 5,017,022 4,629, , ,719 1,467,473 15,000 78,663 6,738 17,626 13,754 44, ,862 5, , ,370 5,117,363 4,729, , ,809 1,645,282 15,000 80,368 6,885 18,008 14,052 45, ,314 6, , ,370 5,219,710 4,832, , ,981 1,827,264 15,000 82,107 7,033 18,398 14,356 46, ,775 6, , ,370 5,324,104 4,936, , ,237 2,013,500 15,000 83,881 7,185 18,795 14,666 47, ,246 6, , ,370 5,430,586 5,043, , ,577 2,204,077 15,000 85,690 7,340 19,201 14,982 48, ,726 6, , ,370 5,539,198 5,151, , ,004 2,399,082 15,000 87,536 7,498 19,614 15,305 49, ,215 6, , ,370 5,649,982 5,262, , ,520 2,598,602 15,000 89,418 7,660 20,036 15,634 50, ,714 6, , ,370 5,762,982 5,375, , ,127 2,802,729 15,000 91,338 7,824 20,466 15,970 51,339 1,018 24,224 6, , ,370 5,878,241 5,490, , ,825 3,011,554 15,000 93,296 7,992 20,905 16,312 52,439 1,040 24,743 7, , ,370 5,995,806 5,608, , ,617 3,225,171 15,000 95,294 8,163 21,352 16,662 53,562 1,062 25,273 7, , ,370 6,115,722 5,728, , ,505 3,443,676 15,000 97,332 8,338 21,809 17,018 54,707 1,085 25,813 7, , ,370 6,238,037 5,850, , ,491 3,667,168 15,000 99,410 8,516 22,275 17,381 55,876 1,108 26,364 7, , ,370 6,362,798 5,975, , ,577 3,895,745 15, ,530 8,697 22,750 17,752 57,067 1,132 26,926 7, , ,370 6,490,054 6,102, , ,764 4,129,509 15, ,692 8,882 23,234 18,130 58,282 1,156 27,500 7, , ,370 6,619,855 6,232, , ,055 4,368,564 15, ,897 9,071 23,728 18,515 59,522 1,180 28,085 8, , ,370 6,752,252 6,364, , ,452 4,613,017 15, ,147 9,264 24,232 18,909 60,787 1,206 28,681 8, , ,370 6,887,297 6,499, , ,957 4,862,974 15, ,442 9,461 24,747 19,310 62,076 1,231 29,290 8, , ,370 7,025,043 6,637, , ,572 5,118,546 15, ,782 9,661 25,271 19,719 63,392 1,257 29,911 8, ,572 TOTAL 2,281, , , , ,282, , , , ,554, TOWNHOMES ONLY , ,700 14, , , , , , , , , ,090 1,624,820 1,422, , , , , , ,090 1,801,000 1,598, , , , , ,167 2,327 6,087 4,750 15, ,205 2,067 65, ,090 1,831,000 1,628, ,399 51, ,165 15,000 27,677 2,371 6,202 4,839 15, ,340 2,105 66, ,090 1,867,620 1,665, ,892 52, ,057 15,000 28,299 2,424 6,341 4,948 15, ,505 2,153 67, ,090 1,904,972 1,702, ,415 54, ,471 15,000 28,934 2,479 6,483 5,059 16, ,674 2,201 69, ,090 1,943,072 1,740, ,968 55, ,439 15,000 29,581 2,534 6,628 5,172 16, ,845 2,250 70, ,090 1,981,933 1,779, ,552 57, ,991 15,000 30,242 2,591 6,776 5,288 16, ,020 2,300 72, ,090 2,021,572 1,819, ,168 59, ,159 15,000 30,915 2,648 6,927 5,405 17, ,199 2,352 74, ,090 2,062,003 1,859, ,816 60, ,975 15,000 31,602 2,707 7,081 5,525 17, ,381 2,404 75, ,090 2,103,243 1,901, , , ,472 15,000 32,303 2,767 7,238 5,648 18, ,567 2,457 77, ,090 2,145,308 1,943, ,212 64, ,683 15,000 33,018 2,828 7,398 5,773 18, ,757 2,512 79,212 6/16/2010
