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HomeMy WebLinkAbout5.c. Discussion of Tax Increment Financing Revenue CITY OF ROSEMOUNT EXECUTIVE SUN�J'ARY FOR ACTION PORT AUTHORITY COMMISSION MEETING DATE: JUNE 1, 1993 AGENDA ITEM: DISCUSSION OF TIF REVENUE AGENDA SECTION: OLD BUSINESS FREPARED BY: JOHN MILLER, AGEND�G� � � � ECONOMIC DEVELOPMENT COORDINATOR " t ATTACI�tENTS: "INFORMAL, FIRST PERSON REVIEW AP OVED BY: OF TIF REVENUES" I had been directed some time ago to review the city' s TIF revenue situation. In preparing the 1993 budget and work program, the commissioners became aware of a discrepancy in a Springsted Inc. projection of TIF revenues and actual TIF revenue. Attached is my ��Informal, First Person Review of TIF Revenues" that addresses these historical issues and also makes some very rough projections of future TIF revenues. In a nutshell the review found that: 1. The Port Authority should be receiving an additional $172 , 000 ' from the county through payments for properties not placed in the TIF district and from delinquent taxes. 2 . The Port Authority will have adequate revenue to "operate° through the year 2008 with no new sources of revenue. 3 . If the city and Port Authority actively promote development at the CMC and Lund-Thorsen sites as much as $1.5 million dollars in additional TIF revenue is possible through the year 2000 . RECODIl+�NDED ACTION: Information/discussion item only. PORT AUTHORITY ACTION: MEMO TO: Chair Dunn Commissioners Anderson, Carroll, Edwards, McMenomy, Sinnwell, Wippermann FROM: John Miller, Economic Development Coordinator DATE: May 27, 1993 RE: Informal, First Person Review of Tax Increment Finance (TIF) Revenues In the fall of 1992 when the Port Authority was completing its 1993 Work Program and Operating Budget, there was considerable discussion of TTF revenues. In particular the commissioners had reviewed an October 5, 1992 document prepared by Springsted, ' Inc. that showed 1992 TTF revenues of $405,000. Work in preparing the proposed 1993 budget showed 1992 revenues of only about $260,000. At the same time commissioner McMenomy produced a 1992 t� statement for a residence owned by his family and located in Rosemount Plaza. The tax statement showed the property as not being located in a TIF district. The discrepancy in estimated and actual TIF revenues and the particular evidence of a downtown property not paying to a TIF district led the commissioners to ask for a review of the 1979 redevelopment district revenues. Originally it was thought this review would be completed by the Port Authority's financial consultant, Springsted, Inc. After some delays because of staff changes at the consultant's office and no real progress in completion of a proposal to complete the work, the task of reviewing the TIF revenues went to the Port Authority staff. The following is the result of that analysis. TIF Back round: Tax increment fmancing has been used in Minnesota since the early 1970s. In particular, it permits certain local units of government to retain increases in property taxes for development activities. Within designated boundaries these units of government can collect and spend these increased t�es or "increments" in any of several ways outlined by Minnesota law. Among other uses these can include soil corrections, purchase and demolition of blighted properties, and extension of infrastructures. By way of example lets assume that a vacant lot is located within a tu� increment district and that $100 is paid in property ta7ces annually. Lets also assume that the vacant lot is later developed and that no other changes in the total valuation of the TIF district occur. The property taxes paid are increased to, let's say, $1,000 annually. The "increment" between the original $100 and the $1,000 becomes available for development activities, i.e. $900 increment is not distributed to all the ta�ng units