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City Council Agenda Packet 08-24-2009AGENDA REGULAR MEETING – MONTICELLO CITY COUNCIL Monday, August 24, 2009 – 7 p.m. Mayor: Clint Herbst Council Members: Tom Perrault, Glen Posusta, Brian Stumpf, Susie Wojchouski 1. Call to Order and Pledge of Allegiance. 2A. Approve minutes of August 10, 2009 Regular Meeting. 2B. Approve minutes of August 17, 2009 Special Meeting. 3. Consideration of adding items to the agenda. 4. Citizen comments, public service announcements and Council updates. a. Public Service Announcements, if any: 1) Adopt a River (clean-up) 2) Introduction of Monticello Royalty (Chamber) b. Council Updates: 1) FiberNet Monticello progress report 5. Consent Agenda: A. Consideration of approving new hires and departures for FiberNet B. Consideration of accepting contribution from Tom Perrault in the amount of $250 to go to the General Fund. C. Consideration of approval of a temporary charitable gambling permit for a raffle on September 13, 2009 at River City Extreme for West Metro Whitetails. D. Consideration of approval of a temporary charitable gambling permit for a raffle on September 21, 2009 at Monticello Country Club for Ducks Unlimited. E. Consideration of authorizing Edmonson Avenue pathway improvements, City Project No. 09C007. F. Consideration of a request for extension of Conditional Use Permit for a Planned Unit Development for a multi-tenant commercial development in a B-3 (Highway Business) District. Applicant: Cornerstone/DOJO LLC. G. (Item moved to future agenda) H. Consideration of accepting work for City Project No. 02P005 (2002-05P), Vine Place Townhomes. SPECIAL MEETING 5 p.m. – 2010 Budget Workshop I. Consideration of ratifying the decision of the EDA to adopt the TIF Analysis & Management Plan as written by Northland Securities. J. Consideration of acceptance of the 2009 First Annual Pathway Inspection Report for the City of Monticello. 6. Consideration of items removed from the consent agenda for discussion. 7. Postponed -- Review of Highway 25/River Street Access Modification now set for 9/14/09 meeting pending additional information from MNDOT. 8. Consideration of award of contract for FiberNet Monticello Garage Facility, City Project No. 09C006. 9. Review of Ordinance Authorizing Permits for Use by the Disabled of ATV’s, Motorized Golf Carts or other Mobility Devices on City Streets, Bike Lanes and Trails. 10. Consideration of Alternatives for Establishment of FiberNet office/store front location. 11. Approve payment of bills for August 24th. 12. Adjournment. Council Agenda: 8/24/09 1 5A. Consideration of approving new hires and departures for FiberNet. (TE) A. REFERENCE AND BACKGROUND: The Council is asked to ratify the hiring and departures of employees that have occurred recently in the departments listed. It is recommended that the Council officially ratify the hiring/departure of all new employees including part-time and seasonal workers. A.1 BUDGET IMPACT: None A.2 STAFF WORK LOAD IMPACT: Until the positions are filled again, existing staff would pick up those hours. B. ALTERNATIVE ACTIONS: 1. Ratify the hire/departures of the employees as identified on the attached list. C. RECOMMENDATION: By statute the City Council has the authority to approve all hires/departures. There is no other recommendation but for the Council to exercise the authority given to them by state statute. D. SUPPORTING DATA: List of new employees. Council Agenda: 8/24/09 1 5A. Consideration of approving new hires and departures for FiberNet. (TE) A. REFERENCE AND BACKGROUND: The Council is asked to ratify the hiring and departures of employees that have occurred recently in the departments listed. It is recommended that the Council officially ratify the hiring/departure of all new employees including part-time and seasonal workers. A.1 BUDGET IMPACT: None A.2 STAFF WORK LOAD IMPACT: Until the positions are filled again, existing staff would pick up those hours. B. ALTERNATIVE ACTIONS: 1. Ratify the hire/departures of the employees as identified on the attached list. C. RECOMMENDATION: By statute the City Council has the authority to approve all hires/departures. There is no other recommendation but for the Council to exercise the authority given to them by state statute. D. SUPPORTING DATA: List of new employees. Council Agenda: 8/24/09 1 5B. Consideration of accepting contribution of $250 from Tom Perrault to go into the General Fund. (CS) A. REFERENCE AND BACKGROUND: The City has received a donation of $250 from Tom Perrault to go to the General Fund As required by state statute, if the City accepts the donation of funds, the City Council needs to adopt a resolution specifying the amount of the donation and its use. B. ALTERNATIVE ACTIONS: 1. Approve the contribution and authorize use of funds as specified. 2. Do not approve the contributions and return the funds to the donors. C. STAFF RECOMMENDATION: Staff recommendation is to adopt the resolution accepting the contributions. D. SUPPORTING DATA: Resolution No. 2009-40 5B Perrault resolution.doc: 8/21/2009 City of Monticello RESOLUTION NO. 2009-41 RESOLUTION APPROVING CONTRIBUTIONS WHEREAS, the City of Monticello is generally authorized to accept contributions of real and personal property pursuant to Minnesota Statutes Sections 465.03 and 465.04 for the benefit of its citizens and is specifically authorized to maintain such property for the benefit of its citizens in accordance with the terms prescribed by the donor. Said gifts may be limited under provisions of MN Statutes Section 471.895. WHEREAS, the following persons and or entities have offered to contribute contributions or gifts to the City as listed: DONOR/ENTITY DESCRIPTION VALUE Tom Perrault Cash $250 WHEREAS, all said contributions are intended to aid the City in establishing facilities, operations or programs within the city’s jurisdiction either alone or in cooperation with others, as allowed by law; and WHEREAS, the City Council hereby finds that it is appropriate to accept the contributions offered. NOW THEREFORE BE IT RESOLVED by the City Council of Monticello as follows: 1. The contributions described above are hereby accepted by the City of Monticello. 2. The contributions described above will be used as designated by the donor. This may entail reimbursing or allocating the money to another entity that will utilize the funds for the following stated purpose: DONOR/ENTITY RECIPIENT PURPOSE Tom Perrault City of Monticello General fund use Adopted by the City Council of Monticello this 24th day of August, 2009. ______________________________ Mayor ATTEST: ______________________________________ Jeff O’Neill, City Administrator Council Agenda: 8/24/09 1 5C. Consideration of approving a request for a temporary charitable gambling license for a raffle on September 13, 2009 at River City Extreme for West Metro Whitetails. (CS) A. REFERENCE AND BACKGROUND: The Wright County/West Metro Whitetails organization has applied to the City for a permit for a charitable gambling license to sponsor a raffle with the drawing to be held on September 13th at River City Extreme. The group has sponsored similar events in the past. In the past the City has not opposed these exempt gambling license applications for charitable events. B. ALTERNATIVE ACTIONS: 1. Approve the one day charitable gambling license for a raffle to be held on September 13, 2009 at River City Extreme. 2. Do not approve the request. C. STAFF RECOMMENDATION: Staff is not aware of any reason why this application should not be approved and recommends approval with no waiting period. D. SUPPORTING DATA: None Council Agenda: 8/24/09 1 5D. Consideration of approving a request for a temporary charitable gambling license for a raffle on September 21, 2009 at Monticello Country Club for Ducks Unlimited. (CS) A. REFERENCE AND BACKGROUND: The Wright County Ducks Unlimited Chapter 039 has applied to the City for a permit for a charitable gambling license to sponsor a raffle with the drawing to be held on September 21st at the Monticello Country Club The Ducks Unlimited Chapter held a similar raffle on May 4, 2009 at River City Extreme. In the past the City has not opposed these exempt gambling license applications for charitable events. B. ALTERNATIVE ACTIONS: 1. Approve the one day charitable gambling license for a raffle to be held on September 21, 2009 at the Monticello Country Club. 2. Do not approve the request. C. STAFF RECOMMENDATION: Staff is not aware of any reason why this application should not be approved and recommends approval with no waiting period. D. SUPPORTING DATA: None Council Agenda: 8/24/09 1 5E. Consideration of authorizing Edmonson Avenue Pathway Improvements, City Project No. 09C007. (BW, BP) A. REFERENCE AND BACKGROUND: A condition of the development agreement for the Autumn Ridge development required that the developer rough grade the pathway corridor west of Edmonson Avenue between School Boulevard and the Featherstone development, including the placement of 12” of select granular borrow. The intent was then to have the City of Monticello construct the remainder of this pathway segment, which would include placing 6” of class 5 aggregate base and 2” of bituminous pavement over the 1,293-foot corridor. Staff recently inspected the existing pathway grading to verify it was constructed to the required conditions of the development agreement. It was found that the pathway was graded using 12” of select granular borrow, and that the top of the select granular borrow is on average approximately 8” below the ground on either side of the pathway to allow for the placement of 6” of class 5 aggregate base and 2” of bituminous pavement. However, the top 2” to 3” of select granular borrow has become contaminated with organic material over time and as such needs to be removed and replaced with the appropriate amount of clean select granular borrow to bring it back up to 12” before placing 6” class 5 aggregate base and 2” bituminous pavement. The work described above could either be completed by City staff or contracted out. If City crews were used to construct the identified improvements, staff estimates it would take a crew of 4 approximately 7.5 working days to complete, including restoration and turf establishment work. The total estimated cost for materials for City crews to complete this work would be $11,300. The total estimated costs for labor include 240 man-hours at an estimated cost which equates to $8,210. Neglecting any equipment costs, materials and labor would cost the City approximately $19,510. If this work were to be contracted out to a private contractor, the estimated cost for the project would be $25,000. No assessments have been identified to help offset costs. This work can be completed this construction season, regardless of whether City forces or a private contractor complete the work. The Parks Superintendent has identified another segment of pathway in the Sunset Ponds development that was graded with class 5 aggregate base but was never paved. This pathway connects the playground area in the park to the parking lot and to the pathway along 95th Street. See attached figure and photos. The pathway measures approximately 177-feet length and includes several tight curves, thereby making it better suited to contracting the work out. The estimated cost for contracting this work out is $4,000, assuming it is contracted out in conjunction with another project thereby omitting or greatly reducing the contractor’s mobilization costs. A1. Budget Impact: Construction of bituminous pathways can be funded through the Street Reconstruction Fund, which has a current balance of approximately $1,800,000. Council Agenda: 8/24/09 2 A2. Staff Workload: If City forces are utilized to construct the Edmonson Avenue pathway, a crew of 4 people could complete the work within 7.5 days, including turf establishment. It should be noted that this would reduce the amount of time they spend on other previously programmed projects, which may require some overtime to catch up on those projects, depending on weather. However, if the work is contracted out impacts to staff will be minimal. B. ALTERNATIVE ACTIONS: 1. Motion to authorize City staff to secure the services of a private contractor to construct an 8-foot wide bituminous pathway west of Edmonson Avenue between School Boulevard and the Featherstone development, and to pave the Sunset Ponds pathway as described herein at a cost not-to-exceed $29,000. 2. Motion to authorize City staff to secure the services of a private contractor to construct an 8-foot wide bituminous pathway west of Edmonson Avenue between School Boulevard and the Featherstone development as outlined in this report at a cost not-to-exceed $25,000. 3. Motion to authorize City staff to construct an 8-foot wide bituminous pathway west of Edmonson Avenue between School Boulevard and the Featherstone development as outlined in this report. 4. Motion denying authorization to proceed with construction of pathways at this time. C. STAFF RECOMMENDATION: City staff recommends approving Alternative Action No. 1. This is based on the fact that the Streets and Parks Departments will both be losing their seasonal help and they are both behind on their programmed work to begin with. In addition, both departments are ready to begin gearing up for their winter activities. It should also be noted that if the City contracts the work out we will receive a two year warranty on the work, whereas if City crews complete the work there will be no associated warranty and any repairs will be at the City’s expense. That said we do not anticipate any issues associated with settlements since the select granular base has been in place for several years, so the only issues that would likely arise would be issues associated with the bituminous mix or the paving operation itself. D. SUPPORTING DATA: A – Figure showing proposed Edmonson pathway location B - Figure showing proposed Sunset Ponds pathway locations C - Photos of existing Sunset Ponds pathway aggregate base Council Agenda: 08/24/09 1 5F. Consideration to approve a request for extension of Conditional Use Permit for Planned Unit Development for a multi-tenant commercial development in a B-3 (Highway Business) District. Applicant: Cornerstone/DOJO LLC. (AS) A. REFERENCE AND BACKGROUND: Planning Commission reviewed this item on August 4th, 2009 and unanimously recommended approval of the extension. Cornerstone Development/DOJO, LLC is requesting an extension of their conditional use permit for its planned unit development project. On August 4th, 2008, the Planning Commission reviewed and recommended approval of a Conditional Use Permit for Planned Unit Development for a multi-tenant commercial development in a B-3 (Highway Business) District submitted by Cornerstone/DOJO LLC. The Cit y Council approved the Conditional Use Permits on August 11th, 2008. Due to non-use, the conditional use permit for PUD will have expired on August 11th, 2009. The Monticello Zoning Ordinance requires that conditional use permits expire due to non-use after one year. As such, the applicant has requested a one-year extension. All previously approved conditions will apply to any extension of the permit. The planning report for the original item has been provided for reference. B. ALTERNATIVE ACTIONS: Planning Commission recommends alternative 1 below. 1. Motion to approve extension of the August 11th, 2008 Conditional Use Permit for Planned Unit Development for a multi-tenant commercial development in a B-3 (Highway Business) District for Cornerstone/DOJO LLC, with the condition that all previously approved conditions be assigned to the extension. 2. Motion to deny an extension of the August 11th, 2008 Conditional Use Permit for Planned Unit Development for a multi-tenant commercial development in a B-3 (Highway Business) District for Cornerstone/DOJO LLC, based on a finding to be made by the City Council. 3. Motion of other. C. STAFF RECOMMENDATION: Staff recommends approval of the extension request. The request is consistent with current and proposed objectives for the B-3 (Highway Business) District. It should be noted that the applicant has not yet submitted record drawings reflecting adherence to all Council Agenda: 08/24/09 2 approved conditions. These documents are required prior to any further development reviews or approvals. D. SUPPORTING DATA: Exhibit A - Staff Report for August 11th, 2008 Exhibit B - Conditional Use Permit Plan documents Council Agenda: 08/24/09 1 5H. Consideration of Final Acceptance of Development and Improvements for the Vine Place Development (City of Monticello Project No. 2002-05P) (AS/BW) A. REFERENCE AND BACKGROUND Front Porch Associates/Big Lake Lumber, the developer of Vine Place, has requested final City acceptance of the project and the public improvements within the development. Over the last year, the developer has been working with the City to ensure that all the terms of the development agreement have been met. City inspectors have completed a final inspection for the project and reviewed completion of final punch list items. The improvements have been approved by the inspectors. As Council may recall, there were outstanding concerns related to drainage between some of the units and sidewalk faults. These items have been remedied and are considered satisfactory per the City Engineer. It should be noted that the 2-year warranty bond has passed for the public improvements constructed. Therefore, with the acceptance of the development, all public improvements will be considered satisfactory and complete and any securities held for the development will be released. The City has also inspected the project for conformance to the original landscape plan and found existing landscaping to be satisfactory, with one exception. The originally proposed fenceline and vineyard for the western boundary with the Ruff property has been modified to include a maintenance-free vinyl fence, which was formally approved by the homeowner’s association. City staff has reconciled expenses and deposits for the project. A summary of that reconciliation is attached for reference. It was noted to the developer at the time of preliminary development approval that the City would not maintain or provide snow removal services on 6 ½ Street until the street was completed through to Elm Street. This was put in place because there is no place to turn a vehicle around on 6 ½ Street. B. ALTERNATIVE ACTIONS 1. Accept the development and public improvements for the Vine Place development, with the following conditions: a) The homeowner’s association continue maintenance of 6 ½ Street until such time it is completed to Elm Street. 2. Do not accept the development and public improvements for the Vine Place development, based upon findings to be provided by the City Council. Council Agenda: 08/24/09 2 C. STAFF RECOMMENDATION It is the recommendation of staff that the City accept the public improvements and the development, and that the City Council direct the homeowner’s association to continue street maintenance on 6 ½ Street until the terminus is completed. D. SUPPORTING DATA Exhibit A: Final Plat Exhibit B: Resolution of Acceptance CITY OF MONTICELLO RESOLUTION NO. 2009-42 ACCEPTING IMPROVEMENTS VINE PLACE TOWNHOMES CITY PROJECT 02P005 (2002-05P) WHEREAS, pursuant to the terms of a development agreement signed with the City of Monticello for improvements to the Vine Place Townhomes Addition, the improvements have been completed in accordance with the development agreement: NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO, that the work completed under the development agreement is hereby accepted subject to: Vine Place Townhomes: 1) Vine Place Homeowner’s Association shall continue maintenance of 6 ½ Street West until such time it is completed to Elm Street Adopted by the Monticello City Council this 24th day of August, 2009. ___________________________________ Clint Herbst, Mayor ATTEST: __________________________________________ Jeff O’Neill, City Administrator City Council: 8/24/09 1 5I. Consideration of ratifying the decision of the EDA to adopt the TIF Analysis and Management Plan prepared by Northland Securities. (MB/TK) A. REFERENCE AND BACKGROUND: The City Council is being asked to ratify the EDA’s approval of the Tax Increment Financing Analysis and Management Plan prepared by Northland Securities. As Council may recall, the City contracted with Northland Securities to complete a study of the City’s TIF districts. Rusty Fifield structured the study in a manner that provides detailed information for each district along with general/legal TIF information. The document also provides general management strategy recommendations for each district. Northland Securities completed the study in accordance with the RFP. Furthermore it is staff’s opinion the document will be a great resource for the next couple years. At their August 12, 2009 meeting the EDA unanimously adopted the TIF Analysis and Management Plan as prepared by Northland Securities. As an immediate follow up to the adoption of the Management Plan, the EDA approved decertification resolutions for TIF Districts 1-26, 1-28, and 1-33. The advantage of decertifying these districts in 2009 would be that we would be placing $111,310 of tax capacity back into the general property tax system, an internal trunk fee loan would be paid off early, the pay-as-you-go notes would be paid off one year earlier, and $19,418.00 would be returned to the County for redistribution as general property tax of which the City will receive about 43.20% or $8,388.58, which is being proposed to be utilized within the Economic Development/EDA purview. City Staff and the EDA will begin working on intermediate actions (2009-2010 time frame) for Districts 1-2, 1-5, and 1-6. The EDA and City Council will need to look at the benefits of decertify these districts in 2010 and how excess TIF funds should be utilized. District 1-22, which is the large downtown district will require additional research and study. Staff anticipates initiating discussions and additional research in early 2010 related to decertifying options, pre-paying bonds, and appropriate projects to use excess TIF funds. A1. Budget Impact: The cost of the study was $10,250. Invoices have been received through this process and accounted to each individual TIF district. B. ALTERNATIVE ACTIONS: 1. Motion to ratify the EDA’s approval of the TIF Analysis and Management Plan prepared by Northland Securities. 2. Motion to deny accepting the TIF Analysis and Management Plan. 3. Motion to table action. City Council: 8/24/09 2 C. STAFF RECOMMENDATION: The City staff supports Alternative 1. D. SUPPORTING DATA: Final TIF Analysis and Management Plan Resolution 2009-40 TI F A n a l y s i s a n d M a n a g e m e n t P l a n Ta x I n c r e m e n t F i n a n c i n g D i s t r i c t s Mo n t i c e l l o E c o n o m i c D e v e l o p m e n t A u t h o r i t y Fi n a l - J u n e 2 0 0 9 NO R T H L A N D S T R A T E G I E S Sp e c i a l P r o j e c t s G r o u p i In t r o d u c t i o n 1 Re p o r t O v e r v i e w . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 1 St u d y A p p r o a c h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . 1 Us i n g t h e R e p o r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . 1 Ov e r v i e w o f T I F i n M o n t i c e l l o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 2 Di s t r i c t s i n 2 0 0 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 2 Pr o j e c t A r e a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 2 Th e A u t h o r i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 2 Ma n a g e m e n t P l a n 6 Ex e c u t i v e S u m m a r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 6 Pr e - 1 9 9 0 D i s t r i c t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 6 Po s t 1 9 9 0 - S o u n d P l a n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 6 Po s t 1 9 9 0 - M a n a g e m e n t I s s u e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Re g u l a t o r y F r a m e w o r k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 7 Ov e r a l l M a n a g e m e n t S t r a t e g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 8 TI F R e c o r d B o o k s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 8 Co o r d i n a t i o n W i t h W r i g h t C o u n t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Ad m i n i s t r a t i v e E x p e n s e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 7 De v e l o p m e n t A g r e e m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 An n u a l R e p o r t i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 9 St a t u t o r y F a c t o r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 9 Ad m i n i s t r a t i v e E x p e n s e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 9 Kn o c k D o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 9 Po o l i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1 0 Fi v e Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 1 0 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1 1 Ex p a n d e d T a x B a s e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 1 2 In d u s t r i a l L a n d A n a l y s i s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 1 2 Di s t r i c t S u m m a r y 1 3 Di s t r i c t 1 - 2 ( M e t c a l f / L a r s o n ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1 4 Di s t r i c t 1 - 5 ( C o n s t r u c t i o n 5 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 1 6 Di s t r i c t 1 - 6 ( R a i n d a n c e ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 1 9 Di s t r i c t 1 - 1 9 ( M i s s i s s i p p i S h o r e s ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 2 2 Di s t r i c t 1 - 2 0 ( P r a i r i e W e s t ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 2 4 Di s t r i c t 1 - 2 2 ( D o w n t o w n ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 2 6 Di s t r i c t 1 - 2 4 ( C h u r c h o f S t . H e n r y ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 3 0 Di s t r i c t 1 - 2 6 ( T w i n C i t y D i e C a s t i n g ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 3 2 Di s t r i c t 1 - 2 8 ( I n t e g r a t e d R e c y c l i n g ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 3 4 Di s t r i c t 1 - 2 9 ( F r o n t P o r c h A s s o c i a t e s ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 3 6 Di s t r i c t 1 - 3 0 ( C M H P ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 3 8 Di s t r i c t 1 - 3 1 ( U l t r a M a c h i n e C o m p a n y ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 0 Contents ii Di s t r i c t 1 - 3 3 ( T a p p e r s H o l d i n g s L L C ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 4 2 Di s t r i c t 1 - 3 4 ( M o n t i c e l l o I n t e r c h a n g e ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 4 4 Di s t r i c t 1 - 3 5 ( L a n d m a r k S q u a r e I I ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 4 6 Di s t r i c t 1 - 3 6 ( R o c k y M o u n t a i n G r o u p ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4 8 Di s t r i c t 1 - 3 7 ( S L R e a l E s t a t e H o l d i n g s ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 5 0 Di s t r i c t 1 - 3 8 ( W a l k e r ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 5 2 Ex c e r p t s f r o m T I F A c t 5 4 Ad m i n i s t r a t i v e E x p e n s e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 5 4 Di s t r i c t L i m i t a t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 5 4 Kn o c k D o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Po o l i n g a n d F i v e - Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 5 7 Mo d i f i c a t i o n o f P l a n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 5 9 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 5 9 1Introduction Re p o r t O v e r v i e w Th i s r e p o r t s e r v e s a s a g u i d e f o r t h e m a n a g e m e n t o f ta x i n c r e m e n t ﬁ n a n c i n g ( T I F ) d i s t r i c t s i n t h e C i t y o f Mo n t i c e l l o . T h e r e p o r t c o n t a i n s o v e r a l l m a n a g e m e n t st r a t e g i e s a n d k e y f a c t o r s t h a t i n ﬂ u e n c e t h e u s e o f T I F in e a c h o f t h e C i t y ’ s e x i s t i n g d i s t r i c t s . Th e r e p o r t i s o r g a n i z e d i n t o t h r e e s e c t i o n s : 1. I n t r o d u c t i o n p r o v i d e s b a c k g r o u n d i n f o r m a t i o n ab o u t t h e r e p o r t , t h e p r o c e s s u s e d t o s t u d y t h e T I F di s t r i c t s , a n d a g e n e r a l d e s c r i p t i o n o f s y s t e m o f t a x in c r e m e n t ﬁ n a n c i n g d i s t r i c t s . 2. M a n a g e m e n t P l a n d i s c u s s e s m a n a g e m e n t i s s u e s th a t a p p l y t o a l l t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t s in M o n t i c e l l o . 