HRA Agenda 07-23-2001
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AGENDA - SPEC AL MF:ETING
MONTICF:LLO HOliSING AND R DEVELOPMENT AUTHORITY
Monday, July 23, 001 - 6:30 p.m.
50S Walnut Street - CADEMY ROOM
Commissioners:
Council Liaison:
S ta ff:
Guest:
1. Call to Order.
Chair Dan Frie, Vicc Chair rad Barger, Stevc Andrews, Darrin LaIn, and
Bob Murray.
Brian Stumpf.
Rick Wolfsteller, Ollie Kor pchak, and Lori Kraemer.
Mark Ruft~ Ehlers & Associates
2. Consideration to adopt a resolution pledgin tax increment from TIF District No. 1-22 for
payment of $2, 150,000 Taxable 'femporar G.O. Tax Increment Bonds.
3. Other Business.
4.
Adjournment.
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ME 0
DATE:
July 19,2001
TO:
HRA Members and Council Liaiso
FROM:
Ollie
RE:
Resolution
As of this time I have not received a copy of the re 'olution from our attorney. This will be
provided at the meeting on Monday_
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HRA Agenda - 7/23/01
2.
Consideration to ado t a resolution Ie
22 for a ment of $2 150000 Taxable T
A. Reference and baek2:round:
tax increment from TIF District No. 1-
G.O. Tax Increment Honds.
At the HRA meeting of July 11, 2001, the om missioners called a special meeting of the
HRA to wnsider adopting a resolution pIe ging tax increment from TIF District No. 1-22
for payment of $2, 150,000 Taxahle Temp rary G.O. Tax Increment Bonds. The
awarding for sale of the bonds is on the Co mcil agenda following the HRA special
meeting.
The J-IRA recommended the Council issue he honds tcn the following reasons: One, it
extends the life of the 5-year rule for the D wntown 1'11" District by two years or until
August 1,2004 (three years from date ofb nd sale) allowing time to complete projects in
the pipeline and future redevelopment proj cts. Secondly, it provides protection for the
existing internal loans. And lastly, it prav des the option to apply for a grant if a
shortfall would occur although not anticipa ed.
B. Alternative Actions:
1.
A motion to adopt a resolution pled ing tax increment from TIF l)istrict No. I ~22
for payment of $2, 150,000 Taxable emporary G.O. Tax Increment Bonds.
2. A motion to deny adoption of a resolution pledging tax increment from TIF
District No. 1-22 for payment of $2, 150,000 Taxable Temporary 0..0. Tax
Increment Bonds.
C. Recommendation:
Recommendation is Alternative No.1.
D. Supporting Data:
Resolution for adoption and other.
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JUL.1L.:LUU1 111YAM
tHLtK~ & A~~Ul.,JAlt~
I~U. Oj~L
r, L/ 'I
Montice1J 0, MN
$2,150,000 Taxable Temporary G.O. Ta Increment Bonds, Seri~ 7/31/2001
SOURCES & USES
D:lmi 071311200
Dc!ivacd 07/31/2.001
SOURCES OF FUNDS
Pu Amount of Bonds....................___............... ...................................... 52,150,000.00
Curu.trucrion Fund InrcrCSt E.2rnillg!ilm.................................................. 43,000.00
TOTAL SOURCES........................................ ...................................... 52,193,000.00
USES OF FUNDS
ToCLi Undc!rwrircr's Discount (1.000%)_....._ ......................................
Co5ts ofI.s.~uancc:............mm............................ ..................................._
Deposit to o..pira.l~ Intc;rC:St (CIF) Fund..... ...._...m.........................
Dl..'p().~it to rrojCl;t ConstrUction Fund............. ...................................._
RoUll.:iing Amuunt......._............................... _...................................
21,500.00
14,000.00
154,336.35
2,000,000.00
3,1.63.05
TOTAL USES.................................................. ..................................... 52,193,000.00
EhIC/'lI & Associlltel>, Inc.