of government but reserved for the creator of the TIF district. As years have passed, the Minnesota Legisla.ture has increasingly placed restrictions on T'IF projects but our simple example is still a valid, general description of how the process works. TIF in Rosemount: In looking at the City of Rosemount, there are cunently three t� increment districts, one created by Dakota County through its housing and redevelopment authority and two created by the city. The first city TIF district was a "redevelopment district° created by the city's housing and redevelopment authority in 1979. The second district was created by the economic development authority in 1990. The second district affects Knutson Rubbish and has the following fmancial characteristics: KNUTSON RUBBISH TIF DISTRICT 1-1 Current Tax Tax Increment Base Year Base Va1ue Ca�acity Revenue 1991 $567 28,676 33,804 The 1979 t� increment district is about eight times larger than Knutson Rubbish in terms of revenue. As the following ta.ble shows, the starting values or "base values" have been based on "assessed valuations" through 1988. In 1989, Minnesota's taac laws were revised and mill rates and assessed values were abandoned in favor of t� capacity and tax capacity value. , ORIGINAL TAX VALUES AND ORIGiNAL TAX CAPACITIES OF THE DOWNTOWN ROSEMOUNT TIF DISTRICT Method Tax Capacity Increase Year Assessed Va1ue Base Value From Base Tota1 Va1ue 1979 X 1,476,061 1,476,061 1980 X 246,768 1,722,829 1981 X 554,176 2,030,237 1982 X 603,920 2,079,981 1983 X 748,220 2,224,281 1984 X 986,105 2,462,166 1985 X 1,288,798 2,764,859 1986 X 1,607,787 3,078,848 1987 X 1,598,930 3,074,991 1988 X 2,122,705 3,598,766 1989 X 183,672 269,116 452,788 1990 X 259,402 443,074 1991 X 263,835 447,507 1992 X 233,701 417,373 These assessed values and tax capacity values have generated the following TIF revenue when multiplied by the mill levy and taY capacity ratio used each year. 2 DOWNTOWN ROSEMOUNT TIF DISTRICT TAX INCREMENT REVENUE 1980 - 1992 ' Year Amount Cumulative 1980 12,334 12,334 1981 55,511 67,845 1982 57,508 125,353 1983 65,176 190,529 1984 92,571 283,100 1985 124,820 407,920 1986 166,533 574,453 1987 179,120 753,573 1988 237,101 990,674 1989 256,384 1,247,058 1990 222;143 1,469,201 1991 235,513 1,704,714 1992 261,567 1,966,281 1993 284,317 There are a couple of points to be remembered about these tables and the information presented. First the base values are a direct derivative of the value of all real property within a district. As a result, changes in these values are a barometer of the economic vitality of the district. The second point is that revenues collected are a product of both the value of real property and the city's t� rate, i.e. increasing revenues can in theory be a result of stable property values and increasing local t� rates, or just the opposite. In this regard, TIF revenues are a less accurate measure of economic vitality than is tax value. The increment revenue table shows cumulative receipts of $1,966,281 through 1992. This leads us to the commissioners first question: Is the Port Authority due any additional money? What about people who haven't paid their property taxes? The second issue is addressed in the next table. DOWNTOWN ROSEMOUNT TIF DISTRICT DELINQUENT TAXES Year Amount 1989 9,641.30 1990 15,142.29 1991 21,457.49 1992 22.665.37 Total 68,906.45 It should be noted that delinquency distributions are made three times ea.ch year. As of May 1, 1993, $6,134.40 in delinquent taxes had been paid to the Port Authority. This means about $63,000 of delinquent ta�ces remain. 