Item 4: MUPTE for Student Housing Project

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ATTACHMENT G Estimated Allocation of Tax Payment Below is the estimated allocation of tax payment. The dollar amounts are calculated using staff’s estimate of property tax based on the pro-forma valuation derived from applying a standardized set of assumptions (described in the “Financial Analysis” attachment) to the information provided by Capstone. Allocation of Tax Payment to Overlapping Taxing Jurisdictions Estimate, Net of Discounts and Delinquencies based on 2012 tax rate Land Improvements Rate per Rate as ONLY ONLY Taxing District $1,000 AV a % City of Eugene General Taxes 6.8991 38% $ 38,000 $ 302,000 Downtown Urban Renewal 0.1764 1% $ 1,000 $ 8,000 Riverfront Urban Renewal 0.0824 0% $ - $ 4,000 Bonds (I & II) *** 1.139 6% $ 6,000 $ 50,000 Other Jurisdictions (incl. taxes & bonds) School District 4j 7.4256 41% $ 41,000 $ 325,000 Lane Community College 0.8679 5% $ 5,000 $ 38,000 Lane ESD 0.2199 1% $ 1,000 $ 10,000 Lane County 1.3732 8% $ 8,000 $ 60,000 $ 795,000 Total Consolidated Rate 18.1835 100% $ 100,000 * AV = Assessed Value * The estimated property tax revenue on the improvements is $795,000. The estimated property tax savings for the Capstone pro-forma is $846,000. The difference between the two amounts is the county-wide collection rate of 94%. Ultimately, the question is how much revenue the city (and others) is giving up. That is determined by the county-wide collection rate. If the developer chooses to pay their taxes on 11/15, they get a 3% discount right off the top. The rest of the collection rate is made up of delinquent payers. Capstone tax payments would be deposited into the County unsegregated tax account that is shared by all jurisdictions in the County; the City gets a proportionate share of that based on the taxes levied that year. ** All but one tax lot was tax exempt last year. The taxable property owed just under $5,000.