Revitalization Commission Agenda and Packet 2013 07 08

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9 Exhibit B Calculations to determine TIF Rebate for a Budget Year Amounts described are for illustrative purposes only and are not amounts for the property subject to this agreement. Taxable Value of Parcel for Budget Year $200,000.00 (Value as January 1 of the previous Year) Less: Taxable Value of Parcel for Base Year $100,000.00 Equals: Taxable Increment $100,000.00 Multiplied by Mill Levy (tax per $1000 of taxable valuation) 85.187 Equals: Property Tax Increment from Property $8,518.70 ($100,000 * 85.187 / 1000) Less: Property’s portion of Tri-Party Agreement (Assessed Value of Property / Total Assessed Value of Urban Renewal Area * Total Increment collected * Tri-Party Agreement payment percentage) $200,000 / $30,000,000 * $65,000 * 14.3% $61.96 Less: Property’s portion of 2011 Cooperation Agreement (Taxable Value of Property / Total Value of Urban Renewal Area * 2011 Cooperation Agreement payment for Budget Year) $200,000 / $30,000,000 * $31,000 $206.66 Less: Property’s Portion of LRC Operating Expenses (Taxable Value of Property / Total Value of Urban Renewal Area * LRC Operating Expenses payment for Budget Year) $200,000 / $30,000,000 * $32,000 $213.33 $8,036.75 Less: Property’s Portion of South Street Gateway Commitment For Budget Years 2015-2017: (Property Tax Increment from Property remaining after Tri-Party Agreement, 2011 Cooperation Agreement, and LRC Operating Expenses - Property’s pro-rata share of increment to total increment generated within Urban Renewal Area * Amount of LRC obligation in South Street Gateway Commitment for Budget Year) For Budget Years 2018 and Beyond: (Property Tax Increment from Property remaining after Tri-Party Agreement, 2011 Cooperation Agreement, and LRC Operating Expenses * percentage in South Street Gateway Agreement) $8,036.75 * 25% $2,009.19 Equals: Total Rebate for Budget Year $6,027.56