3 Now back to the original issue sta.ted at the beg'uming of this little, informal review. Has Rosemount received all of its TIF revenues? And, why is there a discrepancy between the Springsted "projected increment income" of $405,000 annually and the actual receipt of about $260,000 by the Port Authority. The answer is really very sunple. Remember the three TIF districts in Rosemount? One created by the county HRA and two created by the city? When Springsted did its projection all three of the districts were included in the total. Tax increment finance revenues going to the HRA were included in the city total. If you add the city's revenue of $260,000 and the $150,411 that the HRA received in 1992 from its TIF district, you have a total of $410,000, close to the Springsted projection. A memorandum from Jessica Cook of the Dakota. County HRA dated March 11, 1993 is attached as verif'ication in E�ibit 1. This just leaves one issue. What about the property ta�c statement produced by Commissioner McMenomy showing downtown property not in the TIF district? To resolve this issue I worked , with the city's engineering department in comparing all the property identif'ication numbers within ' the TTF district boundaries with those shown in county records. Here is should be noted that Rich � Lonnquist was very helpful. What we found was that Rosemount Plaza and its 20 condominium unit� h�s never �i�n pla��l in the TIF distri�t �y the c�unty. Y�s, the cond�mini«m �r�j�t has been platted and the plat had been recorded at the courthouse but the units were never placed in the TIF district. The following ta.ble shows the fmancial result of Rosemount Plaza's t� revenues not being paid as TIF revenue. 4 ROSEMOUNT PLAZA PROPERTY TAX PAYMENTS 1990-1993 Condo Unit 1990 1991 1992 1993 Total 100 $1,040.14 $2,068.16 $2,069.78 $1,924.14 $7,102.22 101 $1,040.14 $2,012.94 $2,014.34 $1,873.64 $6,941.06 102 $1,040.14 $0 $O $0 $1,040.14 103 $1,040.14 $1,672.34 $1,720.96 $1,599.44 $6,032.88 104 $1,040.14 $532.90 $578.66 $602.50 $2,754.20 105 $1,040.14 $2,163.30 $2,166.80 $2,014.34 $7,384.58 106 $1,040.14 $2,166.36 $2,170.26 $2,017.96 $7,394.72 200 $1,040.14 $2,114.20 $2,118.30 $1,969.84 $7,242.48 201 $1,040.14 $2,062.04 $2,062.86 $1,918.14 $7,083.18 202 $1,037.48 $0 $0 $0 $1,037.48 203 $1,037.48 $2,040.56 $2,044.38 $1,900.10 $7,022.52 204 $1,037.48 $0 $0 $0 $1,037.48 205 $1,040.14 $2,212.38 $2,215,32 $823.�8 $6,29L62 206 $1,040.14 $2,215.46 $2,218.78 $2,062.44 $7,536.82 300 $1,040.14 $746.68 $'7'73.86 $805.74 $3,366.42 301 $1,040.14 $2,108.06 $2,111.36 $1,963.84 $7,223.40 302 $1,040.14 $579.94 $629.48 $655.42 $2,904.9$ 303 $1,040.14 $2,086.58 $2,092.88 $1,945.80 $7,165.40 304 $1,040.14 $0 $0 $0 $1,040.14 305 $1,040.14 $812.14 $808.52 $841.82 $3,502.62 306 $1,040.14 $814.18 $809.66 $843.02 $3,507.00 Total 104,611.34 5 I have discussed this with Steve Jilk and he is working with Tom Novak, Dakota County Treasurer to have payment made to the city. TIF Projects in Rosemount: This short review of the Port Authority's TIF situation was not at all to provide information about where the money went. But still a casual reader would undoubtedly wonder, and in fact, I wondered too. For the most pa.rt it went to two projects: • Rosemount Plaza • Loch and Blake In both cases, land was purchased and blighted buildings demolished. Assistance was also provided in the fmancing of the new structures. Both of these are major projects covering relatively large areas. Annual audits were completed and are on file in city hall. I guess the lesson to be learned from this is that redevelopment is very, very costly. Something we should probably remember for the future. Future TIF Revenues: To this point we've looked at the past. What can the Port Authority expect in future TIF revenue? In this regard Steve Jilk and I worked with city Finance Director, 7eff May. We asked Jeff to provide a projected cash flow assuming no new development occurs. (This will be a great help to us at budget time.) The following table shows projected TIF revenue of $285,000 annually through 2000, the year the 1979 district ends. This is probably a very conservative number especially since Rosemount Plaza has been added to the district, good news for us. Other signif'icant columns include the column titled 1992E bond payments which shows the amount needed to pay for the community center/ice arena bonds. In another column, operating budgets show a two percent annual increase from 1992. The fmal column shows the cumulative surplus and those numbers how that if the Port Authority undertakes no projects requiring capital that the commission can continue to operate and indeed increase its surplus. 