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 48823 Contact Person: Mr. Christopher Abood Telephone: (517) 281-4499 Prepared By: PM Environmental, Inc. 3340 Ranger Road Lansing, Michigan 48906 Contact Person: Peter S. Bosanic, P.E., C.P. Telephone: (517) 321-3331
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...2-3 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......5 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.... 5 H. Estimates of Residents and Displacement of Families...... 6 I. Plan for Relocation of Displaced Persons.....6 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
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, 2000. 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
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. 125.2651 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: 33-01-13-227-002; 33-01-13-227-001; 33-01-13-224-004; and, 33-01-13-224-001. 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 1921. 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
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, 2006. 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 2010. 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
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 $12,000. 2. 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 $10,700. 3. 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
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 2010. 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
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
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
M. Other Material that the Authority or Governing Body Considers Pertinent None. 8
EXHIBIT A Legal Description of Eligible Property Parcel(s)
EXHIBIT B Proposed Site Development Plans and Maps of Interest
EXHIBIT C Affidavit of City Assessor
EXHIBIT D Tax Capture Tables
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 1 2007 387,370 401,700 14,330 39.0076 558.98 75.13 75.13 483.85 558.98 2 2008 387,370 914,990 527,620 40.3529 21,291.00 6,291.00 6,366.13 15,000.00 21,291.00 3 2009 387,370 1,839,920 1,452,550 40.3631 58,629.42 43,629.42 49,995.55 15,000.00 58,629.42 4 2010 387,370 2,008,900 1,621,530 40.7631 66,099 51,099 101,094 15,000 27,551.74 2,360.14 6,173.49 4,817.24 15,486.10 307.12 7,306.94 2,095.83 66,098.59 5 2011 387,370 2,831,000 2,443,630 40.7631 99,610 84,610 185,704 15,000 41,520 3,557 9,303 7,260 23,337 463 11,011 3,158 99,610 6 2012 387,370 4,367,620 3,980,250 40.7631 162,247 147,247 332,951 15,000 67,629 5,793 15,154 11,825 38,013 754 17,936 5,144 162,247 7 2013 387,370 4,454,972 4,067,602 40.7631 165,808 150,808 483,759 15,000 69,113 5,920 15,486 12,084 38,847 770 18,329 5,257 165,808 8 2014 387,370 4,544,072 4,156,702 40.7631 169,440 154,440 638,200 15,000 70,627 6,050 15,825 12,349 39,698 787 18,731 5,373 169,440 9 2015 387,370 4,634,953 4,247,583 40.7631 173,145 158,145 796,344 15,000 72,172 6,182 16,171 12,619 40,566 804 19,140 5,490 173,145 10 2016 387,370 4,727,652 4,340,282 40.7631 176,923 161,923 958,268 15,000 73,747 6,317 16,524 12,894 41,451 822 19,558 5,610 176,923 