22 ,090 2,188,214 1,986, ,961 65, ,644 15,000 33,747 2,891 7,562 5,900 18, ,950 2,567 80, ,090 2,231,979 2,029, ,745 67, ,388 15,000 34,490 2,955 7,728 6,030 19, ,147 2,624 82, ,090 2,276,618 2,074, ,564 69, ,953 15,000 35,249 3,019 7,898 6,163 19, ,348 2,681 84, ,090 2,322,151 2,120, ,420 71, ,373 15,000 36,022 3,086 8,071 6,298 20, ,553 2,740 86, ,090 2,368,594 2,166, ,313 73, ,686 15,000 36,811 3,153 8,248 6,436 20, ,763 2,800 88, ,090 2,415,966 2,213, ,244 75,244 1,039,931 15,000 37,616 3,222 8,429 6,577 21, ,976 2,861 90, ,090 2,464,285 2,262, ,214 77,214 1,117,145 15,000 38,437 3,293 8,613 6,721 21, ,194 2,924 92, ,090 2,513,571 2,311, ,223 79,223 1,196,368 15,000 39,275 3,364 8,800 6,867 22, ,416 2,988 94, ,090 2,563,842 2,361, ,272 81,272 1,277,640 15,000 40,129 3,438 8,992 7,016 22, ,643 3,053 96, ,090 2,615,119 2,413, ,363 83,363 1,361,003 15,000 41,000 3,512 9,187 7,169 23, ,874 3,119 98, ,090 2,667,421 2,465, ,495 85,495 1,446,497 15,000 41,889 3,588 9,386 7,324 23, ,109 3, , ,090 2,720,770 2,518, ,669 87,669 1,534,167 15,000 42,795 3,666 9,589 7,482 24, ,350 3, , ,090 2,775,185 2,573, ,887 89,887 1,624,054 15,000 43,720 3,745 9,796 7,644 24, ,595 3, , ,090 2,830,689 2,628, ,150 92,150 1,716,204 15,000 44,663 3,826 10,008 7,809 25, ,845 3, , ,090 2,887,303 2,685, ,458 94,458 1,810,661 15,000 45,625 3,908 10,223 7,977 25, ,100 3, , ,090 2,945,049 2,742, ,811 96,811 1,907,473 15,000 46,606 3,992 10,443 8,149 26, ,360 3, , ,090 3,003,950 2,801, ,212 99,212 2,006,685 15,000 47,607 4,078 10,667 8,324 26, ,626 3, ,212 TOTAL 985,422 84, , , ,879 10, ,342 74,960 2,442,314 HOTEL ONLY , , ,100 29, , , , , , ,100 29, , , , , , ,900 22, , ,280 1,000, , ,211 33,211 36, ,843 1,186 3,102 2,420 7, ,671 1,053 33, ,280 2,500,000 2,314, ,355 94, , ,330 3,369 8,813 6,877 22, ,431 2,992 94, ,280 2,550,000 2,364, ,393 96, , ,179 3,442 9,003 7,025 22, ,656 3,056 96, ,280 2,601,000 2,415, ,472 98, , ,046 3,516 9,197 7,177 23, ,886 3,122 98, ,280 2,653,020 2,467, , , , ,930 3,592 9,395 7,331 23, ,120 3, , ,280 2,706,080 2,520, , , , ,831 3,669 9,597 7,489 24, ,359 3, , ,280 2,760,202 2,574, , , , ,751 3,748 9,803 7,650 24, ,603 3, , ,280 2,815,406 2,630, , , , ,689 3,828 10,013 7,814 25, ,852 3, , ,280 2,871,714 2,686, , , , ,646 3,910 10,228 7,981 25, ,106 3, , ,280 2,929,148 2,743, , , , ,622 3,994 10,446 8,151 26, ,364 3, , ,280 2,987,731 2,802, , ,237 1,076, ,617 4,079 10,669 8,326 26, ,628 3, , ,280 3,047,486 2,862, , ,672 1,193, ,632 4,166 10,897 8,503 27, ,898 3, , ,280 3,108,436 2,923, , ,157 1,312, ,668 4,255 11,129 8,684 27, ,172 3, , ,280 3,170,604 2,985, , ,691 1,434, ,724 4,345 11,366 8,869 28, ,452 3, , ,280 3,234,017 3,048, , ,276 1,558, ,802 4,437 11,607 9,057 29, ,738 3, , ,280 3,298,697 3,113, , ,913 