6 PROJECTED PORT AUTHORITY CASH FLOWS FOR THE YEARS 1994 THROUGH 2O08 PROJECTED 1�1/94 BEGINNING CASH BALANCE: $150,000 PROJECTED BLAKE LOCH 1988A 1992E REVENUE OPERATING ANNUAL CUMULATIVE TAX MORTGAGE MORTGAGE TOTAL BOND BOND AVAILABLE BUDGETS SURPLUS SURPLUS YEAR tNCREMENT PAYMENTS PAYMENTS REVENUES PAYMENTS PAYMENTS AFTER DEBT 2%GROWTH (DEFICI� (DEFICI� 1994 285,000 62,400 60,000 407,400 167,1$5 90,868 149,347 140,000 9,347 159,347 1995 285,000 62,400 60,000 407,400 167,575 117,981 121,844 142,800 (20,956) 138,391 1996 285,000 65,400 63,000 413,400 166,935 114,t81 132,284 145,656 (13,372) 125,019 J 1997 285,000 74,400 72,000 431,400 165,245 119,800 146,355 148,569 (2,214) 122,805 1998 285,000 74,400 72,000 431,400 167,248 134,469 129,683 151,541 (21,858) t 00,947 1999 285,000 83,400 81,000 449,400 167,680 133,250 148,470 154,571 (6,101) 94,846 2000 285,000 86,400 84,000 455,400 0 0 455,400 157,663 297,737 392,583 2001 0 86,400 84,000 170,400 0 0 170,400 160,816 9,584 402,167 2002 0 86,400 84,000 170,40d 0 0 170,400 164,032 6,368 408,535 2003 0 95,400 93,000 988,400 0 0 188,400 167,313 21,087 429,622 2004 0 98,400 96,000 194,400 A 0 194,400 1?0;659 23,741 453,363 2005 0 100,400 98,000 198,400 0 0 198,400 174,072 24,328 477,690 � 2pp6 0 109,400 108,000 217,400 0 0 2i 7,400 177,554 39,846 517,537 2007 0 108,000 108,000 216,000 0 0 216,000 181,105 34,895 552,432 2008 0 90,000 35,55U 125,550 0 6 125,550 184,727 (59,1'77) 493,255 TOTALS t,995,000 1,283,200 1,198,550 4,476,750 1,001,868 710,549 2,764,333 2,421,078 Within the Downtown Redevelopment District only two vacant parcels presently e�st. The largest by far is the 103 acre CMC Heartland parcel which is slated for mostly single family residential development. Assuming construction starts in 1994 with an average value added of $95,000 per lot, fifty homes built each year, an estimated market value of 85 percent of sales value, and a tax capacity rate of 115.5010 percent, the following table shows what TIF revenues can be expected. PROJECTED TIF REVENUIES FROM CMC HEARTLAND DEVELOPMENT 1994 - 1999 Cumulative Homes Annual Tota1 TTF Year Built TIF Revenue 1994 50 NA NA 1995 100 NA NA 1996 150 51,687 51,687 1997 200 103,373 155,060 1998 250 155,060 310,120 1999 250 206,747 516,867 The half million dollars provided by the CMC project is a tidy sum. The table does show, however, the necessity of a quick start to the project. A year's delay would cost the Port Authority , the equivalent of the last year's increment, i.e. if construction starts in 1995 and not in 1994, the ' final year's increment of $206,747 is lost. The second vacant parcel is the seven acre Lund-Thorsen site. If we assume that the city has commercial development on the site with a value of$3,250,000, the following TIF revenue results. PRO7ECTED TIF REVENUES FROM LUND-THORSEN DEVELOPMENT 1993-1999 Va1ue of improvements 3,250,000 EMV factor 90% Project estimated market value 2,925,000 Tax capacity 137,288 Original tax capacity NA Captured tax capacity 137,288 Current tax rate 115.00% Bstimated tax increment 157,881 Years left in district 6 Total TIF Revenues 947,286 All of this of course is speculation and dependent upon quick, large scale development that is not yet assured. It does show, however, what the benefits of developing the two sites would mean to Port Authority TIF revenues and the benefits of an aggressive development philosophy dw attachment 8 EXHIBIT A DAKOTA COUNTY HRA TIF REVEl�TUE / � � / Housing &Redevelopment Aurhority 6iz-4z3-4goo DAKOTA COUNTY 249(-145rh Sr.W. • Ruscmount,MN 55068•T.I�.D.61L423-8182 •FAX 612-423-fl1���' March 11 , 1993 TO: John Miller � (''��,J`�-'' FROM: Jessica Coo� ;�� RE: Dakota County HRA Tax Increment Receipts in Rosemount In calendar year 1992 , the HRA received $150 , 411 . 