3. D i s t r i c t S u m m a r i e s f o c u s e s o n e a c h i n d i v i d u a l TI F d i s t r i c t . T h e s u m m a r i e s c o n t a i n m a n a g e m e n t st r a t e g i e s a n d ﬁ n a n c i a l d a t a f o r e a c h d i s t r i c t . St u d y A p p r o a c h Th i s s t u d y w a s p r e p a r e d i n 2 0 0 9 b y N o r t h l a n d S e c u - ri t i e s . T h e f o l l o w i n g s t e p s w e r e t a k e n a s p a r t o f t h e st u d y p r o c e s s : • K e y d a t a w a s o b t a i n e d f r o m p r o j e c t ﬁ l e s f o r e a c h TI F d i s t r i c t . T h i s d a t a i n c l u d e s e x c e r p t s o f T I F pl a n s a n d d e v e l o p m e n t a g r e e m e n t s t h a t e s t a b l i s h th e p a r a m e t e r s f o r t h e u s e o f T I F . • D a t e s r e l a t e d t o t h e e s t a b l i s h m e n t a n d c e r t i ﬁ c a t i o n of t h e d i s t r i c t s w e r e v e r i ﬁ e d . T h e s e d a t e s d e t e r - mi n e t h e t i m i n g c o n s t r a i n t s f o r e a c h d i s t r i c t . • W r i g h t C o u n t y p r o v i d e d t h e o r i g i n a l t a x r a t e , o r i g - in a l t a x c a p a c i t y v a l u e a n d t h e c u r r e n t ( t a x e s p a y - ab l e 2 0 0 9 ) t a x c a p a c i t y v a l u e f o r t h e d i s t r i c t s . • R e v e n u e s , e x p e n d i t u r e s a n d f u n d b a l a n c e s c o m e fr o m 2 0 0 7 a n d p r i o r y e a r s c o m e f r o m t h e a n n u a l ta x i n c r e m e n t r e p o r t s . F i n a n c i a l d a t a f o r 2 0 0 8 w a s pr o v i d e d b y t h e C i t y . • T h e c u r r e n t b a l a n c e s f o r b o n d , n o t e a n d i n t e r f u n d lo a n o b l i g a t i o n s r e p r e s e n t t h e a m o u n t o u t s t a n d i n g on D e c e m b e r 3 1 , 2 0 0 8 . T h e s e a m o u n t s w e r e p r o - vi d e d b y t h e C i t y . It i s a l s o i m p o r t a n t t o n o t e a s p e c t s o f t a x i n c r e m e n t ﬁ n a n c i n g i n M o n t i c e l l o n o t r e v i e w e d a s p a r t o f t h i s st u d y : • T h i s s t u d y w a s n o t i n t e n d e d t o b e a n a u d i t o f T I F us e o n M o n t i c e l l o . N o r t h l a n d d i d n o t v e r i f y t h e da t a u s e d i n t h e a n n u a l r e p o r t s . • N o r t h l a n d d i d n o t r e v i e w p r o j e c t d a t a t o d e t e r - mi n e c o m p l i a n c e w i t h t h e t e r m s o f d e v e l o p m e n t ag r e e m e n t s . Us i n g t h e R e p o r t Th i s r e p o r t i s i n t e n d e d t o b e p r a c t i c a l g u i d e f o r c i t y st a ff , E c o n o m i c D e v e l o p m e n t A u t h o r i t y a n d C i t y Co u n c i l o n t h e o n - g o i n g u s e o f t a x i n c r e m e n t ﬁ n a n c - in g . M u c h o f t h e i n f o r m a t i o n i n t h i s r e p o r t h a s e n d u r - in g v a l u e a n d w i l l g u i d e m a n a g e m e n t d e c i s i o n s o v e r th e l i f e o f t h e T I F d i s t r i c t . H o w e v e r , T I F i s a d y n a m i c sy s t e m . P r o p e r t y v a l u e s , t a x r a t e s , s t a t u t e s a n d r u l e s ch a n g e f r o m y e a r - t o - y e a r . T h i s r e p o r t s h o u l d b e t h e fo u n d a t i o n o f a n a n n u a l r e v i e w a n d m a n a g e m e n t p l a n up d a t e . T h i s s t r a t e g y i s d e s c r i b e d i n g r e a t e r d e t a i l i n th e M a n a g e m e n t P l a n s e c t i o n o f t h i s r e p o r t . 2Introduction Ov e r v i e w o f T I F i n M o n t i c e l l o Di s t r i c t s i n 2 0 0 9 Th e C i t y o f M o n t i c e l l o h a s 1 8 e s t a b l i s h e d a n d a c t i v e ta x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t s . T h e o l d e s t d i s t r i c t (# 1 - 2 ) w a s e s t a b l i s h e d i n 1 9 8 2 . D i s t r i c t # 1 - 3 8 w a s t h e la s t d i s t r i c t c r e a t e d i n 2 0 0 7 . Th e t a b l e o n t h i s p a g e s u m m a r i z e s t h e p r i m a r y i n f o r - ma t i o n f o r e a c h M o n t i c e l l o T I F d i s t r i c t . T h i s i n f o r m a - ti o n c a n a l s o b e f o u n d i n t h e s u m m a r y f o r t h e s p e c i ﬁ c di s t r i c t l a t e r i n t h i s r e p o r t . Th e r e l e v a n c e o f d a t a w i l l b e e x p l a i n e d i n t h e M a n a g e - me n t P l a n s e c t i o n o f t h e r e p o r t . Pr o j e c t A r e a Al l T I F d i s t r i c t s a r e p a r t o f C e n t r a l M o n t i c e l l o R e d e - ve l o p m e n t P r o j e c t A r e a N o . 1 . T h e m a p o n P a g e 3 sh o w s t h e b o u n d a r i e s o f t h e P r o j e c t A r e a a n d o f e a c h TI F d i s t r i c t . T h e P r o j e c t A r e a c o v e r s a l a r g e p o r t i o n o f Mo n t i c e l l o . T h e p r i m a r y e c o n o m i c d e v e l o p m e n t a n d re d e v e l o p m e n t a r e a s o f t h e C i t y f a l l i n t o t h e P r o j e c t Ar e a . Th e p r i m a r y f u n c t i o n o f t h e P r o j e c t A r e a i s t o d e ﬁ n e th e a r e a s f o r u s e o f t a x i n c r e m e n t ﬁ n a n c i n g . S t a t e L a w re q u i r e s e a c h T I F d i s t r i c t t o b e l o c a t e d i n a p r o j e c t a r e a . Su b j e c t t o l e g a l c o n s t r a i n t s a p p l i c a b l e t o e a c h d i s t r i c t , mo n i e s f r o m a t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t c a n b e sp e n t o u t s i d e t h e T I F d i s t r i c t , b u t w i t h i n t h e P r o j e c t Ar e a . Th e ﬂ ex i b i l i t y t o s p e n d t a x i n c r e m e n t r e v e n u e s th r o u g h o u t t h e C i t y w a s m o r e r e l e v a n t i n t h e e a r l i e r ye a r s o f T I F u s e . P r i o r t o 1 9 9 0 , c i t i e s f a c e d r e l a t i v e l y li tt l e s t a t u t o r y l i m i t a t i o n o n t h e a b i l i t y t o s p e n d t a x in c r e m e n t s o n d e v e l o p m e n t a c t i v i t i e s o u t s i d e o f t h e TI F d i s t r i c t . T h i s p r a c t i c e i s c a l l e d “ p o o l i n g ” . I n 1 9 9 0 , th e L e g i s l a t u r e p l a c e d s p e c i ﬁ c l i m i t s o n p o o l i n g ( s e e “P o o l i n g ” i n M a n a g e m e n t P l a n s e c t i o n ) . Th e s e s t a t u t o r y c h a n g e s s i g n i ﬁ c a n t l y d i m i n i s h e d t h e ne e d f o r a n e x p a n s i v e p r o j e c t a r e a a s t h e b a s i s f o r T I F . De s p i t e t h e s e c h a n g e s , t h e C e n t r a l M o n t i c e l l o R e d e - ve l o p m e n t P r o j e c t A r e a N o . 1 c o n t i n u e s t o s e r v e a s a re a s o n a b l e p r o j e c t a r e a f o r t h e e s t a b l i s h m e n t o f T I F di s t r i c t s . Th e A u t h o r i t y Th e M o n t i c e l l o E c o n o m i c D e v e l o p m e n t A u t h o r i t y (E D A ) i s d e s i g n a t e d a s t h e s t a t u t o r y “ a u t h o r i t y ” f o r a l l ex i s t i n g T I F d i s t r i c t s i n M o n t i c e l l o . S o m e T I F d i s t r i c t s we r e o r i g i n a l l y e s t a b l i s h e d b y t h e M o n t i c e l l o H o u s i n g an d R e d e v e l o p m e n t A u t h o r i t y ( H R A ) . R e s p o n s i b i l i t y fo r t h e s e d i s t r i c t s w a s s u b s e q u e n t l y a s s i g n e d t o t h e ED A . Th e a u t h o r i t y i s r e s p o n s i b l e f o r a d m i n i s t e r i n g t h e TI F d i s t r i c t s a n d m a n a g i n g t h e p l a n s f o r e a c h d i s t r i c t . Ge n e r a l l y , u n l e s s S t a t e L a w s p e c i ﬁ c a l l y r e q u i r e s a c t i o n by t h e C i t y C o u n c i l , a l l m a n a g e m e n t p o w e r s f o r T I F di s t r i c t s a r e h e l d b y t h e a u t h o r i t y . F o r M o n t i c e l l o T I F di s t r i c t s , t h e E D A i s r e s p o n s i b l e f o r : • M a n a g i n g T I F P l a n t o e n s u r e c o m p l i a n c e w i t h St a t e L a w . • M a k i n g d e c i s i o n s a b o u t t h e e x p e n d i t u r e o f f u n d s co l l e c t e d b y e a c h d i s t r i c t . • A d m i n i s t e r i n g d e v e l o p m e n t a g r e e m e n t s . • P r e p a r i n g a n n u a l d i s c l o s u r e a n d r e p o r t s . • D e t e r m i n i n g t h e a p p r o p r i a t e t i m e t o d e c e r t i f y a TI F d i s t r i c t . 3Introduction Ce n t r a l M o n t i c e l l o R e d e v e l o p m e n t Pr o j e c t A r e a N o . 1 . 4Introduction Th e C i t y C o u n c i l a p p r o v e s t h e i n i t i a l e s t a b l i s h m e n t o f a T I F d i s t r i c t . F u t u r e C i t y C o u n c i l a p p r o v a l ( a n d a p u - bi c h e a r i n g ) i s n e e d e d f o r c e r t a i n p l a n m o d i ﬁ c a t i o n s : • C h a n g e t h e a r e a o f t h e d i s t r i c t . • I n c r e a s e b o n d e d i n d e b t e d n e s s . • D e t e r m i n e t h e n e e d t o c a p i t a l i z e i n t e r e s t o n b o n d s . • I n c r e a s e t h e p o r t i o n o f t h e c a p t u r e d t a x c a p a c i t y t o be r e t a i n e d . • I n c r e a s e t h e b u d g e t ( e s t i m a t e d p r o j e c t c o s t s ) f o r th e d i s t r i c t . • D e s i g n a t e a d d i t i o n a l p a r c e l s f o r p u b l i c a c q u i s i t i o n . Th e C i t y C o u n c i l i s r e s p o n s i b l e f o r t h e i s s u a n c e o f g e n - er a l o b l i g a t i o n b o n d s . T h e C i t y a n d t h e E D A e n t e r i n t o a p l e d g e a g r e e m e n t f o r t h e c o n v e y a n c e o f t a x i n c r e - me n t s u s e d t o p a y p r i n c i p a l a n d i n t e r e s t o n t h e b o n d s . 5Introduction Ci t y N u m b e r 1 - 2 1 - 5 1 - 6 1 - 1 9 1 - 2 0 1 - 2 2 1 - 2 4 1 - 2 6 1 - 2 8 Co u n t y N u m b e r 1 0 1 6 2 3 8 0 6 2 0 6 2 2 6 2 4 6 2 6 6 2 8 Na m e M e t c a l f / L a r s o n C o n s t r u c t i o n 5 R a i n d a n c e Mi s s i s s i p p i Sh o r e s Pr a i r i e W e s t Do w n t o w n Di s t r i c t Ch u r c h o f S t . He n r y Tw i n C i t y D i e Ca s t i n g Integrated Recycling Technologies Ty p e R e d e v e l o p m e n t R e d e v e l o p m e n t R e d e v e l o p m e n t H o u s i n g R e d e v e l o p m e n t R e d e v e l o p m e n t H o u s i n g Ec o n o m i c De v e l o p m e n t Economic Development Es t a b l i s h e d 9 / 1 3 / 8 3 5 / 1 5 / 8 5 1 1 / 1 2 / 8 5 3 / 1 3 / 9 5 6 / 2 4 / 9 6 3 / 1 0 / 9 7 8 / 2 4 / 9 8 1 0 / 2 5 / 9 9 6 / 1 1 / 0 1 Ce r t i f i c a t i o n R e q u e s t e d 1 1 / 2 8 / 8 3 5 / 1 5 / 8 5 1 2 / 5 / 8 5 4 / 2 7 / 9 5 1 2 / 2 0 / 9 6 6 / 2 5 / 9 7 1 / 4 / 9 9 1 / 2 1 / 0 0 6 / 2 8 / 0 1 Ce r t i f i e d 1 1 / 2 8 / 8 3 5 / 1 5 / 8 5 1 2 / 5 / 8 5 4 / 2 8 / 9 5 1 2 / 2 3 / 9 6 6 / 3 0 / 9 7 1 / 8 / 9 9 2 / 3 / 0 0 7 / 9 / 0 1 Ye a r o f F i r s t I n c r e m e n t 1 9 8 5 1 9 8 7 1 9 8 8 1 9 9 8 1 9 9 9 1 9 9 9 2 0 0 1 2 0 0 1 2 0 0 3 4- Y e a r K n o c k d o w n 1 1 / 2 8 / 8 3 5 / 1 5 / 8 9 1 2 / 5 / 8 9 4 / 3 0 / 9 9 1 2 / 2 3 / 0 0 6 / 3 0 / 0 1 1 / 8 / 0 3 2 / 3 / 0 4 7 / 9 / 0 5 5- Y e a r R u l e N A N A N A 4 / 3 0 / 0 0 1 2 / 2 3 / 0 1 6 / 3 0 / 0 2 1 / 8 / 0 4 2 / 3 / 0 5 7 / 9 / 0 6 De c e r t i f i c a t i o n 4 0 5 4 3 1 2 / 3 1 / 1 2 1 2 / 3 1 / 1 3 1 2 / 3 1 / 2 3 1 2 / 3 1 / 2 4 1 2 / 3 1 / 2 4 1 2 / 3 1 / 2 6 1 0 / 2 5 / 1 0 6 / 1 1 / 1 1 Or i g i n a l T a x R a t e 9 7 . 8 7 6 % 8 1 . 3 0 5 % 8 1 . 3 0 5 % 1 1 1 . 7 8 9 % 1 1 0 . 5 8 1 % 1 1 2 . 6 1 8 % 1 1 8 . 6 4 5 % 1 2 9 . 7 6 0 % 1 2 8 . 6 0 6 % Or i g i n a l T a x C a p a c i t y V a l u e 4 , 2 6 6 7 0 8 9 8 2 , 5 2 3 3 , 0 0 0 1 5 7 , 3 1 1 2 , 5 0 0 6 1 2 5 2 1 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y 41 , 8 0 7 5 2 , 7 7 9 4 6 , 2 2 8 3 3 , 7 7 6 2 6 , 0 0 5 5 1 3 , 9 1 6 5 1 , 0 0 3 3 9 , 8 4 6 1 1 , 8 8 2 Pa r c e l s 98 3 2 1 2 5 8 1 1 1 Ci t y N u m b e r 1 - 2 9 1 - 3 0 1 - 3 1 1 - 3 3 1 - 3 4 1 - 3 5 1 - 3 6 1 - 3 7 1 - 3 8 Co u n t y N u m b e r 6 2 9 6 3 0 6 3 1 6 3 3 6 3 4 6 3 5 6 3 6 6 3 7 6 3 8 Na m e Fr o n t P o r c h As s o c i a t e s Ce n t r a l M N Ho u s i n g Pa r t n e r s h i p Ul t r a M a c h i n i n g Co m p a n y Ta p p e r s Ho l d i n g s L L C Mo n t i c e l l o In t e r c h a n g e La n d m a r k Sq u a r e I I Ro c k y M o u n t a i n Gr o u p SL R e a l E s t a t e Ho l d i n g s Walker Ty p e H o u s i n g H o u s i n g Ec o n o m i c De v e l o p m e n t Ec o n o m i c De v e l o p m e n t Re n e w a l a n d Re n o v a t i o n Re d e v e l o p m e n t Ec o n o m i c De v e l o p m e n t Ec o n o m i c De v e l o p m e n t Economic Development Es t a b l i s h e d 3 / 1 5 / 0 2 6 / 2 4 / 0 2 8 / 1 2 / 0 2 2 / 2 8 / 0 5 9 / 1 2 / 0 5 9 / 1 2 / 0 5 8 / 2 2 / 0 5 4 / 2 4 / 0 6 4 / 1 1 / 0 7 Ce r t i f i c a t i o n R e q u e s t e d 6 / 1 4 / 0 2 6 / 2 8 / 0 2 1 2 / 2 7 / 0 2 6 / 2 9 / 0 5 1 2 / 2 9 / 0 5 1 2 / 2 9 / 0 5 1 2 / 3 0 / 0 5 7 / 1 9 / 0 6 1 0 / 1 / 0 7 Ce r t i f i e d 8 / 2 2 / 0 2 8 / 2 2 / 0 2 6 / 4 / 0 3 8 / 4 / 0 5 8 / 1 / 0 6 8 / 1 / 0 6 8 / 1 / 0 6 4 / 1 6 / 0 7 1 0 / 1 / 0 7 Ye a r o f F i r s t I n c r e m e n t 2 0 0 4 2 0 0 4 2 0 0 4 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 7 2 0 0 8 2 0 0 9 4- Y e a r K n o c k d o w n 8 / 2 2 / 0 6 8 / 2 2 / 0 6 6 / 4 / 0 7 8 / 1 / 1 2 8 / 1 / 1 2 8 / 1 / 1 2 8 / 1 / 1 2 8 / 1 / 1 2 8 / 1 / 1 2 5- Y e a r R u l e 8 / 2 2 / 0 7 8 / 2 2 / 0 7 6 / 4 / 0 8 8 / 4 / 1 0 8 / 1 / 1 6 8 / 1 / 1 6 8 / 1 / 1 1 4 / 1 6 / 1 2 1 0 / 1 / 1 2 De c e r t i f i c a t i o n 1 2 / 3 1 / 2 9 1 2 / 3 1 / 2 9 1 2 / 3 1 / 1 2 1 2 / 3 1 / 1 4 1 2 / 3 1 / 2 2 1 2 / 3 1 / 3 3 1 2 / 3 1 / 1 5 7 / 1 9 / 1 5 7 / 1 4 / 1 6 Or i g i n a l T a x R a t e 1 4 5 . 8 5 9 % 1 4 5 . 8 5 9 % 1 3 7 . 4 5 7 % 1 2 2 . 1 1 1 % 1 1 0 . 2 9 7 % 1 1 0 . 2 9 7 % 1 1 0 . 2 9 7 % 9 9 . 2 6 9 % 1 0 6 . 3 6 4 % Or i g i n a l T a x C a p a c i t y V a l u e 1 , 1 6 2 1 , 9 1 8 1 1 5 3 6 , 6 8 8 4 7 , 8 9 7 3 , 4 0 9 4 , 3 5 4 1 , 6 1 4 1 , 7 8 1 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y 33 , 2 7 8 1 5 , 7 0 3 7 5 , 2 6 8 5 9 , 5 8 2 3 0 7 , 6 6 2 3 , 4 4 2 6 7 , 7 3 6 2 6 , 6 7 4 1 3 , 6 7 4 Pa r c e l s 1 8 1 1 1 1 1 1 11 1 1 6Management Plan Ex e c u t i v e S u m m a r y Th e p l a n f o r m a n a g i n g T I F d i s t r i c t s i n M o n t i c e l l o c o n - si s t s o f t w o s e c t i o n s . T h e f o l l o w i n g s e c t i o n c o n t a i n s a n ov e r a l l m a n a g e m e n t p l a n . I t p r e s e n t s s t r a t e g i e s a n d is s u e s t h a t a p p l y t o a l l T I F d i s t r i c t s . T h e s e c o n d s e c - ti o n c o n t a i n s a s u m m a r y f o r e a c h T I F d i s t r i c t . T h e d i s - tr i c t s u m m a r i e s p r e s e n t i n f o r m a t i o n a n d m a n a g e m e n t st r a t e g i e s f o r t h e u n i q u e f a c t o r s o f e a c h d i s t r i c t . Mo n t i c e l l o T I F d i s t r i c t s f a l l i n t o t h r e e b r o a d c a t e g o r i e s : 1. P r e - 1 9 9 0 . 2. P o s t - 1 9 9 0 w i t h s o u n d ﬁ n a n c e p l a n s . 3. P o s t - 1 9 9 0 w i t h m a n a g e m e n t i s s u e s . Pr e - 1 9 9 0 D i s t r i c t s Mo n t i c e l l o h a s t h r e e T I F d i s t r i c t s e s t a b l i s h e d p r i o r t o 19 9 0 . T h i s t i m i n g i s i m p o r t a n t b e c a u s e t h e s e d i s t r i c t s ar e n o t e n c u m b e r e d b y t h e l i m i t a t i o n s o n p o o l i n g a n d th e 5 - y e a r r u l e ( s e e d i s c u s s i o n l a t e r i n t h i s s e c t i o n ) . Th e p r e - 1 9 9 0 d i s t r i c t s a r e 1 - 2 , 1 - 5 a n d 1 - 6 . F o r e a c h o f th e s e d i s t r i c t s , t h e d e c i s i o n f a c i n g t h e E D A i s w h e t h e r th e s e d i s t r i c t s s h o u l d b e d e c e r t i ﬁ e d o r t h e r e m a i n i n g re s o u r c e s s h o u l d b e u s e d f o r p u b l i c p u r p o s e s a s a l - lo w e d b y t h e T I F p l a n s a n d S t a t e L a w . Po s t 1 9 9 0 - S o u n d P l a n s Th e m a j o r i t y o f e x i s t i n g T I F d i s t r i c t s w e r e e s t a b l i s h e d aft e r 1 9 9 0 . T h e s t a t u t o r y f r a m e w o r k f o r t h e s e d i s t r i c t s ge n e r a l l y l i m i t s t h e a b i l i t y t o u s e t h e m b e y o n d t h e i r or i g i n a l p u r p o s e s . T I F d i s t r i c t s w i t h “ s o u n d p l a n s ” ha v e t a x i n c r e m e n t r e v e n u e s t h a t a r e p r o j e c t e d t o b e su ffi c i e n t t o m e e t o b l i g a t i o n s a g a i n s t t h e d i s t r i c t s . Th e s e o b l i g a t i o n s a r e e i t h e r n o t e s w i t h d e v e l o p e r s o r in t e r n a l l o a n s . I n s o m e c a s e s , t h e p r o j e c t e d t a x i n c r e - me n t s h o w s t h a t t h e d i s t r i c t c a n b e d e c e r t i ﬁ e d p r i o r t o th e ﬁ n a l d a t e i n t h e T I F p l a n . D i s t r i c t s i n t h i s c a t e g o r y ar e 1 - 1 9 , 1 - 2 0 , 1 - 2 4 , 1 - 2 6 , 1 - 2 8 , 1 - 2 9 , 1 - 3 0 , 1 - 3 1 , 1 - 3 3 , 1- 3 4 , 1 - 3 7 , a n d 1 - 3 8 . Po s t 1 9 9 0 - M a n a g e m e n t I s s u e s Wh i l e t h e m a j o r i t y o f t h e C i t y ’ s T I F d i s t r i c t s a r e i n go o d ﬁ n a n c i a l c o n d i t i o n , t h r e e o f t h e d i s t r i c t s p r e s e n t im p o r t a n t ﬁ n a n c i a l m a n a g e m e n t i s s u e s . Di s t r i c t 1 - 2 2 Th e D o w n t o w n T I F D i s t r i c t i s t h e l a r g e s t a n d m o s t co m p l e x . S t a t u t o r y r e s t r i c t i o n s o n p o o l i n g a n d t h e 5- y e a r r u l e l i m i t t h e a b i l i t y t o u s e e x i s t i n g f u n d b a l - an c e s a n d f u t u r e t a x i n c r e m e n t s . T h e m a n a g e m e n t pl a n f o r t h i s d i s t r i c t d e s c r i b e s s t r a t e g i e s f o r m a k i n g t h e mo s t e ff e c t i v e u s e o f t h e s e r e s o u r c e s . Di s t r i c t 1 - 3 5 Th i s d i s t r i c t c o n s i s t s o f t w o p a r c e l s t h a t w e r e r e m o v e d fr o m t h e o r i g i n a l D o w n t o w n d i s t r i c t ( 1 - 2 2 ) a n d m a d e in t o a n e w r e d e v e l o p m e n t d i s t r i c t . T h e d e v e l o p m e n t an t i c i p a t e d i n t h i s d i s t r i c t h a s n o t o c c u r r e d . I t i s i m - po r t a n t t h a t t h e E D A f a c i l i t a t e r e d e v e l o p m e n t w i t h i n th e c o n s t r a i n t s o f t h e e x i s t i n g T I F d i s t r i c t . T h e f a c t o r s th a t e n a b l e d t h e c r e a t i o n o f t h e d i s t r i c t h a v e b e e n r e - mo v e d . I t w o u l d b e d i ffi c u l t t o e s t a b l i s h a n e w T I F di s t r i c t t o t a k e t h e p l a c e o f 1 - 3 5 . Di s t r i c t 1 - 3 6 Th i s d i s t r i c t i s a s i n g l e p a r c e l e c o n o m i c d e v e l o p m e n t di s t r i c t . T h e p r o j e c t i o n s i n t h i s r e p o r t s h o w t h a t e s - ti m a t e d t a x i n c r e m e n t r e v e n u e s w i l l n o t b e a d e q u a t e to r e p a y t h e i n t e r f u n d l o a n u s e d f o r t h i s p r o j e c t . T h e Di s t r i c t a l s o r u n s a n e g a t i v e f u n d b a l a n c e o v e r i t s l i f e . 7Management Plan Re g u l a t o r y F r a m e w o r k Th e c h a l l e n g e o f e ff e c t i v e l y m a n a g i n g T I F d i s t r i c t s co m e s f r o m a c o m p l e x r e g u l a t o r y f r a m e w o r k . T h e u s e of t a x i n c r e m e n t s f o r a n y d i s t r i c t i s g o v e r n e d b y f o u r di s t i n c t f a c t o r s : 1. S t a t e L a w a t t h e t i m e t h e d i s t r i c t i s c r e a t e d . 2. C u r r e n t S t a t e L a w . 3. A d o p t e d p l a n f o r t h e T I F d i s t r i c t . 4. D e v e l o p m e n t a g r e e m e n t . Ta x i n c r e m e n t ﬁ n a n c i n g i s g o v e r n e d b y a c o m p l e x s e t of s t a t u t e s t h a t h a v e c h a n g e d o v e r t i m e . A n i m p o r t a n t nu a n c e o f T I F i s t h e r e l e v a n c e o f t h e l a w s i n e x i s t e n c e at t h e t i m e t h e d i s t r i c t i s e s t a b l i s h e d . T h e s e l a w s e s t a b - li s h t h e m a j o r i t y o f c r i t i c a l c r i t e r i a f o r t h e u s e o f t a x i n - cr e m e n t f r o m a d i s t r i c t . M o s t a s p e c t s f o r t h e o n - g o i n g us e o f t a x i n c r e m e n t s f r o m a d i s t r i c t a r e g o v e r n e d b y th e s t a t u t e s i n e ff e c t w h e n t h e d i s t r i c t i s e s t a b l i s h e d . Am o n g t h e s e f a c t o r s a r e : • A b i l i t y t o s p e n d m o n e y o u t s i d e o f t h e T I F d i s t r i c t (p o o l i n g ) • A p p l i c a t i o n o f t h e 5 - y e a r r u l e . • L i m i t a t i o n s o n a d m i n i s t r a t i v e e x p e n s e . Th e i m p l i c a t i o n s o f t h e s e f a c t o r s a r e d i s c u s s e d i n t h i s se c t i o n a n d i n t h e i n d i v i d u a l d i s t r i c t s u m m a r i e s . Cu r r e n t S t a t e L a w s e t s t h e p a r a m e t e r s f o r c r e a t i n g ne w T I F d i s t r i c t s . T h e p r i m a r y o n - g o i n g i n ﬂ u e n c e o f cu r r e n t s t a t u t e s r e l a t e s t o r e p o r t i n g r e q u i r e m e n t s f o r di s t r i c t s . A l l d i s t r i c t s , r e g a r d l e s s o f w h e n c r e a t e d , a r e su b j e c t t o t h e s a m e a n n u a l r e p o r t i n g . Wi t h i n s t a t u t o r y c o n s t r a i n t s , t h e C i t y s e t s t h e p a r a m - et e r s f o r t h e u s e o f t a x i n c r e m e n t ﬁ n a n c i n g i n t h e T I F pl a n . T a x i n c r e m e n t s c a n n o t b e u s e d f o r p u r p o s e s n o t au t h o r i z e d i n t h e p l a n . T h e a m o u n t o f s p e n d i n g c a n - no t e x c e e d t h e e s t i m a t e d p r o j e c t c o s t s c o n t a i n e d i n t h e pl a n . T h e C i t y c a n n o t i n c u r b o n d e d i n d e b t e d n e s s u n - le s s s o a u t h o r i z e d b y t h e p l a n a n d t h e a m o u n t o f d e b t ca n n o t e x c e e d l i m i t s s e t i n t h e p l a n . T h e p l a n a l s o s e t s th e m a x i m u m p e r i o d o f t i m e t h e C i t y c a n c o l l e c t t a x in c r e m e n t f r o m t h e d i s t r i c t . Th i s r e p o r t c o n t a i n s m a n y o f t h e k e y m a n a g e m e n t e l e - me n t s f r o m t h e T I F p l a n s . D i r e c t r e f e r e n c e t o t h e a c t u - al p l a n s h o u l d b e m a d e b e f o r e m a k i n g c h a n g e s o r a u - th o r i z i n g n e w u s e s o f t a x i n c r e m e n t f r o m a n y d i s t r i c t . Th e d e v e l o p m e n t a g r e e m e n t i s t h e ﬁ n a l p i e c e o f t h e re g u l a t o r y f r a m e w o r k . A d e v e l o p m e n t a g r e e m e n t d e - ﬁ n e s t h e f a c t o r s t h a t c o n t r o l t h e u s e o f T I F f o r s p e c i ﬁ c pr o j e c t s . T h e a g r e e m e n t d e s c r i b e s t h e a c t i o n s t o b e ta k e n b y t h e d e v e l o p e r . I f t h e s e a c t i o n s a r e c o m p l e t e d , th e C i t y a g r e e s t o u s e T I F t o p a y f o r c e r t a i n c o s t s o f de v e l o p m e n t . Mo n t i c e l l o u s e s t w o b a s i c a p p r o a c h e s t o p a y f o r p r o j - ec t c o s t s : i n t e r f u n d l o a n s a n d d e v e l o p e r n o t e s . A n in t e r f u n d l o a n i s a m e a n s f o r u s i n g E D A r e s e r v e s ( o r ot h e r f u n d s ) t o p r o v i d e i m m e d i a t e a s s i s t a n c e t o a p r o j - ec t . T a x i n c r e m e n t s a r e u s e d t o r e p a y t h e l o a n w i t h in t e r e s t . W i t h a d e v e l o p e r n o t e , t h e C i t y a g r e e s t o re i m b u r s e a d e v e l o p e r f o r s p e c i ﬁ c p r o j e c t c o s t s . T h e ty p i c a l d e v e l o p m e n t a g r e e m e n t u s e s a s p e c i ﬁ e d p e r - ce n t a g e o f a n n u a l t a x i n c r e m e n t f r o m t h e d i s t r i c t ( o r sp e c i ﬁ e d p a r c e l s i n t h e d i s t r i c t ) t o r e p a y t h e d e v e l o p e r at a s t a t e d r a t e o f i n t e r e s t o n t h e u n p a i d b a l a n c e . T h i s ap p r o a c h i s a l s o c a l l e d “ p a y - a s - y o u - g o ” . 8Management Plan Ov e r a l l M a n a g e m e n t S t r a t e g y Wh i l e t h e f o c u s o f t h i s r e p o r t i s o n t h e m a n a g e m e n t o f ex i s t i n g T I F d i s t r i c t s , t h e p r o c e s s o f r e v i e w i n g e x i s t - in g d i s t r i c t s i d e n t i ﬁ e d t h e n e e d t o d e s c r i b e a n o v e r a l l st r a t e g y f o r t h e o n g o i n g m a n a g e m e n t o f T I F d i s t r i c t s . Mu c h o f t h e r e c o m m e n d e d s t r a t e g y i s b a s e d o n e x i s t - in g p r a c t i c e s e m p l o y e d b y t h e C i t y . T h e p u r p o s e o f in c l u d i n g t h i s i n f o r m a t i o n i s t o c l e a r l y i d e n t i f y a n d i n - st i t u t i o n a l i z e t h e s e p r a c t i c e s . TI F R e c o r d B o o k s Im m e d i a t e l y p r e c e d i n g t h i s s t u d y , t h e C i t y u n d e r t o o k a r e c o r d s m a n a g e m e n t p r o j e c t . T h i s p r o j e c t o r g a n i z e d th e d o c u m e n t s f o r e a c h T I F d i s t r i c t i n t o a s e t o f r e c o r d bo o k s . T h e u s e o f r e c o r d b o o k s h a s b e e n p a r t C i t y p r a c - ti c e f o r n e w d i s t r i c t s i n r e c e n t y e a r s . T h e r e a l v a l u e o f TI F r e c o r d b o o k s c o m e s f r o m m a k i n g t h e m t h e c e n t r a l re p o s i t o r y o f a l l d o c u m e n t a n d r e p o r t i n g r e l a t e d t o t h e TI F d i s t r i c t . I m p o r t a n t d o c u m e n t s s h o u l d b e a d d e d t o th e r e c o r d b o o k s o v e r t h e l i f e o f t h e d i s t r i c t . Co o r d i n a t i o n W i t h W r i g h t C o u n t y Th e C o u n t y i s a c r i t i c a l p l a y e r i n t h e m a n a g e m e n t o f TI F d i s t r i c t s . T h e p r o c e s s o n l y b e g i n s w i t h t h e r e q u e s t fo r c e r t i ﬁ c a t i o n o f a d i s t r i c t . I m p o r t a n t e l e m e n t s o f t h e re l a t i o n s h i p w i t h t h e C o u n t y i n c l u d e : • C e r t i ﬁ c a t i o n I n f o r m a t i o n . I t i s t h e C i t y ’ s r e s p o n s i - bi l i t y t o r e v i e w , t h e O r i g i n a l T a x C a p a c i t y v a l u e , th e O r i g i n a l T a x R a t e a n d t h e p a r c e l l i s t i n g t o e n - su r e t h a t t h e d i s t r i c t i s p r o p e r l y e s t a b l i s h e d . • C h a n g e s i n t h e O r i g i n a l T a x C a p a c i t y V a l u e . T h e Or i g i n a l T a x C a p a c i t y v a l u e m a y c h a n g e f r o m t h e va l u e i n i t i a l l y c e r t i ﬁ e d b y t h e C o u n t y . I n r e a l i t y , th e C o u n t y s e t s t h e b a s e v a l u e o f t h e d i s t r i c t u s i n g th e E s t i m a t e d M a r k e t V a l u e o f t h e p a r c e l s i n t h e Di s t r i c t . T h e O r i g i n a l T a x C a p a c i t y v a r i e s a c c o r d - in g t o t h e p r o p e r t y c l a s s i ﬁ c a t i o n o f t h e p a r c e l s . • P a r c e l I d e n t i ﬁ c a t i o n N u m b e r s . A n n e x a t i o n , p l a t - ti n g a n d p a r c e l s p l i t s m a y a l t e r p a r c e l i d e n t i ﬁ c a - ti o n n u m b e r s a ft e r c e r t i ﬁ c a t i o n o f t h e d i s t r i c t . T h e Ci t y s h o u l d a n n u a l l y r e v i e w p a r c e l s n u m b e r s f o r ea c h d i s t r i c t t o t r a c k a n d v e r i f y d i s t r i c t b o u n d a r i e s . Ch a n g e s i n p a r c e l n u m b e r s s h o u l d b e n o t e d i n t h e TI F r e c o r d b o o k . • K n o c k d o w n . M o n i t o r i n g p a r c e l i d e n t i ﬁ c a t i o n nu m b e r s a l s o a l l o w s t h e C i t y t o t r a c k t h e v a l u e pa r c e l s t h a t h a v e b e e n r e m o v e d t h r o u g h “ k n o c k - do w n ” r e q u i r e m e n t s ( s e e K n o c k d o w n l a t e r i n t h i s se c t i o n ) . A t t h e e n d o f t h e k n o c k d o w n p e r i o d , t h e Ci t y s h o u l d i n f o r m t h e C o u n t y o f t h e p a r c e l s ( i f an y ) t h a t a r e s u b j e c t t o k n o c k d o w n . T h i s a p p r o a c h en s u r e s t h a t p a r c e l s a r e n o t i n c o r r e c t l y r e m o v e d fr o m t h e d i s t r i c t . I t a l s o p l a c e s t h e C i t y i n a g o o d po s i t i o n t o k n o w t h e r e l e v a n t p a r c e l s , m o n i t o r a c - ti v i t y o n e a c h p a r c e l a n d t o s e e k r e s t o r a t i o n o f t h e va l u e a t t h e e a r l i e s t o p p o r t u n i t y . Ad m i n i s t r a t i v e E x p e n s e Sp e c i a l a tt e n t i o n s h o u l d b e g i v e n t o a c c o u n t i n g f o r ad m i n i s t r a t i v e e x p e n s e . T h e p u r p o s e o f t h i s s t r a t e g y is t w o - f o l d . F i r s t , i t a l l o w s t h e C i t y t o m o n i t o r c o m - pl i a n c e w i t h s t a t u t o r y l i m i t a t i o n s ( s e e A d m i n i s t r a t i v e Ex p e n s e l a t e r i n t h i s s e c t i o n ) . S e c o n d , a c c o u n t i n g f o r ad m i n i s t r a t i v e e x p e n s e i s n e e d e d t o d e t e r m i n e t h e c a - pa c i t y f o r s p e n d i n g t a x i n c r e m e n t s o u t s i d e o f t h e T I F di s t r i c t ( s e e P o o l i n g l a t e r i n t h i s s e c t i o n ) . De v e l o p m e n t A g r e e m e n t s Wh i l e e a c h d e v e l o p m e n t a g r e e m e n t i s u n i q u e , t h e y a l l sh a r e t h e n e e d f o r c l e a r r e c o r d k e e p i n g . A m o n g t h e it e m s t o t r a c k f o r e a c h a g r e e m e n t a r e : 9Management Plan • D o c u m e n t a t i o n o f d e v e l o p e r e x p e n d i t u r e s f o r it e m s e l i g i b l e f o r r e i m b u r s e m e n t w i t h T I F . • D o c u m e n t a t i o n o f d e v e l o p e r c o m p l i a n c e w i t h o t h - er e l e m e n t s o f a g r e e m e n t n e e d e d t o r e c e i v e r e i m - bu r s e m e n t . • E s t a b l i s h m e n t o f d a t e ( s ) f o r a c c r u a l o f i n t e r e s t u n - de r d e v e l o p e r n o t e a n d c a l c u l a t i o n o f a d d i t i o n a l pr i n c i p a l f r o m a c c r u e d i n t e r e s t . • O n g o i n g a m o r t i z a t i o n o f d e v e l o p e r n o t e . An n u a l R e p o r t i n g Th i s r e p o r t o n t h e M a n a g e m e n t P l a n f o r T I F D i s t r i c t s sh o u l d n o t b e v i e w e d a s s i m p l y t h e ﬁ n d i n g s o f t h e r e - vi e w p r o c e s s . T h i s r e p o r t i s i n t e n d e d t o b e t h e f o u n - da t i o n f o r o n g o i n g m a n a g e m e n t o f T I F d i s t r i c t s . A n im p o r t a n t r e c o m m e n d a t i o n o f t h i s r e p o r t i s t o e x p a n d th e a n n u a l r e p o r t i n g r e q u i r e d b y S t a t e L a w t o i n c l u d e th e u p d a t i n g o f t h e p r o ﬁ l e s f o r e a c h T I F d i s t r i c t . T h i s pr o c e s s s h o u l d o c c u r i n t h e S p r i n g o f e a c h y e a r i n c o n - ju n c t i o n w i t h t h e a n n u a l a u d i t a n d t h e p r e p a r a t i o n o f th e s t a t u t o r y r e p o r t s . T h i s t i m i n g a l s o c o i n c i d e s w i t h th e a v a i l a b i l i t y o f p r o p e r t y v a l u e a n d t a x r a t e i n f o r m a - ti o n f r o m t h e C o u n t y . Th e a n n u a l u p d a t e o f d i s t r i c t p r o ﬁ l e s c r e a t e s a p r o - ce s s f o r m o n i t o r i n g t h e f a c t o r s d e s c r i b e d i n t h e p r e v i - ou s s e c t i o n , i n c l u d i n g p a r c e l s i n d i s t r i c t , O r i g i n a l T a x Ca p a c i t y v a l u e a n d s t a t u s o f o u t s t a n d i n g o b l i g a t i o n s . Th e u p d a t i n g p r o c e s s a l s o a l l o w s t h e E D A t o t a k e a pr o a c t i v e a p p r o a c h w i t h T I F m a n a g e m e n t . P l a n n i n g be g i n s p r i o r t o b u d g e t i n g f o r t h e n e x t ﬁ s c a l y e a r . D e - ci s i o n s a b o u t d i s t r i c t d e c e r t i ﬁ c a t i o n c a n b e m a d e i n a ti m e f r a m e t h a t m a k e s t h e d i s t r i c t v a l u e a v a i l a b l e f o r ge n e r a l t a x a t i o n i n t h e n e x t y e a r . St a t u t o r y F a c t o r s Se v e r a l e l e m e n t s o f S t a t e L a w a r e p a r t i c u l a r l y r e l e v a n t to t h e o n g o i n g m a n a g e m e n t o f T I F d i s t r i c t s . Ad m i n i s t r a t i v e E x p e n s e Ad m i n i s t r a t i v e e x p e n s e m a y n o t e x c e e d t h e l e s s e r 1 0 % of t h e t o t a l e s t i m a t e d t a x i n c r e m e n t e x p e n d i t u r e s a u - th o r i z e d b y t h e T I F p l a n o r 1 0 % o f t h e t o t a l t a x i n c r e - me n t s f r o m t h e d i s t r i c t ( e x c l u d i n g a n y e x c e s s t a x e s u n - de r 4 6 9 . 