| Estimated Grant Calculation-(3311 Peter Street) | ||||
|---|---|---|---|---|
| Year of Grant | Pre Development Municipal Taxes | Post Development Municipal Taxes | Value of Grant (Tax Increment @ 70%) | Taxes Retained by City |
| 1* | $863 | $3,094 | $1,561 | $1,533 |
| 2 | $863 | $3,094 | $1,561 | $1,533 |
| 3 | $863 | $3,094 | $1,561 | $1,533 |
| 4 | $863 | $3,094 | $1,561 | $1,533 |
| 5 | $863 | $3,094 | $1,561 | $1,533 |
| 6 | $863 | $3,094 | $1,561 | $1,533 |
| 7 | $863 | $3,094 | $1,561 | $1,533 |
| 8 | $863 | $3,094 | $1,561 | $1,533 |
| 9 | $863 | $3,094 | $1,561 | $1,533 |
| 10 | $863 | $3,094 | $1,561 | $1,533 |
| Total | $8,630 | $30,940 | $15,610 | $15,330 |
* Year 1 commences after development is completed and the property has been reassessed by MPAC
Note: Totals include cents not shown above. The Value of Grant is 70% of the difference between the Post Development Municipal Taxes minus the Pre Development Municipal Taxes.
Assumptions
Current Property Value Assessment $53,000