HomeMy WebLinkAboutP Economic Impact AnalysisC 0 M U N I T i $
OVERTOWN URBAN VILLAGE PROJECT
ECONOMIC BENEFIT ANALYSIS
1111 a, I =: t !J f i; l" 1,1_ A N 10 R
SA '"ER'S WALK
'510 h11. 1=1.(f11T)r'i
ON DS-
r
Prepared for Crosswinds Community
By
A. L. JACKSON & COMPANY, P.A.
1525 N.W. 167th Street
Suite 410
Miami, Florida 33169
(305) 623-3032
January 9, 2006
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
TABLE OF CONTENTS
PAGES
OVERTOWN URBAN VILLAGE PURPOSE / PREFACE
Purpose / Preface 2-3
OVERTOWN URBAN VILLAGE PROJECT DESCRIPTION AND LOCATION
Project Description and Location 5-6
EXECUTIVE SUMMARY
Executive Summary 8-10
ECONOMIC BENEFITS — EMPLOYMENT
Employment / Salaries and Wages 12-13
ECONOMIC BENEFITS — PURCHASES OF MATERIALS, GOODS AND SERVICES
Purchases of Goods and Services 15
ECONOMIC BENEFITS — INCREMENTAL SPENDING
Incremental Resident Spending 17
ECONOMIC BENEFITS — INCREMENTAL FEES AND TAXES
Fees and Taxes 19-21
SUMMARY
Summary 23
EXHIBITS
Exhibit List 25
Overtown Urban Village Tax Increment Projections 26
Overtown Urban Village Tax Assessed Values 27
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C0MM11NI.73ES
OVERTOWN URBAN VILLAGE
PURPOSE PREFACE
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOW.N URBAN VILLAGE
PURPOSE / PREFACE
A. L. Jackson & Company, P.A. has been engaged to perform an Economic Benefit Analysis for
the proposed Overtown UrbanVillage project (the Project). This report will analyze and
estimate the economic benefits associated with the Development / Construction and Operation /
Maintenance phases. The .Project is a mixed -use community oriented project which will be
developed, operated and managed by the Crosswinds Communities, Inc. (CCI) This analysis is
being prepared in support of CCI's Major Use Special Permit (MUSP) application as required by
the City of Miami.
The Project is estimated to provide significant economic benefits to the City Miami and other
contiguous municipalities. These benefits will_ originate not only in the initial development and
construction phases, but also in the subsequent operation, management and maintenance of the
Project. Our estimate of economic benefit will consider the three primary and universally
accepted drivers of economic activity. Expenditures in these areas provide direct and immediate
economic benefits to the region where incurred.
1) Employment / Salaries & Wages
Our estimate of economic benefits will measure incremental employment, salaries
and wages, including payroll taxes and benefits, created as a result of the planning,
development, construction and ongoing operation and .maintenance of the Project.
2) Developer and Consumer Spending for Goods & Services
It is estimated that the CCI will make significant expenditures for raw and finished
materials, goods and services in the Development / Construction and Operation /
Maintenance phases of the Project. In addition, there will be marginal / incremental
spending generated from the residents that will purchase and occupy the housing
units.
3) Tax Increment Funds / Other Taxes and Fees
In addition to the economic benefits generated from employment and spending, this
project will also generate benefits in the fo„l, of ad valorem taxes and fees, as well as
incremental sales taxes from incremental resident spending.
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
PURPOSE / PREFACE — Continued
In addition to these direct and immediate impacts, there are economic benefits generated
indirectly through subsequent re -spending and investment. For instance, the direct purchases of
goods and services are used to provide additional employment, other consumer purchases, capital
investment, savings, food, housing, transportation, entertainment and purchases of professional
services such as doctors, lawyers and accountants. This constant re -spending "multiplies" the
effects of the initial purchase and is measured through the use of a multiplier. The multiplier is
developed based on a very complicated and intricate set of economic and mathematical theory.
Since the development of a multiplier is beyond our scope of expertise, we will rely upon the
multiplier developed by the Miami -Dade Planning Department.
To illustrate how a multiplier would work, a multiplier of "2" would indicate that for every Sl of
direct spending, an indirect benefit of y2 is generated, thereby yielding a S3 total economic
benefit (also referred to as economic output) from the particular economic driver. This
phenomenon is reflective of the re -spending and re -investing that drives the U.S. Economy.