11 2017 387,370 4,822,205 4,434,835 40.7631 180,778 165,778 1,124,045 15,000 75,353 6,455 16,884 13,175 42,354 840 19,984 5,732 180,778 12 2018 387,370 4,918,650 4,531,280 40.7631 184,709 169,709 1,293,754 15,000 76,992 6,595 17,251 13,462 43,275 858 20,419 5,857 184,709 13 2019 387,370 5,017,022 4,629,652 40.7631 188,719 173,719 1,467,473 15,000 78,663 6,738 17,626 13,754 44,215 877 20,862 5,984 188,719 14 2020 387,370 5,117,363 4,729,993 40.7631 192,809 177,809 1,645,282 15,000 80,368 6,885 18,008 14,052 45,173 896 21,314 6,114 192,809 15 2021 387,370 5,219,710 4,832,340 40.7631 196,981 181,981 1,827,264 15,000 82,107 7,033 18,398 14,356 46,150 915 21,775 6,246 196,981 16 2022 387,370 5,324,104 4,936,734 40.7631 201,237 186,237 2,013,500 15,000 83,881 7,185 18,795 14,666 47,147 935 22,246 6,381 201,237 17 2023 387,370 5,430,586 5,043,216 40.7631 205,577 190,577 2,204,077 15,000 85,690 7,340 19,201 14,982 48,164 955 22,726 6,518 205,577 18 2024 387,370 5,539,198 5,151,828 40.7631 210,004 195,004 2,399,082 15,000 87,536 7,498 19,614 15,305 49,202 976 23,215 6,659 210,004 19 2025 387,370 5,649,982 5,262,612 40.7631 214,520 199,520 2,598,602 15,000 89,418 7,660 20,036 15,634 50,260 997 23,714 6,802 214,520 20 2026 387,370 5,762,982 5,375,612 40.7631 219,127 204,127 2,802,729 15,000 91,338 7,824 20,466 15,970 51,339 1,018 24,224 6,948 219,127 21 2027 387,370 5,878,241 5,490,871 40.7631 223,825 208,825 3,011,554 15,000 93,296 7,992 20,905 16,312 52,439 1,040 24,743 7,097 223,825 22 2028 387,370 5,995,806 5,608,436 40.7631 228,617 213,617 3,225,171 15,000 95,294 8,163 21,352 16,662 53,562 1,062 25,273 7,249 228,617 23 2029 387,370 6,115,722 5,728,352 40.7631 233,505 218,505 3,443,676 15,000 97,332 8,338 21,809 17,018 54,707 1,085 25,813 7,404 233,505 24 2030 387,370 6,238,037 5,850,667 40.7631 238,491 223,491 3,667,168 15,000 99,410 8,516 22,275 17,381 55,876 1,108 26,364 7,562 238,491 25 2031 387,370 6,362,798 5,975,428 40.7631 243,577 228,577 3,895,745 15,000 101,530 8,697 22,750 17,752 57,067 1,132 26,926 7,723 243,577 26 2032 387,370 6,490,054 6,102,684 40.7631 248,764 233,764 4,129,509 15,000 103,692 8,882 23,234 18,130 58,282 1,156 27,500 7,888 248,764 27 2033 387,370 6,619,855 6,232,485 40.7631 254,055 239,055 4,368,564 15,000 105,897 9,071 23,728 18,515 59,522 1,180 28,085 8,055 254,055 28 2034 387,370 6,752,252 6,364,882 40.7631 259,452 244,452 4,613,017 15,000 108,147 9,264 24,232 18,909 60,787 1,206 28,681 8,227 259,452 29 2035 387,370 6,887,297 6,499,927 40.7631 264,957 249,957 4,862,974 15,000 110,442 9,461 24,747 19,310 62,076 1,231 29,290 8,401 264,957 30 2036 387,370 7,025,043 6,637,673 40.7631 270,572 255,572 5,118,546 15,000 112,782 9,661 25,271 19,719 63,392 1,257 29,911 8,579 270,572 TOTAL 2,281,528.85 195,440.30 511,219.73 398,910.37 1,282,386.47 25,432.08 605,079.41 173,553.14 5,554,029.75 TOWNHOMES ONLY 1 2007 387,370 401,700 14,330 39.0076 558.98 75.13 75.13 483.85 558.98 2 2008 202,090 699,890 497,800 40.3529 20,087.67 5,087.67 5,162.80 15,000.00 20,160.13 3 2009 202,090 1,624,820 1,422,730 40.3631 57,425.79 42,425.79 47,588.60 15,000.00 57,498.55 4 2010 202,090 1,801,000 