1,685, ,901 4,532 11,853 9,249 29, ,030 4, , ,280 3,364,671 3,179, , ,602 1,815, ,022 4,628 12,105 9,445 30, ,327 4, , ,280 3,431,964 3,246, , ,345 1,947, ,165 4,726 12,361 9,645 31, ,630 4, , ,280 3,500,604 3,315, , ,143 2,082, ,331 4,825 12,622 9,849 31, ,940 4, , ,280 3,570,616 3,385, , ,997 2,220, ,521 4,927 12,889 10,057 32, ,255 4, , ,280 3,642,028 3,456, , ,908 2,361, ,734 5,031 13,161 10,269 33, ,577 4, , ,280 3,714,868 3,529, , ,877 2,505, ,972 5,137 13,438 10,486 33, ,905 4, , ,280 3,789,166 3,603, , ,906 2,652, ,234 5,245 13,721 10,706 34, ,240 4, , ,280 3,864,949 3,679, , ,995 2,802, ,522 5,356 14,009 10,932 35, ,581 4, , ,280 3,942,248 3,756, , ,146 2,955, ,835 5,468 14,304 11,161 35, ,930 4, , ,280 4,021,093 3,835, , ,360 3,111, ,175 5,583 14,604 11,395 36, ,285 4, ,360 TOTAL 1,297, , , , ,023 14, ,007 98,670 3,111,715 TOTAL LOCAL TAX CAPTURE FOR REIMBURSEMENT OF ELIGIBLE ACTIVITES* $5,118,546 TOTAL CAPTURE FOR ADMINISTRATION $435,484 TOTAL LOCAL TAX CAPTURE $5,554,030 6/16/2010
23 STATE CAPTURE - HOMESTEAD Year Date Baseline SEV Improved SEV Incremental SEV School Tax Capture Millage (Homestead) Annual School Tax Capture Available for Cumulative School Tax Capture for State Reimbursement of Reimbursement of Education Eligible Activities Eligible Activities Tax , ,870 93,700 64, ,480 1,029, , , , , ,220 1,312,600 1,139, ,637 14,200 7, ,090 1,831,000 1,628, ,918 25,118 10, ,090 1,867,620 1,665, ,164 36,282 11, ,090 1,904,972 1,702, ,414 47,696 11, ,090 1,943,072 1,740, ,669 59,365 11, ,090 1,981,933 1,779, ,930 71,295 11, ,090 2,021,572 1,819, ,196 83,491 12, ,090 2,062,003 1,859, ,467 95,957 12,467 TOTAL HOMESTEAD SCHOOL TAX CAPTURE $95,957 FOR REIMBURSEMENT OF ELIGIBLE ACTIVITES* 6/16/2010
24 STATE CAPTURE - NON-HOMESTEAD Year Date Baseline SEV Improved SEV Incremental SEV School Tax Capture Millage (Non- Homestead) Annual School Tax Capture Available for Eligible Activities Cumulative School Tax Capture for State Reimbursement of Education Eligible Activities Tax 6.0 Mills State School Operating Mills School Supplemental.8567 Mills Total , ,700 14, , , , , , , , , , , , , , , , ,572 35,942 11, ,280 1,000, , ,553 55,496 4,888 13, , ,280 2,500,000 2,314, , ,049 13,888 39,682 1,983 55, ,280 2,550,000 2,364, , ,802 14,188 40,539 2,026 56, ,280 2,601,000 2,415, , ,780 14,494 41,413 2,070 57, ,280 2,653,020 2,467, , ,005 14,806 42,305 2,114 59, ,280 2,706,080 2,520, , ,504 15,125 43,215 2,160 60, ,280 2,760,202 2,574, , ,303 15,450 44,143 2,206 61, ,280 2,815,406 2,630, , ,652 3,337 9, ,349 TOTAL NON-HOMESTEAD SCHOOL TAX CAPTURE FOR REIMBURSEMENT OF ELIGIBLE ACTIVITES* $420,652 6/16/2010
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