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EDA Agenda 11-13-2019 (Workshop Meeting)AGENDA WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, November 13, 2019 — 5:15 p.m. Academy Room, Monticello Community Center Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew, Tracy Hinz, 011ie Koropchak-White and Council members Lloyd Hilgart and Jim Davidson Staff: Jeff O'Neill, Angela Schumann, EDA Executive Director Jim Thares, Jacob Thunander, Wayne Oberg 1. Call to Order 2. Roll Call 3. Fund Balance Review, Proj ect Updates and Proj ected Fund Impacts 4. Adj ournment EDA Workshop Handouts November 13, 2019; 5:15 p.m. 1. TIF and General Fund Spreadsheet 2. UMC Expansion (TIF District #1-41 pending) TIF Flow Spreadsheets and Illustration 3. General Fund Flow Option #1 4. General Fund Flow Option #2 � E U N C ~ G � C ..'r7. x'O N�. � 0� 16 � �tl C H R a�C . 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� � � � � H � M N N O N O W O 0 M O1 Ori � � � O1 � � M m M W C1 C1 � T W 0 O O M O O 0 O v C � O w 'o, H Y FI 0 0 0 � O O O � O •- 00 C O M I� O M O I� � lJl lp V O � � o "' � r � � m o � � � � r V � m o0 M CO � V1 M � � � � � � m o O m O� O W � iQD' V V V � � � � � � � � � � � � a rn O � I� ON � � � � � � 0 O M O O � ~ lL LL Q H F F- Z � � LL F LL a�, E � � ° o Q � w � O � J � .. �' LL � c O �� o c V � v � N � .. � � T c � � a a 7 j � �a � 4 O .� � ,C_ N d K V d C � � M N N O N O � O 0 m T On1 � � � T � M O1 M � O� 01 W Oi W 0 0 O M O O M O lfl � ni O m � O N N rn N � r � M � r v � r � � N � M � 0 � r O � � v o, a c a w A o .�. ` 7 � O O � -° � � a °' ~ C V GI O a` � N t O C O _ u s _ � a � � C N N � a�-� a 0 0 a, "' N � � C V w � O c @ O N � � � W � � � � v °' L LL � C E ° o p1 c a c c �+ v a E °' a, � u � � � N � w N 3 C � O � � O � � v � � a o v Q � O � � � � N 0 � C 3 a T � � � � � Q � � � r w �** v a c � r � � � E � � � � o �o Y r rn w � O O � Q v � � � a 0 0 'O N C jp C � '� 7 t � O C w 3 � ° d� o u � V�i ra a p � � � t�o O N 9 =p @ � � � � � O� Y `�7- � � O «,� o m E � � a v -o a � io � 0 o a, a� _ a � a a � -o — 7 v ,C � C o �a 3 0 0 0 � Q p_ c c .n o m � �' N o o � � -O -d V � � C � � YLL J N N LL o � a a t= z � N M � vi Aw ` LL m a 0 z � 0 M � a�, E O N � � � O V w LL � UMC Expansion Project Acquire Land for $1.031 Million Initial Source of Funds for EDA to Acquire 7.39 Source of Funds at Time of Acquisition Acres of Land for Project �� $253,000 EDA will use $778,000 of its existing funds that will be reimbursed from future tax increments c� TIF 6 Redevelopment from the proposed TIF 41 District District (Pre-1990) Use of TIF 6 Funds will be a permanent use of these available funds ■ EDA General Fund $778,000 (Provide for Interfund Loan to TIF 41) Total Project and Financing Costs, $1.473 Million $122,000 ■ UMC Equip Reimb $20,000 $300,000 Summary of Total EDA/City Project and Financing Costs O Acquire Land Interest payable to EDA (from future tax increment) is based on 3.0% rate 1�Administrative Costs UMC Equipment Reimbursement will be $1,031,000 ❑ Interest Payable to supported by a MIF grant from the State EDA (Interfund TIF Loan) Total Project and Financing Source of Funds, $1.473 Million Summary of Source of Funds for Total $300,000 EDA/City Project and Financing Costs D MIF Grantfrom State Tax increment (TIF) and interest earnings will of MN be collected over a maximum term of 9 years. 3 ❑ TIF 6 Redevelopment TIF revenue will reimburse the EDA, with $253,000 District (Pre-1990) interest, for the up-front funds it will provide $905,000 � Interest Earnings (TIF) from the General Fund for acquisition of land and payment of administrative costs $15,000 �TIF41 (UMCProject) N u C co � N fY1 7# O .