1,598,910 40.7631 65,176.53 50,176.53 97,765.12 15,000.00 27,167 2,327 6,087 4,750 15,270 303 7,205 2,067 65,177 5 2011 202,090 1,831,000 1,628,910 40.7631 66,399 51,399 149,165 15,000 27,677 2,371 6,202 4,839 15,557 309 7,340 2,105 66,399 6 2012 202,090 1,867,620 1,665,530 40.7631 67,892 52,892 202,057 15,000 28,299 2,424 6,341 4,948 15,906 315 7,505 2,153 67,892 7 2013 202,090 1,904,972 1,702,882 40.7631 69,415 54,415 256,471 15,000 28,934 2,479 6,483 5,059 16,263 323 7,674 2,201 69,415 8 2014 202,090 1,943,072 1,740,982 40.7631 70,968 55,968 312,439 15,000 29,581 2,534 6,628 5,172 16,627 330 7,845 2,250 70,968 9 2015 202,090 1,981,933 1,779,843 40.7631 72,552 57,552 369,991 15,000 30,242 2,591 6,776 5,288 16,998 337 8,020 2,300 72,552 10 2016 202,090 2,021,572 1,819,482 40.7631 74,168 59,168 429,159 15,000 30,915 2,648 6,927 5,405 17,377 345 8,199 2,352 74,168 11 2017 202,090 2,062,003 1,859,913 40.7631 75,816 60,816 489,975 15,000 31,602 2,707 7,081 5,525 17,763 352 8,381 2,404 75,816 12 2018 202,090 2,103,243 1,901,153 40.7631 77,496.91 62,497 552,472 15,000 32,303 2,767 7,238 5,648 18,157 360 8,567 2,457 77,497 13 2019 202,090 2,145,308 1,943,218 40.7631 79,212 64,212 616,683 15,000 33,018 2,828 7,398 5,773 18,558 368 8,757 2,512 79,212 6/16/2010
14 2020 202,090 2,188,214 1,986,124 40.7631 80,961 65,961 682,644 15,000 33,747 2,891 7,562 5,900 18,968 376 8,950 2,567 80,961 15 2021 202,090 2,231,979 2,029,889 40.7631 82,745 67,745 750,388 15,000 34,490 2,955 7,728 6,030 19,386 384 9,147 2,624 82,745 16 2022 202,090 2,276,618 2,074,528 40.7631 84,564 69,564 819,953 15,000 35,249 3,019 7,898 6,163 19,812 393 9,348 2,681 84,564 17 2023 202,090 2,322,151 2,120,061 40.7631 86,420 71,420 891,373 15,000 36,022 3,086 8,071 6,298 20,247 402 9,553 2,740 86,420 18 2024 202,090 2,368,594 2,166,504 40.7631 88,313 73,313 964,686 15,000 36,811 3,153 8,248 6,436 20,691 410 9,763 2,800 88,313 19 2025 202,090 2,415,966 2,213,876 40.7631 90,244 75,244 1,039,931 15,000 37,616 3,222 8,429 6,577 21,143 419 9,976 2,861 90,244 20 2026 202,090 2,464,285 2,262,195 40.7631 92,214 77,214 1,117,145 15,000 38,437 3,293 8,613 6,721 21,605 428 10,194 2,924 92,214 21 2027 202,090 2,513,571 2,311,481 40.7631 94,223 79,223 1,196,368 15,000 39,275 3,364 8,800 6,867 22,075 438 10,416 2,988 94,223 22 2028 202,090 2,563,842 2,361,752 40.7631 96,272 81,272 1,277,640 15,000 40,129 3,438 8,992 7,016 22,555 447 10,643 3,053 96,272 23 2029 202,090 2,615,119 2,413,029 40.7631 98,363 83,363 1,361,003 15,000 41,000 3,512 9,187 7,169 23,045 457 10,874 3,119 98,363 24 2030 202,090 2,667,421 2,465,331 40.7631 100,495 85,495 1,446,497 15,000 41,889 3,588 9,386 7,324 23,545 467 11,109 3,186 100,495 25 2031 202,090 2,720,770 2,518,680 40.7631 102,669 87,669 1,534,167 15,000 42,795 3,666 9,589 7,482 24,054 477 11,350 3,255 102,669 26 2032 202,090 2,775,185 2,573,095 40.7631 104,887 89,887 1,624,054 15,000 43,720 3,745 9,796 7,644 24,574 487 11,595 3,326 104,887 27 2033 202,090 2,830,689 2,628,599 40.7631 107,150 92,150 1,716,204 15,000 44,663 3,826 10,008 7,809 25,104 498 11,845 3,397 107,150 28 2034 202,090 2,887,303 2,685,213 40.7631 109,458 