12 in tax increment receipts from parcels in Rosemount . In addition, we received $146.,26 of del4nquent tax receipts from prior years. As we discussed, this tax increment is obligated to two housing activites in the City of Rosemount: the HRA' s First Time Homebuyer Interst Red��ction Program initiated in 1984 , and the future debt, service on the Rosemount Senior Housing Project . Please c�,ll me at 423-8104 if you have any questions . 4N ��(_�,�Lt�)I'1'C�i.TI�NITi� L:�11'l���l'ER" MARVIN A. PULJU DA KOTA COUNT Y �6,2�438°200 � � � DAKOTA COUNTY ADMINISTRATION CENTER 1590 HWY 55, HASTINGS, MINNESOTA 55033 : � � March 26, 1993 John Miller Economic Development Director Rosemount City Hall 2875 145th St W P.O. Box 510 Rosemount, Mn 55068 RE: Taxes Payable Each Year (1990-1993) on Rosemount Plaza Condo Dear Mr. Miller: Enclosed are copies of the tax list microfiche for each parcel in the Rosemount Plaza Condominium for taxes payable 1990, 1991, 1992, 1993 . As you can see, I highlighted the fields on one of the parcels so you can identify the information I believe you need. Each year I get a listing of all the parcels in tax increment projects in Dakota County. Some of the tax increment project managers like to get a copy of the list each year, I assume so they can verify all the parcels for accuracy. If Rosemount would like to work with such a list, just let me know and I can provide it to you. We will make sure these particular parcels are properly entered as tax increment parcels for taxes payable next year. I apologize for the error. It is unfortunate neither the City nor County caught the omission sooner. I believe we have safeguards built into our computer system to prevent this type of error in the future, but hope the City will also review our reports and let us know if something doesn't look correct. Please feel free to contact me if you have any questions. Since , Gloria Pinke Manager, Assessing Services GP:dk Printed o�Recyded Paper �eeo}n co`g pe���f�SOZZlZ10YG� AN EQUAL OPPORTUNITY EMPLOYER M�r�` EXIIIBIT B SPRINGSTED TIF REVENUE PROJECTION , Pr�parad Octobor 5, 1992 By SPHINtiSTEO Incorpo�atad City of Roso�ount� Minnosota 0.0. Yunicipal Buildinp Bonds, S�ri�s 1962E p�location Co�pon�nt [1aUd: 11- 1-1992 Matur�: Z" � ��8 Pro��ctid P�o�oct�d First Int���st� 8' �'�� Total go p�t Total Mnuai Cuwlatiw ��� go� Total Incr���t I�� 8urplus 8u�plus • Principal Dabt Inco�� L�as� Inc - Y�ar ot riar ot Issw �9� (10) (11) (12) (13) (14) L�vy Wt. Principal Rat�s I�t�ris; � int�r`$; ot To`�; t8' ��� (2} �3) �4� gg�ppp 501,000 228�800 226�800 ���465 1T1�735 272,200 4�`,0� 229 027 457,827 30�881 96�881 120 000 525,OOU � 1992 1984 85�000 3.20�Itt 1T2�835 295,973 405�000 � 2��� g�p�4g5 96�000 3.50�Y 22,486 147�485 123,338 2g2�382 405�000 120,000 526�000 1993 1985 118 &N 172�515 122 000 527,OOU 229.088 919,553 1� ��� 3.804i 19�140 114�140 � 28�,912 405�000 + 151 382 1994 120.530 128�557 171,355 t4+�� �8�ppp 231,829 t, , 1997 105,000 4.10�k ib�530 174,135 317,171 405�000 t99b 143 A36 144 000 549,000 230.997 1.362,379 �� ���ppp 4.3pq� tt�225 138,226 � 318,003 405,000 � 1996 S�ggp 135�650 142�843 175,380 1897 1999 130,000 4.509i 3,178.000 1 793�821 .130,000 746.000 TOTALS: 81b,000 ip+�891 7t9�891 755,888 1,037�735 � Bond Yaars: 2,518.75 Mnual int�r�st: 104�891 Maturity: �.10 Plus Oiscount: 10�455 ���' N�t.iot�r�at: 115,348 Avq. Mnual Rat�: 4,184+4 ,►.579�k 4.815"ti N.I.C. R�t�: � T.I.C, R�U: . �s �ay caus� sipnificant alUrations of this schodul�. � Int�rast r�t�s ar• �stl�at�s; c��W �1� vary. Z Th� actual und�rw�'it�N s discount bid �ay v � � EXHIBIT C ASSIJRANCE THAT ROSEMOUNT PLAZA IS TIF DISTRICT DqKQTA C UNTY NORMAo�AA�H 0 (612) 438-4375 ` � DAKOTA COUNTY GOVERNMENT CENTER t56o Nwv.55-HaSTtNGs,MINNESOTA55033 �O\L�UV���R,' . � . . . . . • Y�� N k•-�-!,'t��� . . � . . c - __ �_l�__ . T0: �.t�--�,w,.