1 7 7 ) . A n e x a m p l e o f e x c e s s t a x e s i s t h e t a x e s pa i d f r o m c a p t u r e d t a x c a p a c i t y p r o d u c e d b y a l o c a l ta x r a t e t h a t e x c e e d s t h e o r i g i n a l t a x r a t e f o r t h e d i s - tr i c t . T h i s r u l e a p p l i e s t o a l l d i s t r i c t s r e q u e s t i n g c e r t i - ﬁ c a t i o n s a ft e r J u l y 3 1 , 2 0 0 1 . A s l i g h t l y d i ff e r e n t l i m i t a t i o n a p p l i e s t o o l d e r d i s t r i c t s . Th e r e s t r i c t i o n o n e x c e s s t a x e s d o e s n o t a p p l y . A d m i n - is t r a t i v e e x p e n s e c a n n o t e x c e e d 1 0 % o f t h e l e s s e r o f t h e to t a l e s t i m a t e d t a x i n c r e m e n t e x p e n d i t u r e s a u t h o r i z e d by t h e T I F p l a n o r 1 0 % o f t h e t o t a l t a x i n c r e m e n t s f o r th e p r o j e c t . T h i s l i m i t a t i o n a p p l i e s t o D i s t r i c t 1 - 2 8 a n d ol d e r . In c r e m e n t s u s e d t o p a y c o u n t y a d m i n i s t r a t i v e e x p e n s e ar e n o t s u b j e c t t o t h e 1 0 % l i m i t o n a d m i n i s t r a t i v e e x - pe n s e ( 2 0 0 9 a m e n d m e n t t o t h e T I F A c t ) . Kn o c k D o w n A c u r r e n t l i s t i n g o f t h e p a r c e l s i n a T I F d i s t r i c t m a y no t m a t c h t h e p a r c e l s i n t h e T I F P l a n . M i s s i n g p a r c e l s ma y h a v e b e e n r e m o v e d t h r o u g h t h e “ k n o c k d o w n ru l e ” . S t a t e L a w ( M . S . 4 6 9 . 1 7 6 , S u b d . 6 ) r e q u i r e s c e r - ta i n a c t i v i t i e s t o o c c u r o n e a c h p a r c e l i n t h e T I F d i s t r i c t wi t h i n f o u r y e a r s o f c e r t i ﬁ c a t i o n . T h e s e a c t i v i t i e s a r e : • D e m o l i t i o n , r e h a b i l i t a t i o n , o r r e n o v a t i o n o f p r o p - er t y . 10Management Plan • Q u a l i ﬁ e d i m p r o v e m e n t o f a s t r e e t a d j a c e n t t o a pa r c e l b u t n o t i n s t a l l a t i o n o f u t i l i t y s e r v i c e i n c l u d - in g s e w e r o r w a t e r s y s t e m s . • O t h e r s i t e p r e p a r a t i o n . Th e v a l u e o f p a r c e l s t h a t f a i l t h i s t e s t a r e r e m o v e d f r o m th e t a x i n c r e m e n t c a l c u l a t i o n s f o r t h e d i s t r i c t . S t a t e La w r e q u i r e s t h e E D A t o p r o v i d e t h e C o u n t y w i t h ev i d e n c e r e l a t e d t o q u a l i f y i n g a c t i v i t y o n e a c h p a r c e l by F e b r u a r y 1 o f t h e y e a r f o l l o w i n g e n d o f t h e k n o c k do w n p e r i o d . It i s i m p o r t a n t t o n o t e t h a t t h e p a r c e l s a r e n o t r e m o v e d fr o m t h e d i s t r i c t . P a r c e l s t h a t a r e k n o c k e d d o w n c a n be r e s t o r e d t o t h e d i s t r i c t w h e n t h e E D A c e r t i ﬁ e s t o th e C o u n t y A u d i t o r t h a t q u a l i f y i n g a c t i v i t y h a s c o m - me n c e d . T h e v a l u e t h a t i s r e s t o r e d t o t h e O r i g i n a l T a x Ca p a c i t y i s t h e m o s t r e c e n t t a x c a p a c i t y v a l u e o f t h e pa r c e l . In 2 0 0 9 , t h e L e g i s l a t u r e e x t e n d e d t h e k n o c k d o w n p e - ri o d f o r c e r t i ﬁ e d o n o r a ft e r J a n u a r y 1 , 2 0 0 5 , a n d b e f o r e Ap r i l 2 0 , 2 0 0 9 , F o r t h e s e d i s t r i c t s , t h e p e r i o d i s e x t e n d - ed f r o m f o u r t o s i x y e a r s . T h i s c h a n g e s a ff e c t s D i s t r i c t s 1- 3 3 , 1 - 3 4 , 1 - 3 5 , 1 - 3 6 , 1 - 3 7 a n d 1 - 3 8 . Po o l i n g Po o l i n g i s t h e a b i l i t y t o s p e n d t a x i n c r e m e n t s o u t s i d e of t h e T I F d i s t r i c t . L i m i t s o n p o o l i n g w e r e a d o p t e d b y th e L e g i s l a t u r e i n 1 9 9 0 a n d a p p l y t o d i s t r i c t s r e q u e s t - in g c e r t i ﬁ c a t i o n a ft e r M a y 1 , 1 9 8 8 . O n l y d i s t r i c t s 1 - 2 , 1- 5 a n d 1 - 6 a r e e x e m p t f r o m t h e r e s t r i c t i o n s o n p o o l - in g . Re d e v e l o p m e n t d i s t r i c t s a r e s u b j e c t t o a 2 5 % l i m i t a - ti o n . T h e l i m i t f o r a l l o t h e r T I F d i s t r i c t s i s 2 0 % . T h e po o l i n g l i m i t i s c a l c u l a t e d b a s e d o n t o t a l r e v e n u e d e - ri v e d f r o m t a x i n c r e m e n t . Ad m i n i s t r a t i v e e x p e n s e a p p l i e s t o t h i s r e s t r i c t i o n . T h e am o u n t t h a t c a n b e s p e n t o u t s i d e o f t h e T I F d i s t r i c t i s ne t o f a d m i n i s t r a t i v e e x p e n s e . Ti m i n g i s a n i m p o r t a n t f a c t o r i n e v a l u a t i n g t h e p o t e n - ti a l f o r e x p e n d i t u r e s o u t s i d e o f a T I F d i s t r i c t . T h e o p - po r t u n i t y f o r p o o l i n g e x i s t s o n l y w h i l e t h e r e a r e o b l i - ga t i o n s t o b e p a i d f r o m t a x i n c r e m e n t s ( s e e F i v e Y e a r Ru l e b e l o w ) . O n c e a l l o b l i g a t i o n s h a v e b e e n p a i d , t h e di s t r i c t m u s t b e d e c e r t i ﬁ e d . A s p e c i a l e x e m p t i o n t o p o o l i n g e x i s t s f o r h o u s i n g T I F di s t r i c t s . T a x i n c r e m e n t s f r o m h o u s i n g T I F d i s t r i c t s ca n b e s p e n t o n o t h e r h o u s i n g p r o j e c t s ( a u t h o r i z e d i n th e T I F p l a n ) w i t h o u t r e g a r d t o l i m i t s o n p o o l i n g o r th e ﬁ v e y e a r r u l e . Fo r o t h e r t y p e s o f T I F d i s t r i c t s , t h e s t a t u t o r y p o o l i n g re s t r i c t i o n s a l l o w f o r a n i n c r e a s e b y u p t o 1 0 % i n t h e ou t o f d i s t r i c t e x p e n d i t u r e s t o p r o v i d e a s s i s t a n c e f o r qu a l i ﬁ e d l o w - i n c o m e h o u s i n g . S t a t e L a w s e t s f o r t h th e c r i t e r i a f o r d e t e r m i n i n g i f h o u s i n g q u a l i ﬁ e s f o r t h i s as s i s t a n c e . T h e T I F p l a n m u s t b e a m e n d e d t o a u t h o - ri z e e x p e n d i t u r e s . Fi v e Y e a r R u l e Th e ﬁ v e - y e a r r u l e i s o n e o f t h e m o s t i m p o r t a n t T I F ma n a g e m e n t l i m i t a t i o n s . I n s i m p l e t e r m s , t h e E D A ha s ﬁ v e y e a r s f r o m t h e d a t e o f c e r t i ﬁ c a t i o n t o s p e n d o r ob l i g a t e t a x i n c r e m e n t s . A ft e r t h i s t i m e p e r i o d p a s s e s , ta x i n c r e m e n t s c a n o n l y b e s p e n t o n p r i o r o b l i g a t i o n s , on a d m i n i s t r a t i v e e x p e n s e , o r o n a u t h o r i z e d e x p e n d i - tu r e s t h a t c o m p l y w i t h p o o l i n g r e s t r i c t i o n s . T h e p o o l - in g r e s t r i c t i o n s a p p l y r e g a r d l e s s o f w h e t h e r t h e t a x i n - cr e m e n t s a r e s p e n t i n s i d e o r o u t s i d e o f t h e T I F d i s t r i c t . In 2 0 0 9 , t h e L e g i s l a t u r e a d o p t e d a n e x e m p t i o n t o t h e ﬁ v e - y e a r r u l e . F o r a r e d e v e l o p m e n t d i s t r i c t o r a r e - 11Management Plan ne w a l a n d r e n o v a t i o n d i s t r i c t c e r t i ﬁ e d a ft e r J u n e 3 0 , 20 0 3 , a n d b e f o r e A p r i l 2 0 , 2 0 0 9 , t h e ﬁ v e - y e a r r u l e p e - ri o d i s e x t e n d e d t o t e n y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e di s t r i c t . T h i s c h a n g e s a ff e c t s D i s t r i c t s 1 - 3 4 a n d 1 - 3 5 . To a v o i d r e s t r i c t i o n u n d e r t h e ﬁ v e - y e a r r u l e , o n e o f t h e fo l l o w i n g a c t i o n s m u s t t a k e p l a c e w i t h i n ﬁ v e y e a r s o f ce r t i ﬁ c a t i o n o f t h e d i s t r i c t : 1. R e v e n u e s a r e a c t u a l l y p a i d t o a t h i r d p a r t y w i t h re s p e c t t o t h e a c t i v i t y . 2. B o n d s u s e d t o ﬁ n a n c e e l i g i b l e a c t i v i t i e s a r e i s s u e d an d s o l d t o a t h i r d p a r t y . T h e p r o c e e d s o f t h e b o n d s mu s t b e r e a s o n a b l y e x p e c t e d t o b e s p e n t b e f o r e t h e en d o f t h e l a t e r o f ( i ) t h e ﬁ v e - y e a r p e r i o d , o r ( i i ) a re a s o n a b l e t e m p o r a r y p e r i o d w i t h i n t h e m e a n i n g of t h e u s e o f t h a t t e r m u n d e r s e c t i o n 1 4 8 ( c ) ( 1 ) o f th e I n t e r n a l R e v e n u e C o d e , o r a r e d e p o s i t e d i n a re a s o n a b l y r e q u i r e d r e s e r v e o r r e p l a c e m e n t f u n d . 3. B i n d i n g c o n t r a c t s w i t h a t h i r d p a r t y a r e e n t e r e d in t o f o r p e r f o r m a n c e o f t h e a c t i v i t y b e f o r e o r w i t h - in ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e d i s t r i c t a n d th e r e v e n u e s a r e s p e n t u n d e r t h e c o n t r a c t u a l o b l i - ga t i o n . 4. C o s t s w i t h r e s p e c t t o t h e a c t i v i t y a r e p a i d b e f o r e or w i t h i n ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e d i s t r i c t an d t h e r e v e n u e s a r e s p e n t t o r e i m b u r s e a p a r t y f o r pa y m e n t o f t h e c o s t s , i n c l u d i n g i n t e r e s t o n u n r e i m - bu r s e d c o s t s . 5. E x p e n d i t u r e s a r e f o r s p e c i a l h o u s i n g a n d i n f r a - st r u c t u r e p u r p o s e s a u t h o r i z e d b y S t a t e L a w . Al l d i s t r i c t s w i t h t h e e x c e p t i o n o f 1 - 2 , 1 - 5 a n d 1 - 6 a r e su b j e c t t o t h e ﬁ v e - y e a r r u l e . D i s t r i c t s 1 - 1 9 t h r o u g h 1- 3 1 h a v e p a s s e d t h e ﬁ v e - y e a r p e r i o d a n d s u b j e c t t o th e s p e n d i n g l i m i t a t i o n s . De c e r t i f i c a t i o n Th e e v o l u t i o n o f S t a t e L a w g o v e r n i n g T I F h a s i n - cr e a s e d t h e i n c e n t i v e t o d e c e r t i f y d i s t r i c t s a t t h e e a r l i - es t o p p o r t u n i t y . T h e f a c t o r s t h a t i n ﬂ u e n c e t h e d e c e r t i - ﬁ c a t i o n d e c i s i o n i n c l u d e : • T h e ﬁ v e - y e a r r u l e a n d p o o l i n g l i m i t s r e s t r i c t t h e ab i l i t y t o u s e u n c o m m i tt e d t a x i n c r e m e n t s t o s u p - po r t o t h e r e n d e a v o r s . • T h e v a l u e o f d e c e r t i ﬁ e d T I F d i s t r i c t s b e c o m e s av a i l a b l e f o r g e n e r a l t a x a t i o n . T h e r e s u l t i s a l o w e r ta x r a t e . • E x c e s s t a x i n c r e m e n t s a r e s e n t t o t h e C o u n t y f o r re d i s t r i b u t i o n t o t a x i n g j u r i s d i c t i o n s . B a s e d o n t h e ta x r a t e f o r t a x e s p a y a b l e 2 0 0 9 , t h e C i t y w o u l d r e - ce i v e a p p r o x i m a t e l y $ 0 . 4 3 f o r e v e r y d o l l a r o f e x c e s s ta x i n c r e m e n t s ( T o t a l L o c a l T a x R a t e - 1 0 6 . 9 0 8 % , Ci t y T a x R a t e - 4 6 . 1 9 1 % ) . T h e s e m o n i e s r e t u r n e d to t h e C i t y f r e e o f t h e r e s t r i c t i o n s t h a t e n c u m b e r TI F . T h e r e d i s t r i b u t i o n o f e x c e s s t a x i n c r e m e n t s sh o u l d b e g i v e n t o t h e E D A a n d u s e d f o r e c o n o m i c or r e d e v e l o p m e n t p u r p o s e s n o t s u i t e d t o a n e w TI F d i s t r i c t . Th e m a x i m u m d u r a t i o n o f d i s t r i c t s 1 - 2 , 1 - 5 , 1 - 6 a n d 1- 1 9 c a n b e e x t e n d e d b y o n e y e a r o v e r t h e a m o u n t c u r - re n t l y s h o w n . H o u s i n g a n d r e d e v e l o p m e n t d i s t r i c t s ma y c o l l e c t i n c r e m e n t s f o r 2 5 y e a r s a ft e r t h e i n i t i a l re c e i p t o f i n c r e m e n t ( e ff e c t i v e l y 2 6 y e a r s ) . T h e s e d i s - tr i c t s w e r e e s t a b l i s h e d b e f o r e t h i s i n t e r p r e t a t i o n o f t h e TI F A c t . A n a m e n d m e n t t o t h e T I F p l a n s w o u l d b e ne e d e d t o e x t e n d t h e l i f e o f e a c h d i s t r i c t . Th e E D A i s f a m i l i a r w i t h t h e a c t i o n s r e q u i r e d t o d e - ce r t i f y a d i s t r i c t . O n e o f t h e m a n a g e m e n t s t r a t e g i e s in t h i s r e p o r t i s t o i d e n t i f y t a r g e t d e c e r t i ﬁ c a t i o n d a t e s an d m o n i t o r t h e ﬁ n a n c i a l c o n d i t i o n o f t h e d i s t r i c t s f o r de c e r t i ﬁ c a t i o n . 12Management Plan Ex p a n d e d T a x B a s e Th e d e c e r t i i f c a t i o n o f a T I F d i s t r i c t n o t o n l y a l l o w s t h e Ci t y t o b e n e ﬁ t f r o m t h e r e d i s t r i b u t i o n o f e x c e s s f u n d s , it a l s o a d d s t o t h e l o c a l t a x b a s e . T h e t a x c a p a c i t y v a l - ue c a p t u r e d b y t h e T I F d i s t r i c t b e c o m e s a v a i l a b l e f o r ge n e r a l t a x a t i o n . Th i s o u t c o m e i s p a r t i c u l a r l y i m p o r t a n t f o r D i s t r i c t 1- 2 2 . T h e r e m o v a l p a r c e l s d e s c r i b e d i n t h i s r e p o r t wo u l d a d d a p p r o x i m a t e l y $ 2 5 4 , 0 0 0 i n t a x c a p a c i t y t o th e C i t y ’ s t a x b a s e . A t t h e C i t y t a x r a t e f o r 2 0 0 9 , t h i s va l u e p r o d u c e s $ 1 1 7 , 0 0 0 i n p r o p e r t y t a x e s t o t h e C i t y . In d u s t r i a l L a n d A n a l y s i s On e o f t h e d e s i r e d o u t c o m e o f t h i s s t u d y w a s a n a n a l y - si s o f t h e u s e o f T I F t o w r i t e d o w n t h e c o s t o f l a n d f o r in d u s t r i a l d e v e l o p m e n t . T h i s a n a l y s i s c o n s i s t s o f t h e fo l l o w i n g e l e m e n t s : • A c q u i r i n g l a n d f o r i n d u s t r i a l d e v e l o p m e n t . • P r o v i d i n g i n f r a s t r u c t u r e n e e d e d t o s u p p o r t d e v e l - op m e n t . • R e s u l t i n g c o s t o f i m p r o v e d s i t e s w i t h o u t ﬁ n a n c i a l as s i s t a n c e . • A b i l i t y o f t a x i n c r e m e n t f r o m n e w d e v e l o p m e n t t o re d u c e t h e c o s t o f l a n d . Re c e n t d e v e l o p m e n t p r o j e c t s p r o v i d e s o m e , b u t n o t al l o f t h e i n f o r m a t i o n n e e d e d t o c o m p l e t e t h i s a n a l y - si s . T h e c r i t i c a l m i s s i n g i n f o r m a t i o n i s t h e c o s t o f i n - fr a s t r u c t u r e a tt r i b u t a b l e t o i n d u s t r i a l a r e a s . S t r e e t , sa n i t a r y s e w e r , w a t e r a n d s t o r m w a t e r i m p r o v e m e n t s ar e m a d e a n d ﬁ n a n c e d a s p a r t o f l a r g e r i m p r o v e m e n t pr o j e c t s . I m p r o v e m e n t c o s t s h a v e n o t b e e n s p e c i ﬁ c a l l y al l o c a t e d t o l o t s w i t h i n t h e O tt e r C r e e k B u s i n e s s P a r k . Wi t h o u t t h i s i n f o r m a t i o n , t h e r e a l c o s t o f l a n d a n d i m - pr o v e m e n t s t o a p o t e n t i a l u s e r s c a n n o t b e c a l c u l a t e d . Th i s a n a l y s i s s h o u l d b e u n d e r t a k e n b y t h e E D A i n t h e ne a r f u t u r e . T h e g u i d a n c e g a i n e d f r o m t h i s i n f o r m a - ti o n i s i m p o r t a n t f o r f u t u r e p l a n n i n g . P r o v i d i n g a d - eq u a t e l o c a t i o n s f o r i n d u s t r i a l d e v e l o p m e n t a n d t h e cr e a t i o n o f j o b s i s a n i m p o r t a n t o b j e c t i v e o f t h e C o m - pr e h e n s i v e P l a n . T h e a b i l i t y t o p r o v i d e a ff o r d a b l e d e - ve l o p m e n t s i t e s i s a c r i t i c a l e l e m e n t o f a s u c c e s s f u l j o b gr o w t h s t r a t e g y . 13District Summary Th e s e c o n d c o m p o n e n t o f t h e m a n a g e m e n t p l a n f o r Mo n t i c e l l o T I F d i s t r i c t s i s a n i n d i v i d u a l s u m m a r y f o r ea c h T I F d i s t r i c t . E a c h s u m m a r y c o n t a i n s t h e f o l l o w - in g i n f o r m a t i o n : 1. S p e c i ﬁ c m a n a g e m e n t r e c o m m e n d a t i o n s f o r t h e di s t r i c t . 2. K e y T I F m a n a g e m e n t d a t e s . 3. L i s t i n g o f p a r c e l s . 4. M a p o f d i s t r i c t b o u n d a r i e s 5. F i n a n c i a l p r o ﬁ l e , i n c l u d i n g p r i o r y e a r s e x p e n d i - tu r e s , d a t a f o r 2 0 0 8 a n n u a l ﬁ n a n c i a l r e p o r t a n d pr o j e c t i o n s f o r t h e r e m a i n i n g l i f e o f t h e d i s t r i c t . Th e p r o j e c t e d f u t u r e t a x i n c r e m e n t r e v e n u e i s b a s e d on c u r r e n t ( P a y 2 0 0 9 ) p r o p e r t y v a l u e s a n d t a x r a t e s . In v e s t m e n t e a r n i n g s a p p l y a 2 % i n t e r e s t r a t e t o t h e en d i n g b a l a n c e i n t h e p r e v i o u s y e a r . T h e s e f a c t o r s w i l l ch a n g e o v e r t h e l i f e o f t h e d i s t r i c t a n d a l t e r t h e ﬁ n a n - ci a l c o n d i t i o n o f t h e d i s t r i c t . 14District Summary Di s t r i c t 1 - 2 i s t h e o l d e s t d i s t r i c t i n M o n t i c e l l o . T h e Di s t r i c t w a s o r i g i n a l l y e s t a b l i s h e d f o r t h e r e d e v e l o p - me n t o f t h e M e t c a l f / L a r s o n l a w o ffi c e . O v e r t i m e , t h e TI F p l a n h a s b e e n m o d i ﬁ e d o n m u l t i p l e o c c a s i o n s t o br o a d e n i t s u s e f o r l a n d a c q u i s i t i o n a n d s i t e i m p r o v e - me n t s . T h e D i s t r i c t i s n o t s u b j e c t t o t h e l i m i t a t i o n s o f po o l i n g o r t h e ﬁ v e - y e a r r u l e . I t i s d u e t o b e d e c e r t i ﬁ e d by t h e e n d o f 2 0 1 0 . A l l o b l i g a t i o n s i n t h e D i s t r i c t h a v e be e n p a i d . Ma n a g e m e n t S t r a t e g i e s Op t i o n 1 - D e c e r t i f y Th e c o n s e r v a t i v e a p p r o a c h f o r t h e D i s t r i c t w o u l d b e to r e q u e s t d e c e r t i ﬁ c a t i o n . E x c e s s t a x i n c r e m e n t s ( i n - cl u d i n g t a x i n c r e m e n t s t o b e p a i d i n 2 0 0 9 ) w o u l d b e co n v e y e d t o t h e C o u n t y a n d r e d i s t r i b u t e d t o t h e t a x - in g j u r i s d i c t i o n s . Op t i o n 2 - U s e R e m a i n i n g R e s o u r c e s Pa s t m o d i ﬁ c a t i o n s s h o w t h a t t h e E D A h a s p l a n n e d f o r th e f u t u r e u s e o f r e v e n u e s f r o m D i s t r i c t 1 - 2 . T h e D i s - tr i c t c o u l d b e u s e d f o r t w o m o r e y e a r s b e f o r e d e c e r t i - ﬁ c a t i o n a s t h e e n d o f 2 0 1 0 ( T h e l i f e o f t h i s D i s t r i c t c a n be e x t e n d e d b y o n e y e a r ) . T h e p r o j e c t i o n s s h o w a n es t i m a t e d f u n d b a l a n c e o f $ 1 8 1 , 0 0 0 a t t h e e n d o f t h e Di s t r i c t . T h i s o p t i o n c o n s i s t s o f t h r e e s t e p s : 1. E v a l u a t e o p t i o n s a n d s e t p l a n f o r u s e o f t h e s e fu n d s . T e c h n i c a l l y , i n c r e m e n t f r o m t h i s D i s t r i c t ca n b e s p e n t w i t h i n t h e b o u n d a r i e s o f t h e P r o j e c t Ar e a f o r u s e a u t h o r i z e d i n t h e T I F P l a n . G i v e n t h e lo c a t i o n a n d s t a t u s o f t h i s D i s t r i c t , a l o g i c a l u s e wo u l d b e f o r D o w n t o w n r e d e v e l o p m e n t a n d r e - la t e d p u b l i c i m p r o v e m e n t s . 2. D e t e r m i n e c o m p l i a n c e w i t h P l a n . T h e T I F P l a n au t h o r i z e s a d d i t i o n a l e x p e n d i t u r e s f o r l a n d a c q u i - si t i o n a n d s i t e i m p r o v e m e n t . T h e s e e x p e n d i t u r e s ca n o c c u r w i t h i n t h e D o w n t o w n a r e a ( a l l o f P r o j - ec t A r e a N o . 1 ) . P r i o r t o m a k i n g a n y e x p e n d i t u r e s fr o m D i s t r i c t 1 - 2 , i t i s i m p o r t a n t t o v e r i f y t h a t t h e us e s f a l l w i t h i n t h e b u d g e t a n d a n y p a r c e l s f o r a c - qu i s i t i o n a r e l i s t e d i n t h e p l a n . M o d i ﬁ c a t i o n s t o th e T I F p l a n s h o u l d b e m a d e a s n e e d e d . 3. D e c e r t i f y D i s t r i c t . T h e E D A s h o u l d c o o r d i n a t e wi t h W r i g h t C o u n t y t o d e c e r t i f y t h e D i s t r i c t . C u r - re n t l y , t h e d i s t r i c t i s s c h e d u l e d f o r d e c e r t i ﬁ c a t i o n in 2 0 1 0 . T h e C i t y c a n a m e n d t h e p l a n t o e x t e n d th i s d a t e u n t i l 2 0 1 1 . C o o r d i n a t i o n w i t h t h e C o u n t y ma y a l l o w b e n e ﬁ t s f r o m t h e e x p a n d e d t a x b a s e i n th e y e a r f o l l o w i n g d e c e r t i ﬁ c a t i o n . Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M e t c a l f / L a r s o n Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 / 1 3 / 8 3 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 / 2 8 / 8 3 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 / 2 8 / 8 3 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 8 5 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 / 2 8 / 8 3 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N A De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 0 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7 . 8 7 6 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 , 2 6 6 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1 , 8 0 7 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 1 5 5 - 0 5 0 - 0 5 0 0 1 0 1 5 5 - 0 5 0 - 0 5 0 0 1 1 1 5 5 - 0 5 0 - 0 5 0 0 8 1 1 5 5 - 0 5 0 - 0 5 0 1 0 0 1 5 5 - 0 5 0 - 0 5 0 1 0 1 1 5 5 - 0 5 0 - 0 5 0 1 1 1 1 5 5 - 0 5 0 - 0 5 1 0 2 0 1 5 5 - 0 5 0 - 0 5 1 1 1 1 1 5 5 - 0 5 0 - 0 5 1 1 3 0 District 1-2 (Metcalf/Larson)Redevelopment 15District Summary Di s t r i c t 1 - 2 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2011 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 0 6 , 7 2 5 9 9 0 , 0 0 0 6 7 7 , 9 7 1 4 3 , 5 9 3 4 7 , 6 5 6 4 0 , 1 3 4 40,13440,134 Ma r k e t V a l u e H o m e s t e a d C r e d i t 1 , 6 1 9 2 6 8 2 5 9 2 5 9 2 5 9 259 In v e s t m e n t e a r n i n g s 1 3 2 , 1 3 4 3, 1 6 8 3 , 4 0 5 5 , 9 0 8 1 , 9 3 3 2 , 7 6 9 3,621 Bo n d p r o c e e d s 2 6 0 , 0 0 0 2 6 0 , 0 0 0 Lo a n p r o c e e d s 3 2 , 0 0 0 7 2 , 0 0 0 3 2 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s 1 0 , 0 0 0 1 3 0 , 0 0 0 1 2 8 , 0 0 0 Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t 1 1 , 0 0 0 1 0 , 4 2 0 In t e r f u n d l o a n / t r a n s f e r 1 0 , 0 0 0 Ot h e r Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 1 4 8 , 7 2 5 1 , 6 0 5 , 1 3 4 1, 1 1 3 , 1 7 8 4 7 , 2 6 6 5 3 , 8 2 3 4 2 , 3 2 6 4 3 , 1 6 2 44,014 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 3 3 , 5 3 5 3 4 6 , 5 1 5 2 9 4 , 0 5 8 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 , 0 0 0 1 2 0 , 0 0 0 3 2 , 6 9 1 In s t a l l a t i o n o f p u b l i c u t i l i t i e s Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 2 6 0 , 0 0 0 2 4 0 , 0 0 0 Bo n d i n t e r e s t p a y m e n t s 3 5 0 , 5 3 1 2 8 3 , 2 4 4 30 , 0 0 0 Lo a n p r i n c i p a l p a y m e n t s 3 2 , 0 0 0 7 2 , 0 0 0 3 2 , 0 0 0 1 , 9 9 1 Lo a n / n o t e i n t e r e s t p a y m e n t s 7 5 , 1 0 7 2 0 1 , 0 8 8 2 5 , 1 7 8 Ad m i n i s t r a t i v e e x p e n s e s 3 , 0 8 3 5 0 , 0 0 0 4 6 , 8 9 6 1 7 5 4 4 5 4 4 5 4 4 544 Pa y i n g a g e n t f e e s 1 7 5 , 0 0 0 1 , 8 1 8 Ot h e r Tra n s f e r s ( o u t ) 1 2 9 , 1 7 8 Tot a l E x p e n d i t u r e s / O F U 1 4 8 , 7 2 5 1 , 5 7 5 , 1 3 4 1, 0 8 5 , 0 6 3 3 2 , 0 0 8 5 4 4 5 4 4 5 4 4 544 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 3 0 , 0 0 0 2 8 , 1 1 5 1 5 , 2 5 8 5 3 , 2 7 9 4 1 , 7 8 2 4 2 , 6 1 8 43,470 Fu n d B a l a n c e - B e g i n 28 , 1 1 5 4 3 , 3 7 3 9 6 , 6 5 2 1 3 8 , 4 3 4 181,052 Fu n d B a l a n c e - E n d 43 , 3 7 3 9 6 , 6 5 2 1 3 8 , 4 3 4 181,052224,523 16District Summary fo r t h e b r i d g e i m p r o v e m e n t s , r e l a t e d i m p r o v e - me n t s t o s u p p o r t i n g r o a d s , o r r e d e v e l o p m e n t o f pr o p e r t y i n t h i s a r e a . • S u p p o r t e a s t i n t e r c h a n g e p r o j e c t . T h e t a x i n c r e - me n t s f r o m D i s t r i c t 1 - 5 c o u l d b e u s e d t o s u p p l e - me n t t h e f u n d i n g f o r t h e e a s t I - 9 4 i n t e r c h a n g e fu n d e d t h r o u g h D i s t r i c t 1 - 3 4 . • F a c i l i t a t e d e v e l o p m e n t a l o n g 7 t h S t r e e t . T h e a r e a we s t o f D i s t r i c t 1 - 5 c o n t a i n s s e v e r a l u n d e v e l o p e d pa r c e l s . T h e s e ﬁ n a n c i a l r e s o u r c e s c o u l d b e u s e d t o att r a c t n e w d e v e l o p m e n t t o t h i s a r e a . Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 5 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C o n s t r u c t i o n 5 Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 / 1 5 / 8 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 / 1 5 / 8 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 / 1 5 / 8 5 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 8 7 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 / 1 5 / 8 9 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N A De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 2 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 . 3 0 5 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 8 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2 , 7 7 9 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 5 5 - 0 1 0 - 0 0 0 0 1 0 1 5 5 - 0 1 0 - 0 0 0 0 2 0 1 5 5 - 0 1 0 - 0 0 1 0 1 0 1 5 5 - 0 1 0 - 0 0 1 0 2 0 1 5 5 - 0 1 0 - 0 0 1 0 3 0 1 5 5 - 0 1 0 - 0 0 1 0 4 0 1 5 5 - 0 1 0 - 0 0 1 0 5 0 1 5 5 - 0 1 0 - 0 0 2 0 1 0 Di s t r i c t 1 - 5 w a s o r i g i n a l l y e s t a b l i s h e d f o r t h e c o n s t r u c - ti o n o f 7 2 u n i t s o f a p a r t m e n t h o u s i n g . T h e o r i g i n a l TI F p l a n h a s b e e n m o d i ﬁ e d t o a u t h o r i z e a d d i t i o n a l ex p e n d i t u r e s f o r l a n d a c q u i s i t i o n , s i t e i m p r o v e m e n t s an d p u b l i c u t i l i t i e s . T h e D i s t r i c t i s n o t s u b j e c t t o t h e li m i t a t i o n s o f p o o l i n g o r t h e ﬁ v e - y e a r r u l e . I t i s d u e t o be d e c e r t i ﬁ e d b y t h e e n d o f 2 0 1 2 . A l l o b l i g a t i o n s i n t h e Di s t r i c t h a v e b e e n p a i d . Ma n a g e m e n t S t r a t e g i e s Op t i o n 1 - D e c e r t i f y Th e c o n s e r v a t i v e a p p r o a c h f o r t h e D i s t r i c t w o u l d b e to r e q u e s t d e c e r t i ﬁ c a t i o n . E x c e s s t a x i n c r e m e n t s ( i n - cl u d i n g t a x i n c r e m e n t s t o b e p a i d i n 2 0 0 9 ) w o u l d b e co n v e y e d t o t h e C o u n t y a n d r e d i s t r i b u t e d t o t h e t a x - in g j u r i s d i c t i o n s . Op t i o n 2 - U s e R e m a i n i n g R e s o u r c e s Pa s t m o d i ﬁ c a t i o n s s h o w t h a t t h e E D A h a s p l a n n e d f o r th e f u t u r e u s e o f r e v e n u e s f r o m D i s t r i c t 1 - 5 . T h e D i s - tr i c t c o u l d b e u s e d f o r f o u r m o r e y e a r s b e f o r e d e c e r t i - ﬁ c a t i o n a s t h e e n d o f 2 0 1 2 ( T h e l i f e o f t h i s D i s t r i c t c a n be e x t e n d e d b y o n e y e a r ) . T h e p r o j e c t i o n s s h o w a n es t i m a t e d f u n d b a l a n c e o f $ 4 8 9 , 0 0 0 a t t h e e n d o f t h e Di s t r i c t . T h i s o p t i o n c o n s i s t s o f t h r e e s t e p s : 1. E v a l u a t e o p t i o n s a n d s e t p l a n f o r u s e o f t h e s e fu n d s . T e c h n i c a l l y , i n c r e m e n t f r o m t h i s D i s t r i c t ca n b e s p e n t w i t h i n t h e b o u n d a r i e s o f t h e P r o j e c t Ar e a f o r u s e a u t h o r i z e d i n t h e T I F P l a n . I f t h e E D A ch o o s e s t o c o n t i n u e D i s t r i c t 1 - 5 , t h e n a p l a n f o r t h e us e o f t h e e x i s t i n g f u n d b a l a n c e s h o u l d b e e s t a b - li s h e d . P o t e n t i a l u s e s i n c l u d e t h e f o l l o w i n g : • S u p p o r t c o n s t r u c t i o n o f b r i d g e o v e r I n t e r s t a t e 9 4 . Th e C o m p r e h e n s i v e P l a n s h o w s a f u t u r e b r i d g e cr o s s i n g i n t h i s a r e a . T a x i n c r e m e n t s c o u l d b e u s e d District 1-5 (Construction 5)Redevelopment 17District Summary Di s t r i c t 1 - 5 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2013 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 6 2 5 , 0 0 0 4, 3 6 5 , 0 0 0 1, 2 2 3 , 4 1 5 5 4 , 0 9 7 5 9 , 6 9 7 5 5 , 6 6 8 5 5 , 6 6 8 5 5 , 6 6 8 5 5 , 6 6 8 55,668 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 8 3 , 2 9 0 6 , 5 8 3 1 4 , 7 7 8 4 , 8 4 6 6 , 0 4 6 7 , 2 6 9 8 , 5 1 7 9,790 Bo n d p r o c e e d s 3 9 0 , 0 0 0 39 0 , 0 0 0 36 5 , 0 0 0 Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s 4 , 1 5 8 Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 1 , 0 1 5 , 0 0 0 4, 7 5 5 , 0 0 0 1, 6 7 5 , 8 6 3 6 0 , 6 8 0 7 4 , 4 7 5 6 0 , 5 1 4 61 , 7 1 4 62 , 9 3 7 6 4 , 1 8 5 65,458 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 1 , 4 0 0 , 0 0 0 34 1 , 5 6 4 18 , 7 4 6 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 3 0 1 , 3 0 0 1, 2 0 1 , 3 0 0 35 1 , 1 3 8 11 8 , 7 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 9 0 0 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 3 9 0 , 0 0 0 39 0 , 0 0 0 36 5 , 0 0 0 Bo n d i n t e r e s t p a y m e n t s 4 3 3 , 5 0 0 43 3 , 5 0 0 18 7 , 3 9 0 Lo a n p r i n c i p a l p a y m e n t s Lo a n / n o t e i n t e r e s t p a y m e n t s Ad m i n i s t r a t i v e e x p e n s e s 3 0 , 2 0 0 3 7 0 , 2 0 0 38 , 4 4 7 1 5 0 1 4 , 7 5 6 5 4 4 5 4 4 5 4 4 5 4 4 544 Pa y i n g a g e n t f e e s Ot h e r 2 0 0 , 0 0 0 Tra n s f e r s ( o u t ) 1 3 2 , 8 1 1 Tot a l E x p e n d i t u r e s / O F U 1 , 1 5 5 , 0 0 0 4, 8 9 5 , 0 0 0 1, 0 7 4 , 7 8 6 46 0 , 4 1 4 33 , 5 0 2 5 4 4 5 4 4 5 4 4 5 4 4 544 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U (1 4 0 , 0 0 0 ) ( 1 4 0 , 0 0 0 ) 60 1 , 0 7 7 (3 9 9 , 7 3 4 ) 40 , 9 7 3 5 9 , 9 7 0 6 1 , 1 7 0 6 2 , 3 9 3 6 3 , 6 4 1 64,914 Fu n d B a l a n c e - B e g i n 60 1 , 0 7 7 2 0 1 , 3 4 3 2 4 2 , 3 1 6 3 0 2 , 2 8 6 3 6 3 , 4 5 6 4 2 5 , 8 4 9 489,490 Fu n d B a l a n c e - E n d 20 1 , 3 4 3 2 4 2 , 3 1 6 30 2 , 2 8 6 36 3 , 4 5 6 42 5 , 8 4 9489,490554,404 18District Summary 2. D e t e r m i n e c o m p l i a n c e w i t h P l a n . T h e T I F P l a n au t h o r i z e s a d d i t i o n a l e x p e n d i t u r e s t h a t c a n o c c u r wi t h i n t h e b o u n d a r i e s o f P r o j e c t A r e a N o . 