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Home My WebLink About[04c] Disbursement of TIF PaymentsDATE: July 15, 2011 MEMO TO: Economic Development Authority FROM: Cynthia Smith-Strack Municipal Development Group RE: Disbursement of TIF Payments Background The City has received the initial settlement for 2011 property taxes. The first half payment includes revenue for TIF 1-4 (Fabral/Gohman) and TIF 2-1 (Millstream Shops/Lofts). Finance Director, Lori Bartlett has processed the payment and requests approval of the following disbursements: a. TIF 1-4 – Gohman/Vicwest (payment to lender: Minnwest Bank): $29,873.24 (i.e. 90% of increment received). b. TIF 2-1 – Millstream Shops/Lofts (payment to lender: First State Bank, St. Joseph: $21,222.80 (i.e. 90% of increment received). Associated information and documentation is attached to this memo. Action: A MOTION to approve the disbursement request for TIF 1-4 in the amount of $29,873.24 and TIF 2-1 in the amount of $21,222.80 is in order. Ð¿¹»ïê±ºêê August 5, 2011 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 $ 29,873.24 for the first half tax settlement for 2011. 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 2011) Ð¿¹»ïé±ºêê 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$ $ 42,582.7442,582.740.0042,582.7435171**12/15/2004 600,417.26 May, 2005$ 2005-22,515.6522,515.650.00- $ - 557,883.67 Dec, 200547,259.54$ $ 42,533.5920,017.9422,515.6542,533.593663512/30/2005 532,822.34 May, 200627,845.92$ $ 25,061.3320064,140.6920,920.6425,061.33375927/17/2006 507,761.01 Dec, 200627,845.92$ $ 25,061.335,080.4919,980.8425,061.33 481,016.37 May, 200729,716.27$ $ 26,744.6420077,703.6019,041.0426,744.64 454,271.74 Dec. 200729,716.26$ $ 26,744.638,706.5218,038.1126,744.63 426,386.51 May, 200831,066.39$ $ 27,959.75200810,924.5617,035.1927,885.23 398,426.76 Dec. 200831,066.39$ $ 27,959.7511,970.2615,989.4927,959.75 368,640.29 May, 200933,096.07$ $ 29,786.46200914,845.4614,941.0029,786.46 338,853.83 Dec. 200933,096.07$ $ 29,786.4615,962.4513,824.0129,786.46 May, 201034,190.13$ $ 30,771.12201018,064.1012,707.0230,771.12308,082.71 Dec. 201034,190.16$ $ 30,771.1419,218.0411,553.1030,771.14277,311.57 May, 201133,192.49$ $ 29,873.24201119,474$ 10,39929,873$ 247,438.33 247,438.33 Dec. 2011$ -$ (9,279) 9,279$ - 247,438.33 May, 2012$ 2012(9,279)-$ 9,279$ - 247,438.33 Dec. 2012$ -$ (9,279) 9,279$ - Total439,595.77$$ 395,636.19124,226271,410$ 395,636 *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. Ð¿¹»ïè±ºêê Ð¿¹»ïç±ºêê Ð¿¹»îð±ºêê Ð¿¹»îï±ºêê Ð¿¹»îî±ºêê Ð¿¹»îí±ºêê Ð¿¹»îì±ºêê Ð¿¹»îë±ºêê Ð¿¹»îê±ºêê Ð¿¹»îé±ºêê Ð¿¹»îè±ºêê Ð¿¹»îç±ºêê Ð¿¹»íð±ºêê Ð¿¹»íï±ºêê Ð¿¹»íî±ºêê August 5, 2011 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 $ 21,222.80 for the first half tax settlement for 2011. 