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U NIVERSITY A VENUE P ROPERTY T AX S TUDY: Part 2: R ELATIONSHIP B ETWEEN L AND U SE & P ROPERTY T AX R EVEN

U NIVERSITY A VENUE P ROPERTY T AX S TUDY: Part 2: R ELATIONSHIP B ETWEEN L AND U SE & P ROPERTY T AX R EVENUE. Bob Spaulding • November 1st, 2006. TAX STUDY | HOW LAND USE IMPACTS TAX REVENUE. M IDWAY S TUDY A REA: D EFINED . Total land valuation for study area: $100,420,800

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U NIVERSITY A VENUE P ROPERTY T AX S TUDY: Part 2: R ELATIONSHIP B ETWEEN L AND U SE & P ROPERTY T AX R EVEN

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  1. UNIVERSITY AVENUE PROPERTY TAX STUDY:Part 2:RELATIONSHIPBETWEENLAND USE & PROPERTY TAX REVENUE Bob Spaulding • November 1st, 2006

  2. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE MIDWAY STUDY AREA: DEFINED Total land valuation for study area: $100,420,800 Median Value per square foot: $19.85/square foot Highest Value per square foot: Skyline Tower and parking lots, $27.83/sq. ft. Lowest Value per square foot: Warehouse, 413 Lexington Pkwy, $3.77/sq. ft. Source: Compiled Data from Ramsey County Records & Revenue Department

  3. FAR of 1.5 FAR of 0.5 FAR of 1.0 TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE FLOOR AREA RATIO (FAR): DEFINED Floor Area Ratio (FAR) is a measure of development density. Higher FARs equate to more dense development of a parcel. Building Space Square Footage Land Square Footage Floor Area Ratio = Source: Met Council Diagram

  4. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE CASE STUDIES W. E. MOWREY CO. 1435 University Avenue 2.12$84.35/sq ft$2.11/sq ft Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006): MENARD’S Prior & University Avenues .51$36/sq ft$1.15/sq ft59%full Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006):Parking Usage at Peak: Source: Compiled Data from Ramsey County Records & Revenue Department

  5. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE CASE STUDIES WESTERN BANK 663 University Avenue .38$59/sq ft$1.32/sq ft59% full Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006): Parking Usage at Peak: CVS PHARMACY Snelling & University Avenues .36$83/sq ft$1.46/sq ft33%full Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006):Parking Usage at Peak: Source: Compiled Data from Ramsey County Records & Revenue Department

  6. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE CASE STUDIES AUTO ZONE 1075 University Avenue .19$28/sq ft96¢/sq ft44% full Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006): Parking Usage at Peak: NE BLOCK AT UNIVERSITY & SNELLING 1.36$52.38/sq ft$1.47/sq ft47%full Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006):Parking Usage at Peak: Source: Compiled Data from Ramsey County Records & Revenue Department

  7. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE CASE STUDIES MIDWAY BOOKS Snelling & University Avenues 2.86$81.99/sq ft$2.83/sq ft6,098 sq ft Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006):Land Square Footage: TARGET Hamline & University Avenues .37$33.25/sq ft92¢/sq ft375,992 sq ft Floor Area Ratio (FAR):Assessed Valuation (2007): Tax Yield (2006):Land Square Footage: Source: Compiled Data from Ramsey County Records & Revenue Department

  8. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE FAR’S RELATIONSHIP TOVALUE PER SQUARE FOOT (2006) The higher the density, the greater the value per square foot of land overall. Source: Compiled Data from Ramsey County Records & Revenue Department

  9. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE FAR’S RELATIONSHIP TOVALUE PER SQUARE FOOT (2006) The Basic Principle… Applying the Principle to the Full Study Area… Source: Compiled Data from Ramsey County Records & Revenue Department

  10. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE FAR’S RELATIONSHIP TOANNUAL TAX YIELD PER SQUARE FOOT (2006) The higher the density, the greater the tax yield per square foot of land overall. Source: Compiled Data from Ramsey County Records & Revenue Department

  11. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE FAR’S RELATIONSHIP TOANNUAL TAX YIELD PER SQUARE FOOT (2006) The Basic Principle… Applying the Principle to the Full Study Area… Source: Compiled Data from Ramsey County Records & Revenue Department

  12. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE TOTAL OPPORTUNITY COSTS OF NOT DEVELOPINGMIDWAY TO ITS FULL POTENTIAL (Summary of Conclusions) Source: Compiled Data from Ramsey County Records & Revenue Department

  13. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE AVERAGE ASSESSED VALUE BY USE Value per Square Foot of Land Area Source: Compiled Data from Ramsey County Records & Revenue Department

  14. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE Industry Close-Up Look:FAST FOOD VERSUS CONVENTIONAL FOOD FAST FOOD CONVENTIONAL FOOD 6 properties 6 drive-thrus 200,000 square feetland area 20,000 square feet of building Average FAR: 0.102 9 properties No drive thrus 61,500 square feet land area 71,100 square feetof building Average FAR: 1.20 Source: Compiled Data from Ramsey County Records & Revenue Department

  15. TAX STUDY |HOW LAND USE IMPACTS TAX REVENUE Industry Close-Up Look:FAST FOOD VERSUS CONVENTIONAL FOOD FAST FOOD CONVENTIONAL FOOD $5,000,000 total assessed valuation Average Value per square foot: $25.79 Average Tax Yield per square foot: 77¢ Land four times as valuableas buildings $3,900,000 total assessed valuation Average Value per square foot: $65.28 Average Tax Yield per sq. ft.: $1.93 Building twice as valuable as land Source: Compiled Data from Ramsey County Records & Revenue Department

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