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The subject property of both Phases # 1 and 92 is on the tax rolls for $700,000, which yields approximately $4,970 <br />(at $0.715100 of assessed value) annually in taxes to the City of LaPorte. Once development has been <br />completed on both phases, the estimated taxable value of the new development will be $6,000,000 to $8,000,000. <br />Excluding sales tax revenue, the estimated annual taxes would be $42,600 to $56,800. Taking an average of the <br />two, if the estimated taxable value were to be $7,000,000, the annual taxes would be $49,700. Therefore, the <br />estimated annual increase in taxes upon completion of the multi -phase project is $44,730. <br />Assuming a total incentive grant of $106,000 ($66,000 plias $40,000) and new annual taxes ($49,700 - $4,970) of <br />$44,730, the break-even point would be 2 years and 4 months. <br />Action Required by the La Porte Development Corporation: <br />Consider approval or other action authorizing Board President Richard Warren to sign and execute the enclosed <br />development agreement with the "Rob Johnson Realty Corporation". <br />Approved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City Manager <br />Date <br />