Our estimates of economic benefits were made based on information that is the representations
and assumptions of management. Although we feel that our estimates of economic benefit are
reasonable, we do not warrant or provide any assurance thereon. Actual results achieved
routinely differ from those projected are estimated. In addition, underlying assumptions may be
invalidated due to unanticipated events and circumstances, and the effect of those conditions
could be material.
This report is intended solely for the information and use of Crosswind Community, Inc., the
City of Miami, and other applicable local and state agencies and is not intended for and should
not be used by anyone other than those specified parties.
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OVERTOWN URBAN VILLAGE
PROJECT DESCRIPTION AND
LOCATION
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CROSSWINDS COMMUNITY, INC.
ECONONCIC BENEFIT ANALYSES
OVERTOWN URBAN VILLAGE
PROJECT DESCRIPTION AND LOCATION
The Overtown Urban Village project (the Project) site is Located on the north and south sides of
N.W. 7`h St., just east of 1-95 and fronts directly on a seventeen (17) story county office building
and a proposes additional twenty one (21) story county office building and the Overtown Transit
Station. The Project will entail the construction of approximately 1,050 residential units for
home ownership and 75,000 square feet of commercial space on currently vacant land bounded
by N.W. 6'1' Street, N.W. 8`1' Street, N.W. 1" Court, and N.W. 3 Avenue.
The proposed 1,050 residential units will be comprised of a mixture of housing types, including
live/work town homes and mid -rise structures. The development will include a mixture of
studio, one ,and two bedroom units and will have an array of amenities, incl
parking, swimming pools, and recreational areas.
structured
The Project will also help support the proposed Overtown Folklife Village Lyric Theatre
redevelopment and other projects in the area to revitalize what was once a thriving center of
entertainment and culture for its citizenry. With convenient access to the downtown employment
centers, the new Performing Arts Center, 1-95, 1-395, UM/Jackson Medical Center and Miami
International Airport, this Project will offer the Overtown residents the best opportunity to date
to revitalize, rejuvenate and bring prosperity to this blighted and neglected area of the City of
Miami.
See site plan of project site on next page.
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SiTE FLAN
PRELIMINARY PLANS FOR
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EXECUTIVE SU ARY
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CROSSWINDS COM.MULAITY, INC.
REPORT ON ECONOMIC BENEFITS
OVERTOWN URBAN VILLAGE
EXECUTIVE SUMMARY
Crosswinds Communities, Inc., one of America's leading independent builders and developers,
has acquired controlling interest in Sawyer's Walk Limited, which was selected by the City of
Miami to develop the three and a half blocks comprising the subject property. Proposed public
incentives for this project include the lease/sale of the property at a fair market value, based on
the proposed development plan, extensive development and construction activities and the
allocation to the project of Tax Increment Funds generated exclusively from this development
through 2013 for parking and infrastructure improvements. After 2013, the Project will still be
making significant contributions to the City's tax base. See Exhibit 1, "Overtown Urban Village
Tax Increment Projections".
The Project's overall focus will be on creating homeownership housing opportunities for
individuals and families whose respective incomes range from S40,000 to $100,000. The
anticipated initial price of these units will range from $190,000 to $300,000+. Sale prices of the
units will be adjusted during the anticipated four year development program to reflect changes in
market conditions, construction, and labor costs.
Approximately twenty percent (20%) or two hundred ten (210) of the units will be set aside as
affordable housing restricted to families and individuals whose respective incomes range from
80% to 120% of the Miami -Dade County median family income (in the range of $42,150 -
S63,240 for a family of four). These units will be reasonably interspersed throughout the overall
project and be reflective of the unit mix of the project. The anticipated selling price of these
units will be in the $160,000 - S250,000 range. In addition, fifty (50) completed housing units
will be conveyed by Crosswinds Sawyer's Walk to the CRA or its designee and will be set aside
exclusively for sale to existing Overtown residents whose incomes range between 50% to 80% of
the Miami -Dade County median family income.
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CROSSWINDS COMMUNITIES, INC.
REPORT ON ECONOMIC BENEFITS
OVERTOWN URBAN VILLAGE
.EXECUTIVE SUN MA.RY - Continued
It is anticipated that a subsidy tor potential homeowners will be provided by a combination of
public and private sources. These units will be reasonably interspersed throughout the overall
project and be reflective of he unit mix of the project.