94,458 1,810,661 15,000 45,625 3,908 10,223 7,977 25,645 509 12,100 3,471 109,458 29 2035 202,090 2,945,049 2,742,959 40.7631 111,811 96,811 1,907,473 15,000 46,606 3,992 10,443 8,149 26,196 520 12,360 3,545 111,811 30 2036 202,090 3,003,950 2,801,860 40.7631 114,212 99,212 2,006,685 15,000 47,607 4,078 10,667 8,324 26,759 531 12,626 3,621 114,212 TOTAL 985,422 84,413 220,802 172,295 553,879 10,984 261,342 74,960 2,442,314 HOTEL ONLY 1 2007 387,370 0 2 2008 185,280 215,100 29,820 40.3529 1,203.32 1,203.32 1,203.32 0.00 468.67 47.41 113.65 64.64 257.84 5.65 134.43 38.57 1,130.87 3 2009 185,280 215,100 29,820 40.3631 1,203.63 1,203.63 2,406.95 0.00 468.67 47.41 113.65 64.64 257.84 5.65 134.43 38.57 1,130.87 4 2010 185,280 207,900 22,620 40.7631 922.06 922.06 3,329.01 0.00 384 33 86 67 216 4 102 29 922 5 2011 185,280 1,000,000 814,720 40.7631 33,211 33,211 36,540 0.00 13,843 1,186 3,102 2,420 7,781 154 3,671 1,053 33,211 6 2012 185,280 2,500,000 2,314,720 40.7631 94,355 94,355 130,895 0.00 39,330 3,369 8,813 6,877 22,106 438 10,431 2,992 94,355 7 2013 185,280 2,550,000 2,364,720 40.7631 96,393 96,393 227,288 0.00 40,179 3,442 9,003 7,025 22,584 448 10,656 3,056 96,393 8 2014 185,280 2,601,000 2,415,720 40.7631 98,472 98,472 325,760 0.00 41,046 3,516 9,197 7,177 23,071 458 10,886 3,122 98,472 9 2015 185,280 2,653,020 2,467,740 40.7631 100,593 100,593 426,353 0.00 41,930 3,592 9,395 7,331 23,568 467 11,120 3,190 100,593 10 2016 185,280 2,706,080 2,520,800 40.7631 102,756 102,756 529,109 0.00 42,831 3,669 9,597 7,489 24,074 477 11,359 3,258 102,756 11 2017 185,280 2,760,202 2,574,922 40.7631 104,962 104,962 634,070 0.00 43,751 3,748 9,803 7,650 24,591 488 11,603 3,328 104,962 12 2018 185,280 2,815,406 2,630,126 40.7631 107,212 107,212 741,283 0.00 44,689 3,828 10,013 7,814 25,118 498 11,852 3,399 107,212 13 2019 185,280 2,871,714 2,686,434 40.7631 109,507 109,507 850,790 0.00 45,646 3,910 10,228 7,981 25,656 509 12,106 3,472 109,507 14 2020 185,280 2,929,148 2,743,868 40.7631 111,849 111,849 962,638 0.00 46,622 3,994 10,446 8,151 26,205 520 12,364 3,546 111,849 15 2021 185,280 2,987,731 2,802,451 40.7631 114,237 114,237 1,076,875 0.00 47,617 4,079 10,669 8,326 26,764 531 12,628 3,622 114,237 16 2022 185,280 3,047,486 2,862,206 40.7631 116,672 116,672 1,193,547 0.00 48,632 4,166 10,897 8,503 27,335 542 12,898 3,699 116,672 17 2023 185,280 3,108,436 2,923,156 40.7631 119,157 119,157 1,312,704 0.00 49,668 4,255 11,129 8,684 27,917 554 13,172 3,778 119,157 18 2024 185,280 3,170,604 2,985,324 40.7631 121,691 121,691 1,434,395 0.00 50,724 4,345 11,366 8,869 28,511 565 13,452 3,859 121,691 19 2025 185,280 3,234,017 3,048,737 40.7631 124,276 124,276 1,558,671 0.00 51,802 4,437 11,607 9,057 29,116 577 13,738 3,940 124,276 20 2026 185,280 3,298,697 3,113,417 40.7631 126,913 126,913 1,685,584 0.00 52,901 4,532 11,853 9,249 29,734 590 14,030 4,024 126,913 21 2027 185,280 3,364,671 3,179,391 40.7631 129,602 129,602 1,815,186 0.00 54,022 4,628 12,105 9,445 30,364 602 14,327 4,109 129,602 22 2028 185,280 3,431,964 3,246,684 40.7631 132,345 132,345 1,947,531 0.00 55,165 4,726 12,361 9,645 31,007 615 14,630 4,196 