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Item A: Core Campus - Application for MUPTE for 505 East Broadway
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Item A: Core Campus - Application for MUPTE for 505 East Broadway
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6/17/2013 2:52:22 PM
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6/17/2013 2:34:13 PM
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City Council
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Agenda Item Summary
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6/17/2013
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Below is a graph of the estimated taxes over a 20 -year period associated with the above <br />scenarios A and B. The estimated Core Campus amounts include the guaranteed additional <br />payments made during years 6 -10. <br />During the first 10 years, the City would receive an estimated $1,158,300 from Core Campus <br />guaranteed payments and land property tax. This is significantly more than the City would <br />receive if the property were alternatively developed into office, into fast food, or left vacant. <br />■ Fast food would pay approximately $20,000 tax per year, <br />■ Office would pay approximately $40,000 tax per year, or <br />■ Vacant would pay approximately $11,000 tax per year <br />The following table represents the estimated additional property tax generated by the Core <br />Campus project when compared to other potential outcomes. <br />Additional Pro er ty Tax: Core versus ... <br />Vacant <br />Fast Food <br />Office <br />10 yr <br />$ 1,030,000 <br />$ 941,300 <br />$ 699,700 <br />20 yr <br />$ 7,961,500 <br />$ 7,754,000 <br />$ 7,187,000 <br />
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