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CROSSWINDS COMMUNITY, INC.
REPORT ON ECONOMIC BENEFITS
OVERTOWN URBAN VILLAGE
EXECUTIVE SUMMARY - Continued
The Project is estimated to provide significant economic benefits to the region, which are
estimated as follows:
Development/ Annual
Economic Benefits Drivers Construction** Operating
Salaries & Wages / Employment:
Employee FTE's 740* 40
Salaries and Wages $ 100,452,774 $ 2,000,000
Direct Purchase of Material Goods & Services
Economic Benefits
Land Cost (including site prep costs)
Construction Hard and Soft Costs, incl. contingency
General and Administrative Supplies and Services
17,750,000
132,929,162
4,000,000
2,350,000
Total Direct Purchases of Goods and Services $ 154,679,162 $ 2,350,000
Marginal Consumer Spending
incremental Resident Spending - 16,800,000
incremental Fees and Taxes
Impact and Other Fees
Ad Valorem Taxes
Sales Taxes
Total Incremental Taxes and Fees
Indirect Purchases of Materials Goods and Services:
(Multiplier of 1.8792)
9,195,931
9,310.378 11,055,178
630,000
$ 18,506,309 $ 11,685,178
Salaries and Wages 188,770,854 4,698,000
Direct Purchases of Goods and Services (less land costs) 216,444,680 4,416,120
Incremental Resident Spending 31,750,560
Total .Indirect Economic Benefits $ 405,215,534 $ 56,052,240
Total Economic impacts, Direct and Indirect
S 678,853,779 $ 73,699,858
* On an annual basis.
** Represents expenditures over a four year development and construction period,
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c0 M MUN }E
ECONOMIC BENEFITS -
EMPLOYMENT
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
EMPLOYMENT / SALARIES AND WAGES
Development and Operations
Employment and the generation of salaries and wages is one of the most important economic
benefits of the development. The economic stimulus generated directly by incremental increases
in employment has immediate positive benefits for the City of Miami and the Overtown residents
and is a primary means by which development, operations and maintenance expenditures
generate indirect economic benefits. The settlement agreement between the City / CRA and
Sawyer's Walk includes minority participation requirements that will directly impaet Overtown
and African American residents of the City.
Most of` the salaries and wages generated in the Development ' Construction pkrise are the direct
result of the construction activity. CCI estimates that total payroll costs, including benefits and
payroll taxes, will approximate S 100.5 million during development and construction. It is
estimated that an average of 740 full-time equivalent employees will be employed over the four
year development and construction period. This equates to an average salary and benefits
package of approximately $34,000, and the level of workers on the project at one time may vary
during peak periods of construction activity.
The estimated $100.5 million of salaries and wages will also provide ripples of economic benefit
through the multiplier of 1.8792, and when applied to the salaries and wages expended during
construction, will result in additional economic benefits approximating $189 million. A portion
of this employment that occurs on -site during the Development / Construction Phase is in the
form of short-term administration, development and marketing activity. CCI has estimated that
it will employ approximately forty (40) full-time equivalents to perform these general and
administrative activities, bringing total employees during development and construction to 780
full time equivalent positions. These jobs will include professionals in sales and leasing,
development and construction project. office and clerical, job -training and placement,
maintenance, etc.
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CROSSWINDS COMMUNITY, INC,
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
Er IPLOYMENT / SALARIES AND WAGES - Continued
On-goin,z Operations
While many of the salaries and wages generated by the Project occur in the Development and
Construction phases, there remains on -going employment that will occur in the Operations and
Maintenance phase. CCi estimates that it will employ an average of forty (40) employees at the
end of the Project, representing approximately S2,000,000 in salaries and benefits. The total on-
going positions can be summarized as follows:
• Management
• Sales and Leasing
• Community Outreach
• Security/Police
• Parking
• Maintenance and Clean -Up
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M U N I T 9 E'S
ECONOMIC BENF,FITS -
PURCHASES OF MATERIALS,
GOODS AND SERVICES S
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CROSSWINDS COMMUNITY, II rC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
PURCHASES OF GOODS AND SERVICES
Development and Operations
An equally important stimulator of economic activity is spending, whether it originates from the
consumer or businesses sector. CCI has estimated the total cost of the construction to be
$258,988,500. See Table l below for composition of project costs.