1 . I d e - al l y , n e w u s e s w i l l h a v e s o m e g e o g r a p h i c a n d d e - ve l o p m e n t r e l a t i o n s h i p t o t h e p r o p e r t y i n D i s t r i c t 1- 5 . P r i o r t o m a k i n g a n y a d d i t i o n a l e x p e n d i t u r e s fr o m D i s t r i c t 1 - 5 , i t i s i m p o r t a n t t o v e r i f y t h a t t h e us e s f a l l w i t h i n t h e b u d g e t a n d a n y p a r c e l s f o r a c - qu i s i t i o n a r e l i s t e d i n t h e p l a n . M o d i ﬁ c a t i o n s t o th e T I F p l a n s h o u l d b e m a d e a s n e e d e d . 3. D e c e r t i f y D i s t r i c t . T h e E D A s h o u l d c o o r d i n a t e wi t h W r i g h t C o u n t y t o d e c e r t i f y t h e D i s t r i c t . C u r - re n t l y , t h e d i s t r i c t i s s c h e d u l e d f o r d e c e r t i ﬁ c a t i o n in 2 0 1 2 . T h e C i t y c a n a m e n d t h e p l a n t o e x t e n d th i s d a t e u n t i l 2 0 1 3 . C o o r d i n a t i o n w i t h t h e C o u n t y ma y a l l o w b e n e ﬁ t s f r o m t h e e x p a n d e d t a x b a s e i n th e y e a r f o l l o w i n g d e c e r t i ﬁ c a t i o n . 19District Summary • E n c o u r a g e r e d e v e l o p m e n t o n t h e e a s t s i d e o f H i g h - wa y 2 5 . • S u p p o r t i m p r o v e m e n t s t o H i g h w a y 2 5 . • I m p r o v e p e d e s t r i a n c r o s s i n g o f H i g h w a y 2 5 a n d pe d e s t r i a n c o n n e c t i o n s t o D o w n t o w n . 2. D e t e r m i n e c o m p l i a n c e w i t h P l a n . P r i o r t o m a k i n g an y a d d i t i o n a l e x p e n d i t u r e s f r o m D i s t r i c t 1 - 6 , i t is i m p o r t a n t t o v e r i f y t h a t t h e u s e s f a l l w i t h i n t h e bu d g e t a n d a n y p a r c e l s f o r a c q u i s i t i o n a r e l i s t e d in t h e p l a n . I t i s l i k e l y t h a t m o d i ﬁ c a t i o n s t o t h e TI F p l a n w i l l b e n e e d e d t o a u t h o r i z e a d d i t i o n a l ex p e n d i t u r e s . A t a m i n i m u m , t h e b u d g e t s h o u l d be a m e n d e d t o a l l o c a t e t h e e x p e n s e s a s s i g n e d t o “O t h e r P r o j e c t C o s t s ” t o s p e c i ﬁ c p u r p o s e s . Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 6 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R a i n d a n c e Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 / 1 2 / 8 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 5 / 8 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 5 / 8 5 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 8 8 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 5 / 8 9 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N A De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 3 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 . 3 0 5 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 , 2 2 8 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 5 5 - 0 1 0 - 0 1 5 0 1 0 1 5 5 - 0 1 9 - 0 1 5 0 4 0 1 5 5 - 0 1 9 - 0 1 5 0 7 0 Di s t r i c t 1 - 6 w a s o r i g i n a l l y e s t a b l i s h e d f o r t h e c o n s t r u c - ti o n o f 3 3 , 0 0 0 s q u a r e f o o t r e t a i l c e n t e r . T h e o r i g i n a l TI F p l a n h a s b e e n m o d i ﬁ e d t o a u t h o r i z e a d d i t i o n a l ex p e n d i t u r e s f o r p u b l i c i m p r o v e m e n t s a n d o t h e r ( u n - sp e c i ﬁ e d ) p r o j e c t c o s t s . T h e D i s t r i c t i s n o t s u b j e c t t o th e l i m i t a t i o n s o f p o o l i n g o r t h e ﬁ v e - y e a r r u l e . I t i s d u e to b e d e c e r t i ﬁ e d b y t h e e n d o f 2 0 1 3 . A l l o b l i g a t i o n s i n th e D i s t r i c t h a v e b e e n p a i d . Ma n a g e m e n t S t r a t e g i e s Op t i o n 1 - D e c e r t i f y Th e c o n s e r v a t i v e a p p r o a c h f o r t h e D i s t r i c t w o u l d b e to r e q u e s t d e c e r t i ﬁ c a t i o n . E x c e s s t a x i n c r e m e n t s ( i n - cl u d i n g t a x i n c r e m e n t s t o b e p a i d i n 2 0 0 9 ) w o u l d b e co n v e y e d t o t h e C o u n t y a n d r e d i s t r i b u t e d t o t h e t a x - in g j u r i s d i c t i o n s . Op t i o n 2 - U s e R e m a i n i n g R e s o u r c e s Pa s t m o d i ﬁ c a t i o n s s h o w t h a t t h e E D A h a s p l a n n e d f o r th e f u t u r e u s e o f r e v e n u e s f r o m D i s t r i c t 1 - 3 . T h e D i s - tr i c t c o u l d b e u s e d f o r ﬁ v e m o r e y e a r s b e f o r e d e c e r t i - ﬁ c a t i o n a s t h e e n d o f 2 0 1 3 ( T h e l i f e o f t h i s D i s t r i c t c a n be e x t e n d e d b y o n e y e a r ) . T h e p r o j e c t i o n s s h o w a n es t i m a t e d f u n d b a l a n c e o f $ 5 6 0 , 0 0 0 a t t h e e n d o f t h e Di s t r i c t . T h i s o p t i o n c o n s i s t s o f t h r e e s t e p s : 1. E v a l u a t e o p t i o n s a n d s e t p l a n f o r u s e o f t h e s e f u n d s . Te c h n i c a l l y , i n c r e m e n t f r o m t h i s D i s t r i c t c a n b e sp e n t w i t h i n t h e b o u n d a r i e s o f t h e P r o j e c t A r e a f o r us e a u t h o r i z e d i n t h e T I F P l a n . T h e c o n t i n u e d u s e of D i s t r i c t 1 - 6 o ff e r s s i m i l a r o p p o r t u n i t i e s f o r s u p - po r t i n g D o w n t o w n r e d e v e l o p m e n t a s D i s t r i c t 1 - 2 . Ad d i t i o n a l p l a n n i n g s h o u l d b e u n d e r t a k e n t o d e - te r m i n e t h e g r e a t e s t n e e d / b e s t u s e f o r t h e e x i s t i n g fu n d b a l a n c e a n d f u t u r e t a x i n c r e m e n t s . P o t e n t i a l us e s i n c l u d e t h e f o l l o w i n g : District 1-6 (Raindance)Redevelopment 20District Summary Di s t r i c t 1 - 6 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2014 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 , 0 2 5 , 0 0 0 1 , 6 5 0 , 0 0 0 1 , 0 8 9 , 6 5 4 3 8 , 2 3 6 4 2 , 3 2 2 4 9 , 3 1 7 4 9 , 3 1 7 4 9 , 3 1 7 4 9 , 3 1 7 4 9 , 3 1 7 49,317 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 2 6 7 , 0 0 0 3 0 , 7 0 1 7 , 1 7 6 1 6 , 8 9 7 5 , 5 4 2 6 , 6 2 9 7 , 7 3 7 8 , 8 6 7 1 0 , 0 2 0 11,195 Bo n d p r o c e e d s 3 5 0 , 0 0 0 3 5 0 , 0 0 0 3 5 0 , 0 0 0 Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s 6 2 , 1 5 0 6 5 , 0 0 0 6 4 , 1 5 0 Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t 2 , 5 0 0 2 , 5 0 0 In t e r f u n d l o a n / t r a n s f e r Ot h e r Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 1 , 4 3 7 , 1 5 0 2 , 3 3 4 , 5 0 0 1 , 5 3 7 , 0 0 5 4 5 , 4 1 2 5 9 , 2 1 9 5 4 , 8 5 9 5 5 , 9 4 5 5 7 , 0 5 3 5 8 , 1 8 3 5 9 , 3 3 6 60,512 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 2 2 9 , 0 0 0 2 3 5 , 0 0 0 2 3 2 , 0 7 6 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 2 8 , 0 0 0 2 8 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 7 5 , 0 0 0 2 5 0 , 0 0 0 9 8 , 0 6 6 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 3 5 0 , 0 0 0 3 5 0 , 0 0 0 3 5 0 , 0 0 0 Bo n d i n t e r e s t p a y m e n t s 6 9 2 , 0 0 0 6 9 2 , 0 0 0 3 9 7 , 3 7 3 Lo a n p r i n c i p a l p a y m e n t s Lo a n / n o t e i n t e r e s t p a y m e n t s Ad m i n i s t r a t i v e e x p e n s e s 3 8 , 1 5 0 4 5 , 0 0 0 3 5 , 5 8 5 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 544 Pa y i n g a g e n t f e e s Ot h e r 8 3 , 1 0 0 7 8 , 8 8 2 61 0 , 4 0 0 3 , 3 2 8 Tra n s f e r s ( o u t ) 1 4 0 , 6 5 4 Tot a l E x p e n d i t u r e s / O F U 1 , 3 8 4 , 1 5 0 2 , 2 9 3 , 5 0 0 1 , 3 6 3 , 9 6 4 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 544 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 53 , 0 0 0 4 1 , 0 0 0 1 7 3 , 0 4 1 4 5 , 3 9 5 5 8 , 6 7 5 5 4 , 3 1 5 5 5 , 4 0 1 5 6 , 5 0 9 5 7 , 6 3 9 5 8 , 7 9 2 59,968 Fu n d B a l a n c e - B e g i n 17 3 , 0 4 1 2 1 8 , 4 3 6 2 7 7 , 1 1 1 3 3 1 , 4 2 6 3 8 6 , 8 2 7 4 4 3 , 3 3 6 5 0 0 , 9 7 6 559,768 Fu n d B a l a n c e - E n d 21 8 , 4 3 6 2 7 7 , 1 1 1 3 3 1 , 4 2 6 3 8 6 , 8 2 7 4 4 3 , 3 3 6 5 0 0 , 9 7 6 5 5 9 , 7 6 8 619,736 21District Summary 3. D e c e r t i f y D i s t r i c t . T h e E D A s h o u l d c o o r d i n a t e wi t h W r i g h t C o u n t y t o d e c e r t i f y t h e D i s t r i c t . C u r - re n t l y , t h e d i s t r i c t i s s c h e d u l e d f o r d e c e r t i ﬁ c a t i o n in 2 0 1 3 . T h e C i t y c a n a m e n d t h e p l a n t o e x t e n d th i s d a t e u n t i l 2 0 1 4 . C o o r d i n a t i o n w i t h t h e C o u n t y ma y a l l o w b e n e ﬁ t s f r o m t h e e x p a n d e d t a x b a s e i n th e y e a r f o l l o w i n g d e c e r t i ﬁ c a t i o n . 22District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 1 9 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M i s s i s s i p p i S h o r e s Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u s i n g Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 / 1 3 / 9 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 2 7 / 9 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 2 8 / 9 5 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 8 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 3 0 / 9 9 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 3 0 / 0 0 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 3 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 . 7 8 9 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 5 2 3 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , 7 7 6 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 5 5 - 1 0 6 - 0 0 2 0 2 0 1 5 5 - 1 0 6 - 0 0 3 0 2 0 Di s t r i c t 1 - 1 9 p r o v i d e s t h e ﬁ r s t e x a m p l e o f t h e c o n t e m - po r a r y , s i n g l e - p u r p o s e T I F d i s t r i c t i n M o n t i c e l l o . T h e Di s t r i c t w a s i n i t i a l l y e s t a b l i s h e d t o a s s i s t w i t h t h e c o n - st r u c t i o n o f 4 9 u n i t s o f s e n i o r h o u s i n g . T h e t a x i n c r e - me n t f r o m t h e D i s t r i c t i s o b l i g a t e d u n d e r a d e v e l o p - me n t a g r e e m e n t w i t h P r e s b y t e r i a n H o m e s . N i n e t y pe r c e n t ( 9 0 % ) o f a n n u a l t a x i n c r e m e n t i s u s e d t o r e p a y a $ 3 2 5 , 8 3 0 n o t e a t a n i n t e r e s t r a t e o f 8 % . T h e D i s t r i c t wi l l b e d e c e r t i ﬁ e d n o l a t e r t h a t D e c e m b e r 3 1 , 2 0 2 3 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . U n d e r t h e a s s u m p t i o n s u s e d i n t h i s r e p o r t , t h e Di s t r i c t i s p r o j e c t e d t o p r o d u c e s u ffi c i e n t t a x i n c r e m e n t to p a y t h e n o t e p r i o r t o d e c e r t i ﬁ c a t i o n . Th e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d w h e n t h e n o t e i s fu l l y p a i d . T h e p r o j e c t i o n s ﬁ n a l p a y m e n t o n t h e n o t e in 2 0 2 2 . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 1 9 i s a h o u s i n g d i s t r i c t . T a x i n c r e m e n t s fr o m t h i s D i s t r i c t a r e t o b e u s e d s o l e l y t o f a c i l i t a t e th e h o u s i n g p r o j e c t . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d A p r i l 3 0 , 2 0 0 0 . • A s a h o u s i n g d i s t r i c t , i n c r e m e n t s c a n b e s p e n t o n ot h e r h o u s i n g p r o j e c t s w i t h o u t r e g a r d t o p o o l i n g li m i t s o r t h e ﬁ v e - y e a r r u l e . S u c h e x p e n d i t u r e s mu s t b e a u t h o r i z e d i n t h e T I F p l a n a n d o c c u r b e - fo r e e x i s t i n g o b l i g a t i o n s a r e c o m p l e t e d . District 1-19 (Mississippi Shores)Housing 23District Summary Di s t r i c t 1 - 1 9 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 1 , 0 6 3 , 7 5 0 1 , 0 6 3 , 7 5 0 2 7 1 , 7 6 9 3 2 , 8 3 4 3 6 , 2 4 0 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 4 1 2 3 3 , 41233,41233,41233,412 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 2 , 7 8 0 8 0 4 1 , 9 8 1 6 4 3 7 1 2 7 8 2 8 5 4 9 2 7 1 , 0 0 1 1 , 0 7 7 1 , 1 5 5 1 , 2 3 4 1 , 3 1 4 1 , 3 9 7 1 , 4 8 1 1 , 5 6 6 1 , 6 5 3 1 , 7 6 8 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t 2 0 , 0 0 0 1 4 , 9 1 0 In t e r f u n d l o a n / t r a n s f e r Ot h e r Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 1 , 0 6 3 , 7 5 0 1 , 0 8 3 , 7 5 0 2 8 9 , 4 5 9 3 3 , 6 3 8 3 8 , 2 2 1 3 4 , 0 5 5 3 4 , 1 2 4 3 4 , 1 9 4 3 4 , 2 6 6 3 4 , 3 3 9 3 4 , 4 1 3 3 4 , 4 8 9 3 4 , 5 6 7 3 4 , 6 4 6 3 4 , 7 2 6 3 4 , 8 0 9 3 4 , 8 9 2 34,97835,06535,180 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 1 0 0 , 1 7 3 1 0 0 , 1 7 3 2 0 , 7 5 3 7 , 8 5 7 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 6 2 , 0 0 0 6 2 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 4 8 , 6 5 7 4 8 , 6 5 7 St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 10 , 2 7 3 1 1 , 0 9 5 1 1 , 9 8 2 1 2 , 9 4 1 1 3 , 9 7 6 1 5 , 0 9 4 1 6 , 3 0 2 1 7 , 6 0 6 1 9 , 0 1 5 2 0 , 5 3 6 2 2 , 1 7 9 2 3 , 9 5 3 2 5 , 8 6 9 2 6 , 6 5 1 Lo a n / n o t e i n t e r e s t p a y m e n t s 7 3 7 , 9 2 0 7 1 5 , 9 2 0 2 0 9 , 4 2 0 2 4 , 0 0 0 3 2 , 6 1 6 1 9 , 7 9 8 1 8 , 9 7 6 1 8 , 0 8 8 1 7 , 1 3 0 1 6 , 0 9 4 1 4 , 9 7 6 1 3 , 7 6 9 1 2 , 4 6 5 1 1 , 0 5 6 9 , 5 3 5 7 , 8 9 2 6 , 1 184,2022,1320 Ad m i n i s t r a t i v e e x p e n s e s 2 0 , 0 0 0 4 2 , 0 0 0 3 3 , 9 5 0 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 2 0 , 0 0 0 2 0 , 0 0 0 75 , 0 0 0 9 5 , 0 0 0 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 1 , 0 6 3 , 7 5 0 1 , 0 8 3 , 7 5 0 2 6 4 , 1 2 3 3 1 , 8 7 4 3 3 , 1 6 0 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 , 6 1 5 3 0 ,61530,61529,327544 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 2 5 , 3 3 6 1 , 7 6 4 5 , 0 6 1 3 , 4 4 0 3 , 5 0 9 3 , 5 7 9 3 , 6 5 1 3 , 7 2 4 3 , 7 9 8 3 , 8 7 4 3 , 9 5 2 4 , 0 3 1 4 , 1 1 2 4 , 1 9 4 4 , 2 7 8 4 , 3 6 3 5 , 7 3 8 3 4 , 6 3 6 Fu n d B a l a n c e - B e g i n 25 , 3 3 6 2 7 , 1 0 0 3 2 , 1 6 1 3 5 , 6 0 1 3 9 , 1 1 1 4 2 , 6 9 0 4 6 , 3 4 1 5 0 , 0 6 5 5 3 , 8 6 4 5 7 , 7 3 8 6 1 , 6 9 0 6 5 , 7 2 1 6 9 , 8 3 3 7 4 , 0 2 6 7 8 , 3 0 4 8 2 , 6 6 7 8 8 , 4 0 6 Fu n d B a l a n c e - E n d 27 , 1 0 0 3 2 , 1 6 1 3 5 , 6 0 1 3 9 , 1 1 1 4 2 , 6 9 0 4 6 , 3 4 1 5 0 , 0 6 5 5 3 , 8 6 4 5 7 , 7 3 8 6 1 , 6 9 0 6 5 , 7 2 1 6 9 , 8 3 3 7 4 , 0 2 6 7 8 , 3 0 4 8 2 , 6 6 7 8 8 , 4 0 6 1 2 3 , 0 4 2 No t e O u t s t a n d i n g 24 7 , 4 7 2 2 3 7 , 1 9 9 2 2 6 , 1 0 4 2 1 4 , 1 2 2 2 0 1 , 1 8 1 1 8 7 , 2 0 4 1 7 2 , 1 1 0 1 5 5 , 8 0 8 1 3 8 , 2 0 2 1 1 9 , 1 8 7 9 8 , 6 5 2 7 6 , 4 7 3 5 2 , 5 2 0 2 6 , 6 5 1 0 0 24District Summary • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d A p r i l 3 0 , 2 0 0 0 . • T h e D i s t r i c t i s s u b j e c t t o p o o l i n g l i m i t s . Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 0 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 0 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P r a i r i e W e s t Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 4 / 9 6 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 0 / 9 6 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 3 / 9 6 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 3 / 0 0 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 3 / 0 1 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 4 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 . 5 8 1 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 , 0 0 0 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 , 0 0 5 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 1 5 5 - 1 0 4 - 0 0 1 0 1 0 1 5 5 - 1 0 4 - 0 0 1 0 2 0 1 5 5 - 1 0 4 - 0 0 1 0 3 0 1 5 5 - 1 0 4 - 0 0 1 0 4 0 1 5 5 - 1 0 4 - 0 0 1 1 3 0 1 5 5 - 1 0 4 - 0 0 1 1 4 0 1 5 5 - 1 0 4 - 0 0 1 1 5 0 1 5 5 - 1 0 4 - 0 0 1 1 6 0 1 5 5 - 1 0 4 - 0 0 1 1 7 0 1 5 5 - 1 0 4 - 0 0 1 1 8 0 1 5 5 - 1 0 4 - 0 0 1 1 9 0 1 5 5 - 1 0 4 - 0 0 1 2 0 0 Di s t r i c t 1 - 2 0 i s a r e d e v e l o p m e n t T I F d i s t r i c t e s t a b l i s h e d fo r t h e c o n s t r u c t i o n o f 1 0 s i n g l e - f a m i l y h o u s i n g u n i t s . Th e t a x i n c r e m e n t f r o m t h e D i s t r i c t i s u s e d t o s u p p o r t tw o o b l i g a t i o n s . T h e ﬁ r s t o b l i g a t i o n i s a $ 6 5 , 0 0 0 i n t e r - na l ( i n t e r f u n d l o a n ) . F i ft y - f o u r p e r c e n t ( 5 4 % ) o f t h e ta x i n c r e m e n t i s u s e d t o r e p a y t h i s l o a n . T h e s e c o n d ob l i g a t i o n i s a n o t e t o r e i m b u r s e t h e d e v e l o p e r f o r l a n d ac q u i s i t i o n e x p e n s e . T h e $ 1 3 0 , 0 0 0 n o t e i s p a i d w i t h 36 % o f t h e a n n u a l t a x i n c r e m e n t . T h e D i s t r i c t w i l l b e de c e r t i ﬁ e d n o l a t e r t h a t D e c e m b e r 3 1 , 2 0 2 4 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e a n d t h e i n t e r n a l l o a n . U n d e r t h e a s s u m p t i o n s us e d i n t h i s r e p o r t , t h e D i s t r i c t i s p r o j e c t e d t o p r o d u c e su ffi c i e n t t a x i n c r e m e n t t o p a y t h e i n t e r n a l l o a n b y 20 1 2 . T h e r e i s a l s o a d e q u a t e f u n d b a l a n c e t o r e p a y t h e lo a n i n 2 0 0 9 . Th e d e v e l o p e r n o t e i s n o t p r o j e c t e d t o b e f u l l y p a i d pr i o r t o d e c e r t i ﬁ c a t i o n . T h e E D A c o u l d d e c i d e i n - cr e a s e t h e s h a r e o f a n n u a l i n c r e m e n t a p p l i e d t o t h e no t e a ft e r t h e i n t e r n a l l o a n i s r e p a i d . T h e E D A c o u l d al s o d i s c h a r g e t h e n o t e w i t h e x i s t i n g f u n d b a l a n c e . Th e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d w h e n t h e l o a n a n d no t e a r e f u l l y p a i d . T h e t i m i n g o f d e c e r t i ﬁ c a t i o n w i l l de p e n d o n d e c i s i o n s m a d e a b o u t p a y m e n t o n t h e l o a n an d t h e n o t e . As n o t e d i n t h e P o o l i n g s e c t i o n o f t h e M a n a g e m e n t Pl a n , a d d i t i o n a l o u t - o f - d i s t r i c t e x p e n d i t u r e s a r e a u t h o - ri z e d f o r q u a l i ﬁ e d l o w - i n c o m e h o u s i n g . D i s t r i c t 1 - 2 0 is p r o j e c t e d t o h a v e e x c e s s t a x i n c r e m e n t t h a t c o u l d b e us e t o s u p p o r t a h o u s i n g p r o j e c t a t a n o t h e r l o c a t i o n i n th e P r o j e c t A r e a . B e y o n d t h i s t y p e o f h o u s i n g , S t a t e La w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s D i s - tr i c t t o b e u s e d f o r o t h e r p u r p o s e s : District 1-20 (Prairie West)Redevelopment 25District Summary Di s t r i c t 1 - 2 0 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 6 2 8 , 3 0 0 1 3 5 , 3 1 9 2 2 , 1 5 1 2 3 , 8 8 5 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 , 5 9 4 2 4 ,59424,59424,594 Ma r k e t V a l u e H o m e s t e a d C r e d i t 1 0 , 5 0 1 1 , 9 8 6 1 , 9 8 6 In v e s t m e n t e a r n i n g s 8 , 3 4 9 3 , 5 5 6 7 , 6 1 4 2 , 4 9 3 2 , 0 0 9 2 , 3 5 3 2 , 7 0 4 3 , 0 6 2 3 , 4 2 7 3 , 8 0 0 4 , 1 7 9 4 , 5 6 7 4 , 9 6 2 5 , 3 6 5 5 , 7 7 7 6 , 1 9 6 6 , 6 2 4 7 , 0 6 0 7 , 5 0 5 Bo n d p r o c e e d s Lo a n p r o c e e d s 2 0 0 , 0 0 0 6 5 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 8 2 8 , 3 0 0 0 2 1 9 , 1 6 9 2 7 , 6 9 3 3 3 , 4 8 5 2 7 , 0 8 8 2 6 , 6 0 3 2 6 , 9 4 7 2 7 , 2 9 8 2 7 , 6 5 6 2 8 , 0 2 1 2 8 , 3 9 4 2 8 , 7 7 4 2 9 , 1 6 1 2 9 , 5 5 6 2 9 , 9 6 0 3 0 , 3 7 1 3 0 , 7 9 0 3 1 , 2 1831,65532,100 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 2 0 0 , 0 0 0 2 , 7 9 6 1 , 6 1 4 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s In s t a l l a t i o n o f p u b l i c u t i l i t i e s Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 1, 8 8 2 2 , 0 4 2 2 , 2 1 5 2 , 4 0 4 2 , 6 0 8 2 , 8 3 0 3 , 0 7 0 3 , 3 3 1 3 , 6 1 4 3 , 9 2 1 4 , 2 5 5 4 , 6 1 6 5 , 0 0 9 5 , 4 3 4 5 , 8 9 6 6 , 3 9 8 Bo n d i n t e r e s t p a y m e n t s 6, 9 7 2 6 , 8 1 2 6 , 6 3 9 6 , 4 5 0 6 , 2 4 6 6 , 0 2 4 5 , 7 8 4 5 , 5 2 3 5 , 2 4 0 4 , 9 3 3 4 , 5 9 9 4 , 2 3 8 3 , 8 4 5 3 , 4 1 9 2 , 9 5 8 2 , 4 5 6 Lo a n p r i n c i p a l p a y m e n t s 2 0 0 , 0 0 0 2 4 , 2 9 9 (2 , 6 1 7 ) 41 , 9 2 1 00 0 0 0 0 0 0 0 0 0 0 Lo a n / n o t e i n t e r e s t p a y m e n t s 4 0 8 , 3 0 0 4 0 , 4 5 1 2 , 6 1 7 9 , 5 5 4 00 0 0 0 0 0 0 0 0 0 0 Ad m i n i s t r a t i v e e x p e n s e s 2 0 , 0 0 0 1 5 , 1 0 2 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 40 , 3 7 2 7 , 0 0 0 1 3 , 9 2 7 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 8 2 8 , 3 0 0 0 1 2 3 , 0 2 0 8 , 6 3 1 2 4 , 0 2 5 5 1 , 3 1 9 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 9 8 9 , 3 98 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 9 6 , 1 4 9 1 9 , 0 6 2 9 , 4 6 0 (2 4 , 2 3 1 ) 17 , 2 0 5 1 7 , 5 4 9 1 7 , 9 0 0 1 8 , 2 5 8 1 8 , 6 2 3 1 8 , 9 9 6 1 9 , 3 7 6 1 9 , 7 6 3 2 0 , 1 5 8 2 0 , 5 6 2 2 0 , 9 7 3 2 1 , 3 9 2 2 1 , 8 2 0 2 2 , 2 5 7 2 2 , 7 0 2 Fu n d B a l a n c e - B e g i n 96 , 1 4 9 1 1 5 , 2 1 1 1 2 4 , 6 7 1 1 0 0 , 4 4 0 1 1 7 , 6 4 5 1 3 5 , 1 9 4 1 5 3 , 0 9 4 1 7 1 , 3 5 2 1 8 9 , 9 7 6 2 0 8 , 9 7 1 2 2 8 , 3 4 7 2 4 8 , 1 1 0 2 6 8 , 2 6 9 2 8 8 , 8 3 0 3 0 9 , 8 0 3 3 3 1 , 1 9 6 3 5 3 , 0 1 6 3 7 5 , 2 7 2 Fu n d B a l a n c e - E n d 11 5 , 2 1 1 1 2 4 , 6 7 1 1 0 0 , 4 4 0 1 1 7 , 6 4 5 1 3 5 , 1 9 4 1 5 3 , 0 9 4 1 7 1 , 3 5 2 1 8 9 , 9 7 6 2 0 8 , 9 7 1 2 2 8 , 3 4 7 2 4 8 , 1 1 0 2 6 8 , 2 6 9 2 8 8 , 8 3 0 3 0 9 , 8 0 3 3 3 1 , 1 9 6 3 5 3 , 0 1 6 3 7 5 , 2 7 2 3 9 7 , 9 7 4 No t e O u t s t a n d i n g 82 , 0 2 5 8 0 , 1 4 3 7 8 , 1 0 1 7 5 , 8 8 6 7 3 , 4 8 3 7 0 , 8 7 5 6 8 , 0 4 5 6 4 , 9 7 5 6 1 , 6 4 4 5 8 , 0 3 0 5 4 , 1 0 9 4 9 , 8 5 4 4 5 , 2 3 8 4 0 , 2 2 9 3 4 , 7 9 4 2 8 , 8 9 8 2 2 , 5 0 0 In t e r f u n d L o a n O u t s t a n d i n g 41 , 9 2 1 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 2 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 2 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D o w n t o w n D i s t r i c t Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 / 1 0 / 9 7 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 5 / 9 7 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 3 0 / 9 7 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 3 0 / 0 1 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 3 0 / 0 2 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 4 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2 . 6 1 8 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 7 , 3 1 1 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 3 , 9 1 6 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8 1 5 5 - 0 1 0 - 0 0 2 0 1 1 1 5 5 - 0 1 0 - 0 3 6 1 3 0 1 5 5 - 0 1 0 - 0 0 5 0 1 0 1 5 5 - 0 1 0 - 0 0 5 0 9 0 1 5 5 - 0 1 0 - 0 5 1 0 6 0 1 5 5 - 0 1 0 - 0 0 6 0 4 0 1 5 5 - 0 1 0 - 0 5 1 1 0 0 1 5 5 - 0 1 0 - 0 0 7 0 2 0 1 5 5 - 0 1 0 - 0 5 2 0 1 0 1 5 5 - 0 1 0 - 0 1 1 0 3 0 1 5 5 - 0 1 0 - 0 5 2 0 6 0 1 5 5 - 0 1 0 - 0 1 1 0 4 0 1 5 5 - 0 1 0 - 0 5 2 1 1 0 1 5 5 - 0 1 0 - 0 1 4 0 5 0 1 5 5 - 0 1 0 - 0 5 3 1 3 0 1 5 5 - 0 1 0 - 0 1 6 0 7 0 1 5 5 - 0 1 0 - 0 5 4 0 3 0 1 5 5 - 0 1 0 - 0 1 6 0 9 0 1 5 5 - 0 1 0 - 0 6 9 0 8 0 1 5 5 - 0 1 0 - 0 1 6 1 0 0 1 5 5 - 0 4 0 - 0 0 2 1 0 0 1 5 5 - 0 1 0 - 0 1 7 0 3 0 1 5 5 - 0 7 6 - 0 0 1 0 1 0 1 5 5 - 0 1 0 - 0 1 7 0 6 0 1 5 5 - 1 3 7 - 0 0 0 1 0 0 1 5 5 - 0 1 0 - 0 1 8 0 6 0 1 5 5 - 1 3 7 - 0 0 0 2 0 0 1 5 5 - 0 1 0 - 0 1 8 0 8 0 1 5 5 - 1 3 7 - 0 0 0 3 0 0 1 5 5 - 0 1 0 - 0 2 0 0 1 0 1 5 5 - 1 3 7 - 0 0 0 4 0 0 1 5 5 - 0 1 0 - 0 2 0 0 3 0 1 5 5 - 1 3 7 - 0 0 0 5 0 0 1 5 5 - 0 1 0 - 0 3 2 0 2 0 1 5 5 - 1 3 7 - 0 0 0 6 0 0 1 5 5 - 0 1 0 - 0 3 3 0 1 1 1 5 5 - 1 3 7 - 0 0 0 7 0 0 1 5 5 - 0 1 0 - 0 3 4 0 6 0 1 5 5 - 1 4 4 - 0 0 0 0 1 0 1 5 5 - 0 1 0 - 0 3 4 1 3 0 1 5 5 - 1 4 4 - 0 0 1 0 2 0 1 5 5 - 0 1 0 - 0 3 4 1 5 0 1 5 5 - 1 4 4 - 0 0 1 0 3 0 1 5 5 - 0 1 0 - 0 3 5 0 6 0 1 5 5 - 1 4 4 - 0 0 1 0 4 0 1 5 5 - 0 1 0 - 0 3 5 1 2 0 1 5 5 - 1 4 4 - 0 0 1 0 5 0 1 5 5 - 0 1 0 - 0 3 5 1 3 0 1 5 5 - 1 4 4 - 0 0 1 0 6 0 1 5 5 - 0 1 0 - 0 3 6 0 4 0 1 5 5 - 1 4 4 - 0 0 1 0 7 0 1 5 5 - 0 1 0 - 0 3 6 0 6 1 1 5 5 - 1 4 4 - 0 0 1 0 8 0 1 5 5 - 0 1 0 - 0 3 6 1 1 0 1 5 5 - 1 4 4 - 0 0 1 0 9 0 1 5 5 - 0 1 0 - 0 3 6 1 1 1 1 5 5 - 0 1 0 - 0 3 6 1 4 0 Th e D o w n t o w n T I F D i s t r i c t ( 1 - 2 2 ) i s t h e l a r g e s t a n d mo s t c o m p l e x d i s t r i c t i n M o n t i c e l l o . T h i s d i s t r i c t pr o v i d e s a n e x c e l l e n t i l l u s t r a t i o n o f t h e c h a l l e n g e s o f im p l e m e n t i n g a l a r g e T I F d i s t r i c t s u b j e c t t o t h e c o n - st r a i n t s o f t h e ﬁ v e - y e a r r u l e . Th e ﬁ v e - r u l e t i m e p e r i o d h a s e n d e d . F u n d b a l a n c e ma y o n l y b e s p e n t o n o n e o f t h e f o l l o w i n g a c t i v i t i e s : • E x i s t i n g o b l i g a t i o n s • A d m i n i s t r a t i v e e x p e n s e • D e v e l o p m e n t a c t i v i t i e s a u t h o r i z e d i n t h e T I F p l a n an d w i t h i n t h e p o o l i n g r e s t r i c t i o n s . Ta x i n c r e m e n t s f r o m D i s t r i c t 1 - 2 2 a r e p l e d g e d t o pa y m e n t o f t h e G . O . T a x I n c r e m e n t B o n d s , S e r i e s 20 0 4 A . T h i s i s s u e i s a c t u a l l y a c u r r e n t r e f u n d i n g o f th e $ 2 , 1 5 0 , 0 0 0 G . O . T e m p o r a r y T a x I n c r e m e n t B o n d s , Se r i e s 2 0 0 1 . T h e 2 0 0 4 B o n d s h a v e a ﬁ n a l m a t u r i t y o f Fe b r u a r y 1 , 2 0 1 3 . T o t a l p r i n c i p a l o u t s t a n d i n g o n D e - ce m b e r 3 1 , 2 0 0 8 w a s $ 5 6 5 , 0 0 0 . T h e 2 0 0 4 B o n d s m a y b e ca l l e d a n d p r e p a i d o n o r a ft e r A u g u s t 1 , 2 0 1 0 . In a d d i t i o n t o t h e 2 0 0 4 B o n d s , t a x i n c r e m e n t f r o m D i s - tr i c t 1 - 2 2 i s p l e d g e d t o t h e p a y m e n t o f t w o d e v e l o p e r no t e s . 1. T h e d e v e l o p m e n t a g r e e m e n t w i t h M a s t e r F i ft h Av e n u e , I n c . p r o v i d e s f o r a n o t e i n t h e a m o u n t o f $1 8 5 , 0 0 0 ( s h o w n a s 2 2 . 5 A m o c o i n p r o j e c t i o n s ) . Th e n o t e i s p a y a b l e w i t h t a x i n c r e m e n t s f r o m p a r - ce l s 1 5 5 - 0 1 0 - 0 3 6 1 3 0 a n d 1 5 5 - 0 1 0 - 0 3 6 1 4 0 . T h e n o t e ha s a n o u t s t a n d i n g b a l a n c e o f $ 1 8 4 8 1 6 . 2. T h e d e v e l o p m e n t a g r e e m e n t w i t h B B F P r o p e r t i e s , In c . p r o v i d e s f o r a n o t e i n t h e a m o u n t o f $ 5 0 0 , 0 0 0 . Th e t o t a l p r i n c i p a l o n t h e n o t e h a s g r o w n t o $ 8 4 0 , 2 3 2 wi t h t h e a c c r u a l o f u n p a i d i n t e r e s t ( s h o w n a s 2 2 . 