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Home My WebLink About5.f. Discussion of Tax Increment Finance Auditr PHONE (612) 423-4411 FAX (612) 423.5203 February 18, 1993 eity o(Rosemount 2875 •145th Street West, Rosemount, Minnesota Mailing Address: P.O. Box 510, Rosemount, Minnesota 55068-0510 MAYOR Edward B. McMenomy COUNCILMEMBERS Sheila Kiassen James (Red) Steals Harry Willcox Dennis Wippermann ADMINISTRATOR Stephan Jilk Mr. Thomas V. Novak, County Treasurer Dakota County Government Complex West Highway 55 Hastings, MN 55033 Dear Mr. Novak: I am writing on behalf of the Rosemount Port Authority. Recently the commissioners - became concerned that revenues from the city's 1979 tax increment district were well below -projections made in various Dakota County publications. In addition, different members of the board had anecdotal evidence that land owners in the TIF district had received tax statements that made no reference to the TIF district. The Port Authority has directed 'me to visit with you on this issue and to resolve it as quickly as possible. The members would like a review of payments going back to the district's 1-.9.79 inception.-- I've -had a map completed outlining the district boundaries and showing PID numbers. Can we do some kind of spreadsheet showing the progression of the district? I'm certainly open to any suggestions you have. -- _ Sincerely, - — JO6 WV,4/ John Miller Economic Development Coordinator JM/dw ,. 6verylkings �oming p gosemounl�� Y ` ! �-AD .117Z- ZE , �. ^ .. | � � � '-------- >' -- -- . ' � ` ` � � /_ SPRINGSTED .; VAPUBLIC FINANCE ADVISORS 85 East Seventh Place, Suite 100 Saint Paul. Minnesota 55101.2143 612.223.3000 Fax: 612.223.3002 May 27, 1988 Mr. Don Darling, Treasurer City Hall 2875 - 145th Street West Rosemount, MN 55063 RE: Tax Increment Bonding Capacity Dear Don: Pursuant to your recent request we have made a preliminary calculation of the bonding capacity for the City's tax increment district. In preparing our onalysisi ,we have assumed the following: 1. Current increment income will remain constant throughout the term of the financing. 2. i_ease payments received from the mouth. Robert Square project will' be _— - available for the full 20 years of the lease commencing in 1989. 3. New increment income for the South Robert Square project --will commence With taxes to be collected in 1990. 4. Debt service on the 1981 bonds will cease February I, 1991. 5. Debt service on the 1988 bonds will cease February 1, 1999. 6. Dgbt se&yjce on ,any new bopds will cease February 1, 2010. 7. Interest on the bonds will be taxable. 8. No new value will he captured by the District. These assumptions are very conservative especially in view of the fact we are not forecasting any increase in increment income over and above what is already in place. Based on the above criteria, which is demonstrated in Schedule A, we have prepared two alternative maturity schedules which show a potential debt capacity of $3.3 to $3.5 million. Please note that your district has a sunset date of August 1, 2009 after which time you may not receive further increment income. Also, subsequent to April 1, 2001, increment income can be used only to pay debt service on bonds issued prior to April I, 1990. Illrlctn:T r 11h, r t'it4r it I'm, (11hrr ":1 FJ��Ith 1pq,.,• ';Irrv•I `cnp,. I',lu '•(rrt l InI r;I,,_•r. li,,a�t. `iltd�• Intl Inrhannl+.dr:, n,�h:ur.t •1(i:'tbt l`1.1:' (Int! Jnr„,•.'vJr;cmm�l!,at;';'�UiI•'.:' I:I• .itr:'.