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9.b. Business Park Property Acquisition
��� .:.. ��s- . . � . . . . � � CITY OF ROSEMOUNT EXECIITIVE SLTMMARY FOR ACTION CITY COUNCIL MEETING DATE:September 7, 1993 AGENDA SECTION: AGENDA ITEM:Business Park Old Business Property Acquisition AGENDA }��IYI � � � pREPARED BY:Stephan Jilk � � ATTACHMENTSaFinancial Analysis AP • � Memo This item has been added to the agenda for discussion purposes at the request o= Councilmember Willcox. In addition to that request I have also had an opportunity to review the� cash flow projections for the develo�mcommentshan thosesprojections since Springsted and wish to provide a fe there was a concern raised as to their accuracy. Please refer to the attaehed memo for these comm�hescouncilurneeting,be pleased to discuss this information with you a RECOP�II+tENDED ACTION:none COUNCIL ACTION: : i� o osevv�ouv�� � PHONE (612)423-4411 2675•145th Street West,Rosemount,Minnesota MAYOR Edward 8.McMe�omy FAX (612)42&5203 Mailing Address: P.0.Box 570,Rosemount,Minnesota 5506&0510 COUNClLMEMBERS Sheila Klass� James(Red)Staats Harry Wilicox Dennis Wippermann ADMiNISTflATOR `I'�: Ma.yor �GMe110Il1y Stephan Jilk Counci� Members: Klassen, Staats, Willcox, Wippermann FROM: Stephan Jilk, City Administrator DATE: September 1, 1993 RE: Business Park Cash Flow Projections � ROSEMOUNT QORT AITTHORITY BUSINESS PARR DEVELOPMFNT CASH FLOW PROJECTIONS (Narrative) Mr. David Draun of Springsted developed several scenarios for consideration on the potential cash flow for the development of the proposed Rosemount Business Park. In doing so, Mr. Draun made the following assumptions based on information city staff provided him: 1. Land acquisition would be $50p, 000 2 . In Phase I there would be 40 acres of land that could be developed 3 . There would be immediate infrastructure improvements of $500, 000 4 . There would be an immediate sale of 10 acres of land to a ��f irst tenant,� 5 , A sale of ��ponding rights" in the amount of $50, 000 would take place in Year l of the development 6 . Total Phase I improvement costs of $1, 500, 000 in 1993 dollars 7. A 5o annual cost inflation factor was applied to improvements 8 . As sale of land within the park occurs, a annual 50 annual land appreciation value was applied 9 . A tax capacity rate of 1.36% applied throughout the development period of 2D years 10. For the five scenarios drafted, rates of land sales and infrastructure improvements differed 1 , ) jj �( �ver�lhings �oming �(J(,,�i �J�,osevnoun��� A � • •...„��...�. � � � � � �. 11. On some scenarios use of LETIF or Local Tax Effart Increment Finance was used assuming the construction of a theater complex in the first year. On other scsnarios this was not applied, What the scenarios show: 1. a) Public improvements and land acquisition Year 1 of $1, 000, 00� b) Land sales, with improvements, at a $1 per sq, ft. for $435, 600 c} Issuance of bonds in the amount of $600, 000 in Year 1 d) Sale of ponding easements for $50, 000 e) Use of LETIF o€ $47, 578 starting in Year 2 This scenario provides a cumulative surplus in the project account of $302, 235 after 20 years. It provides for cumulative city tax revenue, after project costs, of $746, 977. l.c. a) Public improvements and land acquisition in Year 1 of $1, 000, 000 b) Land sales with improvements in Year l of $345, 340 c) Land sales varying �rom 1 acre every two years to 4 acres every two years after Year 1 d) Issuance of bonds in the amount of $655, 000 in Year 1 e) Use of LETIF of $47, 578 starting in Year 2 This scenario provides a cumulative surplus in the project account of $222 , 132 after 20 years . This scenario provides an additional $832 , 617 cumulative tax revenue ta the City after project costs . 