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Home My WebLink About[05c] Approval of TIF DisbursementsDATE: July 14, 22010 MEMO TO: Economicc Developmennt Authority FROM: CynthiaSSmith-Strack MMunicipal Devvelopment Grroup RE: Disbursemment of TIF PPayments Backgroundd The City hass received thhe initial settlement for 2010 propertyy taxes. The first half payyment includes reveenue for TIF 11-4 (Fabral/Goohman) and TTIF 2-1 (Millsttream Shops//Lofts). Finance Direector, Lori BBartlett has pprocessed thhe payment and requestss approval oof the following disbbursements: a. TIF 11-4 – Gohmaan/Vicwest (paayment to lennder: Minnweest Bank): $30,711.12 (i.e.. 90% of inccrement received). b. TIF 22-1 – Millstreeam Shops/LLofts (payment to lender: First State Bank, St. Jooseph: $12,7719.09 (i.e. 90% of incremment received)). Associated innformation annd documentaation is attachhed to this meemo. Action: A MOTION tto approve thhe disbursemeent request foor TIF 1-4 in the amount of $30,711.122 and TIF 2-1 in thee amount of $$12,719.09 is in order. July 22, 2010 MinnWest Bank PO Box 7429 St. Cloud MN 56302-7429 RE: TIF 1-4 Tax Settlement – Vic West Dear Sir or Madam: In accordance with the Tax Increment Financing Agreement with the City of St. Joseph, enclosed is a payment in the amount of $ 30,711.12 for the first half tax settlement for 2010. The amount represents 90% of the increment received from the district as noted in the development agreement. If you have any questions or need additional information please feel free to contact me at 320-363-7201. Sincerely, CITY OF ST. JOSEPH Lori Bartlett Finance Director cc: St. Joseph EDA File st (Tax Increment Financing – District 1-4, Payments, 1 Payment 2010) City of St. Joseph Minnesota Tax Increment Financing District No. 1-4 St. Joe Development LLC (Vicwest) TIF District #110PID - 84-53470-230 Note Payment Schedule Payment to:PROJECTED BUDGET ACTUAL PAYMENTS WILL DEPENT ON Minnwest Bank ACTUAL TIF AMOUNTS RECEIVED! Note Details Amount of Note (starting principal)643,000 Note Dated1-Aug-02 Annual Payment Date15-Dec Interest Rate7.50% Note Payment Schedule DateTIF ReceivedLess 10%PaymentPrincipal Interest Total Principal CheckCheck from Co.Admin.YearPayment Payment Payment Balance NumberDate 0 May, 2003 0.000.000.00643,000.00 Dec. 2003 643,000.00 May, 2004-$ -$ 2004-24,112.5024,112.500.00 600,417.26 Dec. 200447,314.16$ 42,582.74$ 42,582.740.0042,582.7435171**12/15/2004 600,417.26 May, 2005-$ -$ 2005-22,515.6522,515.650.00 557,883.67 Dec, 200547,259.54$ 42,533.59$ 20,017.9422,515.6542,533.593663512/30/2005 532,822.34 May, 200627,845.92$ 25,061.33$ 20064,140.6920,920.6425,061.33375927/17/2006 507,761.01 Dec, 200627,845.92$ 25,061.33$ 5,080.4919,980.8425,061.33 481,016.37 May, 200729,716.27$ 26,744.64$ 20077,703.6019,041.0426,744.64 454,271.74 Dec. 200729,716.26$ 26,744.63$ 8,706.5218,038.1126,744.63 426,386.51 May, 200831,066.39$ 27,959.75$ 200810,924.5617,035.1927,885.23 398,426.76 Dec. 200831,066.39$ 27,959.75$ 11,970.2615,989.4927,959.75 368,640.29 May, 200933,096.07$ 29,786.46$ 200914,845.4614,941.0029,786.46 338,853.83 Dec. 200933,096.07$ 29,786.46$ 15,962.4513,824.0129,786.46 May, 201034,190.13$ 30,771.12$ 201018,064.1012,707.0230,771.12308,082.71 308,082.71 Dec. 2010-$ -11,553.1011,553.100.00 308,082.71 May, 2011-$ 2011(11,553)$ 11,553-$ 308,082.71 Dec. 2011-$ (11,553)$ 11,553-$ 308,082.71 May, 2012-$ 2012(11,553)$ 11,553-$ 308,082.71 Dec. 2012-$ (11,553)$ 11,553-$ Total372,213.12$ 334,991.81$ 55,605279,387$ 334,992 *Development Agreement notes: not to exceed $643,000 in principal payments. ** 2004 Note: The increment was not collected in May due to an error in the Auditor's Office. The County fixed the error and submitted payment for 2004 October 29, 2004. 2005 Note: The payment for the May Tax Settlement was not received by May 15. Therefore the increment could not be paid. 2008 Note: The city discovered the entire project area classified in the TIF district by the County. The city sent a letter to the county on 8-1-05 to correct the error to remove 6 PIDs from the district. The city over collected $20,699.49 for the 6 parcels. The city did not return the money to the county to redistribute to all the taxing jurisdictions until June 2008. 