(.' :I,S•t I:r• 111/FC';"tlt1 Mr. Don Carling, Treasurer May27, Page ?_ The tax increment financing plan must he amended again to provide for specific and general budget items as well as to increase the bonding authority. We recommend this amending process be completed by the end of this year or very early in 1989 as the legislature is sure to "tinker" with the tax increment law again. You may want to _ seriously consider the issuance of any bonds early in 1989. Please let me know if you need any further assistance in this matter. Sincerely, Gerar . Shannon Vice resident mgh Enclosures CITY OF ROSEMOUNT, MINNESOTA CURRENT SOURCES AND USES OF FUNDS ROSEMOUNT TAX INCREMENT DISTRICT' n M C r - m M Sources Uses Current Future Lease Total Debt Service Debt Service Total Net Revenues Levy Collect Pay Increment Increment Payments Revenues 1981 1988 Uses ; Available 1987 1988 1989 $386,679(o) $ $ $386,679 $52,200 $ 67,087 $119,287 1 $267,392 1988 1989 1990 386,679 50,000(c) 436,679 48,400 175,630 224,030 212,649 1989 1990 1991 386,679 40,000(b) 74,000 500,679 49,500 174,480 223,980 276,699 1990 1991 1992 386,679 40,000 96,000 522,679 172,680 349,999 1991 1992 1993 386,679 40,000 96,000 522,679 , 175,285 347,394 1992 1993 1994 386,679 40,000 96,000 522,679 171,735 350,944 1993 1994 1995 386,679 40,000 120,000 546,679 172,635 374,044 1994 1995 1996 386,679 40,000 120,000 546,679 172,515 374,164 1995 1996 1997 386,679 40,000 122,000 548,679 171,355 _ 377,324 1996 1997 1998 386,679 40,000 144,000 570,679 174,135 396,544 1997 1998 1999 386,679 40,000 144,000 570,679 175,360 395,319 1998 1999 2000 386,679 40,000 158,000 584,679 584,679 1999 2000 2001 386,679 40,000 168,000 594,679 594,679 594,679 2000 2001 2002 386,679 40,000 168,000 594,679 594,679 2001 2002 2003 386,679 40,000 168,000 594,679 608,679 2002 2003 2003 2004 2004 2005 386,679 386,679 40,000 40,000 182,000 192,000 608,679 618,679 618,679, 2004 2005 2006 386,679 40,000 192,000 618,679 618,679 642,679 2005 2006 2007 386,679 40,000 216,000 642,679 642,679 2006 2007 2008 386,679 40,000 216,000 ,642,679 642,679 2007 2008 2009 386,679 40,000 216,000 642,679 (o) Assumes current taxable assessed value in District of $3,315,862 times current mill rate of 116.615. (b) Assumes estimated increment from South Robert Square project. (c) Assumes timely payment of lease rentals for South Robert Square. Note: We are assuming no inflationary growth, no change in mill rate no further value and no investment income. Further, that surplus increment generated in 1988 and 1989 will be expended. Prepared By Springsted Incorporated May 26, 1988 n M C r - m M . _t A. ,.: •. . City of Rosemount, Minnesota Downtown Redevelopment District Future Borrowing Capacity Dated: 4- 1-1990 Mature: 2- 1 SCHEDULE 8 Prepared May 26, 1988 By SPRINGSTEO Incorporate; Year of Year of Total Available Total Levy Mat. Principal Rates Interest Principal P 8 Interest 105% Total Tax Net Annual Cumulative (1) (2) (3) (4) (5) of Increment Requirement Surplus Surplus (6) (7) (8) (9) (10) (11) 1989- 1990 1991 1992 0 8.00% 289,598 289,598 304,078 276,699 27,379 0 0 1991 1993 0 8.20% 341,518 341,518 364,894 349,999 14,895 0 0 1992 1994 0 8.40% 347,518 347,518 364,894 347,394 17,500 0 0 1993 1995 0 10,000 8.60% 347,518 347,518 364,894 350,944 13,950 0 0 1994 1996 10,000 8.80% 347,518 ` 357.518 375,394 374,044 1.306 0 1995 1997 10,000 9.00% 