HomeMy WebLinkAbout[06] TIF Disbursement RequestsDATE: Decembeer 8, 2010
MEMO TO: St. Joseph Economic DDevelopment Authority
CynthiaSSmith-Strack, Municipal Deevelopment GGroup
FROM:
TIF Disbuursements
RE:
Backgroundd
The City hass received thhe second seettlement for 2010 properrty taxes. Thee second hallf payment
includes reveenue for TIF 2-1 (Millstreaam) and TIF 1-4 (Vicwest)). Finance Director, Lori BBartlett has
processed thhe payments aand requests approval of the disbursemment as followws:
TIF 1-4 – Goohman/Vicwesst (payment tto lender: Minnnwest Bank)): $30,771.144 which equattes to 90%
of increment collected.
lstream Shopps: $15,982.21 which equaates to 90% off the increment collected
TIF 2-1 – Mil
Associated innformation annd documentaation is attachhed to this meemo.
Action:
A MOTION too approve thee disbursement requests iss in order.
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December 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 $ 30,771.14 for the second 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
nd
(Tax Increment Financing – District 1-4, Payments, 2 Payment 2010)
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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
Dec. 201034,190.16$ 30,771.14$ 19,218.0411,553.1030,771.14277,311.57
277,311.57
May, 2011-$ 2011(10,399)$ 10,399-$
277,311.57
Dec. 2011-$ (10,399)$ 10,399-$
277,311.57
May, 2012-$ 2012(10,399)$ 10,399-$
277,311.57
Dec. 2012-$ (10,399)$ 10,399-$
Total406,403.28$ 365,762.95$ 90,992274,771$ 365,763
*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.
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December 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 $ 15,982.21 for the second 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
nd
(Tax Increment Financing – District 2-1, Payments, 2 Payment 2010)
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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, 201014,132.3
12,719.0 200912,528.8 190.26 12,719.0 448,520.91
2939
Dec. 201017,758.01 15,982.21 15,797.19 185.01 15,982.21 432,538.70
432,538.70
May, 2011- 2010(178.42) 178.42 -
432,538.70
Dec, 2011- (178.42) 178.42 -
432,538.70
May, 2012- 2010(178.42) 178.42 -
432,538.70
Dec, 2012- (178.42) 178.42 -
432,538.70
May, 2013- 2011(178.42) 178.42 -
432,538.70
Dec. 2013- (178.42) 178.42 -
432,538.70
May, 2014- 2012(178.42) 178.42 -
432,538.70
Dec. 2014- (178.42) 178.42 -
432,538.70
May, 2015- 2013(178.42) 178.42 -
432,538.70
Dec. 2015- (178.42) 178.42 -
432,538.70
May, 2016- 2014(178.42) 178.42 -
432,538.70
Dec. 2016- (178.42) 178.42 -
432,538.70
May, 2017- 2015(178.42) 178.42 -
432,538.70
Dec. 2017- (178.42) 178.42 -
432,538.70
May, 2018- 2016(178.42) 178.42 -
432,538.70
Dec. 2018- (178.42) 178.42 -
432,538.70
May, 2019- 2017(178.42) 178.42 -
432,538.70
Dec. 2019- (178.42) 178.42 -
432,538.70
May, 2020- 2018(178.42) 178.42 -
432,538.70
Dec, 2020- (178.42) 178.42 -
432,538.70
May, 2021- 2019(178.42) 178.42 -
432,538.70
Dec, 2021- (178.42) 178.42 -
432,538.70
May, 2022- 2020(178.42) 178.42 -
432,538.70
Dec. 2022- (178.42) 178.42 -
432,538.70
May, 2023- 2021(178.42) 178.42 -
432,538.70
Dec. 2023- (178.42) 178.42 -
432,538.70
May, 2024- 2022(178.42) 178.42 -
432,538.70
Dec. 2024- (178.42) 178.42 -
432,538.70
May, 2025- 2023(178.42) 178.42 -
432,538.70
Dec. 2025- (178.42) 178.42 -
432,538.70
May, 2026- 2024(178.42) 178.42 -
432,538.70
Dec. 2026- (178.42) 178.42 -
432,538.70
May, 2027- 2025(178.42) 178.42 -
432,538.70
Dec. 2027- (178.42) 178.42 -
432,538.70
May, 2028- 2026(178.42) 178.42 -
432,538.70
Dec. 2028- (178.42) 178.42 -
432,538.70
May, 2029- 2027(178.42) 178.42 -
432,538.70
Dec. 2029- (178.42) 178.42 -
432,538.70
May, 2030- 2028(178.42) 178.42 -
432,538.70
Dec. 2030- (178.42) 178.42 -
432,538.70
May, 2031- 2029(178.42) 178.42 -
432,538.70
Dec. 2031- (178.42) 178.42 -
432,538.70
May, 2032- 2030(178.42) 178.42 -
432,538.70
Dec. 2032- (178.42) 178.42 -
432,538.70
May, 2033- 2031(178.42) 178.42 -
432,538.70
Dec. 2033- (178.42) 178.42 -
432,538.70
May, 2034- 2032(178.42) 178.42 -
432,538.70
Dec. 2034- (178.42) 178.42 -
432,538.70
May, 2035- 2033(178.42) 178.42 -
432,538.70
Dec. 2035- (178.42) 178.42 -
432,538.70
May, 2036- 2034(178.42) 178.42 -
432,538.7
Dec. 2036- (178.42 178.42) -0
Total31,890.3 28,701.3 25,471.2 3,614.12 29,085.3
3078
*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
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