1 District 1-22 (Downtown)Redevelopment 27District Summary Di s t r i c t 1 - 2 2 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s *I n c r e m e n t f r o m 3 p a r c e l s r e m a i n i n g i n D i s t r i c t Ta x i n c r e m e n t r e v e n u e 3 9 , 0 0 0 , 0 0 0 1 , 5 4 8 , 3 1 3 3 1 7 , 3 8 5 3 6 7 , 3 6 8 3 8 1 , 2 3 9 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 92,09192,09192,09192,091 Ma r k e t V a l u e H o m e s t e a d C r e d i t 9 , 4 6 2 1 , 2 8 2 1 , 0 7 6 1 , 0 7 6 00 0 0 0 0 0 0 0 0 0 0 0 0 0 In v e s t m e n t e a r n i n g s 2 1 5 , 3 4 7 4 6 , 8 2 4 8 5 , 6 1 2 2 2 , 5 8 9 Bo n d p r o c e e d s 3 9 , 0 0 0 , 0 0 0 3 , 0 9 5 , 0 0 0 Lo a n p r o c e e d s 5 6 , 4 6 8 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s 3 1 3 , 2 3 2 Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Lo a n d o w n p a y m e n t 2 0 , 6 7 4 Le g a l f e e r e i m b u r s e m e n t 2 , 2 5 0 Ad d i t i o n a l T I F f e e s 4 , 7 1 7 Lo c a l c o n t r i b u t i o n 9 5 0 , 0 0 0 TI F a p p l i c a t i o n f e e 3 3 , 5 0 0 Tr a n s f e r s ( i n ) 7 8 , 0 0 0 To t a l R e v e n u e s / O F S 7 8 , 9 5 0 , 0 0 0 0 5 , 3 7 6 , 9 6 3 3 6 5 , 4 9 1 4 5 4 , 0 5 6 4 0 4 , 9 0 5 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 , 0 9 1 9 2 ,09192,09192,09192,091 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 4 , 2 7 5 , 0 0 0 6 7 6 , 5 1 1 8 , 4 0 1 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 4 , 2 7 5 , 0 0 0 1 1 4 , 4 5 5 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 4 , 2 7 5 , 0 0 0 7 5 , 3 7 7 Pu b l i c p a r k i n g f a c i l i t i e s 4 , 2 7 5 , 0 0 0 7 5 , 0 0 0 St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s 2 7 0 , 0 0 0 In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 3 9 , 0 0 0 , 0 0 0 2 , 3 1 5 , 0 0 0 1 0 0 , 0 0 0 1 0 5 , 0 0 0 1 0 5 , 0 0 0 Bo n d i n t e r e s t p a y m e n t s 2 0 , 0 0 0 , 0 0 0 4 3 5 , 1 7 9 3 7 , 2 3 3 3 2 , 8 7 0 2 7 , 8 8 3 Lo a n p r i n c i p a l p a y m e n t s 4, 5 9 8 4 , 9 4 3 5 , 3 1 4 5 , 7 1 2 6 , 1 4 1 6 , 6 0 2 7 , 0 9 7 7 , 6 3 0 8 , 2 0 2 8 , 8 1 7 9 , 4 7 9 1 0 , 1 9 0 1 0 , 9 5 5 1 1 , 7 7 7 1 2 , 6 6 1 1 3 , 6 1 1 Lo a n / n o t e i n t e r e s t p a y m e n t s 77 , 8 0 3 7 7 , 4 5 8 7 7 , 0 8 7 7 6 , 6 8 8 7 6 , 2 6 0 7 5 , 7 9 9 7 5 , 3 0 3 7 4 , 7 7 1 7 4 , 1 9 8 7 3 , 5 8 3 7 2 , 9 2 1 7 2 , 2 1 0 7 1 , 4 4 6 7 0 , 6 2 4 6 9 , 7 4 0 6 8 , 7 9 0 Ad m i n i s t r a t i v e e x p e n s e s 1 , 9 0 0 , 0 0 0 1 5 6 , 1 1 6 4 8 3 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s 5305 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fu n d i n g o f e s c r o w t o d e f e a s e B o n d s 4 9 7 , 0 0 0 Sc h i e f l o a n 2 2 , 6 7 6 BB F p r o j e c t i n t e r e s 6 7 , 6 8 7 1 0 , 0 0 0 Bo n d c l o s i n g / p a y i n g a g e n t 3 3 , 4 8 9 En g i n e e r c o s t s 4 2 4 La n d m a r k S Q I i n t e r e s t P A Y G 2 5 , 7 8 5 1 5 , 0 0 0 Ap p l i c a t i o n f e e r e i m b u r s e m e n t 3 , 0 0 0 Co s t s o f l o c a l c o n t r i b u t i o n Ha w k i n s l o a n p a y m e n t s 9 5 0 , 0 0 0 6 1 , 7 3 7 Mi s c 3 , 8 2 2 Pr o p e r t y t a x 7 , 1 1 4 Sc h l i e f C F D p a y m e n t 1 2 , 0 1 7 Fi s c a l a g e n t f e e s 4 5 0 4 1 3 Pe t e r s o n t r a n s f o r m a t i o n ( p o o l i n g $ ) 1 9 , 8 4 6 9 , 6 5 4 Br e i w i c k t r a n s f o r m a t i o n ( p o o l i n g $ ) 2 0 , 0 0 0 1 6 , 1 1 8 Tr a n s f e r s ( o u t ) 2 0 , 0 0 0 To t a l E x p e n d i t u r e s / O F U 7 8 , 9 5 0 , 0 0 0 0 4 , 4 1 5 , 6 8 5 1 9 7 , 3 0 2 1 3 8 , 9 4 4 7 1 3 , 3 5 7 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4 4 8 2 , 9 4482,94482,94482,94482,944 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e 0 0 9 6 1 , 2 7 8 1 6 8 , 1 8 9 3 1 5 , 1 1 2 (3 0 8 , 4 5 2 ) 9, 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 9 , 1 4 7 Fu n d B a l a n c e - B e g i n 96 1 , 2 7 8 1 , 1 2 9 , 4 6 7 1 , 4 4 4 , 5 7 9 1 , 1 3 6 , 1 2 7 1 , 1 4 5 , 2 7 4 1 , 1 5 4 , 4 2 1 1 , 1 6 3 , 5 6 7 1 , 1 7 2 , 7 1 4 1 , 1 8 1 , 8 6 1 1 , 1 9 1 , 0 0 8 1 , 2 0 0 , 1 5 5 1 , 2 0 9 , 3 0 2 1 , 2 1 8 , 4 4 9 1 , 2 2 7 , 5 9 6 1 , 2 36,7431,245,8901,255,0361,264,183 Fu n d B a l a n c e - E n d 1, 1 2 9 , 4 6 7 1 , 4 4 4 , 5 7 9 1 , 1 3 6 , 1 2 7 1 , 1 4 5 , 2 7 4 1 , 1 5 4 , 4 2 1 1 , 1 6 3 , 5 6 7 1 , 1 7 2 , 7 1 4 1 , 1 8 1 , 8 6 1 1 , 1 9 1 , 0 0 8 1 , 2 0 0 , 1 5 5 1 , 2 0 9 , 3 0 2 1 , 2 1 8 , 4 4 9 1 , 2 2 7 , 5 9 6 1 , 2 3 6 , 7 4 3 1 ,245,8901,255,0361,264,1831,273,330 Bo n d s O u t s t a n d i n g 57 5 , 0 0 0 No t e O u t s t a n d i n g ( 2 2 . 1 C u b ) 84 0 , 2 3 2 8 3 5 , 6 6 5 8 3 0 , 7 5 4 8 2 5 , 4 7 6 8 1 9 , 8 0 2 8 1 3 , 7 0 2 8 0 7 , 1 4 5 8 0 0 , 0 9 6 7 9 2 , 5 1 8 7 8 4 , 3 7 2 7 7 5 , 6 1 5 7 6 6 , 2 0 2 7 5 6 , 0 8 2 7 4 5 , 2 0 3 7 3 3 , 5 0 8 7 2 0 , 9 3 7 7 0 7 , 4 2 2 No t e O u t s t a n d i n g ( 2 2 . 5 A m o c o ) 18 4 , 8 1 6 1 8 4 , 7 8 6 1 8 4 , 7 5 3 1 8 4 , 7 1 8 1 8 4 , 6 8 0 1 8 4 , 6 3 9 1 8 4 , 5 9 4 1 8 4 , 5 4 6 1 8 4 , 4 9 4 1 8 4 , 4 3 8 1 8 4 , 3 7 8 1 8 4 , 3 1 3 1 8 4 , 2 4 2 1 8 4 , 1 6 6 1 8 4 , 0 8 4 1 8 3 , 9 9 5 1 8 3 , 8 9 9 28District Summary Cu b i n p r o j e c t i o n s ) . T h e n o t e i s p a y a b l e w i t h t a x in c r e m e n t s f r o m p a r c e l s 1 5 5 - 0 7 6 - 0 0 1 0 1 0 . Ta x i n c r e m e n t f r o m D i s t r i c t 1 - 2 2 w a s p l e d g e d t o p a y fo r u p t o $ 2 8 1 , 2 5 0 i n r e d e v e l o p m e n t c o s t s r e l a t e d t o th e c o n s t r u c t i o n o f t h e C o m m u n i t y C e n t e r . T h e E D A (H R A ) a g r e e d t o p a y t h e C i t y $ 5 , 6 2 5 s e m i - a n n u a l l y b e - gi n n i n g A u g u s t 1 , 2 0 0 0 . Re c o m m e n d e d A c t i o n s Di s t r i c t 1 - 2 2 p o s e s a s i g n i ﬁ c a n t m a n a g e m e n t c h a l - le n g e . T h e a r e a w i t h i n t h e D i s t r i c t i s a n i m p o r t a n t r e - de v e l o p m e n t f o c u s a r e a i n t h e C o m p r e h e n s i v e P l a n . An e x i s t i n g T I F d i s t r i c t a n d t h e f u n d b a l a n c e i n t h e di s t r i c t c r e a t e ﬁ n a n c i a l t o o l s n e e d e d t o f a c i l i t a t e r e d e - ve l o p m e n t p r o j e c t s . U n f o r t u n a t e l y , t h e ﬁ v e - y e a r r u l e li m i t s t h e a b i l i t y o f t h e E D A t o u s e t h e s e r e s o u r c e s . Gi v e n t h e s e l i m i t a t i o n s , t h e r e c o m m e n d e d a c t i o n s f o r th e m a n a g e m e n t o f D i s t r i c t 1 - 2 2 a r e a s f o l l o w s : 1. C o n d u c t a d d i t i o n a l i n v e s t i g a t i o n s d e s c r i b e d l a t e r in t h i s s e c t i o n . 2. D e f e a s e 2 0 0 4 B o n d s . 3. D e c e r t i f y D i s t r i c t i n 2 0 0 9 f o r a l l p a r c e l s e x c e p t t h r e e us e d t o s u p p o r t d e v e l o p e r n o t e s , u n l e s s a d d i t i o n a l in v e s t i g a t i o n s s u g g e s t a n a l t e r n a t i v e c o u r s e o f a c - ti o n . 4. S e n d u s e d f u n d b a l a n c e t o W r i g h t C o u n t y f o r r e - di s t r i b u t i o n . Ad d i t i o n a l I n v e s t i g a t i o n s Be f o r e m a k i n g ﬁ n a l d e c i s i o n s a b o u t a c t i o n s r e l a t e d to D i s t r i c t 1 - 2 2 , s e v e r a l a d d i t i o n a l i n v e s t i g a t i o n s a r e ne e d e d . T h e s e i n v e s t i g a t i o n s p r o v i d e i m p o r t a n t i n f o r - ma t i o n a b o u t t h e D i s t r i c t , b u t a r e o u t s i d e o f t h e s c o p e of t h e c u r r e n t a n a l y s i s a n d m a n a g e m e n t p l a n n i n g . No n e w p r o j e c t e x p e n d i t u r e s ( o t h e r t h a n a d m i n i s t r a - ti v e e x p e n s e ) s h o u l d b e m a d e f r o m t h i s D i s t r i c t u n t i l th e f o l l o w i n g i s s u e s a r e a d d r e s s e d : 1. V e r i f y k n o c k d o w n s t a t u s o f p a r c e l s . O v e r t h e l i f e of t h i s D i s t r i c t , i t i s l i k e l y t h a t p a r c e l s h a v e b e e n re m o v e d u n d e r t h e k n o c k d o w n p r o v i s i o n s o f S t a t e La w . I t i s a l s o p o s s i b l e t h a t p a r c e l s t h a t s h o u l d b e dr o p p e d r e m a i n i n t h e D i s t r i c t . I n p l a n n i n g f o r t h e fu t u r e o f t h i s D i s t r i c t , i t w i l l b e i m p o r t a n t t o e n s u r e th a t t h e t a x c a p a c i t y c a l c u l a t i o n s a r e b a s e d o n t h e co r r e c t p a r c e l s . T h i s w a s o u t s i d e o f t h e s c o p e o f th e c u r r e n t s t u d y . 2. A n a l y z e p o o l i n g c a p a c i t y . A c c u r a t e i n f o r m a t i o n on t h e a b i l i t y t o m a k e e x p e n d i t u r e s w i t h i n t h e po o l i n g l i m i t s i s n e e d e d t o e v a l u a t e f u t u r e o p t i o n s fo r t h e D i s t r i c t . T h i s a n a l y s i s r e q u i r e s t w o p i e c e s of i n f o r m a t i o n : ( 1 ) t o t a l a d m i n i s t r a t i v e e x p e n s e an d ( 2 ) t o t a l r e v e n u e s t h a t m u s t b e i n c l u d e d i n t h i s ca l c u l a t i o n . G i v e n t h e i m p o r t a n c e o f t h i s a n a l y s i s , in f o r m a t i o n s h o u l d n o t b e t a k e n d i r e c t l y f r o m a n - nu a l r e p o r t s . A t h o r o u g h r e v i e w o f r e v e n u e s a n d ex p e n s e s o v e r t h e l i f e o f t h e D i s t r i c t w i l l e n s u r e th a t d a t a i s p r o p e r l y a c c o u n t e d f o r t h i s p u r p o s e . Th i s a n a l y s i s s h o u l d a l s o c o n s i d e r i f a n y q u a l i ﬁ e d ho u s i n g p r o j e c t s c o u l d b e u n d e r t a k e n w i t h t h e ab i l i t y t o i n c r e a s e t h e p o o l i n g a m o u n t . T h i s a n a l y - si s i s b e y o n d t h e s c o p e o f t h e c u r r e n t s t u d y . 3. A n a l y z e D i s t r i c t r e v e n u e s . T h e E D A s h o u l d r e - vi e w a l l r e v e n u e s c o l l e c t e d i n t h i s D i s t r i c t t o d e t e r - mi n e i f a n y f u n d s a r e n o t “ t a x i n c r e m e n t s ” . S u c h mo n i e s c o u l d b e r e t a i n e d b y t h e E D A o n d e c e r t i - ﬁ c a t i o n o f t h e D i s t r i c t . T h e s t a t u t o r y d e ﬁ n i t i o n o f ta x i n c r e m e n t i n c l u d e s t h e a c t u a l t a x r e v e n u e s a n d ot h e r f u n d s t h a t a r e d e r i v e d f r o m t a x i n c r e m e n t s . 29District Summary 4. I d e n t i f y K e y I n v e s t m e n t s . T h e s e s t e p s w i l l l i k e l y sh o w t h a t D i s t r i c t 1 - 2 2 h a s t h e l e g a l a n d ﬁ n a n c i a l ca p a c i t y t o u n d e r t a k e s o m e d e v e l o p m e n t a c t i v i t i e s in t h e D o w n t o w n a r e a . I d e a l l y , t h e s e i n v e s t m e n t s ca n b e m a d e i n t h e n e a r t e r m a n d w i l l c o n t i n u e t o im p r o v e t h e p h y s i c a l a n d e c o n o m i c e n v i r o n m e n t of D o w n t o w n . T h e n a t u r e , c o s t a n d t i m i n g o f k e y in v e s t m e n t s w i l l s h a p e a p l a n o f a c t i o n f o r t h e D i s - tr i c t . 5. I d e n t i f y C r i t i c a l P a r c e l s . I t i s l i k e l y t h a t t h i s p r o - ce s s w i l l l e a d t o t h e d e c e r t i ﬁ c a t i o n o f s o m e o r a l l of t h e p a r c e l s i n D i s t r i c t 1 - 2 2 . O n c e p a r c e l s h a v e be e n r e m o v e d , t h e E D A m a y p l a c e p r o p e r t y i n t o a ne w T I F d i s t r i c t a s t h e n e e d a r i s e s . T h i s a p p r o a c h wa s u s e d t o c r e a t e D i s t r i c t 1 - 3 5 . O n e d r a w b a c k of d e c e r t i ﬁ c a t i o n i s t h e l a c k o f s t a t u t o r y c r i t e r i a t o cr e a t e n e w T I F d i s t r i c t s . B o t h r e d e v e l o p m e n t a n d re n e w a l a n d r e n o v a t i o n d i s t r i c t s r e q u i r e t h e p r e s - en c e o f “ s t r u c t u r a l l y s u b s t a n d a r d b u i l d i n g s ” a s de ﬁ n e d b y s t a t u t e . T h e E D A s h o u l d d e t e r m i n e i f an y c r i t i c a l p a r c e l s c o u l d n o t b e p a r t o f a n e w T I F di s t r i c t a n d i f i t m a k e s s e n s e t o k e e p D i s t r i c t 1 - 2 2 i n pl a c e f o r t h e s e p a r c e l s . De f e a s e 2 0 0 4 B o n d s Th e 2 0 0 4 B o n d s c a n n o t b e p r e p a i d u n t i l A u g u s t 2 0 1 0 . Mo n i e s c a n , h o w e v e r , b e s e t a s i d e t o p a y t h e r e m a i n i n g pr i n c i p a l a n d i n t e r e s t e x p e n s e . T h e n e c e s s a r y f u n d s wo u l d i n v e s t e d i n U . S . T r e a s u r y s e c u r i t i e s ( o r o t h e r el i g i b l e i n v e s t m e n t s ) a n d p l a c e d i n a n e s c r o w a c c o u n t . Th e B o n d s w o u l d b e “ d e f e a s e d ” a n d n o l o n g e r a n o b - li g a t i o n o f t h e C i t y . T h e p r o j e c t i o n s s h o w a n e s t i m a t e d am o u n t o f $ 4 9 7 , 0 0 0 t o d e f e a s e t h e B o n d s o n A u g u s t 1 , 20 0 9 ( a ft e r m a k i n g t h e 8 / 1 / 0 9 i n t e r e s t p a y m e n t ) . T h i s am o u n t c h a n g e s o v e r t i m e b a s e d o n t i m i n g a n d i n t e r - es t i n c o m e f r o m i n v e s t m e n t s . Sa t i s f y C o m m i t m e n t t o C o m m u n i t y C e n t e r Th e i n v e s t i g a t i o n s c o n d u c t e d f o r t h i s s t u d y d i d n o t de t e r m i n e t h e t a x i n c r e m e n t s p r e v i o u s l y p a i d t o t h e Ci t y f o r C o m m u n i t y C e n t e r a r e a r e d e v e l o p m e n t c o s t s . Th i s a m o u n t n e e d s t o b e c a l c u l a t e d . E x i s t i n g f u n d b a l - an c e s h o u l d b e u s e d t o p a y t h e r e m a i n i n g a m o u n t . A n am e n d m e n t t o t h e p l e d g e a g r e e m e n t m a y b e r e q u i r e d . Pa r t i a l D e c e r t i f i c a t i o n Th e p r o j e c t i o n s s h o w t h e d e c e r t i ﬁ c a t i o n o f t h e D i s t r i c t fo r a l l p a r c e l s e x c e p t f o r t h e t h r e e p a r c e l s c o m m i tt e d to d e v e l o p e r n o t e s ( 1 5 5 - 0 7 6 - 0 0 1 0 1 0 , 1 5 5 - 0 1 0 - 0 3 6 1 3 0 an d 1 5 5 - 0 1 0 - 0 3 6 1 4 0 ) . D i s t r i c t 1 - 2 2 w o u l d r e m a i n i n ex i s t e n c e w i t h t h e s e p a r c e l s f o r t h e r e m a i n d e r o f t h e ma x i m u m a l l o w a b l e t i m e ( D e c e m b e r 3 1 , 2 0 2 4 ) . B a s e d on c u r r e n t p r o p e r t y v a l u e s a n d t a x r a t e s , a v a i l a b l e t a x in c r e m e n t s a r e n o t p r o j e c t e d t o f u l l y p a y t h e d e v e l o p e r no t e s o v e r t h e l i f e o f t h e D i s t r i c t . Re d i s t r i b u t e E x c e s s F u n d s Th i s s t r a t e g y l e a d s t o t h e r e d i s t r i b u t i o n o f e x c e s s fu n d s t o W r i g h t C o u n t y f o r r e t u r n t o t h e r e l e v a n t t a x - in g j u r i s d i c t i o n s . T h e p r o j e c t i o n s s h o w a p o t e n t i a l r e - di s t r i b u t i o n o f $ 1 , 1 3 0 , 0 0 0 i n f u n d b a l a n c e a n d 2 0 0 9 t a x in c r e m e n t . B a s e d o n t h e 2 0 0 9 t a x r a t e , t h e C i t y w o u l d re c e i v e $ 4 8 5 . 9 0 0 ( 4 3 % ) o f t h i s a m o u n t . I t i s e s s e n - ti a l t h a t t h e C i t y r e v i e w a n d v e r i f y t h e s e r e s u l t s w i t h Wr i g h t C o u n t y p r i o r t o t a k i n g a c t i o n s t o r e m o v e p a r - ce l s f r o m t h e D i s t r i c t . 30District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 4 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 4 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C h u r c h o f S t . H e n r y Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u s i n g Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 4 / 9 8 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 / 4 / 9 9 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 / 8 / 9 9 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 1 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 / 8 / 0 3 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 / 8 / 0 4 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 6 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8 . 6 4 5 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 5 0 0 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 , 0 0 3 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 1 5 - 0 0 1 0 4 0 Di s t r i c t 1 - 2 4 w a s e s t a b l i s h e d t o a s s i s t w i t h t h e c o n - st r u c t i o n o f 6 0 u n i t s o f s e n i o r h o u s i n g . T h e t a x i n c r e - me n t f r o m t h e D i s t r i c t i s o b l i g a t e d u n d e r a d e v e l o p - me n t a g r e e m e n t w i t h S t . C l o u d H o s p i t a l C o r p o r a t i o n (d b a S t . B e n e d i c t ’ s C e n t e r ) . N i n e t y p e r c e n t ( 9 0 % ) o f an n u a l t a x i n c r e m e n t i s u s e d t o r e p a y a $ 4 4 0 , 0 0 0 n o t e at a n i n t e r e s t r a t e o f 8 % . T h e D i s t r i c t w i l l b e d e c e r t i - ﬁ e d n o l a t e r t h a n D e c e m b e r 3 1 , 2 0 2 6 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e p r o j e c t i o n s i n t h i s r e p o r t s h o w s t h a t t h e n o t e wi l l b e r e p a i d i n 2 0 1 6 , p r i o r t o t h e ﬁ n a l d e c e r t i ﬁ c a t i o n da t e . Th e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d w h e n t h e n o t e i s fu l l y p a i d . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 2 4 i s a h o u s i n g d i s t r i c t . T a x i n c r e m e n t s fr o m t h i s D i s t r i c t a r e t o b e u s e d s o l e l y t o f a c i l i t a t e th e h o u s i n g p r o j e c t . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d J a n u a r y 8 , 2 0 0 4 . • A s a h o u s i n g d i s t r i c t , i n c r e m e n t s c a n b e s p e n t o n ot h e r h o u s i n g p r o j e c t s w i t h o u t r e g a r d t o p o o l i n g li m i t s o r t h e ﬁ v e - y e a r r u l e . S u c h e x p e n d i t u r e s mu s t b e a u t h o r i z e d i n t h e T I F p l a n a n d o c c u r b e - fo r e e x i s t i n g o b l i g a t i o n s a r e c o m p l e t e d . District 1-24 (Church of St. Henry)Housing 31District Summary Di s t r i c t 1 - 2 4 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 1 , 3 3 5 , 0 0 0 1 , 9 0 0 , 0 0 0 3 6 2 , 3 3 6 4 6 , 7 9 0 5 0 , 1 3 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 85 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 5 1 , 8 5 4 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 2 0 , 0 0 0 3 , 0 4 8 5 7 0 1 , 4 3 8 4 6 5 5 6 7 6 7 1 7 7 8 8 8 6 9 9 6 1 , 1 0 9 1 , 2 2 4 1 , 5 4 3 2 , 6 1 1 3 , 7 0 0 4 , 8 1 1 5 , 9 4 5 7 , 1 0 1 8 , 2 8 0 9 , 4 8 2 1 0 , 7 0 9 1 1 , 9 6 0 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r In t e r e s t 5 , 0 0 0 TI F a p p l i c a t i o n f e e 2 0 , 0 0 0 5 , 0 0 0 Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 1 , 3 4 0 , 0 0 0 1 , 9 4 0 , 0 0 0 3 7 0 , 3 8 4 4 7 , 3 6 0 5 1 , 5 7 2 5 2 , 3 1 9 5 2 , 4 2 1 5 2 , 5 2 5 5 2 , 6 3 1 5 2 , 7 3 9 5 2 , 8 5 0 5 2 , 9 6 3 5 3 , 0 7 8 5 3 , 3 9 7 5 4 , 4 6 5 5 5 , 5 5 4 5 6 , 6 6 5 57 , 7 9 8 5 8 , 9 5 4 6 0 , 1 3 3 6 1 , 3 3 6 6 2 , 5 6 3 6 3 , 8 1 4 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 1 4 0 , 0 0 0 1 4 0 , 0 0 0 5 0 , 6 4 3 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 2 2 0 , 0 0 0 2 2 0 , 0 0 0 9 8 , 8 4 7 2 0 , 2 9 6 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 1 7 0 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s 47 7 4 6 Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 25 , 6 4 9 2 7 , 7 0 1 2 9 , 9 1 7 3 2 , 3 1 0 3 4 , 8 9 5 3 7 , 6 8 7 4 0 , 7 0 2 3 3 , 8 7 7 Lo a n / n o t e i n t e r e s t p a y m e n t s 6 7 6 , 5 0 0 4 5 , 1 2 0 2 1 , 0 1 9 1 8 , 9 6 7 1 6 , 7 5 1 1 4 , 3 5 8 1 1 , 7 7 3 8 , 9 8 1 5 , 9 6 6 2 , 7 1 0 Ad m i n i s t r a t i v e e x p e n s e s 1 3 3 , 5 0 0 7 5 , 0 0 0 7 , 2 1 5 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r TI F d e p o s i t r e f u n d 8 9 0 , 0 0 0 1 9 8 In t e r e s t o f P A Y G O 6 1 5 , 0 0 0 1 5 5 , 0 2 4 2 5 , 4 1 3 Tr a n s f e r s ( o u t ) 4 2 , 7 5 0 To t a l E x p e n d i t u r e s / O F U 1 , 3 4 0 , 0 0 0 1 , 9 4 0 , 0 0 0 3 5 4 , 6 7 7 4 5 , 7 2 6 4 5 , 6 6 4 4 7 , 2 1 2 4 7 , 2 1 2 4 7 , 2 1 2 4 7 , 2 1 2 4 7 , 2 1 2 4 7 , 2 1 2 4 7 , 2 1 2 3 7 , 1 3 1 00 0 0 0 0 0 0 0 0 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 1 5 , 7 0 7 1 , 6 3 4 5 , 9 0 8 5 , 1 0 6 5 , 2 0 8 5 , 3 1 3 5 , 4 1 9 5 , 5 2 7 5 , 6 3 8 5 , 7 5 1 1 5 , 9 4 7 5 3 , 3 9 7 5 4 , 4 6 5 5 5 , 5 5 4 5 6 , 6 6 5 5 7 , 7 9 8 5 8 , 9 5 4 6 0 , 1 3 3 6 1 , 3 3 6 6 2 , 5 6 3 6 3 , 8 1 4 Fu n d B a l a n c e - B e g i n 15 , 7 0 7 1 7 , 3 4 1 2 3 , 2 4 9 2 8 , 3 5 5 3 3 , 5 6 4 3 8 , 8 7 6 4 4 , 2 9 5 4 9 , 8 2 3 5 5 , 4 6 0 6 1 , 2 1 1 7 7 , 1 5 8 1 3 0 , 5 5 4 1 8 5 , 0 1 9 2 4 0 , 5 7 3 2 9 7 , 2 3 8 3 5 5 , 0 3 6 4 1 3 , 9 9 1 4 7 4 , 1 2 4 5 3 5 , 4 6 0 5 9 8 , 0 23 Fu n d B a l a n c e - E n d 17 , 3 4 1 2 3 , 2 4 9 2 8 , 3 5 5 3 3 , 5 6 4 3 8 , 8 7 6 4 4 , 2 9 5 4 9 , 8 2 3 5 5 , 4 6 0 6 1 , 2 1 1 7 7 , 1 5 8 1 3 0 , 5 5 4 1 8 5 , 0 1 9 2 4 0 , 5 7 3 2 9 7 , 2 3 8 3 5 5 , 0 3 6 4 1 3 , 9 9 1 4 7 4 , 1 2 4 5 3 5 , 4 6 0 5 9 8 , 0 2 3 6 6 1 , 837 No t e O u t s t a n d i n g 26 2 , 7 3 9 2 3 7 , 0 9 0 2 0 9 , 3 8 9 1 7 9 , 4 7 2 1 4 7 , 1 6 1 1 1 2 , 2 6 6 7 4 , 5 7 9 3 3 , 8 7 7 00 0 0 0 0 0 0 0 0 0 32District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 6 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 6 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T w i n C i t y D i e C a s t i n g Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 2 5 / 9 9 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 / 2 1 / 0 0 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 / 3 / 0 0 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 1 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 / 3 / 0 4 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 / 3 / 0 5 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 2 5 / 1 0 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 9 . 7 6 0 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 2 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9 , 8 4 6 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 2 0 - 0 0 1 0 1 0 Di s t r i c t 1 - 2 6 p r o v i d e s t h e ﬁ r s t e x i s t i n g e x a m p l e o f t h e si n g l e - p u r p o s e e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s i n i t i a l l y e s t a b l i s h e d t o a s s i s t w i t h t h e co n s t r u c t i o n o f m a n u f a c t u r i n g f a c i l i t y f o r T w i n C i t - ie s D i e C a s t i n g . T h e t a x i n c r e m e n t f r o m t h e D i s t r i c t is o b l i g a t e d t o r e p a y a $ 2 2 5 , 0 0 0 d e v e l o p e r n o t e a t a n in t e r e s t r a t e o f 7 . 5 % . 8 9 . 7 5 % o f a n n u a l t a x i n c r e m e n t is u s e d t o m a k e p a y m e n t o n t h e n o t e . T h e D i s t r i c t w i l l be d e c e r t i ﬁ e d n o l a t e r t h a n O c t o b e r 2 5 , 2 0 1 0 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e p r o j e c t i o n s s h o w s t h a t t h e n o t e w i l l b e f u l l y pa i d i n 2 0 1 0 . T h e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d i n 2 0 1 0 as s c h e d u l e d . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 2 6 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d F e b r u a r y 2 , 2 0 0 5 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . District 1-26 (Twin City Die Casting)Economic Development 33District Summary Di s t r i c t 1 - 2 6 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 4 5 0 , 0 0 0 2 0 3 , 9 6 2 3 7 , 0 6 3 4 2 , 1 4 8 4 1 , 9 4 4 4 1 , 9 4 4 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 2 , 8 0 9 2 , 0 2 9 4 , 1 0 1 1 , 3 4 0 1 , 4 4 1 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r In t e r e s t 5 , 0 0 0 TI F f e e 5, 0 0 0 Re i m b u r s e l e g a l f e e s 2 7 0 Lo c a l c o n t r i b u t i o n 4 5 , 0 0 0 Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 5 0 0 , 0 0 0 0 2 1 2 , 0 4 1 3 9 , 0 9 2 4 6 , 2 4 9 4 3 , 2 8 4 4 3 , 3 8 6 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 2 1 0 , 0 0 0 9 8 , 0 4 9 (7 0 5 ) In s t a l l a t i o n o f p u b l i c u t i l i t i e s 1 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 4 0 , 0 0 0 9 , 2 4 2 2 , 0 6 4 St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 33 , 7 2 8 1 8 , 5 0 5 Lo a n / n o t e i n t e r e s t p a y m e n t s 1 9 0 , 0 0 0 4 1 , 4 7 4 3 , 9 1 7 1 , 3 8 8 Ad m i n i s t r a t i v e e x p e n s e s 4 5 , 0 0 0 9 , 9 1 4 1 7 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 2, 1 0 7 Le g a l p u b l i c a t i o n 4 7 3 In t e r e s t P A Y G O 6 7 , 8 5 1 (3 , 0 8 2 ) Mi s c 2, 3 6 6 En g 93 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 5 0 0 , 0 0 0 0 1 8 7 , 9 8 8 (1 , 7 0 6 ) 44 , 1 2 5 3 8 , 1 8 9 2 0 , 4 3 7 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 2 4 , 0 5 3 4 0 , 7 9 8 2 , 1 2 4 5 , 0 9 5 2 2 , 9 4 8 Fu n d B a l a n c e - B e g i n 24 , 0 5 3 6 4 , 8 5 1 6 6 , 9 7 5 7 2 , 0 7 0 Fu n d B a l a n c e - E n d 64 , 8 5 1 6 6 , 9 7 5 7 2 , 0 7 0 9 5 , 0 1 8 In t e r f u n d L o a n O u t s t a n d i n g 26 , 7 9 7 No t e O u t s t a n d i n g 52 , 2 3 3 1 8 , 5 0 5 0 34District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 8 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 8 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I n t e g r a t e d R e c y c l i n g T e c h n o l o g i e s Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 1 1 / 0 1 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 8 / 0 1 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 / 9 / 0 1 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 3 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 / 9 / 0 5 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 / 9 / 0 6 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 1 1 / 1 1 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 8 . 6 0 6 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2 1 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , 8 8 2 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 3 1 - 0 0 1 0 3 0 Di s t r i c t 1 - 2 8 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s i n i t i a l l y e s t a b l i s h e d t o a s s i s t w i t h t h e co n s t r u c t i o n o f 1 0 , 0 0 0 s q u a r e f o o t o ffi c e a n d p r o d u c - ti o n f a c i l i t y f o r I n t e g r a t e d R e c y c l i n g T e c h n o l o g i e s . Th e t a x i n c r e m e n t f r o m t h e D i s t r i c t i s o b l i g a t e d t o r e - pa y a $ 4 0 , 0 0 0 d e v e l o p e r n o t e a t a n i n t e r e s t r a t e o f 8 % . Ni n e t y p e r c e n t ( 9 0 % ) o f a n n u a l t a x i n c r e m e n t i s u s e d to m a k e p a y m e n t o n t h e n o t e . T h e D i s t r i c t w i l l b e d e - ce r t i ﬁ e d n o l a t e r t h a n J u n e 1 1 , 2 0 1 1 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e p r o j e c t i o n s s h o w s t h a t t h e n o t e w i l l b e f u l l y pa i d i n 2 0 1 0 . T h i s ﬂ o w o f f u n d s w o u l d a l l o w t h e D i s - tr i c t t o b e d e c e r t i ﬁ e d b e f o r e 2 0 1 1 . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 2 8 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d J u l y 9 , 2 0 0 6 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . District 1-28 (Integrated Recycling)Economic Development 35District Summary Di s t r i c t 1 - 2 8 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 5 0 , 0 0 0 26 , 1 6 6 9, 8 4 5 1 1 , 9 0 3 1 2 , 1 4 6 12 , 1 4 6 12 , 1 4 6 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 5 1 6 2 7 3 5 0 5 1 5 9 1 7 5 3 6 3 Bo n d p r o c e e d s Lo a n p r o c e e d s 1 0 0 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Lo c a l c o n t r i b u t i o n 1 5 , 0 0 0 Ap p l i c a t i o n f e e a d d i t i o n 1 , 5 1 4 Ap p l i c a t i o n f e e / d e p o s i t 5 , 0 0 0 Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 2 6 5 , 0 0 0 0 3 3 , 1 9 6 10 , 1 1 8 1 2 , 4 0 8 1 2 , 3 0 4 12 , 3 2 1 1 2 , 5 0 8 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 3 5 , 0 0 0 1 0 , 8 9 7 6 , 1 5 2 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 2 0 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 2 0 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 2 0 , 0 0 0 St r e e t s a n d s i d e w a l k s 5 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 1 0 0 , 0 0 0 9, 9 5 7 2 , 2 2 7 0 Lo a n / n o t e i n t e r e s t p a y m e n t s 5 0 , 0 0 0 1 0 , 7 1 2 9 7 5 1 7 8 0 Ad m i n i s t r a t i v e e x p e n s e s 1 5 , 0 0 0 7 , 1 4 0 1 7 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r PA Y G i n t e r e s t 9 , 6 2 4 2, 7 0 8 Tra n s f e r s ( o u t ) Tot a l E x p e n d i t u r e s / O F U 2 6 5 , 0 0 0 0 2 7 , 6 6 1 8 , 8 7 7 1 1 , 2 5 6 11 , 4 7 5 2 , 9 5 0 5 4 4 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e 0 0 5 , 5 3 5 1 , 2 4 1 1 , 1 5 2 8 2 9 9 , 3 7 1 1 1 , 9 6 4 Fu n d B a l a n c e - B e g i n 5, 5 3 5 6 , 7 7 6 7 , 9 2 8 8 , 7 5 7 1 8 , 1 2 8 Fu n d B a l a n c e - E n d 6, 7 7 6 7 , 9 2 8 8 , 7 5 7 1 8 , 1 2 8 3 0 , 0 9 3 No t e O u t s t a n d i n g 12 , 1 8 4 2, 2 2 7 0 0 36District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2 9 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 9 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F r o n t P o r c h A s s o c i a t e s Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u s i n g Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 / 1 5 / 0 2 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 1 4 / 0 2 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 2 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 4 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 6 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 7 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 9 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 5 . 8 5 9 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 1 6 2 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , 2 7 8 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 1 5 5 - 1 3 9 - 0 0 1 0 1 0 1 5 5 - 1 3 9 - 0 0 1 0 2 0 1 5 5 - 1 3 9 - 0 0 1 0 3 0 1 5 5 - 1 3 9 - 0 0 1 0 4 0 1 5 5 - 1 3 9 - 0 0 1 0 5 0 1 5 5 - 1 3 9 - 0 0 1 0 6 0 1 5 5 - 1 3 9 - 0 0 1 0 7 0 1 5 5 - 1 3 9 - 0 0 1 0 8 0 1 5 5 - 1 3 9 - 0 0 1 0 9 0 1 5 5 - 1 3 9 - 0 0 1 1 0 0 1 5 5 - 1 3 9 - 0 0 1 1 1 0 1 5 5 - 1 3 9 - 0 0 1 1 2 0 1 5 5 - 1 3 9 - 0 0 1 1 3 0 1 5 5 - 1 3 9 - 0 0 1 1 4 0 1 5 5 - 1 3 9 - 0 0 1 1 5 0 1 5 5 - 1 3 9 - 0 0 1 1 6 0 1 5 5 - 1 3 9 - 0 0 1 1 7 0 1 5 5 - 1 3 9 - 0 0 1 1 8 0 Di s t r i c t 1 - 2 9 i s a h o u s i n g T I F d i s t r i c t e s t a b l i s h e d f o r th e c o n s t r u c t i o n o f o w n e r - o c c u p i e d h o u s i n g f o r p e r - so n s o f l o w a n d m o d e r a t e i n c o m e . T h e t a x i n c r e m e n t fr o m t h e D i s t r i c t i s u s e d t o s u p p o r t a n o t e t o r e i m b u r s e th e d e v e l o p e r f o r l a n d a c q u i s i t i o n a n d s i t e i m p r o v e - me n t e x p e n s e s . T h e $ 2 2 0 , 0 0 0 n o t e , w i t h i n t e r e s t a t a ra t e o f 7 . 