346,638 356,638 374,470 374,164 0 0 1996 1998 25.000 9.20% 9.40% 345,738 355,738 373,525 377.324 0 3.199 3,799 1997 1999 25,000 9.50% 344,818 342,468 369,818 388.309 396,544 0 8.235 12.034 1998 2000 200,000 9.60% 340,093 367,468 540,093 385,841 395,319 0 9,478 21,512 1999 2001 225,000 9.70% 320,893 545,893 567,098 573,188 584,679 0 11,581 39,093 2000 2002 225,000 9.80% 299.068 524,068 550,271 594,679 594,679 0 21,491 60,584 2001 2003 225,000 9.85% 277,018 502,018 527,119 594,679 0 44,408 104,992 2002 2004 270,000 9.90% 254,855 524,855 551,098 608,679 0 67,560 172,552 2003 2005 300,000 9.95% 228,125 528,125 554,531 618,679 0 57,581 230,133 2004 2006 350,000 10.00% 198,275 548,275 575,689 618,679 0 64.148 294,21 2005 2007 375,000 10.00% 163,275 538,275 565,189 642,679 0 42,990 337,271 2006 2008 450,000 10.05% 125,775 575,775 604,564 642,679 0 77,490 414,761 2007 2009 500,000 10.05% 80,550 580,550 609,578 642,679 0 38,115 452,876 2008 2010 300,000 10.10% 30,300 330,300 346,815 321,339 0 33,101 485,977 0 0 460,501 TOTALS: 3,500,000 5,377,559 8,877,559 9,321,439 ,9.706,560 75.380 Bond Years: 53,976.67 Annual Interest: 5,377,559 Avg. Maturity: 15.42 Plus Discount: 66,500 Avg. Annual Rate: 9.963% Net Interest: 5,444,059 N.I.C. Rate: 10.086% Interest rates The are estimates; changes may cause significant alterations of this schedule. actual underwriter"s discount bid may also vary. City of Rosemount. Minnesota Downtown Redevelopment District Future Borrowing Capacity Dated: 4- 1-1990 Mature: 2- 1 SCHEDULE C Prepared May 26, 1988 By SPRINGSTED Incorporate Total Available Total Year of Year of Principal IOS% Tax Net Annual Cumulative Levy Nat. Principal Rates Interest & Interest of Total Increment Requirement Surplus Surplus (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1989 1991 0 8.00% 273.490 273,490 287,165 276.699 10,466 0 0 1990 1992 0 8.20% 328.188 328,188 344,597 349,999 0 5.402 5.402 1991 1993 0 8.40% 328,188 328,188 344,597 347,394 0 2.797 8.199 1992 1994 6,1-8 66% 328,188 328.188 344,597* 350,944 0 6.347 14,546 1993, 1995 0 8.80% 328.188- 328.186-- 344.597 374.044 0 29.447 43,993 1994 1996 0 9.00% 328,188 328,188- 344,597 374.164 0 - 29,567 73.560 1995 1997 0 9.20% 328,188 328.188 344,597 377,324 0 32.727 106.287 1996 1998 0--- 9.40% 328,188 328,188 344.597 396.544 0 51,947 158,234 1997 1999. 0 9.SO% 328,188 328.188 344.597 395.319 0 56.722 208.956 1998 2000 170,000 9.60% 328.188 498.188 523,097 584,679 0 61,582 270,538 1999 2001 200,000 9.70% 311.868 511.868 537,461 594,679 0 57,218 327,756 2000 2002 215.000 9.80% 292,468 507,468 532.841 594.679 0 61,838 389.594 2001 2003 240,000 9.85% 271,398 511,398 S36.968 594,679 0 57,711 447,305 2002 2004 275.000 9.90% 247.758 522.758 548.896 608.679 0 59,783 507,088 2003 2005 310,000 9.95% 220.533 530,533 557,060 618,679 0 61.619 568.707 2004 2006 340,000 10.00% 189.688 - 529.688 556.172 618,679 0 62,507 631.214 2005 2007 400,000 10.00% 155,688 555,688 583.472 642.679 0 59,207 690,421 2006 2008 440,000 10.05% 115,688 555,688 583.472 642,679 0 59.207 749,628 2007 2009 485,000 10.05% 71,468 556,468 584,291 642.679 0 58,388 808,016 2008 2010 225,000 10.10% 22,725 247.725 260,111 321.339 0 61.228 869,244 TOTALS: 3,300.000 5,126,464 8.426.464 8.847.782 9,706,560 10.466 Bond Years: 51,425.00 Annual interest: 5,126,464 Avg. Maturity: I5.58 Plus Discount: 62,700 Avg. Annual Rate: 9.969% Net Interest: 5.189,164 N.I.C. Rate: 10.091% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. . I I t i 1 { ti f3 --r .r S. -!'s - +1.t iar i oyL - -•: ' 1'....'