Lc~as in Public Fin<ulcc sino: 1955
[ Prais Taxable GO Temp- SINGLE PURPOSE
7/12;200111:19 AM
Page 1
JUL.
ASSOCIATES W' -'NO, 6392-P. 3
12. 2001 11 19AM EHLERS &
Monticc llo,MN
52,150,000 Taxable Temporary G.O. ~ ax Incremcnr Bonds, Series 7/31/2001
DEBT SERVIC ESCHEDULE
Dace l'rinci pal Coupon Intere.tt ToraIl'+I FISCAL TOTAL
7/31/2001 - . . . .
1/0112002 . . 47,344.79 47,344.79 47,344.79
7/01/2002 . - 56,437.50 56,437.50 .
1/01/2003 . . 56,437.50 56,437.50 112,875.00
7/0'/.1.003 . . 56,437.50 .56,4]7.50 .
1/0112004 - - 56,437.50 56,437.50 112,875.00
7/0112004 2,150,000.00 5.2.50% 56,437.50 1,206,437.50 -
1/01/2005 . . . . 2.206,437.50
Total 2,150,000.00 - 329,532.29 2,479,531.29 .
YIELD STATISTICS
Bond Ye:l.t DOllars............................................................. 1""lIIh......u.............................._...._...~.. $6,276.81
Avcrngc Lifc............................................................. ......... I'........................."'.UH...................... 2.919 YClrs
Avt:r;l/:c Coupon................................ .... ....m.mn............... ..................--...,.<10............................... 5.250ooQO%
NI..'r Interesc Cost (NIC)....................................m............. ...,........._...........~........~.......-........._.... 5.5925309%
True Intcrcu O:lst (TIC)................................................... ..n."..........,..........................'."'.I"II." 5.6280430%
Bond Yield fot Atbie-age 1.Ulposcs........__...................... ..---.._.._._...".'.'.llill............_........... 5.2S16872,*,
All Inclll.~ivc Cou (ArC).................................................... .....,....,~....uu..............,.......,."........... 5.8756159%
IRS FORM 8038
N<!t Intcn;,t COIt......................................_....................... ...........-................""""..u#..................... 5.2500000%
Wctightcd Average MatUrity............................................... ......u...&.u...___~......."..,......_.........n..... 2.919 Ycan
Ehler$ at AS$ociQ[es, In'. Filc - MONTlCELLO.SF.Sc:r 1 S2,OOOK N.e[ Pr~ Taxa.ble GO 'J'emp- SINGLE PURPOSE
Leaders in Public Finance sirtCC 1955 7/121200111:19 AM
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JUL. 12.2001 11:19AM
EHLERS & ASSOCIATES
NO. 6392
Monticello, MN
52,150,000 Taxable Temporary G.O. Tax I lcrement Bonds, Series 7/31/2001
NET DEBT SEllVIC SCHEDULE
Dace l'rincipol Coupon Inren:.q Total P I CIP NctNewD/S FISCAL TOTAL
7/3112001 . - . . . . -
1/01/2002 . - 47,3.....79 47,344.79 (A7,344.79) . .
7/0112002 . - 56,A37.SO 56,437 SO (56,437.50) - .
1/01/2003 . . 56,437.50 56,437 SO (56,437.50) - -
7/01/2.003 - . 56,437.50 56,417 50 . 56,437.50 -
1/01/2004 . - 56,437.50 56,437 50 . 56,437.50 , lZ,87S.QO
7/01/2004 2,150,000.00 5.250% 56,437.50 2,206,437 50 - 2.206-437.50 -
1/01/2005 - . . - . - 2,2.06,437.50
Total 2,150,000.00 . 329.532.29 2,479,53229 (160,219.79) 2.319,312.50 -
EhIas &. Associ:ltcl', Inc. file" MONTICELLo.Sf-$cr 01 2,OOOK Net Prcd:i Tuable GO Temp. SINGLE PURPOSE
l.l.':lLIm'S in Public Fin:mcc since 1955 7/12/200111,19 AlI4
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