2 5 % , i s p a i d w i t h 8 0 % o f t h e a n n u a l t a x i n - cr e m e n t . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d n o l a t e r t h a t De c e m b e r 3 1 , 2 0 2 9 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e p r o j e c t i o n s i n t h i s r e p o r t s h o w s t h a t t h e n o t e wi l l b e r e p a i d i n 2 0 2 0 , p r i o r t o t h e ﬁ n a l d e c e r t i ﬁ c a t i o n da t e . Th e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d w h e n t h e n o t e i s fu l l y p a i d . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 2 9 i s a h o u s i n g d i s t r i c t . T a x i n c r e m e n t s fr o m t h i s D i s t r i c t a r e t o b e u s e d s o l e l y t o f a c i l i t a t e th e h o u s i n g p r o j e c t . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d A u g u s t 2 2 , 2 0 0 7 . • A s a h o u s i n g d i s t r i c t , i n c r e m e n t s c a n b e s p e n t o n ot h e r h o u s i n g p r o j e c t s w i t h o u t r e g a r d t o p o o l i n g li m i t s o r t h e ﬁ v e - y e a r r u l e . S u c h e x p e n d i t u r e s mu s t b e a u t h o r i z e d i n t h e T I F p l a n a n d o c c u r b e - fo r e e x i s t i n g o b l i g a t i o n s a r e c o m p l e t e d . District 1-29 (Front Porch Associates)Housing 37District Summary Di s t r i c t 1 - 2 9 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 9 2 5 , 0 0 0 5 9 , 8 1 0 2 7 , 4 3 4 2 8 , 9 8 8 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 33 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 3 4 , 3 3 5 Ma r k e t V a l u e H o m e s t e a d C r e d i t 8 , 1 3 2 3 , 6 1 4 3 , 5 8 4 In v e s t m e n t e a r n i n g s 5 4 4 7 0 8 2 , 5 0 1 8 1 4 9 5 3 1 , 0 9 4 1 , 2 3 8 1 , 3 8 5 1 , 5 3 4 1 , 6 8 7 1 , 8 4 3 2 , 0 0 2 2 , 1 6 4 2 , 3 3 0 2 , 4 9 8 3 , 0 9 6 3 , 8 2 9 4 , 5 7 7 5 , 3 4 0 6 , 1 1 9 6 , 9 1 2 7 , 7 2 2 8 , 5 4 8 9 ,391 Bo n d p r o c e e d s Lo a n p r o c e e d s 5 0 0 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r TI F a p p l i c a t i o n 5 , 0 0 0 Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 1 , 4 2 5 , 0 0 0 0 7 3 , 4 8 6 3 1 , 7 5 6 3 5 , 0 7 3 3 5 , 1 4 9 3 5 , 2 8 7 3 5 , 4 2 8 3 5 , 5 7 2 3 5 , 7 1 9 3 5 , 8 6 9 3 6 , 0 2 2 3 6 , 1 7 8 3 6 , 3 3 7 3 6 , 4 9 9 3 6 , 6 6 4 3 6 , 8 3 3 3 7 , 4 3 0 3 8 , 16 4 3 8 , 9 1 2 3 9 , 6 7 5 4 0 , 4 5 3 4 1 , 2 4 7 4 2 , 0 5 7 4 2 , 8 8 3 4 3 , 7 2 5 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 2 0 0 , 0 0 0 2 , 4 7 4 5 , 7 7 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 2 5 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 7 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 2 5 , 0 0 0 St r e e t s a n d s i d e w a l k s 8 5 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 5 0 0 , 0 0 0 2 6 , 6 6 0 1 2 , 5 2 5 1 3 , 4 3 3 1 4 , 4 0 6 1 5 , 4 5 1 1 6 , 5 7 1 1 7 , 7 7 2 1 9 , 0 6 1 2 0 , 4 4 3 2 1 , 9 2 5 2 3 , 5 1 5 2 5 , 2 1 9 5 , 7 9 1 0 00 0 0 0 0 0 0 Lo a n / n o t e i n t e r e s t p a y m e n t s 14 , 9 4 3 1 4 , 0 3 5 1 3 , 0 6 1 1 2 , 0 1 7 1 0 , 8 9 7 9 , 6 9 5 8 , 4 0 7 7 , 0 2 5 5 , 5 4 3 3 , 9 5 3 2 , 2 4 8 4 2 0 0 00 0 0 0 0 0 0 Ad m i n i s t r a t i v e e x p e n s e s 9 0 , 0 0 0 1 0 , 0 2 5 5 5 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 Pa y i n g a g e n t f e e s Ot h e r In t e r e s t P A Y G O 4 2 5 , 0 0 0 3 2 , 0 5 4 1 8 , 7 7 9 Le g a l p u b l i c a t i o n 2 7 4 Vi n e P l a c e f e e s 2 , 7 5 9 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 1 , 4 2 5 , 0 0 0 0 4 7 , 5 8 6 2 4 , 6 0 4 2 7 , 4 2 0 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 2 8 , 2 2 8 6 , 9 7 1 7 6 0 7 6 0 76 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 7 6 0 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 2 5 , 9 0 0 7 , 1 5 2 7 , 6 5 3 6 , 9 2 1 7 , 0 5 9 7 , 2 0 1 7 , 3 4 5 7 , 4 9 2 7 , 6 4 1 7 , 7 9 4 7 , 9 5 0 8 , 1 0 9 8 , 2 7 1 8 , 4 3 7 2 9 , 8 6 2 3 6 , 6 7 0 3 7 , 4 0 4 3 8 , 1 5 2 3 8 , 9 1 5 3 9 , 6 9 3 4 0 , 4 8 7 4 1 , 2 9 7 4 2 , 1 2 3 42,965 Fu n d B a l a n c e - B e g i n 25 , 9 0 0 3 3 , 0 5 2 4 0 , 7 0 5 4 7 , 6 2 6 5 4 , 6 8 5 6 1 , 8 8 6 6 9 , 2 3 1 7 6 , 7 2 2 8 4 , 3 6 4 9 2 , 1 5 8 1 0 0 , 1 0 8 1 0 8 , 2 1 7 1 1 6 , 4 8 8 1 2 4 , 9 2 5 1 5 4 , 7 8 7 1 9 1 , 4 5 7 2 2 8 , 8 6 1 2 6 7 , 0 1 3 3 0 5 , 9 2 8 3 4 5 , 621386,108427,405469,527 Fu n d B a l a n c e - E n d 33 , 0 5 2 4 0 , 7 0 5 4 7 , 6 2 6 5 4 , 6 8 5 6 1 , 8 8 6 6 9 , 2 3 1 7 6 , 7 2 2 8 4 , 3 6 4 9 2 , 1 5 8 1 0 0 , 1 0 8 1 0 8 , 2 1 7 1 1 6 , 4 8 8 1 2 4 , 9 2 5 1 5 4 , 7 8 7 1 9 1 , 4 5 7 2 2 8 , 8 6 1 2 6 7 , 0 1 3 3 0 5 , 9 2 8 3 4 5 , 6 2 1 3 8 6 ,108427,405469,527512,492 No t e O u t s t a n d i n g 20 6 , 1 1 2 1 9 3 , 5 8 7 1 8 0 , 1 5 5 1 6 5 , 7 4 8 1 5 0 , 2 9 8 1 3 3 , 7 2 6 1 1 5 , 9 5 4 9 6 , 8 9 3 7 6 , 4 5 0 5 4 , 5 2 5 3 1 , 0 1 0 5 , 7 9 1 0 0 00 0 0 0 0 0 0 38District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 0 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 0 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C e n t r a l M N H o u s i n g P a r t n e r s h i p Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u s i n g Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 4 / 0 2 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 8 / 0 2 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 2 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 4 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 6 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 7 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 9 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 5 . 8 5 9 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 9 1 8 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 , 7 0 3 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 5 5 - 1 4 5 - 0 0 1 0 1 0 1 5 5 - 1 4 5 - 0 0 1 0 2 0 1 5 5 - 1 4 5 - 0 0 1 0 3 0 1 5 5 - 1 4 5 - 0 0 1 0 4 0 1 5 5 - 1 4 5 - 0 0 1 0 5 0 1 5 5 - 1 4 5 - 0 0 1 0 6 0 1 5 5 - 1 4 5 - 0 0 1 0 7 0 1 5 5 - 1 4 5 - 0 0 1 0 8 0 1 5 5 - 1 4 5 - 0 0 1 0 9 0 1 5 5 - 1 4 5 - 0 0 1 1 0 0 1 5 5 - 1 4 5 - 0 0 1 1 1 0 Di s t r i c t 1 - 3 0 i s a h o u s i n g T I F d i s t r i c t e s t a b l i s h e d f o r th e c o n s t r u c t i o n o f 1 1 o w n e r - o c c u p i e d h o u s i n g u n i t fo r p e r s o n s o f l o w a n d m o d e r a t e i n c o m e . T h e t a x in c r e m e n t f r o m t h e D i s t r i c t i s u s e d t o s u p p o r t a n i n - te r f u n d l o a n i n t h e a m o u n t o f $ 1 5 8 , 0 0 0 . T h e l o a n i s re p a i d w i t h a n i n t e r e s t r a t e o f 5 % u s i n g 9 0 % o f a n n u a l ta x i n c r e m e n t . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d n o l a t e r th a t D e c e m b e r 3 1 , 2 0 2 9 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e in t e r n a l l o a n . T h e p r o j e c t i o n s s h o w s t h a t t a x i n c r e - me n t c o l l e c t i o n f o r t h e m a x i m u m l i f e o f t h e D i s t r i c t wi l l b e n e e d e d t o r e p a y t h e l o a n . I t i s a n t i c i p a t e d t h a t th e D i s t r i c t w i l l b e d e c e r t i ﬁ e d i n 2 0 2 9 w h e n t h e i n t e r - na l l o a n i s f u l l y p a i d . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 3 0 i s a h o u s i n g d i s t r i c t . T a x i n c r e m e n t s fr o m t h i s D i s t r i c t a r e t o b e u s e d s o l e l y t o f a c i l i t a t e th e h o u s i n g p r o j e c t . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d A u g u s t 2 2 , 2 0 0 7 . • A s a h o u s i n g d i s t r i c t , i n c r e m e n t s c a n b e s p e n t o n ot h e r h o u s i n g p r o j e c t s w i t h o u t r e g a r d t o p o o l i n g li m i t s o r t h e ﬁ v e - y e a r r u l e . S u c h e x p e n d i t u r e s mu s t b e a u t h o r i z e d i n t h e T I F p l a n a n d o c c u r b e - fo r e e x i s t i n g o b l i g a t i o n s a r e c o m p l e t e d . District 1-30 (CMHP)Housing 39District Summary Di s t r i c t 1 - 3 0 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 5 4 5 , 0 0 0 2 5 , 6 2 8 1 0 , 7 0 8 1 2 , 0 4 8 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 73 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 1 4 , 7 3 7 Ma r k e t V a l u e H o m e s t e a d C r e d i t 5 , 4 9 6 2 , 3 4 6 2 , 3 2 6 In v e s t m e n t e a r n i n g s 5 , 1 1 6 7 9 1 2 , 2 4 6 7 3 0 7 6 4 7 9 7 8 3 2 8 6 7 9 0 3 9 4 0 9 7 7 1 , 0 1 5 1 , 0 5 4 1 , 0 9 4 1 , 1 3 4 1 , 1 7 6 1 , 2 1 8 1 , 2 6 1 1 , 3 0 5 1 , 3 4 9 1 , 3 9 5 1 , 4 4 1 1 , 4 8 9 1 , 5 3 7 Bo n d p r o c e e d s Lo a n p r o c e e d s 2 5 0 , 0 0 0 1 5 8 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Tr a n s f e r s ( i n ) 4 2 , 7 5 0 To t a l R e v e n u e s / O F S 7 9 5 , 0 0 0 0 2 3 6 , 9 9 0 1 3 , 8 4 5 1 6 , 6 2 0 1 5 , 4 6 8 1 5 , 5 0 1 1 5 , 5 3 5 1 5 , 5 6 9 1 5 , 6 0 4 1 5 , 6 4 0 1 5 , 6 7 7 1 5 , 7 1 4 1 5 , 7 5 3 1 5 , 7 9 1 1 5 , 8 3 1 1 5 , 8 7 2 1 5 , 9 1 3 1 5 , 9 55 1 5 , 9 9 8 1 6 , 0 4 2 1 6 , 0 8 6 1 6 , 1 3 2 1 6 , 1 7 9 1 6 , 2 2 6 1 6 , 2 7 4 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 1 2 5 , 0 0 0 1 2 5 , 0 0 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 7 0 , 0 0 0 1 7 , 7 5 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 2 5 , 0 0 0 2 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 2 5 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 2 5 0 , 0 0 0 1 , 7 6 8 (1 , 7 6 8 ) 4, 7 7 7 5 , 0 1 6 5 , 2 6 7 5 , 5 3 1 5 , 8 0 7 6 , 0 9 7 6 , 4 0 2 6 , 7 2 2 7 , 0 5 9 7 , 4 1 1 7 , 7 8 2 8 , 1 7 1 8 , 5 8 0 9 , 0 0 9 9 , 4 5 9 9 , 9 3 2 1 0 , 4 2 9 1 0 , 9 5 0 1 1 , 4 9 8 1 2 , 0 7 2 1 1 , 7 4 9 Lo a n / n o t e i n t e r e s t p a y m e n t s 2 0 0 , 0 0 0 1 5 , 6 3 9 (5 , 4 0 7 ) 8, 4 8 6 8 , 2 4 7 7 , 9 9 6 7 , 7 3 3 7 , 4 5 6 7 , 1 6 6 6 , 8 6 1 6 , 5 4 1 6 , 2 0 5 5 , 8 5 2 5 , 4 8 2 5 , 0 9 2 4 , 6 8 4 4 , 2 5 5 3 , 8 0 4 3 , 3 3 1 2 , 8 3 5 2 , 3 1 3 1 , 7 6 6 1 , 1 9 1 5 8 7 Ad m i n i s t r a t i v e e x p e n s e s 5 0 , 0 0 0 8 , 5 5 2 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 10 , 8 4 3 Ho u s i n g d e v e l o p m e n t 5 0 , 0 0 0 3 3 , 0 0 0 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 7 9 5 , 0 0 0 0 2 2 6 , 7 0 9 (7 , 1 5 8 ) 11 , 3 8 7 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 3 , 8 0 8 1 2,880 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 1 0 , 2 8 1 2 1 , 0 0 3 5 , 2 3 3 1 , 6 6 0 1 , 6 9 3 1 , 7 2 7 1 , 7 6 2 1 , 7 9 7 1 , 8 3 3 1 , 8 7 0 1 , 9 0 7 1 , 9 4 5 1 , 9 8 4 2 , 0 2 4 2 , 0 6 4 2 , 1 0 5 2 , 1 4 7 2 , 1 9 0 2 , 2 3 4 2 , 2 7 9 2 , 3 2 4 2 , 3 7 1 2 , 4 1 8 3 , 3 9 4 Fu n d B a l a n c e - B e g i n 10 , 2 8 1 3 1 , 2 8 4 3 6 , 5 1 7 3 8 , 1 7 7 3 9 , 8 7 0 4 1 , 5 9 7 4 3 , 3 5 9 4 5 , 1 5 6 4 6 , 9 8 9 4 8 , 8 5 8 5 0 , 7 6 5 5 2 , 7 1 0 5 4 , 6 9 4 5 6 , 7 1 8 5 8 , 7 8 2 6 0 , 8 8 7 6 3 , 0 3 5 6 5 , 2 2 5 6 7 , 4 5 9 6 9 , 7 3 8 7 2 , 0 6 3 7 4,43476,852 Fu n d B a l a n c e - E n d 31 , 2 8 4 3 6 , 5 1 7 3 8 , 1 7 7 3 9 , 8 7 0 4 1 , 5 9 7 4 3 , 3 5 9 4 5 , 1 5 6 4 6 , 9 8 9 4 8 , 8 5 8 5 0 , 7 6 5 5 2 , 7 1 0 5 4 , 6 9 4 5 6 , 7 1 8 5 8 , 7 8 2 6 0 , 8 8 7 6 3 , 0 3 5 6 5 , 2 2 5 6 7 , 4 5 9 6 9 , 7 3 8 7 2 , 0 6 3 7 4 , 4 3 4 7 6,85280,246 In t e r n a l L o a n O u t s t a n d i n g 16 9 , 7 2 1 1 6 4 , 9 4 4 1 5 9 , 9 2 7 1 5 4 , 6 6 0 1 4 9 , 1 2 9 1 4 3 , 3 2 2 1 3 7 , 2 2 5 1 3 0 , 8 2 3 1 2 4 , 1 0 0 1 1 7 , 0 4 2 1 0 9 , 6 3 0 1 0 1 , 8 4 8 9 3 , 6 7 7 8 5 , 0 9 7 7 6 , 0 8 9 6 6 , 6 3 0 5 6 , 6 9 8 4 6 , 2 6 9 3 5 , 3 1 9 2 3,82111,7490 40District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 1 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 1 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U l t r a M a c h i n i n g C o m p a n y Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 2 / 0 2 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 7 / 0 2 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 4 / 0 3 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 4 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 4 / 0 7 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 4 / 0 8 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 2 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 7 . 4 5 7 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 , 2 6 8 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 1 - 1 4 3 - 0 0 1 0 1 0 Di s t r i c t 1 - 3 1 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s i n i t i a l l y e s t a b l i s h e d t o a s s i s t w i t h t h e co n s t r u c t i o n o f 6 0 , 0 0 0 s q u a r e f o o t o ffi c e a n d m a n u - fa c t u r i n g f a c i l i t y f o r U l t r a M a c h i n i n g C o m p a n y . T h e ta x i n c r e m e n t f r o m t h e D i s t r i c t i s o b l i g a t e d t o r e p a y a $ 3 9 5 , 0 0 0 d e v e l o p e r n o t e a t a n i n t e r e s t r a t e o f 7 . 2 5 % . Ni n e t y p e r c e n t ( 9 0 % ) o f a n n u a l t a x i n c r e m e n t i s u s e d to m a k e p a y m e n t o n t h e n o t e . T h e D i s t r i c t w i l l b e d e - ce r t i ﬁ e d n o l a t e r t h a n D e c e m b e r 3 1 , 2 0 1 2 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e p r o j e c t i o n s s h o u l d t h a t t h e n o t e s h o u l d b e fu l l y p a i d i n 2 0 1 2 . T h e D i s t r i c t w o u l d b e d e c e r t i ﬁ e d a t th a t t i m e . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 3 1 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d e n d e d J u n e 4 , 2 0 0 8 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . District 1-31 (Ultra Machine Company)Economic Development 41District Summary Di s t r i c t 1 - 3 1 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 7 5 0 , 0 0 0 1 6 0 , 5 8 9 7 2 , 7 7 4 7 9 , 5 8 7 8 0 , 3 4 5 8 0 , 3 4 5 8 0 , 3 4 5 8 0 , 3 4 5 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 1 , 9 5 0 1 , 8 1 2 4 , 0 1 8 1 , 3 1 2 1 , 4 9 9 1 , 6 9 0 1 , 8 8 4 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Re i m b u r s e m e n t o f l e g a l f e e s 8 8 2 TIF a p p l i c a t i o n f e e 5 , 0 0 0 Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 7 5 0 , 0 0 0 0 1 6 8 , 4 2 1 7 4 , 5 8 6 8 3 , 6 0 5 8 1 , 6 5 7 8 1 , 8 4 4 8 2 , 0 3 5 8 2 , 2 2 9 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 3 9 5 , 0 0 0 6 2 , 1 7 4 4 7 , 0 6 5 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 50 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 5 0 , 0 0 0 St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 71 , 6 2 8 5 7 , 3 6 4 6 1 , 5 2 3 6 5 , 9 8 4 2 1 , 2 7 8 Lo a n / n o t e i n t e r e s t p a y m e n t s 14 , 9 4 6 1 0 , 7 8 7 6 , 3 2 6 1 , 5 4 3 Ad m i n i s t r a t i v e e x p e n s e s 7 5 , 0 0 0 7 , 2 8 0 1 7 5 4 4 Pa y i n g a g e n t f e e s Ot h e r In t e r e s t P A Y G O 1 7 5 , 0 0 0 4 8 , 1 5 6 2 4 , 1 3 0 Tra n s f e r s ( o u t ) Tot a l E x p e n d i t u r e s / O F U 7 5 0 , 0 0 0 0 1 1 7 , 6 1 0 7 1 , 2 1 2 7 2 , 1 7 2 7 2 , 3 1 0 7 2 , 3 1 0 7 2 , 3 1 0 2 2 , 8 2 0 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 5 0 , 8 1 1 3 , 3 7 4 1 1 , 4 3 3 9 , 3 4 7 9 , 5 3 4 9 , 7 2 4 5 9 , 4 0 9 Fu n d B a l a n c e - B e g i n 50 , 8 1 1 5 4 , 1 8 5 6 5 , 6 1 8 7 4 , 9 6 5 8 4 , 4 9 9 9 4 , 2 2 3 Fu n d B a l a n c e - E n d 54 , 1 8 5 6 5 , 6 1 8 7 4 , 9 6 5 8 4 , 4 9 9 9 4 , 2 2 3 1 5 3 , 6 3 2 No t e O u t s t a n d i n g 20 6 , 1 4 9 1 4 8 , 7 8 5 8 7 , 2 6 1 2 1 , 2 7 8 0 Or i g i n a l T a x C a p a c i t y V a l u e 11 5 1 1 5 1 1 5 1 1 5 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y 75 , 2 6 8 7 5 , 2 6 8 7 5 , 2 6 8 7 5 , 2 6 8 Tax R a t e 1 0 6 . 9 0 8 % 1 0 6 . 9 0 8 % 1 0 6 . 9 0 8 % 1 0 6 . 9 0 8 % 42District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 3 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 3 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T a p p e r s H o l d i n g s L L C Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 / 2 8 / 0 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 / 2 9 / 0 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 4 / 0 5 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 6 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 4 / 1 1 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 4 / 1 0 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 4 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2 . 1 1 1 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 , 6 8 8 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 9 , 5 8 2 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 0 1 8 - 0 0 2 1 2 0 Di s t r i c t 1 - 3 3 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s i n i t i a l l y e s t a b l i s h e d t o a s s i s t w i t h t h e co n s t r u c t i o n o f 6 0 , 0 0 0 s q u a r e f o o t m a n u f a c t u r i n g f a - ci l i t y f o r S t r a t e g i c E q u i p m e n t a n d S u p p l y C o r p o r a - ti o n ( T a p p e r s H o l d i n g s ) . T h e t a x i n c r e m e n t f r o m t h e Di s t r i c t i s o b l i g a t e d t o r e p a y a $ 6 7 , 0 0 0 d e v e l o p e r n o t e at a n i n t e r e s t r a t e o f 6 . 2 0 % . 9 5 % o f t h e a n n u a l t a x i n - cr e m e n t i s c o m m i tt e d f o r p a y m e n t s o n t h e n o t e . T h e Di s t r i c t w i l l b e d e c e r t i ﬁ e d n o l a t e r t h a n D e c e m b e r 3 1 , 20 1 4 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e no t e . T h e D i s t r i c t i s p r o j e c t e d t o h a v e a d e q u a t e t a x in c r e m e n t t o p a y t h e n o t e b y 2 0 1 2 , p r i o r t o t h e p l a n n e d de c e r t i ﬁ c a t i o n d a t e . T h e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d at t h i s t i m e . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 3 3 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d w i l l e n d A u g u s t 4 , 2 0 1 0 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . District 1-33 (Tappers Holdings LLC)Economic Development 43District Summary Di s t r i c t 1 - 3 3 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 5 0 , 0 0 0 1 , 2 9 9 2 0 , 6 9 4 2 4 , 2 6 3 2 4 , 4 7 6 2 4 , 4 7 6 2 4 , 4 7 6 2 4 , 4 7 6 2 4 , 4 7 6 2 4 , 4 7 6 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 5 3 6 1 7 3 5 0 8 9 1 2 9 1 6 9 4 0 4 8 9 1 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 1 5 0 , 0 0 0 0 1 , 3 0 4 2 0 , 7 3 0 2 4 , 4 3 6 2 4 , 5 2 5 2 4 , 5 6 4 2 4 , 6 0 4 2 4 , 6 4 5 2 4 , 8 8 0 2 5 , 3 6 7 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 1 0 2 , 7 0 0 1 7 , 1 6 2 In s t a l l a t i o n o f p u b l i c u t i l i t i e s Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s 17 , 7 9 0 1 8 , 8 9 3 2 0 , 0 6 4 1 1 , 6 1 5 0 0 Lo a n p r i n c i p a l p a y m e n t s 23 , 0 4 9 4 , 2 3 8 3 , 1 3 5 1 , 9 6 4 7 2 0 0 0 Lo a n / n o t e i n t e r e s t p a y m e n t s Ad m i n i s t r a t i v e e x p e n s e s 7 , 3 0 0 1 7 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r In t e r e s t P A Y G O 4 0 , 0 0 0 6 1 7 2 , 6 0 0 Tra n s f e r s ( o u t ) Tot a l E x p e n d i t u r e s / O F U 1 5 0 , 0 0 0 0 6 1 7 1 9 , 7 7 9 2 3 , 5 9 3 2 2 , 5 7 2 2 2 , 5 7 2 2 2 , 5 7 2 1 2 , 8 7 9 5 4 4 5 4 4 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 6 8 7 9 5 1 8 4 3 1 , 9 5 3 1 , 9 9 2 2 , 0 3 2 1 1 , 7 6 6 2 4 , 3 3 6 2 4 , 8 2 3 Fu n d B a l a n c e - B e g i n 68 7 1 , 6 3 8 2 , 4 8 1 4 , 4 3 4 6 , 4 2 6 8 , 4 5 8 2 0 , 2 2 4 4 4 , 5 6 0 Fu n d B a l a n c e - E n d 1, 6 3 8 2 , 4 8 1 4 , 4 3 4 6 , 4 2 6 8 , 4 5 8 2 0 , 2 2 4 4 4 , 5 6 0 6 9 , 3 8 3 No t e O u t s t a n d i n g 68 , 3 6 1 5 0 , 5 7 1 3 1 , 6 7 9 1 1 , 6 1 5 0 0 0 44District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 4 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 4 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M o n t i c e l l o I n t e r c h a n g e Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e n e w a l a n d R e n o v a t i o n Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 / 1 2 / 0 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 9 / 0 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 0 6 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 7 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 2 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 6 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 2 2 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 . 2 9 7 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7 , 8 9 7 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0 7 , 6 6 2 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 5 5 - 0 1 1 - 0 0 0 1 5 1 1 5 5 - 0 1 1 - 0 0 0 1 5 2 1 5 5 - 0 1 1 - 0 0 0 1 6 1 1 5 5 - 0 1 1 - 0 0 0 1 6 2 1 5 5 - 1 7 8 - 0 0 0 0 4 0 1 5 5 - 1 7 8 - 0 0 1 0 1 0 1 5 5 - 2 0 5 - 0 0 1 0 1 0 1 5 5 - 2 0 5 - 0 0 1 0 2 0 1 5 5 - 2 0 5 - 0 0 1 0 3 0 1 5 5 - 5 0 0 - 1 8 2 3 0 0 1 5 5 - 5 0 0 - 1 8 2 3 0 2 Di s t r i c t 1 - 3 4 i s t h e o n l y r e n e w a l a n d r e n o v a t i o n T I F di s t r i c t . T h i s D i s t r i c t w a s e s t a b l i s h e d t o p r o v i d e a p o r - ti o n o f t h e f u n d i n g t o c o n s t r u c t t h e e a s t i n t e r c h a n g e wi t h I n t e r s t a t e 9 4 . T h e t a x i n c r e m e n t s f r o m t h i s D i s - tr i c t a r e p l e d g e d t o p a y a p o r t i o n o f d e b t s e r v i c e o n t h e $2 5 , 9 4 0 , 0 0 0 G . O . B o n d s , S e r i e s 2 0 0 5 A . Bo n d r e c o r d s c o n t a i n a s p e c i ﬁ c ﬂ o w o f f u n d s f o r t h e “T I F P o r t i o n ” o f t h e d e b t s e r v i c e p l a n . T h i s p o r t i o n o f th e b o n d i s s u e c o n s i s t s o f $ 8 , 5 5 0 , 0 0 0 i n p r i n c i p a l . T h e ﬂ o w o f f u n d s a s s u m e s $ 2 8 0 , 6 9 7 o f a n n u a l t a x i n c r e - me n t r e v e n u e s f o r t h e y e a r s 2 0 0 8 t h r o u g h 2 0 2 2 . O t h e r re v e n u e s n e e d e d t o p a y d e b t s e r v i c e o n t h i s p o r t i o n o f th e b o n d i s s u e i n c l u d e s p e c i a l a s s e s s m e n t s , g e n e r a l t a x le v y a n d C o u n t y r e v e n u e s . Di s t r i c t 1 - 3 4 i s s c h e d u l e d t o b e d e c e r t i ﬁ e d n o l a t e r t h a n De c e m b e r 3 1 , 2 0 2 2 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t a n d ma n a g e m e n t o f t h e 2 0 0 5 A B o n d s . I t i s a n t i c i p a t e d t h a t al l o f t h e t a x i n c r e m e n t r e v e n u e f r o m t h i s D i s t r i c t w i l l be u s e d t o p a y d e b t s e r v i c e f o r t h e e n t i r e l i f e o f t h e Di s t r i c t . Th e ﬁ n a n c e p l a n f o r t h e 2 0 0 5 A B o n d s c a l l s f o r $ 2 8 0 , 6 9 7 pe r y e a r i n t a x i n c r e m e n t r e v e n u e s . T h i s i s s l i g h t l y ab o v e t h e $ 2 7 7 , 7 1 0 a n n u a l r e v e n u e f r o m c u r r e n t v a l - ue s a n d r a t e s . A d d i t i o n a l d e v e l o p m e n t i n t h i s D i s t r i c t wi l l l i k e l y i n c r e a s e t a x i n c r e m e n t r e v e n u e s b e y o n d t h e pl a n n e d a m o u n t . Ad d i t i o n a l f u n d s s h o u l d b e u s e d b y t h e C i t y f o r f u t u r e ca s h ﬂ o w m a n a g e m e n t o f t h i s c o m p l e x b o n d i s s u e . Th i s D i s t r i c t b e n e ﬁ t s f r o m e x t e n d e d k n o c k - d o w n a n d ﬁ v e - y e a r r u l e p e r i o d s a p p r o v e d b y t h e L e g i s l a t u r e i n 20 0 9 . District 1-34 (Monticello Interchange)Renewal & Renovation 45District Summary Di s t r i c t 1 - 3 4 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d g e t Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 5 , 5 0 0 , 0 0 0 3 7 , 1 6 8 2 5 4 , 1 7 8 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 2 7 7 , 7 1 0 277,710277,710 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 1 0 0 , 0 0 0 6 1 2 (2 , 1 8 1 ) ( 7 2 4 ) ( 8 0 9 ) ( 8 9 6 ) ( 9 8 4 ) ( 1 , 0 7 5 ) ( 1 , 1 6 7 ) ( 1 , 2 6 1 ) ( 1 , 3 5 6 ) ( 1 , 4 5 4 ) ( 1 , 5 5 4 ) ( 1 , 6 5 6 ) ( 1 , 7 5 9 ) ( 1 , 8 6 5 ) ( 1 , 9 7 3 ) Bo n d p r o c e e d s 5 , 4 0 0 , 0 0 0 8 , 5 5 0 , 0 0 0 Lo a n p r o c e e d s 5 0 0 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 1 1 , 5 0 0 , 0 0 0 0 8 , 5 5 0 , 0 0 0 3 7 , 7 8 0 2 5 1 , 9 9 7 2 7 6 , 9 8 6 2 7 6 , 9 0 1 2 7 6 , 8 1 4 2 7 6 , 7 2 5 2 7 6 , 6 3 5 2 7 6 , 5 4 3 2 7 6 , 4 4 9 2 7 6 , 3 5 3 2 7 6 , 2 5 5 2 7 6 , 1 5 6 2 7 6 , 0 5 4275,950275,844275,736 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 3 , 0 0 0 , 0 0 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 0 0 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 1 0 0 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 1 , 0 0 0 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 5 , 4 0 0 , 0 0 0 3 1 9 , 2 7 2 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 6 9 7 2 8 0 , 697280,697 Bo n d i n t e r e s t p a y m e n t s 7 5 0 , 0 0 0 Lo a n p r i n c i p a l p a y m e n t s 5 0 0 , 0 0 0 Lo a n / n o t e i n t e r e s t p a y m e n t s Ad m i n i s t r a t i v e e x p e n s e s 5 5 0 , 0 0 0 1 8 , 5 5 9 6 , 1 4 9 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r In t e r e s t P A Y G O Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 1 1 , 8 0 0 , 0 0 0 0 1 8 , 5 5 9 6 , 1 4 9 3 1 9 , 8 1 6 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1 2 8 1 , 2 4 1281,241281,241281,241 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U (3 0 0 , 0 0 0 ) 0 8 , 5 3 1 , 4 4 1 3 1 , 6 3 1 (6 7 , 8 1 9 ) ( 4 , 2 5 5 ) ( 4 , 3 4 0 ) ( 4 , 4 2 7 ) ( 4 , 5 1 6 ) ( 4 , 6 0 6 ) ( 4 , 6 9 8 ) ( 4 , 7 9 2 ) ( 4 , 8 8 8 ) ( 4 , 9 8 6 ) ( 5 , 0 8 5 ) ( 5 , 1 8 7 ) ( 5 , 2 9 1 ) ( 5 , 3 9 7 ) ( 5 , 5 0 5 ) Fu n d B a l a n c e - B e g i n 31 , 6 3 1 (3 6 , 1 8 8 ) ( 4 0 , 4 4 3 ) ( 4 4 , 7 8 3 ) ( 4 9 , 2 1 1 ) ( 5 3 , 7 2 6 ) ( 5 8 , 3 3 2 ) ( 6 3 , 0 3 0 ) ( 6 7 , 8 2 2 ) ( 7 2 , 7 1 0 ) ( 7 7 , 6 9 6 ) ( 8 2 , 7 8 1 ) ( 8 7 , 9 6 8 ) ( 9 3 , 2 5 9 ) ( 9 8 , 6 5 6 ) Fu n d B a l a n c e - E n d 31 , 6 3 1 (3 6 , 1 8 8 ) ( 4 0 , 4 4 3 ) ( 4 4 , 7 8 3 ) ( 4 9 , 2 1 1 ) ( 5 3 , 7 2 6 ) ( 5 8 , 3 3 2 ) ( 6 3 , 0 3 0 ) ( 6 7 , 8 2 2 ) ( 7 2 , 7 1 0 ) ( 7 7 , 6 9 6 ) ( 8 2 , 7 8 1 ) ( 8 7 , 9 6 8 ) ( 9 3 , 2 5 9 ) ( 9 8 , 6 5 6 ) ( 1 0 4 , 1 6 0 ) 46District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 5 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 5 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L a n d m a r k S q u a r e I I Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e d e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 / 1 2 / 0 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 2 9 / 0 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 0 6 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 8 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 2 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 6 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 3 3 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 . 2 9 7 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 , 4 0 9 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 , 4 4 2 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 0 1 0 - 0 3 6 0 3 0 Di s t r i c t 1 - 3 5 i s a r e d e v e l o p m e n t T I F d i s t r i c t . T h e D i s - tr i c t w a s e s t a b l i s h e d t o a s s i s t w i t h t h e c o n s t r u c t i o n o f 11 , 0 0 0 s q u a r e f o o t c o m m e r c i a l b u i l d i n g . T h e D i s t r i c t wa s c r e a t e d f r o m p a r c e l s r e m o v e d f r o m D i s t r i c t 1 - 2 2 . Th i s a p p r o a c h e s t a b l i s h e d n e w t i m e l i m i t s t h a t c o n - st r a i n u s e o f i n c r e m e n t s i n D i s t r i c t 1 - 2 2 . T h e t a x i n c r e - me n t f r o m D i s t r i c t 1 - 3 5 i s o b l i g a t e d t o r e p a y a $ 1 7 0 , 0 0 0 de v e l o p e r n o t e a t a n i n t e r e s t r a t e o f 6 % . N i n e t y p e r - ce n t ( 9 0 % ) o f a n n u a l t a x i n c r e m e n t i s u s e d t o m a k e pa y m e n t o n t h e n o t e . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d no l a t e r t h a n D e c e m b e r 3 1 , 2 0 3 3 . Th e d e v e l o p m e n t p l a n n e d f o r D i s t r i c t 1 - 3 5 h a s n o t ha p p e n e d . Ma n a g e m e n t S t r a t e g y Th e s t r a t e g y f o r D i s t r i c t 1 - 3 5 f o c u s e s o n u s i n g t h e e x - is t i n g d i s t r i c t t o u n d e r t a k e r e d e v e l o p m e n t o n t h i s p a r - ce l . T h e f a c t o r s t h a t a l l o w t h e c r e a t i o n o f a n e w r e - de v e l o p m e n t d i s t r i c t h a v e b e e n r e m o v e d . A n e w T I F di s t r i c t i s n o t a n o p t i o n . Cl e a r a n c e o f t h e s i t e m e e t s c r i t e r i a t o a v o i d t h e 4 - y e a r kn o c k d o w n r e q u i r e m e n t s . Ma n a g e m e n t o f t h i s D i s t r i c t b e n e ﬁ t s f r o m 2 0 0 9 a m e n d - me n t s t o t h e T I F A c t . T h e l i m i t a t i o n s o f t h e ﬁ v e - y e a r ru l e a r e e x t e n d e d t o t e n y e a r s f o r t h e D i s t r i c t . O b l i - ga t i o n s f o r t h e u s e o f t a x i n c r e m e n t s m u s t n o w b e i n pl a c e b y A u g u s t 1 , 2 0 1 6 . Th e ﬁ n a n c i a l i m p l i c a t i o n s f o r t h i s D i s t r i c t c a n n o t b e an a l y z e d u n t i l d e v e l o p m e n t o c c u r s . District 1-35 (Landmark Square II)Redevelopment 47District Summary Di s t r i c t 1 - 3 5 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 4 5 , 0 0 0 0 3 5 3 5 3 5 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 74 8 2 3 8 2 3 3 2 2 7 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r De p o s i t ( 2 0 0 4 ) 7 , 5 0 0 Tr a n s f e r s ( i n ) 2 0 , 0 0 0 To t a l R e v e n u e s / O F S 4 5 , 0 0 0 0 2 7 , 5 0 0 0 7 4 8 2 7 4 2 6 8 2 6 3 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 1 0 0 , 0 0 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 3 5 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 3 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s 3 5 , 0 0 0 St r e e t s a n d s i d e w a l k s 1 0 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s Lo a n / n o t e i n t e r e s t p a y m e n t s 1 9 0 , 0 0 0 5 0 3 Ad m i n i s t r a t i v e e x p e n s e s 4 5 , 0 0 0 1 5 , 2 7 1 1 7 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r In t e r e s t P A Y G O Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 4 5 0 , 0 0 0 0 1 5 , 2 7 1 5 2 0 5 4 4 5 4 4 5 4 4 5 4 4 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U (4 0 5 , 0 0 0 ) 0 1 2 , 2 2 9 (5 2 0 ) 20 4 (2 7 0 ) ( 2 7 6 ) ( 2 8 1 ) Fu n d B a l a n c e - B e g i n 12 , 2 2 9 1 1 , 7 0 9 1 1 , 9 1 3 1 1 , 6 4 3 1 1 , 3 6 7 Fu n d B a l a n c e - E n d 11 , 7 0 9 1 1 , 9 1 3 1 1 , 6 4 3 1 1 , 3 6 7 1 1 , 0 8 5 No t e O u t s t a n d i n g 17 0 , 0 0 0 48District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 6 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 6 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R o c k y M o u n t a i n G r o u p Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 2 2 / 0 5 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 0 / 0 5 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 0 6 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 7 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 2 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 / 1 / 1 1 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 5 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 . 