New Construction Expenditures
Land Cost
Site Preparation
Base Construction Cost
C meral & Administrative
istrative
$ 18,750,000
2,000,000
132,929,162
4,000,000
Total Construction Expenditure $ 157,679,162
Table I - "Suntmary of Direct Purchases". Source Crosswinds Communities, Inc.
On-goinz Operations
In the Operations & Maintenance phase, economic benefits are also generated through the on-
going purchases of goods and services needed in order to manage, operate and maintain this
expansive project. These goods and services may be for office supplies, insurance, utilities,
professional services such as lawyers and accountants, maintenance or service firms, postage,
office equipment rental, etc. CCI has estimated these costs to be approximately S2,350,000
million per year. Upon application of the multiplier, indirect purchases of goods and services
approximate $4.4 million.
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IN S
COMMUP-4FTIES
ECONOMIC BENEFITS -
INCREMENTAL SPENDING
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
INCREMENTAL RESIDENT SPENDING
As stated previously, the residential portion of the project will consist of 1,050 units, and
approximately two hundred ten (210) or twenty percent (20%) of these units will be set -aside as
affordable housing units. Fifty (50) of the units will be transferred to the Community
Redevelopment Agency for residents who have incomes of between 50%-80% of the then
existing median income. The remaining units will be set aside for those individuals who have
incomes of between 80% - 120% of the median income. This will mean that a family of four
with combined income of $64,000 will be able to qualify for those units set aside as affordable
housing.
.Assuming that approximately fifty percent (50%) of all the available units will be purchased by
existing residents within the City of Miami, the remaining fifty percent (50%) of the units will be
purchased by individuals who currently reside outside of the City of Miami's boundaries. Given
the selling price of the units, which will range from $160,000 - $300,000, it is furthermore
assumed that the average annual median incomes of those qualifying for these units will be
approximately $80,000, and will have approximately 40% of discretionary income to spend on
purchases of goods and services.
When all these elements are factored together, these new residents will bring marginal consumer
spending potential to the City of Miami approximating 517 million (1050 units .multiplied by
average annual median income of $80,000 multiplied by the 50% of residents relocating from
outside of the City of Miami's boundaries multiplied by 40% of discretionary income for
purchases of goods and services). This incremental resident spending will also provide indirect
benefits, and with a multiplier of 1.8792, will result in indirect marginal consumer expenditures
approximating 532 million.
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CfC)S,S, N
C:titMUNRTIES
ECONOMIC BENEFITS -
INCREMENTAL FEES AND TAXES
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
FEES AND TAXES
Development and Construction Phases — Impact and Other Fees
A very significant factor in measuring the economic impact on a specific region of a project is
impact and other required development fees. When a development occurs in the region being
measured (Miami), specific fees must be paid to the region within which the development is to
occur. These fees are estimated to be approximately Si million as depicted in Table It, "Estimate
of Project Impact and Other Fees".
Description Amount
A. Development Square Footages:
1) Total gross building area
2) Maximum development area (FAR)
3) Gross parking area
B. Impact Fees:
1) City of Miami Park impact Fee
2) City of Miami Developmental Impact Fee
3) Miami -Dade County Impact Fee - Schools
S 4,937,100
910,987
634,564
Sub -Total Impact Fees S 6,491,651
C. Non -Impact Fees: (estimated)
1) Miami -Dade WASD connection fees 2.047,050
2) Building Permit Fee 197,627
3) Installation Energy Fee 126,752
4) Major Use Special Permit Application Fee 50,000
5) Miami -Dade County Code Compliance 152,993
6) Radon Gas Fee 6,375
7) Fire Plan Review Fee 25,000
8) Ground Cover Fee 2,000
9) Land Use / Zoning 2,000
10) Zoning Review for Building Permit Fee 100
11) Certificate of Occupancy Fee 125,800
12) Application Fee 35
Sub -Total Non -Impact Fees
Total Project Impact Fees
Table II, "Estimate of Project Impact and Other Fees"
2.704,280
9,195;931
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CROSSWINDS COMM—UNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
TAXES AND FEES - Continued
Development and Construction Phases — Ad Valorem Taxes
The Project will generate economic impact in the form of incremental ad valorem taxes or Tax
Increment Funds (TIFs). The ad valorem taxes are calculated based on the City of Miami's and
Miami Dade County applicable millage rates which combined total $26.24 per $1,000 of value.
