1. Property Valuations, FAR, and Taxation in the Midway Seva Rodnyansky University UNITED August 18 th, 2005

3. Study Area outlined in black

4. Study Area Overview 139 parcels, 88 properties: Total Area: 6,089,849.2 sq. ft., 139.8 acres. Total Assessed 2006 Market Value: $199,131,100. Total Assessed 2005 Market Value: $175,732,100 Total taxes collected in 2005: $4,906,189.

5. How data was analyzed Per 139 parcels Per 88 properties, by owner For example: Midway Chevrolet has 22 parcels, counted all as 1 property All averages, and all highest and lowest done by property, not by parcel, unless noted otherwise

6. Increase in assessments Between 2005 and 2006, assessments have increased by an average of $265,893.18 per property. 80 out of 88 properties increased in assessment.

8. Land vs. Building Most of the increase in assessment value resulted from higher land valuations. Per property, land assessments gained an average $450,438.64, while building assessments lost an average $184,545.45. Per square foot, land assessments gained an average $6.51, while building assessments lost an average $2.67.

10. 5 highest assessment increases

11. Walmart, 1450 W. University: AMV (assessed market value) of $11.5million, 28% increase. ($2.7m in land)

12. Vacant Land 429 Pascal St. Vacant land, 429 Pascal, AMV of $3.1m, 47% increase. (100% in land) Vacant land, 429 Pascal, AMV of $3.1m, 47% increase. (100% in land)

13. 9 highest percent increases of assessments from 2005 to 2006 50%--vacant land, N. Dunlap 48%--Midway Sober House, 1571/1569 W. University 47%--vacant land, 429 S. Pascal 46%--White Castle, 1120 W. University 38%--vacant land, W. University (& Lexington Pkwy) 33%--vacant land, 1140 W. University 33%--Car Wash, 417 Lexington Pkwy 33%--Midway Chevrolet and Parking 33%--Abra Auto Body, 1190 W. University

14. Property Valuations in the Midway

17. Skyline Tower and parking lots Midway Center AMV/sq. ft. (of land) $126.27/sq. ft.$27.08/sq. ft. FAR3.70.5 Tax yield/sq. ft. (of land) $1.73/sq. ft.$0.83/sq. ft. Land Area245,243 sqft.775,368 sqft. Total 2006 AMV $29.6 mil.$21 mil. Total 2005 taxes paid $447,774$645,982

18. AMV/sq. ft. by FAR range (refer to map) FAR range# of parcelsAMV/ sq. ft. 050 parcels$11.44/sq. ft. 0-0.533 parcels$28.23/sq. ft. 0.5-121 parcels$51.45/sq. ft. 1-1.58 parcels$57.22/sq. ft. 1.5-210 parcels$59.66/sq. ft. 2 and above9 parcels$100.52/sq.

20. Average assessed market value/sq. ft. by use, in $/sq. ft (by parcel analysis)  Vacant= $11.44  Retail= $33.34  Food-related=$26.75  Auto-related=$22.81  Industrial=$25.29  Office=$37.98  Homes in Hamline-Midway=$45.89

21. Homes vs. Midway Retail Study Area? Equal AreaMidway Retail Study Area Adjacent residential neighborhood Average AMV/ sq. ft. $41.31$45.89 Total AMV$199,131,000$237,367,000 Land value/sq.ft. $16.21$11.47

22. Homes instead of Midway Centers? Why are average Midway homes worth more (as a whole) than the largest retail area in St. Paul??? Homes are taxed at a lesser rate than Commercial/Industrial property, and thus bring in less total taxes, roughly 50% of the retail area.

23. Floor to Area Ratio (FAR) Basic measurement of development density Built square footage divided by land area Average FAR for study area: 0.73

26. Law OfficesWhitaker Buick, vacant and non- vacant Address1573 W. University Griggs St. N, W. University FAR1.810.70 Valuation/sq. ft.$87.10/sq. ft.$16.52/sq. ft. Tax yield/sq. ft.$2.13/sq. ft.$0.43/sq. ft. Land Area3049.2 sq. ft.126,324 sq. ft.

27. Whitaker Buick Holding Lot

28. Abra Auto BodyW.E. Mowrey Mfg. Co. Address1190 W. University 1435 W. University FAR0.162.12 Valuation/sqft$15.12/sqft$76.70/sqft Tax yield/sqft$0.36/sqft$2.11/sqft Increase in Assessment $524,400$33,400

30. Raising the average FAR Average FAR is 0.72, AMV/sq. ft. is $41.31/sq. ft. If the average FAR is raised to… –1, AMV/sq. ft. will be $48.36 –2, AMV/sq. ft. will be $75.40 –3, AMV/sq. ft. will be $102.17

31. If the study area is taken as a whole… Average AMV/sq.ft.= $41.31, total: $199,131,100 If FAR=1, AMV/sq. ft. will be $48.36 Total: $233,114,984 If FAR=2, AMV/sq. ft. will be $75.40 Total: $363,458,846 If FAR=3, AMV/sq. ft. will be $102.17 Total: $492,501,197

32. Tax yield/square foot by FAR range, refer to map FAR range# of parcelsAMV/ sq. ft. 050 parcels$0.15/sq. ft. 0-0.533 parcels$0.81/sq. ft. 0.5-121 parcels$1.22/sq. ft. 1-1.58 parcels$1.30/sq. ft. 1.5-210 parcels$1.61/sq. ft. 2 and above9 parcels$2.34/sq. ft.

34. Tax yield In the study area, the taxes collected in 2005 were $4,906,189 Average per square foot of land, $1.00/sq. ft. for each property

37. Raising the average FAR Average FAR is 0.72, tax yield/sq. ft. is $1.00/sq. ft. If the average FAR is raised to… –1, tax yield/sq. ft. will be $1.17 –2, tax yield/sq. ft. will be $1.76 –3, tax yield/sq. ft. will be $2.36

38. If the study area is taken as a whole… Current tax yield/sq.ft.= $1.00,Current tax yield/sq.ft.= $1.00, Total: $4,906,189 If FAR=1, tax yield/sq.ft. will be $1.17 Total: $5,740,241If FAR=1, tax yield/sq.ft. will be $1.17 Total: $5,740,241 If FAR=2, tax yield/sq.ft.will be $1.76 Total: $8,634,893If FAR=2, tax yield/sq.ft. will be $1.76 Total: $8,634,893 If FAR=3, tax yield/sq.ft.will be $2.36If FAR=3, tax yield/sq.ft. will be $2.36 Total: $11,578,606 Total: $11,578,606

39. Midway Books vs. Target Midway BooksTarget FAR2.860.37 AMV/ sqft.$81.99$33.25 Tax/ sqft.$2.83$0.92 Area (sqft.)6098.4375992.8

40. Land values in study area Total land valuation for study area: $100,420,800. Average land area/sq. ft. : $16.21/sq. ft. Median value: $19.85/sq. ft. Highest: Skyline Tower and parking lots, $27.83/sq. ft. Lowest: Warehouse, 413 Lexington Pkwy, $3.77/sq. ft.