132,345 23 2029 185,280 3,500,604 3,315,324 40.7631 135,143 135,143 2,082,674 0.00 56,331 4,825 12,622 9,849 31,662 628 14,940 4,285 135,143 24 2030 185,280 3,570,616 3,385,336 40.7631 137,997 137,997 2,220,670 0.00 57,521 4,927 12,889 10,057 32,331 641 15,255 4,376 137,997 25 2031 185,280 3,642,028 3,456,748 40.7631 140,908 140,908 2,361,578 0.00 58,734 5,031 13,161 10,269 33,013 655 15,577 4,468 140,908 26 2032 185,280 3,714,868 3,529,588 40.7631 143,877 143,877 2,505,455 0.00 59,972 5,137 13,438 10,486 33,709 669 15,905 4,562 143,877 27 2033 185,280 3,789,166 3,603,886 40.7631 146,906 146,906 2,652,361 0.00 61,234 5,245 13,721 10,706 34,418 683 16,240 4,658 146,906 28 2034 185,280 3,864,949 3,679,669 40.7631 149,995 149,995 2,802,355 0.00 62,522 5,356 14,009 10,932 35,142 697 16,581 4,756 149,995 29 2035 185,280 3,942,248 3,756,968 40.7631 153,146 153,146 2,955,501 0.00 63,835 5,468 14,304 11,161 35,880 712 16,930 4,856 153,146 30 2036 185,280 4,021,093 3,835,813 40.7631 156,360 156,360 3,111,861 0.00 65,175 5,583 14,604 11,395 36,633 727 17,285 4,958 156,360 TOTAL 1,297,045 111,122 290,645 226,745 729,023 14,459 344,007 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
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 6.7047 1 2007 387,370 0 0 0.0000 0.00 0.00 0.00 2 2008 28,870 93,700 64,830 6.7047 434.67 434.67 434.67 3 2009 115,480 1,029,700 914,220 6.7028 6,127.83 6,562.50 6,127.83 4 2010 173,220 1,312,600 1,139,380 6.7028 7,637 14,200 7,637 5 2011 202,090 1,831,000 1,628,910 6.7028 10,918 25,118 10,918 6 2012 202,090 1,867,620 1,665,530 6.7028 11,164 36,282 11,164 7 2013 202,090 1,904,972 1,702,882 6.7028 11,414 47,696 11,414 8 2014 202,090 1,943,072 1,740,982 6.7028 11,669 59,365 11,669 9 2015 202,090 1,981,933 1,779,843 6.7028 11,930 71,295 11,930 10 2016 202,090 2,021,572 1,819,482 6.7028 12,196 83,491 12,196 11 2017 202,090 2,062,003 1,859,913 6.7028 12,467 95,957 12,467 TOTAL HOMESTEAD SCHOOL TAX CAPTURE $95,957 FOR REIMBURSEMENT OF ELIGIBLE ACTIVITES* 6/16/2010
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 17.1433 Mills School Supplemental.8567 Mills Total 1 2007 387,370 401,700 14,330 24.0000 343.92 343.92 343.92 2 2008 358,500 821,290 462,790 24.0000 11,106.96 11,450.88 11,106.96 3 2009 271,890 810,220 538,330 24.0000 12,919.92 24,370.80 12,919.92 4 2010 214,150 696,300 482,150 24.0000 11,572 35,942 11,572 5 2011 185,280 1,000,000 814,720 24.0000 19,553 55,496 4,888 13,967 698 19,553 6 2012 185,280 2,500,000 2,314,720 24.0000 55,553 111,049 13,888 39,682 1,983 55,553 7 2013 185,280 2,550,000 2,364,720 24.0000 56,753 167,802 14,188 40,539 2,026 56,753 8 2014 185,280 2,601,000 2,415,720 24.0000 57,977 225,780 14,494 41,413 2,070 57,977 9 2015 185,280 2,653,020 2,467,740 24.0000 59,226 285,005 14,806 42,305 2,114 59,226 10 2016 185,280 2,706,080 2,520,800 24.0000 60,499 345,504 15,125 43,215 2,160 60,499 11 2017 185,280 2,760,202 2,574,922 24.0000 61,798 407,303 15,450 44,143 2,206 61,798 12 2018 185,280 2,815,406 2,630,126 24.0000 13,349 420,652 3,337 9,535 477 13,349 TOTAL NON-HOMESTEAD SCHOOL TAX CAPTURE FOR REIMBURSEMENT OF ELIGIBLE ACTIVITES* $420,652 6/16/2010