� C N u N T UI Q N � f0 � �--I CO � O .m C N .-I tn T N ''' O > N '�+ 01 Q ri O N 3 0 L f0 u � Z � ti � ai C G1 C7 0 W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0� o in o o u�, in �n u, �n u� �r, �r, ui in �r, ui vi �n 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� � � � � H � M N N O N O W O 0 M O1 Ori � � � O1 � � M m M W C1 C1 � T W 0 O O M O O 0 O v C � O w 'o, H Y FI 0 0 0 � O O O � O •- 00 C O M I� O M O I� � lJl lp V O � � o "' � r � � m o � � � � r V � m o0 M CO � V1 M � � � � � � m o O m O� O W � iQD' V V V � � � � � � � � � � � � a rn O � I� ON � � � � � � 0 O M O O � ~ lL LL Q H F F- Z � � LL F LL a�, E � � ° o Q � w � O � J � .. �' LL � c O �� o c V � v � N � .. � � T c � � a a 7 j � �a � 4 O .� � ,C_ N d K V d C � � M N N O N O � O 0 m T On1 � � � T � M O1 M � O� 01 W Oi W 0 0 O M O O M O lfl � ni O m � O N N rn N � r � M � r v � r � � N � M � 0 � r O � � v o, a c a w A o .�. ` 7 � O O � -° � � a °' ~ C V GI O a` � N t O C O _ u s _ � a � � C N N � a�-� a 0 0 a, "' N � � C V w � O c @ O N � � � W � � � � v °' L LL � C E ° o p1 c a c c �+ v a E °' a, � u � � � N � w N 3 C � O � � O � � v � � a o v Q � O � � � � N 0 � C 3 a T � � � � � Q � � � r w �** v a c � r � � � E � � � � o �o Y r rn w � O O � Q v � � � a 0 0 'O N C jp C � '� 7 t � O C w 3 � ° d� o u � V�i ra a p � � � t�o O N 9 =p @ � � � � � O� Y `�7- � � O «,� o m E � � a v -o a � io � 0 o a, a� _ a � a a � -o — 7 v ,C � C o �a 3 0 0 0 � Q p_ c c .n o m � �' N o o � � -O -d V � � C � � YLL J N N LL o � a a t= z � N M � vi Aw ` LL m a 0 z � 0 M � a�, E O N � � � O V w LL � UMC Expansion Project Acquire Land for $1.031 Million Initial Source of Funds for EDA to Acquire 7.39 Source of Funds at Time of Acquisition Acres of Land for Project �� $253,000 EDA will use $778,000 of its existing funds that will be reimbursed from future tax increments c� TIF 6 Redevelopment from the proposed TIF 41 District District (Pre-1990) Use of TIF 6 Funds will be a permanent use of these available funds ■ EDA General Fund $778,000 (Provide for Interfund Loan to TIF 41) Total Project and Financing Costs, $1.473 Million $122,000 ■ UMC Equip Reimb $20,000 $300,000 Summary of Total EDA/City Project and Financing Costs O Acquire Land Interest payable to EDA (from future tax increment) is based on 3.0% rate 1�Administrative Costs UMC Equipment Reimbursement will be $1,031,000 ❑ Interest Payable to supported by a MIF grant from the State EDA (Interfund TIF Loan) Total Project and Financing Source of Funds, $1.473 Million Summary of Source of Funds for Total $300,000 EDA/City Project and Financing Costs D MIF Grantfrom State Tax increment (TIF) and interest earnings will of MN be collected over a maximum term of 9 years. 3 ❑ TIF 6 Redevelopment TIF revenue will reimburse the EDA, with $253,000 District (Pre-1990) interest, for the up-front funds it will provide $905,000 � Interest Earnings (TIF) from the General Fund for acquisition of land and payment of administrative costs $15,000 �TIF41 (UMCProject) N u C co � N fY1 7# O .� C N u N T UI Q N � f0 � �--I CO � O .m C N .-I tn T N ''' O > N '�+ 01 Q ri O N 3 0 L f0 u � Z � ti � ai C G1 C7 0 W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0� o in o o u�, in �n u, �n u� �r, �r, ui in �r, ui vi �n 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TIF and General Fund Spreadsheet 2. UMC Expansion (TIF District #1-41 pending) TIF Flow Spreadsheets and Illustration 3. General Fund Flow Option #1 4. General Fund Flow Option #2