2 9 7 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 , 3 5 4 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 , 7 3 6 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 8 1 - 0 0 1 0 1 0 Di s t r i c t 1 - 3 6 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s e s t a b l i s h e d t o a s s i s t w i t h t h e c o n s t r u c - ti o n o f 5 4 , 0 0 0 s q u a r e f o o t o ffi c e / w a r e h o u s e f a c i l i t y f o r Da h l h e i m e r D i s t r i b u t i n g . T h e t a x i n c r e m e n t f r o m t h e Di s t r i c t i s o b l i g a t e d t o r e p a y a $ 4 3 9 , 2 2 4 i n t e r f u n d l o a n . Al l a v a i l a b l e t a x i n c r e m e n t i s c o m m i tt e d f o r p a y m e n t s on t h e l o a n . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d n o l a t e r th a n D e c e m b e r 3 1 , 2 0 1 5 . Ma n a g e m e n t S t r a t e g y Th e p r o j e c t i o n s f o r t h i s D i s t r i c t s h o w s o n - g o i n g c a s h ﬂ o w p r o b l e m s . P r o j e c t e d t a x i n c r e m e n t i s n o t s u ffi - ci e n t t o r e p a y t h e l o a n . I n a d d i t i o n , t h e D i s t r i c t r u n s a ne g a t i v e f u n d b a l a n c e o v e r i t s l i f e . Th i s u s e o f T I F f o r t h i s p r o j e c t s h o u l d b e s t u d i e d w h e n th e C i t y c o n d u c t s t h e I n d u s t r i a l L a n d A n a l y s i s d e - sc r i b e d i n t h e M a n a g e m e n t P l a n s e c t i o n . District 1-36 (Rocky Mountain Group)Economic Development 49District Summary Di s t r i c t 1 - 3 6 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Ta x i n c r e m e n t r e v e n u e 6 8 0 , 0 0 0 5 3 , 5 9 2 6 7 , 1 5 6 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 2 0 , 0 0 0 2 , 7 3 4 00 0 0 0 0 0 Bo n d p r o c e e d s 5 0 0 , 0 0 0 Lo a n p r o c e e d s 1 0 0 , 0 0 0 Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r De p o s i t 17 , 5 8 1 Tr a n s f e r s ( i n ) To t a l R e v e n u e s / O F S 1 , 3 0 0 , 0 0 0 0 1 7 , 5 8 1 5 3 , 5 9 2 6 9 , 8 9 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 6 7 , 7 6 0 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 5 0 , 0 0 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 0 , 0 0 0 7 0 , 6 3 8 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 2 0 0 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 2 0 0 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s 5 0 0 , 0 0 0 Bo n d i n t e r e s t p a y m e n t s 1 3 2 , 0 0 0 Lo a n p r i n c i p a l p a y m e n t s 1 0 0 , 0 0 0 3 9 , 0 4 2 4 1 , 5 8 0 4 4 , 2 8 2 4 7 , 1 6 1 5 0 , 2 2 6 5 3 , 4 9 1 5 6 , 9 6 8 Lo a n / n o t e i n t e r e s t p a y m e n t s 7 9 5 2 5 , 3 3 1 2 2 , 7 9 3 2 0 , 0 9 0 1 7 , 2 1 2 1 4 , 1 4 6 1 0 , 8 8 2 7 , 4 0 5 Ad m i n i s t r a t i v e e x p e n s e s 6 8 , 0 0 0 2 2 , 9 1 3 (5 , 8 6 8 ) 54 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 63 , 7 9 8 Pr o p e r t y t a x e s 1 , 5 0 0 Tr u n k f e e s 5 2 , 0 8 0 Tr a n s f e r s ( o u t ) To t a l E x p e n d i t u r e s / O F U 1 , 3 0 0 , 0 0 0 0 1 4 7 , 1 3 1 (5 , 0 7 3 ) 64 , 3 4 2 6 4 , 9 1 6 6 4 , 9 1 6 6 4 , 9 1 6 6 4 , 9 1 6 6 4 , 9 1 6 6 4 , 9 1 6 6 4 , 9 1 6 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 00 (1 2 9 , 5 5 0 ) 58 , 6 6 5 5 , 5 4 8 2 , 8 4 4 2 , 8 4 4 2 , 8 4 4 2 , 8 4 4 2 , 8 4 4 2 , 8 4 4 2 , 8 4 4 Fu n d B a l a n c e - B e g i n 0 (1 2 9 , 5 5 0 ) ( 7 0 , 8 8 5 ) ( 6 5 , 3 3 7 ) ( 6 2 , 4 9 3 ) ( 5 9 , 6 4 9 ) ( 5 6 , 8 0 5 ) ( 5 3 , 9 6 1 ) ( 5 1 , 1 1 7 ) ( 4 8 , 2 7 3 ) Fu n d B a l a n c e - E n d (1 2 9 , 5 5 0 ) ( 7 0 , 8 8 5 ) ( 6 5 , 3 3 7 ) ( 6 2 , 4 9 3 ) ( 5 9 , 6 4 9 ) ( 5 6 , 8 0 5 ) ( 5 3 , 9 6 1 ) ( 5 1 , 1 1 7 ) ( 4 8 , 2 7 3 ) ( 4 5 , 4 2 9 ) In t e r f u n d L o a n O u t s t a n d i n g 38 9 , 7 0 1 3 5 0 , 6 5 9 3 0 9 , 0 8 0 2 6 4 , 7 9 7 2 1 7 , 6 3 7 1 6 7 , 4 1 1 1 1 3 , 9 2 0 5 6 , 9 5 2 50District Summary Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 7 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 7 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S L R e a l E s t a t e H o l d i n g s Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 2 4 / 0 6 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 / 1 9 / 0 6 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 1 6 / 0 7 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 8 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 1 6 / 1 3 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 1 6 / 1 2 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 / 3 1 / 1 6 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 . 2 6 9 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 6 1 4 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 , 6 7 4 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 9 1 - 0 0 1 0 1 0 Di s t r i c t 1 - 3 7 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s t r i c t . Th e D i s t r i c t w a s e s t a b l i s h e d t o a s s i s t w i t h t h e c o n s t r u c - ti o n o f 2 0 , 0 0 0 s q u a r e f o o t p r o d u c t i o n / w a r e h o u s e f a c i l - it y . T h e t a x i n c r e m e n t f r o m t h e D i s t r i c t i s o b l i g a t e d t o re p a y a $ 1 4 2 , 1 1 3 i n t e r f u n d l o a n a t a n i n t e r e s t r a t e o f 6% . A l l a v a i l a b l e t a x i n c r e m e n t i s c o m m i tt e d f o r p a y - me n t s o n t h e l o a n . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d n o la t e r t h a n D e c e m b e r 3 1 , 2 0 1 6 . Ma n a g e m e n t S t r a t e g y Th e f o c u s o f t h i s D i s t r i c t w i l l b e t h e r e p a y m e n t o f t h e lo a n . C a s h ﬂ o w p r o j e c t i o n s f o r t h i s D i s t r i c t s h o w t h e lo a n f u l l p a i d i n 2 0 1 4 , t w o y e a r s b e f o r e s c h e d u l e d d e - ce r t i ﬁ c a t i o n . T h e D i s t r i c t s h o u l d b e d e c e r t i ﬁ e d w h e n th e l o a n i s f u l l y p a i d . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 3 7 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d w i l l e n d A p r i l 1 6 , 2 0 1 2 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . District 1-37 (SL Real Estate Holdings)Economic Development 51District Summary Di s t r i c t 1 - 3 7 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 7 5 , 0 0 0 2 3 , 3 0 6 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 Ma r k e t V a l u e H o m e s t e a d C r e d i t 0 In v e s t m e n t e a r n i n g s 6, 1 6 5 00 0 4 2 0 3 6 1 0 2 6 2 9 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r In t e r f u n d l o a n 1 5 0 , 0 0 0 TIF a p p l i c a t i o n f e e 6, 3 6 8 Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 3 2 5 , 0 0 0 0 0 6 , 3 6 8 2 9 , 4 7 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 1 2 6 , 7 9 5 2 6 , 8 1 1 2 6 , 8 2 7 2 6 , 8 9 3 2 7 , 4 2 0 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 9 4 , 0 0 0 2 , 7 3 7 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 , 0 0 0 5 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 5 , 0 0 0 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 5 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s 18 , 0 4 6 1 9 , 1 2 9 2 0 , 2 7 7 2 1 , 4 9 3 2 2 , 7 8 3 2 1 , 6 9 9 0 0 Lo a n p r i n c i p a l p a y m e n t s 7, 4 0 6 6 , 3 2 3 5 , 1 7 5 3 , 9 5 8 2 , 6 6 9 1 , 3 0 2 0 0 Lo a n / n o t e i n t e r e s t p a y m e n t s 5 0 , 0 0 0 9 5 9 Ad m i n i s t r a t i v e e x p e n s e s 1 6 , 0 0 0 4 9 5 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r 23 , 3 0 6 In t e r f u n d l o a n s 1 5 0 , 0 0 0 Tra n s f e r s ( o u t ) Tot a l E x p e n d i t u r e s / O F U 3 2 5 , 0 0 0 0 0 1 4 , 1 9 1 2 3 , 8 5 0 2 5 , 9 9 6 2 5 , 9 9 6 2 5 , 9 9 6 2 5 , 9 9 6 2 5 , 9 9 6 2 3 , 5 4 5 5 4 4 5 4 4 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 00 0 (7 , 8 2 3 ) 5, 6 2 1 7 9 6 7 9 6 7 9 6 7 9 9 8 1 5 3 , 2 8 2 2 6 , 3 4 9 2 6 , 8 7 6 Fu n d B a l a n c e - B e g i n 00 (7 , 8 2 3 ) ( 2 , 2 0 2 ) ( 1 , 4 0 6 ) ( 6 1 1 ) 18 5 9 8 4 1 , 7 9 9 5 , 0 8 1 3 1 , 4 3 0 Fu n d B a l a n c e - E n d 0 (7 , 8 2 3 ) ( 2 , 2 0 2 ) ( 1 , 4 0 6 ) ( 6 1 1 ) 18 5 9 8 4 1 , 7 9 9 5 , 0 8 1 3 1 , 4 3 0 5 8 , 3 0 6 In t e r f u n d L o a n O u t s t a n d i n g 12 3 , 4 2 6 1 0 5 , 3 8 0 8 6 , 2 5 1 6 5 , 9 7 5 4 4 , 4 8 2 2 1 , 6 9 9 0 0 0 52District Summary Di s t r i c t 1 - 3 8 i s a n e c o n o m i c d e v e l o p m e n t T I F d i s - tr i c t . T h e D i s t r i c t w a s e s t a b l i s h e d t o a s s i s t w i t h t h e co n s t r u c t i o n o f a p r o d u c t i o n / w a r e h o u s e f a c i l i t y . T h e ta x i n c r e m e n t f r o m t h e D i s t r i c t i s o b l i g a t e d t o r e p a y a $1 5 2 , 4 6 0 i n t e r f u n d l o a n a t a n i n t e r e s t r a t e o f 8 % . A l l av a i l a b l e t a x i n c r e m e n t i s c o m m i tt e d f o r p a y m e n t s o n th e l o a n . T h e D i s t r i c t w i l l b e d e c e r t i ﬁ e d n o l a t e r t h a n Ju l y 1 4 , 2 0 1 6 . Ma n a g e m e n t S t r a t e g y Th e ﬁ n a n c i a l s u m a r y f o r t h i s D i s t r i c t w i l l b e c r e a t e d i n co n j u n c t i o n w i t h t h e i n i t i a l s t a t u t o r y r e p o r t i n g i n 2 0 0 9 . Ba s e d o n c u r r e n t p r o p e r t y v a l u e s , t h e t a x i n c r e m e n t fr o m t h i s D i s t r i c t w i l l n o t r e p a y t h e i n t e r n a l l o a n . T h e cu r r e n t e s t i m a t e d a n n u a l t a x i n c r e m e n t w i l l o n l y i n - te r e s t o n t h e l o a n . F u t u r e v a l u e i n t h e D i s t r i c t w i l l d e - te r m i n e t h e a c t u a l a b i l i t y t o r e t i r e t h i s d e b t . St a t e L a w l i m i t s t h e a b i l i t y o f t a x i n c r e m e n t s f r o m t h i s Di s t r i c t t o b e u s e d f o r o t h e r p u r p o s e s : • D i s t r i c t 1 - 3 8 i s a n e c o n o m i c d e v e l o p m e n t d i s t r i c t . Ta x i n c r e m e n t s f r o m t h i s D i s t r i c t a r e t o b e u s e d so l e l y t o f a c i l i t a t e e l i g i b l e e c o n o m i c d e v e l o p m e n t ac t i v i t i e s . • T h e D i s t r i c t i s s u b j e c t t o t h e ﬁ v e - y e a r r u l e . T h e ﬁ v e - y e a r p e r i o d w i l l e n d O c r o b e r 1 , 2 0 1 2 . • T h e D i s t r i c t c o n s i s t s o f a s i n g l e p a r c e l a n d i s s u b - je c t t o p o o l i n g l i m i t s . Ci t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 3 8 Co u n t y N u m b e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 8 Na m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W a l k e r Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E c o n o m i c D e v e l o p m e n t Es t a b l i s h e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 / 1 1 / 0 7 Ce r t i f i c a t i o n R e q u e s t e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 1 / 0 7 Ce r t i f i e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 1 / 0 7 Ye a r o f F i r s t I n c r e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 9 4- Y e a r K n o c k d o w n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 1 / 1 3 5- Y e a r R u l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 / 1 / 1 2 De c e r t i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 / 1 4 / 1 6 Or i g i n a l T a x R a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 6 . 3 6 4 % Or i g i n a l T a x C a p a c i t y V a l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 , 7 8 1 Cu r r e n t ( P a y 2 0 0 9 ) T a x C a p a c i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 3 , 6 7 4 Pa r c e l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 5 - 1 9 4 - 0 0 1 0 2 0 District 1-38 (Walker)Economic Development 53District Summary Di s t r i c t 1 - 3 8 Or i g i n a l T I F Pl a n B u d g e t Am o u n t Cu m u l a t i v e Mo d i f i e d T I F Pl a n B u d get Ac c o u n t e d fo r i n P r i o r Ye a r 20 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 Re v e n u e s a n d O t h e r F i n a n c i n g S o u r c e s Tax i n c r e m e n t r e v e n u e 1 2 0 , 0 0 0 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 Ma r k e t V a l u e H o m e s t e a d C r e d i t In v e s t m e n t e a r n i n g s 00 0 0 0 0 0 0 Bo n d p r o c e e d s Lo a n p r o c e e d s Sp e c i a l a s s e s s m e n t s Sa l e s / l e a s e p r o c e e d s Lo a n / a d v a n c e r e p a y m e n t s De v e l o p e r p a y m e n t In t e r f u n d l o a n / t r a n s f e r Ot h e r In t e r f u n d l o a n 1 6 0 , 0 0 0 TIF a p p l i c a t i o n f e e Tra n s f e r s ( i n ) Tot a l R e v e n u e s / O F S 2 8 0 , 0 0 0 0 0 0 0 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 1 2 , 7 1 5 Ex p e n d i t u r e s a n d O t h e r F i n a n c i n g U s e s La n d / b u i l d i n g a c q u i s i t i o n 5 3 , 0 0 0 Si t e i m p r o v e m e n t / p r e p a r a t i o n c o s t s 5 , 0 0 0 In s t a l l a t i o n o f p u b l i c u t i l i t i e s 5 , 0 0 0 Pu b l i c p a r k i n g f a c i l i t i e s St r e e t s a n d s i d e w a l k s 5 , 0 0 0 Pu b l i c p a r k f a c i l i t i e s So c i a l , r e c r e a t i o n o r c o n f e r e n c e f a c i l i t i e s In t e r e s t r e d u c t i o n p a y m e n t s Bo n d p r i n c i p a l p a y m e n t s Bo n d i n t e r e s t p a y m e n t s Lo a n p r i n c i p a l p a y m e n t s 1 6 0 , 0 0 0 5 1 8 5 5 9 6 0 4 6 5 2 7 0 4 7 6 1 822 887 Lo a n / n o t e i n t e r e s t p a y m e n t s 4 0 , 0 0 0 1 2 , 1 9 7 1 2 , 1 5 5 1 2 , 1 1 1 1 2 , 0 6 2 1 2 , 0 1 0 1 1 , 9 5 4 11,893 11,827 Ad m i n i s t r a t i v e e x p e n s e s 1 2 , 0 0 0 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 Pa y i n g a g e n t f e e s Ot h e r In t e r f u n d l o a n s Tra n s f e r s ( o u t ) Tot a l E x p e n d i t u r e s / O F U 2 8 0 , 0 0 0 0 0 0 0 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 1 3 , 2 5 9 Re v e n u e s / O F S O v e r ( U n d e r ) E x p e n d i t u r e s / O F U 0 0 0 0 0 (5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) ( 5 4 4 ) Fu n d B a l a n c e - B e g i n 00 0 0 (5 4 4 ) ( 1 , 0 8 8 ) ( 1 , 6 3 2 ) ( 2 , 1 7 6 ) ( 2 , 7 2 0 ) ( 3 , 2 6 4 ) ( 3 , 8 0 8 ) Fu n d B a l a n c e - E n d 00 0 (5 4 4 ) ( 1 , 0 8 8 ) ( 1 , 6 3 2 ) ( 2 , 1 7 6 ) ( 2 , 7 2 0 ) ( 3 , 2 6 4 ) ( 3 , 8 0 8 ) ( 4 , 3 5 2 ) In t e r f u n d L o a n O u t s t a n d i n g 15 2 , 4 6 0 1 5 1 , 9 4 2 1 5 1 , 3 8 3 1 5 0 , 7 7 9 1 5 0 , 1 2 7 1 4 9 , 4 2 2 1 4 8 , 6 6 2 1 4 7 , 8 4 0 1 4 6 , 9 5 3 54Appendix Th i s a p p e n d i x c o n t a i n e d s e l e c t e d e l e m e n t s o f S t a t e La w g o v e r n i n g t h e u s e o f T I F a n d r e l a t e d t o t h e m a n - ag e m e n t o f M o n t i c e l l o T I F d i s t r i c t s . T h e s e s t a t u t e s a r e cu r r e n t i n 2 0 0 8 . L a w s g o v e r n i n g T I F m a y c h a n g e i n th e f u t u r e . T h i s a p p e n d i x i s i n t e n d e d s o l e l y a s a n i n - fo r m a t i o n a l r e f e r e n c e . S p e c i ﬁ c m a n a g e m e n t a c t i o n s mu s t b e b a s e d o n a r e v i e w o f t h e r e l e v a n t s t a t u t o r y la n g u a g e i n e ff e c t a t t h e t i m e . Ad m i n i s t r a t i v e E x p e n s e Ad m i n i s t r a t i v e E x p e n s e D e f i n e d ( 4 6 9 . 1 7 4 , S u b d 1 4 ) "A d m i n i s t r a t i v e e x p e n s e s " m e a n s a l l e x p e n d i t u r e s o f an a u t h o r i t y o t h e r t h a n : (1 ) a m o u n t s p a i d f o r t h e p u r c h a s e o f l a n d ; (2 ) a m o u n t s p a i d t o c o n t r a c t o r s o r o t h e r s p r o v i d i n g ma t e r i a l s a n d s e r v i c e s , i n c l u d i n g a r c h i t e c t u r a l a n d e n - gi n e e r i n g s e r v i c e s , d i r e c t l y c o n n e c t e d w i t h t h e p h y s i - ca l d e v e l o p m e n t o f t h e r e a l p r o p e r t y i n t h e p r o j e c t ; (3 ) r e l o c a t i o n b e n e ﬁ t s p a i d t o o r s e r v i c e s p r o v i d e d f o r pe r s o n s r e s i d i n g o r b u s i n e s s e s l o c a t e d i n t h e p r o j e c t ; (4 ) a m o u n t s u s e d t o p a y p r i n c i p a l o r i n t e r e s t o n , f u n d a r e s e r v e f o r , o r s e l l a t a d i s c o u n t b o n d s i s s u e d p u r s u - an t t o s e c t i o n 4 6 9 . 1 7 8 ; o r (5 ) a m o u n t s u s e d t o p a y o t h e r ﬁ n a n c i a l o b l i g a t i o n s t o th e e x t e n t t h o s e o b l i g a t i o n s w e r e u s e d t o ﬁ n a n c e c o s t s de s c r i b e d i n c l a u s e s ( 1 ) t o ( 3 ) . Fo r d i s t r i c t s f o r w h i c h t h e r e q u e s t s f o r c e r t i ﬁ c a t i o n s we r e m a d e b e f o r e A u g u s t 1 , 1 9 7 9 , o r a ft e r J u n e 3 0 , 1 9 8 2 , "a d m i n i s t r a t i v e e x p e n s e s " i n c l u d e s a m o u n t s p a i d f o r se r v i c e s p r o v i d e d b y b o n d c o u n s e l , ﬁ s c a l c o n s u l t a n t s , an d p l a n n i n g o r e c o n o m i c d e v e l o p m e n t c o n s u l t a n t s . Li m i t a t i o n o n A d m i n i s t r a t i v e E x p e n s e s ( 4 6 9 . 1 7 3 , S u b d . 3 ) (a ) F o r d i s t r i c t s f o r w h i c h c e r t i ﬁ c a t i o n w a s r e q u e s t e d be f o r e A u g u s t 1 , 1 9 7 9 , o r a ft e r J u n e 3 0 , 1 9 8 2 a n d b e - fo r e A u g u s t 1 , 2 0 0 1 , n o t a x i n c r e m e n t s h a l l b e u s e d t o pa y a n y a d m i n i s t r a t i v e e x p e n s e s f o r a p r o j e c t w h i c h ex c e e d t e n p e r c e n t o f t h e t o t a l e s t i m a t e d t a x i n c r e m e n t ex p e n d i t u r e s a u t h o r i z e d b y t h e t a x i n c r e m e n t ﬁ n a n c - in g p l a n o r t h e t o t a l t a x i n c r e m e n t e x p e n d i t u r e s f o r t h e pr o j e c t , w h i c h e v e r i s l e s s . (b ) F o r d i s t r i c t s f o r w h i c h c e r t i ﬁ c a t i o n w a s r e q u e s t e d aft e r J u l y 3 1 , 1 9 7 9 , a n d b e f o r e J u l y 1 , 1 9 8 2 , n o t a x i n c r e - me n t s h a l l b e u s e d t o p a y a d m i n i s t r a t i v e e x p e n s e s , a s de ﬁ n e d i n M i n n e s o t a S t a t u t e s 1 9 8 0 , s e c t i o n 2 7 3 . 7 3 , f o r a d i s t r i c t w h i c h e x c e e d s ﬁ v e p e r c e n t o f t h e t o t a l t a x i n - cr e m e n t e x p e n d i t u r e s a u t h o r i z e d b y t h e t a x i n c r e m e n t ﬁ n a n c i n g p l a n o r t h e t o t a l e s t i m a t e d t a x i n c r e m e n t e x - pe n d i t u r e s f o r t h e d i s t r i c t , w h i c h e v e r i s l e s s . (c ) F o r d i s t r i c t s f o r w h i c h c e r t i ﬁ c a t i o n w a s r e q u e s t e d aft e r J u l y 3 1 , 2 0 0 1 , n o t a x i n c r e m e n t m a y b e u s e d t o pa y a n y a d m i n i s t r a t i v e e x p e n s e s f o r a p r o j e c t w h i c h ex c e e d t e n p e r c e n t o f t o t a l e s t i m a t e d t a x i n c r e m e n t e x - pe n d i t u r e s a u t h o r i z e d b y t h e t a x i n c r e m e n t ﬁ n a n c i n g pl a n o r t h e t o t a l t a x i n c r e m e n t s , a s d e ﬁ n e d i n s e c t i o n 46 9 . 1 7 4 , s u b d i v i s i o n 2 5 , c l a u s e ( 1 ) , f r o m t h e d i s t r i c t , wh i c h e v e r i s l e s s . (d ) I n c r e m e n t s u s e d t o p a y t h e c o u n t y ’ s a d m i n i s t r a t i v e ex p e n s e s u n d e r s u b d i v i s i o n 4 h a r e n o t s u b j e c t t o t h e pe r c e n t a g e l i m i t s i n t h i s s u b d i v i s i o n . Di s t r i c t L i m i t a t i o n s Re d e v e l o p m e n t D i s t r i c t s ( 4 6 9 . 1 7 6 , S u b d . 4 j ) At l e a s t 9 0 p e r c e n t o f t h e r e v e n u e s d e r i v e d f r o m t a x in c r e m e n t s f r o m a r e d e v e l o p m e n t d i s t r i c t o r r e n e w a l an d r e n o v a t i o n d i s t r i c t m u s t b e u s e d t o ﬁ n a n c e t h e Excerpts from TIF Act 2008 Statutes 55Appendix co s t o f c o r r e c t i n g c o n d i t i o n s t h a t a l l o w d e s i g n a t i o n o f re d e v e l o p m e n t a n d r e n e w a l a n d r e n o v a t i o n d i s t r i c t s un d e r s e c t i o n 4 6 9 . 1 7 4 . T h e s e c o s t s i n c l u d e , b u t a r e n o t li m i t e d t o , a c q u i r i n g p r o p e r t i e s c o n t a i n i n g s t r u c t u r a l l y su b s t a n d a r d b u i l d i n g s o r i m p r o v e m e n t s o r h a z a r d o u s su b s t a n c e s , p o l l u t i o n , o r c o n t a m i n a n t s , a c q u i r i n g a d - ja c e n t p a r c e l s n e c e s s a r y t o p r o v i d e a s i t e o f s u ffi c i e n t si z e t o p e r m i t d e v e l o p m e n t , d e m o l i t i o n a n d r e h a b i l i - ta t i o n o f s t r u c t u r e s , c l e a r i n g o f t h e l a n d , t h e r e m o v a l of h a z a r d o u s s u b s t a n c e s o r r e m e d i a t i o n n e c e s s a r y t o de v e l o p m e n t o f t h e l a n d , a n d i n s t a l l a t i o n o f u t i l i t i e s , ro a d s , s i d e w a l k s , a n d p a r k i n g f a c i l i t i e s f o r t h e s i t e . Th e a l l o c a t e d a d m i n i s t r a t i v e e x p e n s e s o f t h e a u t h o r i t y , in c l u d i n g t h e c o s t o f p r e p a r a t i o n o f t h e d e v e l o p m e n t ac t i o n r e s p o n s e p l a n , m a y b e i n c l u d e d i n t h e q u a l i f y - in g c o s t s . Ho u s i n g D i s t r i c t s ( 4 6 9 . 1 7 6 , S u b d . 4 d ) Re v e n u e d e r i v e d f r o m t a x i n c r e m e n t f r o m a h o u s i n g di s t r i c t m u s t b e u s e d s o l e l y t o ﬁ n a n c e t h e c o s t o f h o u s - in g p r o j e c t s a s d e ﬁ n e d i n s e c t i o n s 4 6 9 . 1 7 4 , s u b d i v i s i o n 11 , a n d 4 6 9 . 1 7 6 1 . T h e c o s t o f p u b l i c i m p r o v e m e n t s d i - re c t l y r e l a t e d t o t h e h o u s i n g p r o j e c t s a n d t h e a l l o c a t e d ad m i n i s t r a t i v e e x p e n s e s o f t h e a u t h o r i t y m a y b e i n - cl u d e d i n t h e c o s t o f a h o u s i n g p r o j e c t . Ec o n o m i c D e v e l o p m e n t D i s t r i c t s ( 4 6 9 . 1 7 6 , S u b d . 4 c ) (a ) R e v e n u e d e r i v e d f r o m t a x i n c r e m e n t f r o m a n e c o - no m i c d e v e l o p m e n t d i s t r i c t m a y n o t b e u s e d t o p r o - vi d e i m p r o v e m e n t s , l o a n s , s u b s i d i e s , g r a n t s , i n t e r e s t ra t e s u b s i d i e s , o r a s s i s t a n c e i n a n y f o r m t o d e v e l o p - me n t s c o n s i s t i n g o f b u i l d i n g s a n d a n c i l l a r y f a c i l i t i e s , if m o r e t h a n 1 5 p e r c e n t o f t h e b u i l d i n g s a n d f a c i l i t i e s (d e t e r m i n e d o n t h e b a s i s o f s q u a r e f o o t a g e ) a r e u s e d fo r a p u r p o s e o t h e r t h a n : (1 ) t h e m a n u f a c t u r i n g o r p r o d u c t i o n o f t a n g i b l e p e r - so n a l p r o p e r t y , i n c l u d i n g p r o c e s s i n g r e s u l t i n g i n t h e ch a n g e i n c o n d i t i o n o f t h e p r o p e r t y ; (2 ) w a r e h o u s i n g , s t o r a g e , a n d d i s t r i b u t i o n o f t a n g i b l e pe r s o n a l p r o p e r t y , e x c l u d i n g r e t a i l s a l e s ; (3 ) r e s e a r c h a n d d e v e l o p m e n t r e l a t e d t o t h e a c t i v i t i e s li s t e d i n c l a u s e ( 1 ) o r ( 2 ) ; (4 ) t e l e m a r k e t i n g i f t h a t a c t i v i t y i s t h e e x c l u s i v e u s e o f th e p r o p e r t y ; (5 ) t o u r i s m f a c i l i t i e s ; (6 ) q u a l i ﬁ e d b o r d e r r e t a i l f a c i l i t i e s ; o r (7 ) s p a c e n e c e s s a r y f o r a n d r e l a t e d t o t h e a c t i v i t i e s l i s t - ed i n c l a u s e s ( 1 ) t o ( 6 ) . (b ) N o t w i t h s t a n d i n g t h e p r o v i s i o n s o f t h i s s u b d i v i - si o n , r e v e n u e d e r i v e d f r o m t a x i n c r e m e n t f r o m a n e c o - no m i c d e v e l o p m e n t d i s t r i c t m a y b e u s e d t o p a y f o r s i t e pr e p a r a t i o n a n d p u b l i c i m p r o v e m e n t s , i f t h e f o l l o w i n g co n d i t i o n s a r e m e t : (1 ) b e d r o c k s o i l s c o n d i t i o n s a r e p r e s e n t i n 8 0 p e r c e n t or m o r e o f t h e a c r e a g e o f t h e d i s t r i c t ; (2 ) t h e e s t i m a t e d c o s t o f p h y s i c a l p r e p a r a t i o n o f t h e si t e e x c e e d s t h e f a i r m a r k e t v a l u e o f t h e l a n d b e f o r e co m p l e t i o n o f t h e p r e p a r a t i o n ; a n d (3 ) r e v e n u e s f r o m t a x i n c r e m e n t s a r e e x p e n d e d o n l y fo r t h e a d d i t i o n a l c o s t s o f p r e p a r i n g t h e s i t e b e c a u s e of u n s t a b l e s o i l s a n d t h e b e d r o c k s o i l s c o n d i t i o n , t h e ad d i t i o n a l c o s t o f i n s t a l l i n g p u b l i c i m p r o v e m e n t s b e - ca u s e o f u n s t a b l e s o i l s o r t h e b e d r o c k s o i l s c o n d i t i o n , an d r e a s o n a b l e a d m i n i s t r a t i v e c o s t s . (c ) N o t w i t h s t a n d i n g t h e p r o v i s i o n s o f t h i s s u b d i v i s i o n , re v e n u e s d e r i v e d f r o m t a x i n c r e m e n t f r o m a n e c o - 56Appendix no m i c d e v e l o p m e n t d i s t r i c t m a y b e u s e d t o p r o v i d e im p r o v e m e n t s , l o a n s , s u b s i d i e s , g r a n t s , i n t e r e s t r a t e su b s i d i e s , o r a s s i s t a n c e i n a n y f o r m f o r u p t o 1 5 , 0 0 0 sq u a r e f e e t o f a n y s e p a r a t e l y o w n e d c o m m e r c i a l f a c i l - it y l o c a t e d w i t h i n t h e m u n i c i p a l j u r i s d i c t i o n o f a s m a l l ci t y , i f t h e r e v e n u e s d e r i v e d f r o m i n c r e m e n t s a r e s p e n t on l y t o a s s i s t t h e f a c i l i t y d i r e c t l y o r f o r a d m i n i s t r a - ti v e e x p e n s e s , t h e a s s i s t a n c e i s n e c e s s a r y t o d e v e l o p th e f a c i l i t y , a n d a l l o f t h e i n c r e m e n t s , e x c e p t t h o s e f o r ad m i n i s t r a t i v e e x p e n s e s , a r e s p e n t o n l y f o r a c t i v i t i e s wi t h i n t h e d i s t r i c t . (d ) F o r p u r p o s e s o f t h i s s u b d i v i s i o n , a q u a l i ﬁ e d b o r d e r re t a i l f a c i l i t y i s a d e v e l o p m e n t c o n s i s t i n g o f a s h o p - pi n g c e n t e r o r o n e o r m o r e r e t a i l s t o r e s , i f t h e a u t h o r i t y ﬁ n d s t h a t a l l o f t h e f o l l o w i n g c o n d i t i o n s a r e s a t i s ﬁ e d : (1 ) t h e d i s t r i c t i s i n a s m a l l c i t y l o c a t e d w i t h i n o n e m i l e or l e s s o f t h e b o r d e r o f t h e s t a t e ; (2 ) t h e d e v e l o p m e n t i s n o t l o c a t e d i n t h e s e v e n - c o u n t y me t r o p o l i t a n a r e a , a s d e ﬁ n e d i n s e c t i o n 4 7 3 . 1 2 1 , s u b - di v i s i o n 2 ; (3 ) t h e d e v e l o p m e n t w i l l c o n t a i n n e w b u i l d i n g s o r wi l l s u b s t a n t i a l l y r e h a b i l i t a t e e x i s t i n g b u i l d i n g s t h a t to g e t h e r c o n t a i n a t l e a s t 2 5 , 0 0 0 s q u a r e f e e t o f r e t a i l sp a c e ; a n d (4 ) w i t h o u t t h e u s e o f t a x i n c r e m e n t ﬁ n a n c i n g f o r t h e de v e l o p m e n t , t h e d e v e l o p m e n t o r a s i m i l a r c o m p e t i n g de v e l o p m e n t w i l l i n s t e a d o c c u r i n t h e b o r d e r i n g s t a t e or p r o v i n c e . (e ) A c i t y i s a s m a l l c i t y f o r p u r p o s e s o f t h i s s u b d i v i - si o n i f t h e c i t y w a s a s m a l l c i t y i n t h e y e a r i n w h i c h t h e re q u e s t f o r c e r t i ﬁ c a t i o n w a s m a d e a n d a p p l i e s f o r t h e re s t o f t h e d u r a t i o n o f t h e d i s t r i c t , r e g a r d l e s s o f w h e t h - er t h e c i t y q u a l i ﬁ e s o r c e a s e s t o q u a l i f y a s a s m a l l c i t y . Kn o c k D o w n ( 4 6 9 . 1 7 6 , S u b d . 6 ) Su b d . 6 . A c t i o n r e q u i r e d . ( a ) I f , a ft e r f o u r y e a r s f r o m th e d a t e o f c e r t i ﬁ c a t i o n o f t h e o r i g i n a l n e t t a x c a p a c - it y o f t h e t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t p u r s u a n t t o se c t i o n 4 6 9 . 