2008 Note 2: The discovered the 2005 county administrative charge of $74.52 was not deducted TIF received from the County. Therefore, the city overpaid Minnwest. The city deducted $74.52 from the July 2008 TIF disbursement to Minnwest. July 22, 2010 First State Bank of St. Joseph th 400 – 4 Ave NE P O Box 159 St. Joseph, MN 56374 RE: TIF 2-1, Millstream Shops & Lofts, Tax Settlement Dear Sir or Madam: In accordance with the Tax Increment Financing Agreement with the City of St. Joseph, enclosed is a payment in the amount of $ 12,719.09 for the first half tax settlement for 2010. This represents 90% of the increment received from the district as noted in the Development Agreement. If you have any questions or need additional information please feel free to contact me at 320-363-7201. Sincerely, CITY OF ST. JOSEPH Lori Bartlett Finance Director cc: St. Joseph EDA File st (Tax Increment Financing – District 2-1, Payments, 1 Payment 2010) City of St. Joseph Minnesota Tax Increment Financing District No. 2-1 Millstream Shops and Lofts (Collegeville Communities) PID - 84-53870-0000,84-53871-0001,84-53882-0000, TIF District Note Payment Schedule 84-53883-0000,84-53872-0000,84-53874-0010 Payment to:PROJECTED BUDGET ACTUAL PAYMENTS WILL DEPENT ON Collegeville Communities ACTUAL TIF AMOUNTS RECEIVED! First State Bank, Attn: Doug Note Details Amount of Note (starting principal)467,000 Note Dated1-Jun-07 Semi-Annual Payment Dates2/28, 8/31 Interest Rate8.25% TIF Duration28 years Note Payment Schedule DateTIF ReceivedLess 10%PaymentPrincipal Interest Total Principal CheckCheck from Co.Admin.YearPayment Payment Payment Balance NumberDate 467,000.00 June. 2008 464,120.00 May, 20093,200.00 2,880.00 20092,687.36 192.64 2,880.00 419388/28/2009 461,240.00 Dec. 20093,200.00 2,880.00 2,688.55 191.45 2,880.00 May, 201014,132.32 12,719.09 200912,528.83 190.26 12,719.09 448,520.91 448,520.91 Dec. 2010- (185.01) 185.01 - 448,520.91 May, 2011- 2010(185.01) 185.01 - 448,520.91 Dec, 2011- (185.01) 185.01 - 448,520.91 May, 2012- 2010(185.01) 185.01 - 448,520.91 Dec, 2012- (185.01) 185.01 - 448,520.91 May, 2013- 2011(185.01) 185.01 - 448,520.91 Dec. 2013- (185.01) 185.01 - 448,520.91 May, 2014- 2012(185.01) 185.01 - 448,520.91 Dec. 2014- (185.01) 185.01 - 448,520.91 May, 2015- 2013(185.01) 185.01 - 448,520.91 Dec. 2015- (185.01) 185.01 - 448,520.91 May, 2016- 2014(185.01) 185.01 - 448,520.91 Dec. 2016- (185.01) 185.01 - 448,520.91 May, 2017- 2015(185.01) 185.01 - 448,520.91 Dec. 2017- (185.01) 185.01 - 448,520.91 May, 2018- 2016(185.01) 185.01 - 448,520.91 Dec. 2018- (185.01) 185.01 - 448,520.91 May, 2019- 2017(185.01) 185.01 - 448,520.91 Dec. 2019- (185.01) 185.01 - 448,520.91 May, 2020- 2018(185.01) 185.01 - 448,520.91 Dec, 2020- (185.01) 185.01 - 448,520.91 May, 2021- 2019(185.01) 185.01 - 448,520.91 Dec, 2021- (185.01) 185.01 - 448,520.91 May, 2022- 2020(185.01) 185.01 - 448,520.91 Dec. 2022- (185.01) 185.01 - 448,520.91 May, 2023- 2021(185.01) 185.01 - 448,520.91 Dec. 2023- (185.01) 185.01 - 448,520.91 May, 2024- 2022(185.01) 185.01 - 448,520.91 Dec. 2024- (185.01) 185.01 - 448,520.91 May, 2025- 2023(185.01) 185.01 - 448,520.91 Dec. 2025- (185.01) 185.01 - 448,520.91 May, 2026- 2024(185.01) 185.01 - 448,520.91 Dec. 2026- (185.01) 185.01 - 448,520.91 May, 2027- 2025(185.01) 185.01 - 448,520.91 Dec. 2027- (185.01) 185.01 - 448,520.91 May, 2028- 2026(185.01) 185.01 - 448,520.91 Dec. 2028- (185.01) 185.01 - 448,520.91 May, 2029- 2027(185.01) 185.01 - 448,520.91 Dec. 2029- (185.01) 185.01 - 448,520.91 May, 2030- 2028(185.01) 185.01 - 448,520.91 Dec. 2030- (185.01) 185.01 - 448,520.91 May, 2031- 2029(185.01) 185.01 - 448,520.91 Dec. 2031- (185.01) 185.01 - 448,520.91 May, 2032- 2030(185.01) 185.01 - 448,520.91 Dec. 2032- (185.01) 185.01 - 448,520.91 May, 2033- 2031(185.01) 185.01 - 448,520.91 Dec. 2033- (185.01) 185.01 - 448,520.91 May, 2034- 2032(185.01) 185.01 - 448,520.91 Dec. 2034- (185.01) 185.01 - 448,520.91 May, 2035- 2033(185.01) 185.01 - 448,520.91 Dec. 2035- (185.01) 185.01 - 448,520.91 May, 2036- 2034(185.01) 185.01 - 448,520.91 Dec. 2036- (185.01 185.01) - Total14,132.3 12,719.0 9,383.5 3,719.6 13,103.1 29708 *Development Agreement notes: not to exceed $467,000 in principal payments ** 2009 Note: The increment was not collected in May due to an error in the Auditor's Office. The County fixed the error and submitted payment for May 2009 on August 31, 2009. Sent TIF collection to developer 8-28-09. Correct TIF report for 2010 - 1st payment 7/1/09