The TIFs generated through 2013, the anticipated completion date of the Project, will be used to
directly fund the parking and infrastructure improvements needed by the Project. It is estimated
that total TIF funds generated through 2013 will approximate $18.2 million. See Exhibit 1,
"Overtown Urban Village Tax Increment Projections" and Exhibit IL "Overtown Urban Village
Tax Assessed Values."
On -going Operations and Maintenance — Ad Valorem Taxes
Beginning in 2014, the first year of the Operations and Maintenance phases, the ad valorem taxes
will begin at approximately $9.1 million, as depicted by Table l[l, "Estimate of Ad Valorem
Taxes." However, through 2027, the average of ad valorem tax assessments will approximate
$1 1.2 million, as can be seen in Exhibit [1 referred to above.
Description Millage Taxes
City of Miami Operating 8.7163 $ 3,092,826
City of Miami Debt 0.9500 337,091
School Operating 8.0900 2,870,595
School Debt 0.5970 211,835
Environmental Projects 0.1000 35,483
S. Florida Water Management District 0.5970 211,835
Florida Inland Navigation 0.0385 13,661
County Millage 5.9350 2,105,931
County Debt 0.2850 101,127
Children's Trust 0.4440 157,546
Library 0.4860 172,449
Total Millage and Taxes 26.2388 $ 9,310,378
Table III, "Estimate of Ad Valorem Taxes"
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CROSSWINDS COMMUNITY, INC.
ECONOMIC BENEFIT ANALYSIS
OVERTOWN URBAN VILLAGE
FEES AND TAXES - Continued
Ongoing Operations and Maintenance — Incremental Sales Taxes
En addition to incremental ad valorem taxes, the Project will also generate incremental general
sales taxes through the purchase of goods and services spurred by the incremental consumer
spending of the residents. The Project will entail approximately 75,000 square foot of
commercial space, and retail sales are estimated to be S300 per square foot. An additional
assumption is being made that only 40% of the sales will originate from those outside of the City
of Miami / Miami -Dade County borders. At the sales tax rate of seven percent (7/0), the Project
will induce approximately S630,000 of annual general sales tax benefit.
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COMMJNTS
SUMMARY
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S UMM ARY
CROSSWINDS COMMUNITY, INC.
OVERTOWN URBAN VILLAGE
.REPORT ON ECONOMIC BENEFITS
The proposed Overtown Urban Village project is estimated to provide over ;679 million in
economic stimulus during the Project's development and construction, and approximately $74
million in annual recurring economic benefit during the operation and maintenance of the
Project.
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EXHIBITS
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CROSSWINDS COMMUNITY,
OVERTOWN URBAN VILLAGE
EXHIBIT LIST
Exhibit -I Overtown Urban Village Tax neremut IncrementProjections
Exhibit 11 Overtown Urban Village Tax Assessed Values
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Non -Residential
Assessed
Tax
Year Value (1)
CROSSWINDS COMMUNITY, INC.
OVERTOWN URBAN VILLAGE TAX INCREMENT PROJECTIONS TO 2027
EXHIBIT I
Residential
Assessed
Tax
Value (1)
Combined
Assessed
Tax Value
Non -Residential /
Residential
2010 $ 10,028,400
2011. $ 10,028,400
2012 $ 15,000,000
2013 $ 15,375,000
2014 $ 15,759,375
2015 5 16,153,359
2016 $ 16,557,193
2017 $ 16,971,123
2018 $ 17,395,401
2019 $ 17,830,286
2020 $ 18,276,043
2021 $ 18,732,945
2022 $ 19,201,268
2023 8 19,681,300
2024 $ 20,173,332
2025 $ 20,677,666
2026 8 21,194,607
2027 $ 21,724,472
$197,878,800
$197,878,800
$309,625,430
$363,082,450
$372,159,511
$381,463,499
$391,000,087
$400,775,089
$410,794,466
$421,064,328
$431,590,936
$442,380,709
$453,440,227
$464,776,233
$476,395,638
$488,305,529
$500,513,168
$513,025,997
$ 207,907,200
$ 207,907,200
$ 324,625,430
$ 378,457,450
$ 387,918,88E
$ 397,616,858
$ 407,557,280
$ 417,746,212
$ 428,189,867
$ 438,894,614
449,866,979
$ 461,113,654
$ 472,641,495
$ 484,457,532
$ 496,568,971
$ 508,983,195
$ 521,707,775
$ 534,750,469
Homestead
Exemptions (2)
13,635,000
13,635,000
20,385,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
23,625,000
Notes:
(I) See Exhibit II "Tax Assessed Values."