1 7 7 , n o d e m o l i t i o n , r e h a b i l i t a t i o n , o r r e n o - va t i o n o f p r o p e r t y o r o t h e r s i t e p r e p a r a t i o n , i n c l u d i n g qu a l i ﬁ e d i m p r o v e m e n t o f a s t r e e t a d j a c e n t t o a p a r c e l bu t n o t i n s t a l l a t i o n o f u t i l i t y s e r v i c e i n c l u d i n g s e w e r or w a t e r s y s t e m s , h a s b e e n c o m m e n c e d o n a p a r c e l lo c a t e d w i t h i n a t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t b y th e a u t h o r i t y o r b y t h e o w n e r o f t h e p a r c e l i n a c c o r - da n c e w i t h t h e t a x i n c r e m e n t ﬁ n a n c i n g p l a n , n o a d - di t i o n a l t a x i n c r e m e n t m a y b e t a k e n f r o m t h a t p a r c e l , an d t h e o r i g i n a l n e t t a x c a p a c i t y o f t h a t p a r c e l s h a l l be e x c l u d e d f r o m t h e o r i g i n a l n e t t a x c a p a c i t y o f t h e ta x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t . I f t h e a u t h o r i t y o r t h e ow n e r o f t h e p a r c e l s u b s e q u e n t l y c o m m e n c e s d e m o l i - ti o n , r e h a b i l i t a t i o n , o r r e n o v a t i o n o r o t h e r s i t e p r e p a - ra t i o n o n t h a t p a r c e l i n c l u d i n g q u a l i ﬁ e d i m p r o v e m e n t of a s t r e e t a d j a c e n t t o t h a t p a r c e l , i n a c c o r d a n c e w i t h th e t a x i n c r e m e n t ﬁ n a n c i n g p l a n , t h e a u t h o r i t y s h a l l ce r t i f y t o t h e c o u n t y a u d i t o r t h a t t h e a c t i v i t y h a s c o m - me n c e d , a n d t h e c o u n t y a u d i t o r s h a l l c e r t i f y t h e n e t ta x c a p a c i t y t h e r e o f a s m o s t r e c e n t l y c e r t i ﬁ e d b y t h e co m m i s s i o n e r o f r e v e n u e a n d a d d i t t o t h e o r i g i n a l ne t t a x c a p a c i t y o f t h e t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t . Th e c o u n t y a u d i t o r m u s t e n f o r c e t h e p r o v i s i o n s o f t h i s su b d i v i s i o n . T h e a u t h o r i t y m u s t s u b m i t t o t h e c o u n t y au d i t o r e v i d e n c e t h a t t h e r e q u i r e d a c t i v i t y h a s t a k e n pl a c e f o r e a c h p a r c e l i n t h e d i s t r i c t . T h e e v i d e n c e f o r a p a r c e l m u s t b e s u b m i tt e d b y F e b r u a r y 1 o f t h e ﬁ ft h ye a r f o l l o w i n g t h e y e a r i n w h i c h t h e p a r c e l w a s c e r - ti ﬁ e d a s i n c l u d e d i n t h e d i s t r i c t . F o r p u r p o s e s o f t h i s su b d i v i s i o n , q u a l i ﬁ e d i m p r o v e m e n t s o f a s t r e e t a r e li m i t e d t o ( 1 ) c o n s t r u c t i o n o r o p e n i n g o f a n e w s t r e e t , 57Appendix (2 ) r e l o c a t i o n o f a s t r e e t , a n d ( 3 ) s u b s t a n t i a l r e c o n s t r u c - ti o n o r r e b u i l d i n g o f a n e x i s t i n g s t r e e t . (b ) F o r d i s t r i c t s w h i c h w e r e c e r t i ﬁ e d o n o r a ft e r J a n u - ar y 1 , 2 0 0 5 , a n d b e f o r e A p r i l 2 0 , 2 0 0 9 , t h e f o u r - y e a r p e - ri o d u n d e r p a r a g r a p h ( a ) i s i n c r e a s e d t o s i x y e a r s . Po o l i n g a n d F i v e - Y e a r R u l e ( 4 6 9 . 1 7 6 3 ) Su b d . 1 . D e f i n i t i o n s (a ) F o r p u r p o s e s o f t h i s s e c t i o n , t h e f o l l o w i n g t e r m s ha v e t h e m e a n i n g s g i v e n . (b ) “ A c t i v i t i e s ” m e a n s a c q u i s i t i o n o f p r o p e r t y , c l e a r i n g of l a n d , s i t e p r e p a r a t i o n , s o i l s c o r r e c t i o n , r e m o v a l o f ha z a r d o u s w a s t e o r p o l l u t i o n , i n s t a l l a t i o n o f u t i l i t i e s , co n s t r u c t i o n o f p u b l i c o r p r i v a t e i m p r o v e m e n t s , a n d ot h e r s i m i l a r a c t i v i t i e s , b u t o n l y t o t h e e x t e n t t h a t t a x in c r e m e n t r e v e n u e s m a y b e s p e n t f o r s u c h p u r p o s e s un d e r o t h e r l a w . (c ) “ T h i r d p a r t y ” m e a n s a n e n t i t y o t h e r t h a n ( 1 ) t h e pe r s o n r e c e i v i n g t h e b e n e ﬁ t o f a s s i s t a n c e ﬁ n a n c e d wi t h t a x i n c r e m e n t s , o r ( 2 ) t h e m u n i c i p a l i t y o r t h e d e - ve l o p m e n t a u t h o r i t y o r o t h e r p e r s o n s u b s t a n t i a l l y u n - de r t h e c o n t r o l o f t h e m u n i c i p a l i t y . (d ) “ R e v e n u e s d e r i v e d f r o m t a x i n c r e m e n t s p a i d b y pr o p e r t i e s i n t h e d i s t r i c t ” m e a n s o n l y t a x i n c r e m e n t a s de ﬁ n e d i n s e c t i o n 4 6 9 . 1 7 4 , s u b d i v i s i o n 2 5 , c l a u s e ( 1 ) , an d d o e s n o t i n c l u d e t a x i n c r e m e n t a s d e ﬁ n e d i n s e c - ti o n 4 6 9 . 1 7 4 , s u b d i v i s i o n 2 5 , c l a u s e s ( 2 ) , ( 3 ) , a n d ( 4 ) . Su b d . 2 . E x p e n d i t u r e s o u t s i d e d i s t r i c t [ P o o l i n g ] (a ) F o r e a c h t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t , a n am o u n t e q u a l t o a t l e a s t 7 5 p e r c e n t o f t h e t o t a l re v e n u e d e r i v e d f r o m t a x i n c r e m e n t s p a i d b y pr o p e r t i e s i n t h e d i s t r i c t m u s t b e e x p e n d e d o n ac t i v i t i e s i n t h e d i s t r i c t o r t o p a y b o n d s , t o t h e ex t e n t t h a t t h e p r o c e e d s o f t h e b o n d s w e r e u s e d t o ﬁ n a n c e a c t i v i t i e s i n t h e d i s t r i c t o r t o p a y , o r s e c u r e pa y m e n t o f , d e b t s e r v i c e o n c r e d i t e n h a n c e d b o n d s . Fo r d i s t r i c t s , o t h e r t h a n r e d e v e l o p m e n t d i s t r i c t s f o r wh i c h t h e r e q u e s t f o r c e r t i ﬁ c a t i o n w a s m a d e a ft e r Ju n e 3 0 , 1 9 9 5 , t h e i n - d i s t r i c t p e r c e n t a g e f o r p u r p o s e s of t h e p r e c e d i n g s e n t e n c e i s 8 0 p e r c e n t . N o t m o r e th a n 2 5 p e r c e n t o f t h e t o t a l r e v e n u e d e r i v e d f r o m t a x in c r e m e n t s p a i d b y p r o p e r t i e s i n t h e d i s t r i c t m a y b e ex p e n d e d , t h r o u g h a d e v e l o p m e n t f u n d o r o t h e r w i s e , on a c t i v i t i e s o u t s i d e o f t h e d i s t r i c t b u t w i t h i n t h e de ﬁ n e d g e o g r a p h i c a r e a o f t h e p r o j e c t e x c e p t t o p a y , or s e c u r e p a y m e n t o f , d e b t s e r v i c e o n c r e d i t e n h a n c e d bo n d s . F o r d i s t r i c t s , o t h e r t h a n r e d e v e l o p m e n t di s t r i c t s f o r w h i c h t h e r e q u e s t f o r c e r t i ﬁ c a t i o n w a s ma d e a ft e r J u n e 3 0 , 1 9 9 5 , t h e p o o l i n g p e r c e n t a g e f o r pu r p o s e s o f t h e p r e c e d i n g s e n t e n c e i s 2 0 p e r c e n t . T h e re v e n u e d e r i v e d f r o m t a x i n c r e m e n t s f o r t h e d i s t r i c t th a t a r e e x p e n d e d o n c o s t s u n d e r s e c t i o n 4 6 9 . 1 7 6 , su b d i v i s i o n 4 h , p a r a g r a p h ( b ) , m a y b e d e d u c t e d ﬁ r s t b e f o r e c a l c u l a t i n g t h e p e r c e n t a g e s t h a t m u s t b e ex p e n d e d w i t h i n a n d w i t h o u t t h e d i s t r i c t . (b ) I n t h e c a s e o f a h o u s i n g d i s t r i c t , a h o u s i n g p r o j e c t , as d e ﬁ n e d i n s e c t i o n 4 6 9 . 1 7 4 , s u b d i v i s i o n 1 1 , i s a n a c - ti v i t y i n t h e d i s t r i c t . (c ) A l l a d m i n i s t r a t i v e e x p e n s e s a r e f o r a c t i v i t i e s o u t - si d e o f t h e d i s t r i c t , e x c e p t t h a t i f t h e o n l y e x p e n s e s f o r ac t i v i t i e s o u t s i d e o f t h e d i s t r i c t u n d e r t h i s s u b d i v i s i o n ar e f o r t h e p u r p o s e s d e s c r i b e d i n p a r a g r a p h ( d ) , a d - mi n i s t r a t i v e e x p e n s e s w i l l b e c o n s i d e r e d a s e x p e n d i - tu r e s f o r a c t i v i t i e s i n t h e d i s t r i c t . (d ) T h e a u t h o r i t y m a y e l e c t , i n t h e t a x i n c r e m e n t ﬁ - na n c i n g p l a n f o r t h e d i s t r i c t , t o i n c r e a s e b y u p t o t e n pe r c e n t a g e p o i n t s t h e p e r m i tt e d a m o u n t o f e x p e n d i - 58Appendix tu r e s f o r a c t i v i t i e s l o c a t e d o u t s i d e t h e g e o g r a p h i c a r e a of t h e d i s t r i c t u n d e r p a r a g r a p h ( a ) . A s p e r m i tt e d b y se c t i o n 4 6 9 . 1 7 6 , s u b d i v i s i o n 4 k , t h e e x p e n d i t u r e s , i n - cl u d i n g t h e p e r m i tt e d e x p e n d i t u r e s u n d e r p a r a g r a p h (a ) , n e e d n o t b e m a d e w i t h i n t h e g e o g r a p h i c a r e a o f th e p r o j e c t . E x p e n d i t u r e s t h a t m e e t t h e r e q u i r e m e n t s of t h i s p a r a g r a p h a r e l e g a l l y p e r m i tt e d e x p e n d i t u r e s of t h e d i s t r i c t , n o t w i t h s t a n d i n g s e c t i o n 4 6 9 . 1 7 6 , s u b d i - vi s i o n s 4 b , 4 c , a n d 4 j . T o q u a l i f y f o r t h e i n c r e a s e u n d e r th i s p a r a g r a p h , t h e e x p e n d i t u r e s m u s t : (1 ) b e u s e d e x c l u s i v e l y t o a s s i s t h o u s i n g t h a t m e e t s t h e re q u i r e m e n t f o r a q u a l i ﬁ e d l o w - i n c o m e b u i l d i n g , a s th a t t e r m i s u s e d i n s e c t i o n 4 2 o f t h e I n t e r n a l R e v e n u e Co d e ; (2 ) n o t e x c e e d t h e q u a l i ﬁ e d b a s i s o f t h e h o u s i n g , a s d e - ﬁ n e d u n d e r s e c t i o n 4 2 ( c ) o f t h e I n t e r n a l R e v e n u e C o d e , le s s t h e a m o u n t o f a n y c r e d i t a l l o w e d u n d e r s e c t i o n 4 2 of t h e I n t e r n a l R e v e n u e C o d e ; a n d (3 ) b e u s e d t o : (i ) a c q u i r e a n d p r e p a r e t h e s i t e o f t h e h o u s i n g ; (i i ) a c q u i r e , c o n s t r u c t , o r r e h a b i l i t a t e t h e h o u s i n g ; o r (i i i ) m a k e p u b l i c i m p r o v e m e n t s d i r e c t l y r e l a t e d t o t h e ho u s i n g . (e ) F o r a d i s t r i c t c r e a t e d w i t h i n a b i o t e c h n o l o g y a n d he a l t h s c i e n c e s i n d u s t r y z o n e a s d e ﬁ n e d i n s e c t i o n 46 9 . 3 3 0 , s u b d i v i s i o n 6 , o r f o r a n e x i s t i n g d i s t r i c t l o - ca t e d w i t h i n s u c h a z o n e , t a x i n c r e m e n t d e r i v e d f r o m su c h a d i s t r i c t m a y b e e x p e n d e d o u t s i d e o f t h e d i s t r i c t bu t w i t h i n t h e z o n e o n l y f o r e x p e n d i t u r e s r e q u i r e d fo r t h e c o n s t r u c t i o n o f p u b l i c i n f r a s t r u c t u r e n e c e s s a r y to s u p p o r t t h e a c t i v i t i e s o f t h e z o n e , l a n d a c q u i s i t i o n , an d o t h e r r e d e v e l o p m e n t c o s t s a s d e ﬁ n e d i n s e c t i o n 46 9 . 1 7 6 , s u b d i v i s i o n 4 j . T h e s e e x p e n d i t u r e s a r e c o n s i d - er e d a s e x p e n d i t u r e s f o r a c t i v i t i e s w i t h i n t h e d i s t r i c t . Su b d . 3 . F i v e - y e a r r u l e (a ) R e v e n u e s d e r i v e d f r o m t a x i n c r e m e n t s a r e c o n s i d - er e d t o h a v e b e e n e x p e n d e d o n a n a c t i v i t y w i t h i n t h e di s t r i c t u n d e r s u b d i v i s i o n 2 o n l y i f o n e o f t h e f o l l o w - in g o c c u r s : (1 ) b e f o r e o r w i t h i n ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e di s t r i c t , t h e r e v e n u e s a r e a c t u a l l y p a i d t o a t h i r d p a r t y wi t h r e s p e c t t o t h e a c t i v i t y ; (2 ) b o n d s , t h e p r o c e e d s o f w h i c h m u s t b e u s e d t o ﬁ - na n c e t h e a c t i v i t y , a r e i s s u e d a n d s o l d t o a t h i r d p a r t y be f o r e o r w i t h i n ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n , t h e r e v - en u e s a r e s p e n t t o r e p a y t h e b o n d s , a n d t h e p r o c e e d s of t h e b o n d s e i t h e r a r e , o n t h e d a t e o f i s s u a n c e , r e a s o n - ab l y e x p e c t e d t o b e s p e n t b e f o r e t h e e n d o f t h e l a t e r o f (i ) t h e ﬁ v e - y e a r p e r i o d , o r ( i i ) a r e a s o n a b l e t e m p o r a r y pe r i o d w i t h i n t h e m e a n i n g o f t h e u s e o f t h a t t e r m u n - de r s e c t i o n 1 4 8 ( c ) ( 1 ) o f t h e I n t e r n a l R e v e n u e C o d e , o r ar e d e p o s i t e d i n a r e a s o n a b l y r e q u i r e d r e s e r v e o r r e - pl a c e m e n t f u n d ; (3 ) b i n d i n g c o n t r a c t s w i t h a t h i r d p a r t y a r e e n t e r e d in t o f o r p e r f o r m a n c e o f t h e a c t i v i t y b e f o r e o r w i t h i n ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e d i s t r i c t a n d t h e r e v - en u e s a r e s p e n t u n d e r t h e c o n t r a c t u a l o b l i g a t i o n ; (4 ) c o s t s w i t h r e s p e c t t o t h e a c t i v i t y a r e p a i d b e f o r e o r wi t h i n ﬁ v e y e a r s a ft e r c e r t i ﬁ c a t i o n o f t h e d i s t r i c t a n d th e r e v e n u e s a r e s p e n t t o r e i m b u r s e a p a r t y f o r p a y - me n t o f t h e c o s t s , i n c l u d i n g i n t e r e s t o n u n r e i m b u r s e d co s t s ; o r (5 ) e x p e n d i t u r e s a r e m a d e f o r h o u s i n g p u r p o s e s a s pe r m i tt e d b y s u b d i v i s i o n 2 , p a r a g r a p h s ( b ) a n d ( d ) , 59Appendix or f o r p u b l i c i n f r a s t r u c t u r e p u r p o s e s w i t h i n a z o n e a s pe r m i tt e d b y s u b d i v i s i o n 2 , p a r a g r a p h ( e ) . (b ) F o r p u r p o s e s o f t h i s s u b d i v i s i o n , b o n d s i n c l u d e su b s e q u e n t r e f u n d i n g b o n d s i f t h e o r i g i n a l r e f u n d e d bo n d s m e e t t h e r e q u i r e m e n t s o f p a r a g r a p h ( a ) , c l a u s e (2 ) . Mo d i f i c a t i o n o f P l a n ( 4 6 9 . 1 7 5 , S u b d . 4 ) (a ) A t a x i n c r e m e n t ﬁ n a n c i n g p l a n m a y b e m o d i ﬁ e d b y an a u t h o r i t y . (b ) T h e a u t h o r i t y m a y m a k e t h e f o l l o w i n g m o d i ﬁ c a - ti o n s o n l y u p o n t h e n o t i c e a n d a ft e r t h e d i s c u s s i o n , pu b l i c h e a r i n g , a n d ﬁ n d i n g s r e q u i r e d f o r a p p r o v a l o f th e o r i g i n a l p l a n : (1 ) a n y r e d u c t i o n o r e n l a r g e m e n t o f g e o g r a p h i c a r e a o f th e p r o j e c t o r t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t t h a t d o e s no t m e e t t h e r e q u i r e m e n t s o f p a r a g r a p h ( e ) ; (2 ) i n c r e a s e i n a m o u n t o f b o n d e d i n d e b t e d n e s s t o b e in c u r r e d ; (3 ) a d e t e r m i n a t i o n t o c a p i t a l i z e i n t e r e s t o n t h e d e b t i f th a t d e t e r m i n a t i o n w a s n o t a p a r t o f t h e o r i g i n a l p l a n ; (4 ) i n c r e a s e i n t h e p o r t i o n o f t h e c a p t u r e d n e t t a x c a - pa c i t y t o b e r e t a i n e d b y t h e a u t h o r i t y ; (5 ) i n c r e a s e i n t h e e s t i m a t e o f t h e c o s t o f t h e p r o j e c t , in c l u d i n g a d m i n i s t r a t i v e e x p e n s e s , t h a t w i l l b e p a i d o r ﬁ n a n c e d w i t h t a x i n c r e m e n t f r o m t h e d i s t r i c t ; o r (6 ) d e s i g n a t i o n o f a d d i t i o n a l p r o p e r t y t o b e a c q u i r e d by t h e a u t h o r i t y . (c ) I f a n a u t h o r i t y c h a n g e s t h e t y p e o f d i s t r i c t t o a n - ot h e r t y p e o f d i s t r i c t , t h i s c h a n g e i s n o t a m o d i ﬁ c a t i o n bu t r e q u i r e s t h e a u t h o r i t y t o f o l l o w t h e p r o c e d u r e s e t fo r t h i n s e c t i o n s 4 6 9 . 1 7 4 t o 4 6 9 . 1 7 9 f o r a d o p t i o n o f a ne w p l a n , i n c l u d i n g c e r t i ﬁ c a t i o n o f t h e n e t t a x c a p a c i t y of t h e d i s t r i c t b y t h e c o u n t y a u d i t o r . (d ) I f a r e d e v e l o p m e n t d i s t r i c t o r a r e n e w a l a n d r e n o - va t i o n d i s t r i c t i s e n l a r g e d , t h e r e a s o n s a n d s u p p o r t i n g fa c t s f o r t h e d e t e r m i n a t i o n t h a t t h e a d d i t i o n t o t h e d i s - tr i c t m e e t s t h e c r i t e r i a o f s e c t i o n 4 6 9 . 1 7 4 , s u b d i v i s i o n 10 , p a r a g r a p h ( a ) , c l a u s e s ( 1 ) a n d ( 2 ) , o r s u b d i v i s i o n 10 a , m u s t b e d o c u m e n t e d . (e ) T h e r e q u i r e m e n t s o f p a r a g r a p h ( b ) d o n o t a p p l y i f (1 ) t h e o n l y m o d i ﬁ c a t i o n i s e l i m i n a t i o n o f p a r c e l s f r o m th e p r o j e c t o r d i s t r i c t a n d ( 2 ) ( A ) t h e c u r r e n t n e t t a x c a - pa c i t y o f t h e p a r c e l s e l i m i n a t e d f r o m t h e d i s t r i c t e q u a l s or e x c e e d s t h e n e t t a x c a p a c i t y o f t h o s e p a r c e l s i n t h e di s t r i c t ’ s o r i g i n a l n e t t a x c a p a c i t y o r ( B ) t h e a u t h o r i t y ag r e e s t h a t , n o t w i t h s t a n d i n g s e c t i o n 4 6 9 . 1 7 7 , s u b d i v i - si o n 1 , t h e o r i g i n a l n e t t a x c a p a c i t y w i l l b e r e d u c e d b y no m o r e t h a n t h e c u r r e n t n e t t a x c a p a c i t y o f t h e p a r c e l s el i m i n a t e d f r o m t h e d i s t r i c t . T h e a u t h o r i t y m u s t n o t i f y th e c o u n t y a u d i t o r o f a n y m o d i ﬁ c a t i o n t h a t r e d u c e s o r en l a r g e s t h e g e o g r a p h i c a r e a o f a d i s t r i c t o r a p r o j e c t ar e a . (f ) T h e g e o g r a p h i c a r e a o f a t a x i n c r e m e n t ﬁ n a n c i n g di s t r i c t m a y b e r e d u c e d , b u t s h a l l n o t b e e n l a r g e d a f - te r ﬁ v e y e a r s f o l l o w i n g t h e d a t e o f c e r t i ﬁ c a t i o n o f t h e or i g i n a l n e t t a x c a p a c i t y b y t h e c o u n t y a u d i t o r o r a ft e r Au g u s t 1 , 1 9 8 4 , f o r t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t s au t h o r i z e d p r i o r t o A u g u s t 1 , 1 9 7 9 . De c e r t i f i c a t i o n ( 4 6 9 . 1 7 7 , S u b d 1 2 ) Th e c o u n t y a u d i t o r s h a l l d e c e r t i f y a t a x i n c r e m e n t ﬁ n a n c i n g d i s t r i c t w h e n t h e e a r l i e s t o f t h e f o l l o w i n g ti m e s i s r e a c h e d : (1 ) t h e a p p l i c a b l e m a x i m u m d u r a t i o n l i m i t u n d e r s e c - 60Appendix ti o n 4 6 9 . 1 7 6 , s u b d i v i s i o n s 1 a t o 1 g ; (2 ) t h e m a x i m u m d u r a t i o n l i m i t , i f a n y , p r o v i d e d b y th e m u n i c i p a l i t y p u r s u a n t t o s e c t i o n 4 6 9 . 1 7 6 , s u b d i v i - si o n 1 ; (3 ) t h e t i m e o f d e c e r t i ﬁ c a t i o n s p e c i ﬁ e d i n s e c t i o n 46 9 . 1 7 6 1 , s u b d i v i s i o n 4 , i f t h e c o m m i s s i o n e r o f r e v e n u e is s u e s a n o r d e r o f n o n c o m p l i a n c e a n d t h e m a x i m u m du r a t i o n l i m i t f o r e c o n o m i c d e v e l o p m e n t d i s t r i c t s h a s be e n e x c e e d e d ; (4 ) u p o n c o m p l e t i o n o f t h e r e q u i r e d a c t i o n s t o a l l o w de c e r t i ﬁ c a t i o n u n d e r s e c t i o n 4 6 9 . 1 7 6 3 , s u b d i v i s i o n 4 ; or (5 ) u p o n t h e l a t e r o f r e c e i p t b y t h e c o u n t y a u d i t o r o f a wr i tt e n r e q u e s t f o r d e c e r t i ﬁ c a t i o n f r o m t h e a u t h o r i t y th a t r e q u e s t e d c e r t i ﬁ c a t i o n o f t h e o r i g i n a l n e t t a x c a - pa c i t y o f t h e d i s t r i c t o r i t s s u c c e s s o r o r t h e d e c e r t i ﬁ c a - ti o n d a t e s p e c i ﬁ e d i n t h e r e q u e s t . Council Meeting: 08/24/2009 1 5J. Consideration of acceptance of the 2009 Pathway Inspection Report for the City of Monticello. (T.P., B.P.) A. BACKGROUND INFORMATION: This is the first time the Public Works Department and the Engineering Department have completed a detailed pathway inspection on our 16.5 miles of trails. The findings of the inspection entailed small to large cracks, heaving, undermining and holes. After reviewing the pathway report, the Parks Department completed the immediate repairs such as milling and filling holes. However, there are some paths that cannot be reclaimed because of their condition. The Parks Department has been gathering information from other resources such as Three Rivers Park District. The Three Rivers District has 120 miles of trails and has an effective maintenance program. We believe their preservation system will help us structure and developing our own maintenance program. Working with a much smaller budget the Parks Department would like to start our maintenance program this year with some fog sealing of our newer pathways. Once the fog-sealing maintenance technique is applied it will increase the pathway lifecycle and will not degrade the “rideability” of the pathway like other seal coat methods. The goal of the Parks Department is to maintain our paths in a safe and efficient manner and get as much longevity out of our paths as possible. A1. Budget Impact: In the Pathway Repair and Maintenance Fund there is $15,000 for repairs in 2009. A2. Staff Workload Impact: Prepare the work for contractors such as sweeping and pedestrian traffic control. B. ALTERNATIVES: 1. Motion to accept the Pathway Inspection Report as drafted. 2. Motion to accept the Pathway Inspection Report as drafted and authorize repair work up to $15,000 for this year. 3. Motion to accept the Pathway Inspection Report as drafted and request other changes prior to acceptance by the City Council. C. STAFF RECOMMENDATION: It is the recommendation of City staff that the City Council approves the Pathway Inspection Report in the supporting data and authorizes the repairs necessary up to $15,000 for this year as outlined in Alternative #2. Council Meeting - / /2008 2 D. SUPPORTING DATA: First Annual Pathway Inspection Report and photos of pathways. Council Meeting: 08/24/2008 8. Consideration of award of contract for FiberNet Monticello Garage Facility, City Project No. 09C006. (BP/DP) A. BACKGROUND INFORMATION: Copies of plans and specifications and other proposed contract documents were made available to the public on July 30, 2009, for the General Management and/or Construction of 2009 FTTH Project, Fibernet Monticello Garage Facility. The bids were received, publicly opened and verbally read by staff on August 20, 2009 at 10am. The following bids are for General Management and/or Construction of the Garage Facility. The bids certify that the contract documents listed in the instructions to bidders had been carefully examined and that the site of the work has been personally inspected. The bidders declare that the amount and nature of the work to be done is understood and that at no time will misunderstanding of the contract documents be pleaded. On the basis of the contract documents, the bidders propose to furnish all necessary apparatus and other means of construction, to do all the work and furnish all the materials in the manner specified, to finish the entire project within the time specified, and to accept as full compensation therefore the sum stated below. The City received a total of one (1) bid as follows: Bidder #1: Morton Buildings, Incorporated, 113 Thomas Park Drive, Monticello, MN 55362. Item I: General Management and Construction of Project - 09C006, FiberNet Monticello, Garage Facility for a Total Sum of: One Hundred Thousand Eight Hundred Forty Two and No/100 Dollars ($100,842.00). Item II: Construction of Project - 09C006, FiberNet Monticello, Garage Facility for a Total Sum of: Ninety Five Thousand Six Hundred Seven and No/100 Dollars ($95,607). The above further proposes to execute the contract agreement and to furnish satisfactory contract performance and payment bonds within ten (10) days after notice of the award of contract has been received. The above further proposes to begin work as specified, to complete the work on or before November 15, 2009, and to maintain, at all times, contract performance and payment bonds approved by the City in an amount equal to the total bid. In submitting these bids, it is understood that the right is reserved by the city to reject any or all bids and to waive informalities. Changes to the proposed project, Council may request in a motion after bid has been awarded. A1. Budget Impact: Council will determine the budget by decision of bid choice. In preparation for this project we have approached Council with prior options. Council had directed staff to let bids for construction with two options; 1) To hire a firm to be the General Manager and Construction Contractor and, 2) City Staff Council Meeting: 08/24/2008 to act as General Manger and award the contract to construct to one of the bidders. A2. Staff Workload Impact: Minimal if a General Contractor is chosen. If the City acts as its own General Contractor a major amount of time will be needed to arrange subcontractors, to be on site to observe and coordinate subcontractors, and to assume liability for final product. Therefore, a fixed number for staff time is unknown. B. ALTERNATIVES ACTIONS: 1. Motion to award the contract to Morton Buildings Incorporated, to be the General Manager and to construct City Project No. 09C006, FiberNet Monticello Garage Facility for the amount of $100,842.00. 2. Motion for City Staff to act as General Manger and award the contract to construct City Project No. 09C006, FiberNet Monticello Garage Facility to Morton Buildings Incorporated for the amount of $95,607. C. The third alternative would be to not award the contract and reject the bid. C. STAFF RECOMMENDATION: It is the recommendation of Staff that the City Council approve Alternative #1 and award the contract for the amount of $100,842.00. D. SUPPORTING DATA: None. Council Agenda: 8/24/09 1 9. Review of Ordinance Authorizing Permits for Use by the Disabled of ATV’s, Motorized Golf Carts or other Mobility Devices on City Streets, Bike Lanes and Trails. (JO/JJ) A. REFERENCE AND BACKGROUND: The initiation of this discussion resulted from a Citizen request for permission to operate an ATV on city streets and rights of way. Under current law, operation of such a vehicle is not allowable without establishment of an ordinance that identifies terms and conditions for such use. In response to the direction by the City Council, the City Attorney has prepared language that would enable a disabled individual to operate motor vehicles on City Streets. The purpose of this ordinance is to promote mobility for those with disabilities within the community consistent with public safety considerations for the operator and for others using public streets, trails and other public ways within the City. Following is a summary of the ordinance; please see attached draft for detail. Types of vehicles that would need a permit under this code include Motorized or Electric Wheel Chairs, All-Terrain Vehicles (ATV’s) Low-Speed Vehicles (LSVs) Motorized golf carts Neighborhood Electric Vehicles (NEVs) and other self-propelled vehicles Permits may only be issued to disabled persons as defined by Minnesota Statutes section 169.345, subdivision 2, the Americans with Disabilities Act (ADA), the Americans with Disabilities Act Accessibility Guidelines (ADAAG), or other law to those who have a physician's statement certifying that the person is a disabled person within the meaning of the statute or law and that the person is able to safely operate the specific mobility device on public streets and ways. Permits shall be issued for a one year period. A permit may be revoked at any time if there is evidence that the permittee cannot safely operate the mobility device. The permit may be revoked following a hearing conducted by the Director of Public Works or his or her designee following written notice to the permittee. The Director of Public Works may suspend the permit prior to the hearing if public safety would otherwise be endangered. These are some of the considerations for operating a mobility device on public streets and ways: May only be operated on bike paths, designated streets and bike lanes from sunrise to sunset. Shall not be operated in inclement weather or when visibility is impaired by weather, smoke or other conditions, or at any time when there is insufficient light Council Agenda: 8/24/09 2 to clearly see persons on the bike paths or designated streets at a distance of five hundred feet (500'). Use of sidewalks limited to single-person devices. Mobility devices that allow for more than a single person may not be operated on sidewalks or trails that are less than six feet in width. Maximum speed of any mobility device on city sidewalks shall be 10 miles per hour. Slow-Moving Vehicle Emblem required. Operate within speed limits on trails. Insurance required. Public Works can designate the local streets and bike lanes upon which the mobility device may be operated taking into consideration the design and use of the streets and trails. Joel Jamnik will be present to answer additional questions that could include but not limited to: Does this set an actual or political precedent whereby the door is opened up to non-disabled using mobility devices? Can the type of mobility device be limited or required to match the physical capabilities of the permit holder? Does the permit holder need to meet standards for understanding traffic laws and, if so, how would this be determined? Is there a legal requirement for adoption of this type of ordinance in order to provide disabled with reasonable accommodation? B. ALTERNATIVE ACTIONS: 1. Review, discuss and move for potential adoption of the proposed ordinance. 2. Review, discuss and table adoption of the ordinance pending gathering of additional information or pending input from others. 3. Motion denying adoption of the ordinance. C. STAFF RECOMMENDATION: Staff recommends a general review of the ordinance by Council followed by a question and answer session. Council may elect to refer this item to the Police Commission for further scrutiny . D. SUPPORTING DATA: Copy of proposed ordinance.