2007-10-10 Appropriation Committee Report

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APPROPRIATION COMMITTEE REPORT, OCTOBER 9, 2007 TO STM NOTES: (1) These figures include $280,599, which is the base year (FY09) tax for parcel 400. In the Town's analysis, this is subtracted from the totals since it falls outside of the term of the TIF agreement for the 400 parcel. However, since our analysis simply attempts to demonstrate the total of tax revenue + mitigation monies the town will receive under various scenarios in FY09 - FY28, we have included this number in our calculations. (2) NPV = FY09 net present value Page 18 of 18 Shire in 300, no other tenant, no TIF Shire now with TIF, full build -out Estimated Shire Estimated Shire Estimated Shire Estimated Shire Estimated Shire Estimated Shire Estimated Shire Estimated Shire taxes, Town taxes, inflate taxes, discount taxes, discount taxers, Town taxes, inflate taxes, discount taxes, discount projections, projections projections 20% projections 40% projections, projections projections 20% projections 40% no TIF 20% no TIF no TIF no TIF (net of TIF 20% (net TIF) ;net TIF' net TIF' FY08 Base $47S $ 574 , 732 $3S3 $2S7 , 366 $478 $574 3$3154 $287 , 366 FY09 $938,484 $1,126,180 $750,787 $563,090 $779,864 $935,837 $623,891 $467,,918 FY10 $1,086,599 $1,303,919 $869,279 $651,960 '.. $818,569 $982,283 $654,855 $491,142 FY11 $1,113,764 $1,336,517 $891,011 $668,259 $1,635,757 $1,962,908 $1,308,605 $981,454 FY12 $1,141,608 $1,369,930 $913,287 $684,965 :$1,676,645 $2,011,974 $1,341,316 $1,005,987 FY13 $1,170,149 $1,404,178 $936,119 $702,089 .$1,832,236 $2,198,683 $1,465,789 $1,0991,342 FY14 $1,199,402 $1,439,283 $959,522 $719,641 $1,969,419 $2,363,302 $1,575,535 $1,181,651 FY15 $1,229,387 $1,475,265 $983,510 $737,632 $2,018,654 $2,422,385 $1,614,923 $1,211,192 FY16 $1,260,122 $1,512,146 $1,008,098 $756,073 :$2,165,123 $2,598,147 $1,732,098 $1,299„074 FY17 $1,291,625 $1,549,950 $1,033,300 $774,975 $2,317,654 $2,781,184 $1,854,123 $1,390,592 FY18 $1,323,916 $1,588,699 $1,059,133 $794,349 $2,476,458 $2,971,749 $1,981,166 $1,485,875 FY19 $1,357,014 $1,628,416 $1,085,611 $814,208 $2,641,753 $3,170,104 $2,113,403 $1,585,052 FY20 $1,390,939 $1,669,127 $1,112,751 $834,563 $2,813,766 $3,376,519 $2,251,013 $1,688,260 FY21 $1,425,712 $1,710,855 $1,140,570 $855,427 :$2,992,728 $3,591,274 $2,394,183 $1,795,637 FY22 $1,461,355 $1,753,626 $1,169,084 $876,813 .$3,067,546 $3,681,056 $2,454,037 $1,840,528 FY23 $1,497,889 $1,797,467 $1,198,311 $898,733 :$3,144,235 $3,773,082 $2,515,388 $1,886!,,541 FY24 $1,535,336 $1,842,404 $1,228,269 $921,202 $3,246,235 $3,895,482 $2,595,988 $1,947 „741 FY25 $1,573,720 $1,888,464 $1,258,976 $944,232 :$3,399,327 $4,079,193 $2,719,462 $2,039,596'.. FY26 $1,613,063 $1,935,675 $1,290,450 $967,838 ;$3,484,310 $4,181,173 $2,787,448 $2,090 „586 FY27 $1,653,389 $1,984,067 $1,322,711 $992,034 $3,596,611 $4,315,933 $2,877,289 $2,157,967 FY28 $1,694,724 $2,033,669 $1,355,779 $1,016,834 :$3,686,526 $4,423,831 $2,949,221 $2,211,916 Subtotal (1) $26,958,197 $32,349,836 $21,566,558 $16,174,918 $49,763,417 $59,716,100 $39,810,733 $29,858,050 NPV 4% (2) $17,703,776 $21,244,531 $14,163,020 $10,622,265 $,31,249,922 $37,499,907 $24,999,938 $18,749, „953 NPV 5% (2) $16,100,381 $19,320,458 $12,880,305 $9,660,229 $,28,088,204 $33,705,845 $22,470,563 $16,852,923 Mitigation $$ $0 $0 $0 $0 $3,100,000 $3,160,000 $3,100,000 $3,100;000 NPV 4% (2) $0 $0 $0 $0 .$2,771,194 $2,771,199 $2,771,199 $2,771,199 NPV 5% (2) $0 $0 $0 $0 .$2,698,277 $2,698,277 $2,698,277 $2,698'.,277 Total FY 09 -28 $26,958,197 $32,349,836 $21,566558 $16,174,918 $52,863,417 :••.16 100 $42,910,733 $32,958 NPV 4% 2 17 703 776 21 244 531 14 163 020 10 622 265 34 021 121 40271,106 R� $27,771,137 '. $21,521,152 NPV 5% 2 $16,100,381 $19,320,458 $12,880,305 9 660 229 30 786 481 $25,168,841 19 551 "200 i NOTES: (1) These figures include $280,599, which is the base year (FY09) tax for parcel 400. In the Town's analysis, this is subtracted from the totals since it falls outside of the term of the TIF agreement for the 400 parcel. However, since our analysis simply attempts to demonstrate the total of tax revenue + mitigation monies the town will receive under various scenarios in FY09 - FY28, we have included this number in our calculations. (2) NPV = FY09 net present value Page 18 of 18