.I ti q: lI Pi iF-.F' z s ij f'e-..rA�� . Mt t. -t ".4t Y.t..x. -zt - .I rs r n ,r,4." '• %- t p - ".0 a r r.tt z Y.'kr,'.. :):a°-t'e' y f :rani �"°'lin.�.'�'yl a�_'.`�w�R*AtaX.,�G•rl, 7;'y'' 4r!; - �. G" 1. 4ya., < �.n n' .a. "� `.. .' n �.frizy. i .-:7. .1 z •ns i L t �. �+^ o -r i' I� r iny<tx f •t.53. 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PERCENT OF CAPTURED Tax Year ASSESSED NET ASSESSED* TAX CAPACITY TIF DISTRICT VALUE IN COUNTY CAPTURED BY TIF 1977/78 4,436,413 $708,789,318 0.638 1978/79 5,249,610 $770,009,991 0.68% 1979/80 7,309,213 $842,966,829 0.878 1980/81 8,719,189 $956,221,800 0.918 1981/82 12,837,496 $1,095,146,622 1.178 1982/83 19,088,953 $1,239,869,423 1.548 1983/84 21,527,933 $1,295,680,811 1.668 1984/85 25,061,538 $1,396,429,845 1.798 1985/86 35,810,817 $1,520,983,211 2.358 1986/87 _ 46,768,898 $1,636,850,454 2.868 1987/88 47,219,851 $1,914,874,435--2-•4-78- ** 1988/89 7,960,806 $257,976,201 3.098 ** 1989/90 8,449,905 1$219,285,343 3.858 ** 1990/91 8,927,418 238,002,353 3.75% ** 1991/92 10,011,175 231,725,039 4.328 *Net assessed value is defined as total assessed value reduced by fiscal disparity contribution value and TIF captured value, and increased by fiscal disparity distribution value. **Now called Tax Capacity — lower percentages used. Prepared by: Norma B. Marsh Dakota County Auditor I 92tival 12 10 8 C O 6 4 2 0 TAX INCREMENT DOLLARS PAID OR PAYABLE DAKOTA COUNTY 76 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1999 1989 1990 1991 ] DOLLARS ............... COMPARISON OF CAPTURED TAX CAPACI' TO TOTAL TAX CAPACITY _...:....`..:.:......:!-MP—R TN nAYnTA'r-nT1NTY .:; ALL OTHER CITIES AND TOWNSHIPS COUNTY TOTAL 8,927,418 Prepared by: Norma B. Marsh Dakota County Auditor 10,828,305 243,659,093 3.668 Captured Total Tax Capacity Percent of Tax Value Before Fiscal Captured to Capacity Disparity Adiustmer Total Capacity APPLE VALLEY 1,046,923 22, 616, 575 4.638 BURNSVILLE 1,090,533 56,745,151 1.928 EAGAN 699,728 59,845,100 1.178 FARMINGTON 211,673 2,928,709 7.238 HASTINGS 351,088 8,418,778 4.178 INVER GROVE HTS 710,606 17,565,361 4.058 LAKEVILLE 1,359,675 16,783,353 8.108 _ MENDOTA HEIGHTS 1,287,456 14,612,597 8.81% ROSEMOUNT 395,064 7,950,960 4.978 SOUTH ST PAUL 1,432,195 10, 007, 627 14.318 WEST ST PAUL 342,477 15, 356, 577 2.23% ---------------------------------------------------- 8,927,418 232,830,788 3.838 ALL OTHER CITIES AND TOWNSHIPS COUNTY TOTAL 8,927,418 Prepared by: Norma B. Marsh Dakota County Auditor 10,828,305 243,659,093 3.668 Prepared by: Norma B. Marsh Dakota County Auditor January, 1989 COMPARISON OF CAPTURED TAX CAPACITY TO TOTAL TAX CAPACITY CITIES IN DAKOTA COUNTY FOR TAXES PAYABLE IN 1989 Captured Total Tax Capacity $ of Captured tc Tax Value Before Fiscal Total Tax Capaci* Capacity Disparity Adjustments Apple Valley 801,019 26,987,743 2.97% Burnsville - 950,123 621393,696 1.52% Eagan 433,084 - 54,415,088 0.81% Farmington 245,561 3.1698,301 -"-6.64% - Hastings 417,527 10,396,365 - 4.02% Inver Grove Hts 401,962 19,100,237 2.10% j :akeville 11309,519 18,666,594 7.02% Mendota Heights 11250,016 15,356,055 8.14% Rosemount 438,099 71071,729 6.20% South St. Paul 11544,621 13,879,859 11.13% West St. Paul 159,365 18,367,449 0.87% ---------------------------------- 7,950,896 250,3331116 3.18% All other cities and townships 