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 2011) Ð¿¹»íí±ºêê 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 12,719.0200912,528.8 12,719.0190.26 448,520.91 2939 Dec. 201017,758.01 15,982.21 15,797.19 185.01 15,982.21 432,538.70 May, 201123,580.89 21,222.80 201021,044.38 178.42 21,222.80 411,315.90 411,315.90 Dec, 2011- (169.67) 169.67 - 411,315.90 May, 2012- 2010(169.67) 169.67 - 411,315.90 Dec, 2012- (169.67) 169.67 - 411,315.90 May, 2013- 2011(169.67) 169.67 - 411,315.90 Dec. 2013- (169.67) 169.67 - 411,315.90 May, 2014- 2012(169.67) 169.67 - 411,315.90 Dec. 2014- (169.67) 169.67 - 411,315.90 May, 2015- 2013(169.67) 169.67 - 411,315.90 Dec. 2015- (169.67) 169.67 - 411,315.90 May, 2016- 2014(169.67) 169.67 - 411,315.90 Dec. 2016- (169.67) 169.67 - 411,315.90 May, 2017- 2015(169.67) 169.67 - 411,315.90 Dec. 2017- (169.67) 169.67 - 411,315.90 May, 2018 2016- (169.67) 169.67 - 411,315.90 Dec. 2018 - (169.67) 169.67 - 411,315.90 May, 2019 2017- (169.67) 169.67 - 411,315.90 Dec. 2019 - (169.67) 169.67 - 411,315.90 May, 2020 2018- (169.67) 169.67 - 411,315.90 Dec, 2020 - (169.67) 169.67 - 411,315.90 May, 2021 2019- (169.67) 169.67 - 411,315.90 Dec, 2021 - (169.67) 169.67 - 411,315.90 May, 2022 2020- (169.67) 169.67 - 411,315.90 Dec. 2022 - (169.67) 169.67 - 411,315.90 May, 2023 2021- (169.67) 169.67 - 411,315.90 Dec. 2023 - (169.67) 169.67 - 411,315.90 May, 2024 2022- (169.67) 169.67 - 411,315.90 Dec. 2024 - (169.67) 169.67 - 411,315.90 May, 2025 2023- (169.67) 169.67 - 411,315.90 Dec. 2025 - (169.67) 169.67 - 411,315.90 May, 2026 2024- (169.67) 169.67 - 411,315.90 Dec. 2026 - (169.67) 169.67 - 411,315.90 May, 2027 2025- (169.67) 169.67 - 411,315.90 Dec. 2027 - (169.67) 169.67 - 411,315.90 May, 2028 2026- (169.67) 169.67 - 411,315.90 Dec. 2028 - (169.67) 169.67 - 411,315.90 May, 2029 2027- (169.67) 169.67 - 411,315.90 Dec. 2029 - (169.67) 169.67 - 411,315.90 May, 2030 2028- (169.67) 169.67 - 411,315.90 Dec. 2030 - (169.67) 169.67 - 411,315.90 May, 2031 2029- (169.67) 169.67 - 411,315.90 Dec. 2031 - (169.67) 169.67 - 411,315.90 May, 2032 2030- (169.67) 169.67 - 411,315.90 Dec. 2032 - (169.67) 169.67 - 411,315.90 May, 2033 2031- (169.67) 169.67 - 411,315.90 Dec. 2033 - (169.67) 169.67 - 411,315.90 May, 2034 2032- (169.67) 169.67 - 411,315.90 Dec. 2034 - (169.67) 169.67 - 411,315.90 May, 2035 2033- (169.67) 169.67 - 411,315.90 Dec. 2035 - (169.67) 169.67 - 411,315.90 May, 2036 2034- (169.67) 169.67 - 411,315.9 Dec. 2036 - (169.67)169.670 - Total55,471.2 49,924.1 46,825.33,482.850,308.1 20809 *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 Ð¿¹»íì±ºêê Ð¿¹»íë±ºêê Ð¿¹»íê±ºêê Ð¿¹»íé±ºêê Ð¿¹»íè±ºêê Ð¿¹»íç±ºêê Ð¿¹»ìð±ºêê Ð¿¹»ìï±ºêê Ð¿¹»ìî±ºêê Ð¿¹»ìí±ºêê Ð¿¹»ìì±ºêê Ð¿¹»ìë±ºêê Ð¿¹»ìê±ºêê Ð¿¹»ìé±ºêê Ð¿¹»ìè±ºêê