�-�"rJ( FROM: Norma B. Marsh, Co. A ditor ��2�� RE: . Tax Increment Charge for f 99�� � � Pro j ect Name & Number ��t.�,-y�,��, � � � Maintenance Base Charge 65.00 Per Parcel Charge $16.00 x �_= -���' Total amount owed Dakota County $ .�3?, c�p Please make check payable to Dakota Co. Treasurer and Mail to the Dakota County Auditor's Office. Any questions please call Margaret at 438-4390. � � , Re�yCle. Printed on Recycled Paper '_ _c,r ]�p�ry�y n{tI1P cn�7/17/»1� AN EQUAL OPPORTUNITY EMPLOYER DAKOTA COUNT Y "�RM"p�"RS" (612) 438-4375 - DAKOTA COUNTY GOVERNMENT CENTER �Sr�HwY.55-HasT�rv�s,MINNESOTA55033 .ZnILF_U[�.�p � . . � i l IAI. . . , � . . . .:Y:.. �t-i�-�w� � � . . � . � —�= F::a-_`_. ' �i� TO: f��ri�."�.�I �� FROM: Norma B. Marsh, Co. Auditor ��t'� RE: Tax Increment Charge for 19`�� Project Name & Number j'��-,�, �, �,.��, �� Maintenance Base Charge 65.00 Per Parcel Charge $16.00 x � _ /�. �� Total amount owed Dakota County $ ��, 6I1 Please make check payable to Dakota Co. Treasurer and Mail to the Dakota County Auditor's Office. Any questions please ca11 Margaret at 438-4390. � ` � � Printed on Recycled Paper 8` �'f �!IItG SOLZlIIU/1.� AN EQUAL OPPORTUNiTY EMPLOVER a.._,.,- . . . . . ,.� � . ����� DAKOTA C4UN7Y AUDITOR FEE SCHEDULE EFFECTIVE (TA7EC�-15-91 ���� . PRIOR YEAR'S TAX UATA Per year per tax parcel S 4.00 Request to be submitted in writing DELIN4UEN7 7AX STATEMENT i Fee for non-owners 4.00 No charge for tax parcel owner. TAX AND SPECIAL ASSESSMENT SEARCH 'i Tax Search 2.00 Fee for special assessment search 5.00 Requests must be submitted in writing. Fee established in MN STAT 272.46 SCREEN PRINT OF CURRENT YEAR'S tAX DA7A Per page 2.00 . CONFESSION OF JUDC�IEN7 ON DELINQUENT TAXES Per confession of judgment 50.00 Fee to be allocated to court administrator 10.00 REPURCHASE OF TAX FORFEI7ED PROPERTY Fee per tax parcel 75.Q0 PHOTOCOPIES �c� � .25 = ��'�'� Per page BONDING CERTIFICATES Per certif�icate �100.00 Additional fee for certification of 65.00 ten largest taxpayers in the county. 6REEN ACRE PAYBACK CALGULA7IONS Per tax parcel payable in advance of sale 25.00 � N07IGE OF CLAIM � Per claim plus cost of mafling certified �5.00 copies. 5et by MN Stat 574.32 � AUDIT OF SCHOOL DISTRICT. CITY OR TOWNSHIP . I Per page 15.00 REGISTERED V07ER CERTIFICATE 2.00 DANGEROUS DOG REGISTRA?ION 25.00 TAX INCREMENT: Setup Base Charge 175.00 . , -Per Parcel Charge 18.00 . Maintenance Base Charge 65.00 -Per Parcel Charge 16.00 . NORMA 6. MARSH, DAKOTA COUNTY AUDITOR TRANSFER FORM TRANSFER FROM: AMOUNT: . Paid-Up Debt Serv Funds (39209) 102 - 49300 - 01 - 710 $ Port Authority Funds (39207) 201 - 46300 - O1 - 710 $ 3�,� JJ�.�� MSA Funds (3920$) 203 - 49003 - Ol - 710 $ Water Utility Funds (39202) 601 - 49400 - 01 - 710 ' $ Sewer Utility Funds (39202) 602 - 49450 - Ol - 710 $ Storm Water Utility Funds(39202) 603 - 49500 - Ol - 710 $ Water Core Funds ` (39204) 605 - 49501 - O1 - 710 $ Sewer Core Funds (39205) 606 - 49502 - 01 - 710 $ Storm Sewer Core Funds (39206) 607 - 49503 - 01 - 710 $ (39203) - - Ol - 710 $ (39203) - - Ol - 720 $ (34108) - - O1 - 317 $ TRANSFER TO: AMOUNT: - 39201 - 00 - 000 $ - 39202 - 00 - 000 $ - 392Q3 - 00 - 000 $ - 39204 - 00 - 000 $ - 392Q5 - 00 - 000 $ - 39206 - 00 - 000 $ �.0. 'ir4,c �Nc,z�,C„�� B�,�as- is�3��} 3$�- 39207 - 00 - Q00 $ 3co,JJJ.�J - 39208 - 00 - 000 $ - 39209 - 00 - OOfl $ �r - 34108 - 00 - 000 $ AUTHORI Z E D BY: /L����+ �-�` ���C-C�-' DE PARTMENT: A 1��,•v,5�.4-i�wv DATE AUTHORIZED: - ��' - �``� ��OA� AM i��-.