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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> Saint Paul,MN 55101-2887 <br /> Springsted <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> MEMORANDUM <br /> TO: Sandy Peine,City Clerk <br /> Pequot Lakes EDC and City Council <br /> FROM: Patty Kettles,Vice President <br /> DATE: May 16,2013 <br /> SUBJECT: Urban and Rural Taxing Districts—Tax Rate Phase-In <br /> The City of Pequot Lakes and the Economic Development Council of Pequot Lakes hired Springsted to analyze a <br /> phase-in of the current rural tax rate to that of the urban tax rate over a multi-year period and project the impact of the <br /> phase-in on various property types, including: <br /> • Residential <br /> • Lakeshore <br /> • Non-lakeshore <br /> • Homestead <br /> • Non-homestead <br /> • Commercial <br /> The assumptions in completing this analysis include: <br /> • As"Lakeshore"and"Non-lakeshore"are not specific property classifications, it is assumed that the impact <br /> on these properties can be found in either Homestead Residential, Non-Homestead Residential,or <br /> Seasonal Recreation <br /> • The rural tax rate will equal that of the urban taxing district at the end of a six-year phase-in period(the <br /> same phase-in period used for the commercial property in the original annexation agreement) <br /> • The tax rate for the entire phase-in period is based on the 2013 levy of$1,486,432 <br /> • Tax rates and impacts shown here will increase or decrease based on future years'levies <br /> • An equal tax rate assumes equal services are received by both taxing districts <br /> Public Sector Advisors <br />