2 . a} Public improvements and land acquisition of $1, 000, 000 in Year 1 b) Land sales, with improvements, at a $1 per sq. ft: in the amount of $435, 60Q in Year 1 � c) Issuance of bonds for $600, 000 in Year 1 d) Sale of ponding easements in the amount of $50, 000 e) Use of LETIF in the amount of $47, 578 starting in the Year 3 f] Sale of land and construction of improvements cumulative surplus in the project account af $1.11, 888 after 20 years This scenario provides for a cumulative surplus in the project account of $111, 888 after 20 years. This scenario provides for a cumulative tax revenue to the City after project costs of $1, 570,-0 78. 2 2 .a. The only scenario not using LETTF and shows a defieit in ' projeet eosts . a) Public improvements and land acquisition of $1, 000, 000 in Year 1 b) Land sales with improvemen.ts, at a rate of $1 per sq. ft. in the amaunt of �435, 600 in Year 1 c) Sale of ponding easements in the amount of $50, OQ0 d) Land sales at the rate of 2 acres per year, e) No LETIF This scenario shows a cumulative deficit starting in Year 10 and continuing through Year 20 with a ma.ximum deficit of $1, 037,244 . It shows the largest cumulative tax revenue to the City, af�er projeet costs o€� $2 ,426,484. 2 .e. a) Public impravements and land aequisition ot $1, 000, D00 in Year 1 b} Land sales with irnprovements at the price of $345, 34Q in Year 1 c) Sale of ponding easements in the amount of $SO, OOfl d) Use of L�TIF in the arnount of $47, 578 starting in Year 3 e) Land sales rate of 2 acres per year This scena�io shows a curnulative profit or positive cash flow through Year 19 . � At Year 20, it becomes n.egative. This scenario provides a_cumulative tax revenue to the City of $1, 570, 078 after 20 years . Suuimarv The fluctuation in cash flow to the project {Business Park) and the city tax collectibn varies depending on rate of land sales and associated improvements. The best scenario would be #2 where there is maintained, overall, a positive cumulative cash flow to the project in the amount of _,$111, 888 and a cumulative tax revenue to the City of $1, 570, 078 . This scenario assumes land sales at a rate of 2 acres per year and use of LETIF. It is important to remember that irnprovements are made in phases only as lots are sold which necessitate the associated,' "next phase" of improvements . Timing of borrowing money to ma.ke these improvements and the sale of lots will be important. 3 BusPk Cashflow #t •f . f. f • � Rosemount Port Authority Business Park Development- Phase I Cash Flow Projections ` anstruct o� ssumpt ons •n o s saump ona 1,5 ,0 otal hase ost 4 acrea e n ase 59� nnua n at on 1 acrea e so n r i , �, 1 an aes r e � 59�o nnu n rice nflater , ar et a ue er cre 1. ect ve oca ax ate Cash 0uttlows Cash Inflows Bondin a�d Pa�ym�ents Accaunt Balances oCa �� t0 5 Land Effort 7A0% 5.00°l0 8.00°lo Annual Cumulative Annuai Public Land Acr Ponding Theatre Bond Issue Bond lssus Bond Issue Surplus Surpius C�y.7ax Yr Im ovmts Ac uisition Sold �and Sales Easmts "TIF" #1 �2 �3 deficlt deficit Ravenue o t�a , oo�so oy oo,a . � a�, ...:.,,... ----s,--�„-t— ' < .. . i� : .}..:n.;v.yj ,., � t � ._."'.""°'.' � ,. ..•:. ..>.......v::. r..,:r,.y.,.:. � . .� ;.....;.,;.....i:.. 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Rasemount Port Authority ' Business Park Development-.Phase I ; Cash Flow Proj ections ,,,, ,e s,,,,� o„s —' onstruct on seumpt of-ns p 1,5 ,0 7otal Phase i ost 4 acreage��asT—T 546 nnua nf ation 10 acrea e soid�n t 1, n ales r e 5%o nnual nd rice n ater . 5 , a et a ue er cre . 69�a ect e ocal ax ate Cash Outitowa Cash intiowa Bondin� my ents�_. Account Balances _ oca �'T5 Land Effort 7.00% 8.009'0 8.00°r6 Annual Cumulative Annuai Publfc Lnnd Acr Ponding 7haaire 9ond Is�ue 84nd tasue sond FnsUe Surplua 3urplus Cfry Tax Yr Im ovmts Ac uisition Sold Land Sales Easmts "'TiF" #1 N2 I�3 deiiclt defich Revenue � 55, 0 � , �>z >: � � � � � • 't s a �''u'rT^y�'. 'w���8 �i'f�i'��°�++�' i. 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