(2) Assumes 90% of residential units will qualify for $25,000 homestead exemption
Net
Assessable
Combined
Tax
Value
S194,272,200
$194,272,200
$304,240,430
$354,832,450
$364,293,886
$373,991,858
$383,932,280
$394,121,212
$404,564,867
$415,269,614
$426,241,979
$437,488,654
$449,0 16,E-95
$460,832,532
$472,943,971
$485,358,195
$498,082,7 75
$511,125,469
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.Projected
Annual Tax
IncreIrrent
Cumulative
'fax
(Taxes Collected) increment
Development Average
Period Annual
2009-2013 2014-2027
$ 5,097,469 $ 5,097.469 $ 18,17 7 ,843 1.1,234,522
$ 5,097,469 $ 10,194,939
$ 7,982,904 $ 18,177,843
$ 9,310,378 8 27,488220
9,558,634 $ 37,046,855
$ 9,813,098 $ 46,859,952
$ 10,073,922 $ 56,933,875
$ 10,341,268 $ 67,275,142
$ 10,615,297 $ 77,890,439
$ 10,896,176 $ 88,786,615
1.1,184,078 $ 99,970,693
$ 11,479,177 $ 111,449,871
$ 11,781,654 $ 123,231,525
$ 12,091,693 $ 135,323,217
$ 12,409,482 $ 147,732,699
12,735,21.7 $ 160,467,91E
$ 13,069,094 $ 173,537,010
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CROSSWINDS COMMUNITY, INC.
OVERTOWN URBAN VILLAGE TAX INCREMENT FUNDS
EXHIBIT 11
Residential
Completed Units.(.)..)
Tax Current
Year Yr. Cumulative
Saleable Sq. Ft. (1)
Current
Yr.
Cumulative
Average
Sq. Ft.
Sales
Price (1)
Total Assessed Value (2) ,Available i j
Current Yr.
Current
Cumulative Yr.
2010 606 606 659,596 659,596 5 300 $197,878,800 S 197,878,800
201 l 0 606 659,596 659,596 $ 300 $197,878,800 $197,878,80E
2012 300 906 360,473 1,020,069 5 310 51 1 1,746 630 5309,6-, 5.430
2013 144 1,050 172,442 1,192,511 5 310 5 53 .57,02O 5361082,450
2014 S372, i 59,511
2015 S381,41,3,499
2016 $39I ,01)1),087
2017 S400,775,089
2018 5410. 7 94,466
2019 $42 110 4,328
2020 5431,5i10,936
2021 $442,380,709
2022 $453. (40 227
2023 S464,776,233
2024 $476,395,638
2025 $488,305,529
2026 $500,513,168
2027 S513,025,997
Exhibit 11, " Ov rtown Urban Village Tax Increment Funds of 'Fax Increment I''uuds
Notes:
( I ) Per Crosswinds Communities_ Assumes tax assessment occurs year after completion of. construction.
(2) In years subsequent to buildout, i.e., years five and beyond, assumes an increase in property values of 2.5 %.
- Indicates end of development constriction phases
50,142
24,858
Cumulative
Non -Residential
Consuuetion
Costs
Per Sq. l t.
(1)
Iatal .�„esscd Value
Current Yr, ("unt
50.142 S 200 $10,1128,400 S I U.028_400
50,142 S 200 S 10,028.400 S 10 028.411
75,000 200 5 4.671,699 S t 5 00t),006
515,37S_000
S10,153.359
$16.5 7.163
.5!6,9 1.(23
5E7,395_ 0
)1 : ,830,23E
S18,276,043
518,7 32,94
S l9,20 l :208
Sle1.681,300)
$"20,173, 3 32
S20,67.666
S-1,194,607
S21 24,47.2