14,066,164 COUNTY TOTAL 71950,896 264,399,280 3.01% Prepared by: Norma B. Marsh Dakota County Auditor January, 1989 COMPARISON OF CAPTURED VALUE TO ASSESSED VALUE CITIES IN DAKOTA COUNTY FOR TAXES PAYABLE IN 1987 Captured Total Assessed of Captured to Assessed Value Before Fiscal Total Assessed Value Disparity Adjustments Value Apple Valley 21162,879 160,422,409 1.35% Burnsville 31759,516 395,551,558 0.95% Farmington 2,515,792 25,371,037 9.92% Hastings 21903,899 69,342,832 4.19% - Inver Grove Hts--- 9,053,409 126,751,351 7.14% Lakeville 61473,122 106,453,394 6.08% Mendota Heights 61899,752 98,176,354 7.03% Rosemount 2,320,237 48,039,286 4.83% South St. Paul 10,247,559 98,227,235 10.43% West St. Paul 432,733 134,462,267 0.32$ ------- 46,768f898 ---------------- 1,262,797,723 3.70% All other cities and townships 408,711,493 ------------ ----------- -- COUNTY TOTAL 46,768,898 11671,509,216 2.80% Prepared by Norma B. Marsh Dakota County Auditoi 3anuary 28, 1988 APPLE VALLEY CODE CODENAME R 1986 6,653 130,078 123,425 123,425 136,945 17 Southport E 1988 1,969 183,600 181,631 181,631 201,527 18 22 Commons HRA Elderly Hous. H 1986 500 276,090 275,590 275,590 158,394 305,778 175,744 34 ofGceWarehouse R 1985 2,068 160,462 158,394 188,864 209,552 35 Commons 11 E 1985 6,777 195,641 188,864 51,130 56,731 37 Ven Star Corp E 1987 1,817 52,947 51,130 68,379 75,869 39 Apple Val. Theatre E 1988 1,221 69,600 68,379 116,423 129,175 43 A.V.Downtown R 1988 427,216 543,639 116,423 53,043 58,854 44 Medical Center Proj. E 1989 41,556 94,599 53,043 480,387 533,008 45 Ryan ShOppingCir E 1989 90,063 570,450 480,387 90,829 100,778 46 WIRSBO Proj. E 15,992 106,821 90,829 222,845 25,346 56 Business Park E 21,323 44,168 22,845 940 1r 810,940 2,00.9,.307 Munic. Total 617,155 ?.► 428 095 1:!:810 , BURNSVILLE R 1985 40,690 490,479 449,789 449,789 494,756 15 23 HRA #1 Billy Goat -Sienna R 1988 99,826 670,189 570,363 570,363 115,646 627,385 127,449 58 McGowan PUD E 1991 22,217 137,863 115,646 1,135y798 1 2491590 i _. Muntc.:Total ..: 162,733 :..... 298 '531 ;...... 1.• �..... 1.135,798... EAGAN 25 Cinnamon Ridge H 1988 7,392 341,623 334,231 167,115 167,116 449,652 174,947 461,995 26 Sperry E 1988 76,801 805,850 729 049 , 279,397 132,520 213,271 222,832 53 Cray 32,314 378,575 8 345,79 1 1'409,01 41...,9X7; 16�t115 830,039 859,774' Munic.Total 116,50.T< 525 1:►.. .... r 92T11 Housing — H Economic - E BASE BASE YEAR VALI CURRENT TAX GROSS CAPTURED F.D. CAPACITY VAL TAX CAPACITY CONT SHARED NET VALUE T. I. DISTRI( Redevelopment - R HEIGiTS 21a�398 7 1,158 8; ;74MENDOTA 1 113 r .. .4686,917: 08 Dist#I 1982: . ,.........., . .. ROSEMOUN 1246,161 246,161 284,317 05 Downtown R 1979 186,687 432,848 19 016 O1 19 6 21 ' 55 Knutson Rubbish E 1991 586 19.602 265..;177 306,261:;. Munic. Total 187;273. 452,450 -; ......:.....:. 265 177 ,. > ...... . SOUTII ST.PAUL 2,023,654 1;348,150 1,348,150 1,788,783 1 & 2 Downtown R 1974 675,504 184,928 184,328 244,574 40 $O.St.paulHilitop E 1988 1.855 186.183 532,478 1,532'478 2,033;357` Munic.Total 677,359: 2,209,837 WEST ST PAUL 348,922 79,605 79,605 83.,060 10 Robert Smith ST R 1987 269,317 228,982 238.918 24 WlIdC[ H 1985 10,240 239 222 228,982 3138 587 321197,8.: Munic Total 279;557. ,..:.:. 598,149 08,,587 :: -. 646,689 703,795 13 DAKOTA CO. HRA R 1985 100,751 747,440 6a6,6a9 3 207 679 .14,473.,542 0 11,2615,863 _:......:. .... „ 1,07�5G8 167,115'1(1,011x]80 11x326,964: COUNTY TOTALS c 92TIl