�/I �'�^! A,P 1s.P W� (o�i '43� REASON FOR TRANSFER: 1�'/��s FE�' P c�•,�,2 c�11 �>,/� �'{� � I�� /���UL cR; P�'*^/.M c�i � �A,e r cn/- i q S 3 ��r ,�-�•�a.2 �r/ 6 u 4 G-eS-) GENERAL JOURNAL ENTRY: 3xa. - loioo 3b, ���, �� - 104 - 104 3��- - 3920 ? - 00 - 000 3 b �J�.J J - 34108 - 00 - 000 3 � = 29300 3b. �JJ.JJ ao I - 29400 3 e, ��J,a� a�i - to3JJ - 01 - 71 � 3to, ilJI. �J - - O1 - 317 a�� - losoo 3 6, �a�.�� - 104 _ - 104 GJE ENTERED BY: DATE ENTERED: - - JOURNAL ENTRY #: JOURNAL ENTRY TYPE: ��- ,_(USUALLY TYPE 4) Fees and Payment Policy ' The registraGvn fee for each course is$695.Persons who pay for all four ED 101 Economic Development rinance courses at once will receive a$1�0 discount off the standard course cost August 9-13,I993 and pay just$595 per course. Refurxis are made only when the Na6onal Development Council or DTED Economic Development Finance,the first course in the EDFP Certificadon cancels a class or wt�en a participant withdraws his or her registrafion 10 or more ProSram,explores the financial skills required for the successful practice of business days prior to the start of a class.A credit,not a refund,is given to economic development within the context of an overall economic registrants who cancel fewer than 10 business days prior to the start of a development finance system.The session provides a conceptual framewark class.In addidvn,registrants are assessed a$75.00 withdrawal charge. for the role of economic development finance in the targer ecanamy,and involves parUcipants in analyzing and structuring�nancing for operating Hotel Accommodations businesses and real estate projects.Specific topics include: lndividuals are nespc�nsible for their own hotel,travel and meal expenses.D'IED p yerview of Economic Development Finance has secured a block of rooms at the Metrodome Hilton—$55 double/single rate,$67 triple rate,$77 Alcoue Suites pernight. Children under 17 are • financing gaps in the private capital markets free.This block will be held undl the course's registration deadline.After • uncierwridng pracdces of private sector lenders this date,reservadons will be taken on a space available basis,and higher • plugging the gaps with econvmic development financing incentives rates may apply.Ta receive the reduced rate,make your reservation early . implemenUng financing programs through an economic development and state that you are participadng in a National Development Council system training session sponsared by DTED. Business CreditAnalysis Travel/Course Schedule • financial statement spreading and analysis Ciasses begin Monday mornings at 9:00 a.m.Each Certi6cation course . quality indicators and ratio analysis examination is administerecl on Friday,and students are required to complcte . mcasuring ciebt capacity and return the examination before leaving.Most participants finish by 4:30 , structuring incendve financing p.m.Please keep this in mind when making travel arrangements. Teams of students are assigr�ed homework which takes about three hours Real Estate Finance each evening to complete.Plan your schedule accordingly. • developer's profornta income and expense statement • measuring return on investment Prerequisites • calculating thc financing gap All registrants must meet established prerequisites for those courses where it is required.In addition,Certification candidates must pass the examinaGons Economic Development Finance Programs in the prerequisite courses. , • SBA 504 and 7(a) Presession Assi nment • HUD Community Development Block Grant and Small Cities g Development Program 108 A presession assignment is cnailed to all contirmed and paid registrants before . revolving loan funds and interim financing each course.This assignment must be campleted before the f rst day of class. . loan packaging procedures General Information ' Registration deadline and canceliation dQadline for pre-registrants: The attire is+casual.For each course,bring your completed pmsession assignment July 1, 1993 as well as a calculator(�nancial preferable),paper pads,pens and penciis.