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Special Council Minutes <br />5/9/OS <br />Page 10 <br />Center Road where we have expanded some of those and there are some on here that you will not <br />see that were kind of generated with the addition of S.O.M. Center Road. <br />Mayor Rinker said as an example, in 1997 we had not really studied Tax Incremental Financing <br />which was to come later and incorporated in the Development Agreement that we had entered <br />into, I think in the Spring of 1998. <br />Mr. Brett said and essentially no direct taxes or increases in taxes were involved with the funding <br />of the project. <br />SLIDE: Added Tax Base Will Provide Additional Revenues as Development Proceeds <br />Mr. Brett said what we estimated at the time as far as what kind of tax revenues we would <br />receive, we figured when the project was finished that the Village would receive anywhere from <br />$2 million to $10 million; Mayfield City Schools would receive $1.5 million to $3 million; <br />Cuyahoga County would receive from between $600,000 and $1.2 million annually and the State <br />of Ohio would receive between $4 million and $25 million. <br />Mayor Rinker said and I think it is also pointing out we will go next to what the yields have <br />been-this was projected for both the north and south commercial developments working in <br />conjunction with each other. <br />Mr. Brett said right. So essentially, we are at the halfway point now as far as the development of <br />the Northwest Quadrant. And these are the types of revenues that we are receiving at this time <br />using that same format. Mayfield Village in 2005 received about 4.4 million of Incremental <br />Income Tax from Progressive Casualty Insurance Company. Mayfield City Schools, through the <br />use of an unconventional TIF received $1.1 million from the existing project which was close to <br />the bottom of what we'd estimated they would do. Because we used a TIF, Cuyahoga County's <br />revenue becomes a little bit less able to be estimated because their property taxes are now <br />reverted into the TIF and they are accruing theirs through sales tax. The State of Ohio, if we just <br />do a rule of thumb that they make about twice the income tax as we do, is receiving about $8.8 <br />million in incremental income taxes from Progressive or from the entire Development at this <br />point. <br />Mayor Rinker said and I should add for everyone's benefit, while we were going through this, <br />this afternoon on a dry run, Bob Baker happened to stop by, the school's financial officer, and I <br />can state unequivocally the school has been very supportive and really very pleased with the way <br />that this has turned out and he was very encouraged by what he saw and we were talking about. <br />SLIDE: Estimated Costs and Funding for Development <br />Mr. Brett said these were the estimated costs at the time. We didn't really have time to update <br />these; they are significantly higher. In fact, if you take the whole right hand column, that would <br />be less than what S.O.M. will be. So at some point we will update these and go through what <br />actually was involved.