HomeMy WebLinkAboutPark Terrace Levy ImpactsJudy Weyrens
From: Judy Weyrens
Sent: Tuesday, August 16, 20114:22 PM
To: Rick Schultz; 'Wick, Dale'; 'Frank, Stephen'; Renee Symanietz; Bob Loso (bobloso@q.com)
Subject: Park Terrace
Attachments: Park Terrace levy impact.xls; Sauk Rapids MVHC RFA Budget Meeting (08-08-11) (3).doc
Please find attached an illustration of the current debt illustrating the recent projects and associated levies. The chart
also illustrates the impact of Park Terrace on the overall debt schedule. You can see that we are reducing the payment
up front until some of the existing levies expire, minimizing the impact. The second sheet in the worksheet is an
illustration if the project is delayed.
Also, the City has to look at replacement of the rooftop HVAC system as McDowall has indicated that they can no longer
office a service agreement on the unit. We currently pay $ 6,000 a year and they pay for all repairs including labor and
material and service the unit four times per year. This agreement has been a huge financial benefit to the City. The
system is the original unit and parts are difficult to secure. With lifting off the rooftop units, it would be the time to re -
roof. We knew that it would need to be done, but we always thought we would re -roof when the units were
replaced. Unfortunately we are at that point.
You probably noticed in the budget that Terry had a line item for the roof, but not the units. We are getting an
estimated cost, but it will most likely be in the $ 200,000 range. The City could add this to the bond issue, but we would
have to hold a public hearing on the CIP first, which could be done in September. Given the budget, and the low interest
rate, it would make sense to include this with the bond. This is just an option. this can be part of the budget discussion
on Thursday.
I have also attached the Sauk Rapids memo on market value credit substituting our numbers for illustration. No one
knows the real impact yet and some Cities are taking the position that they will deal with the preliminary levy right now
and work on getting more details on the MVC. Stearns County has indicated that they have to complete some computer
programming regarding this.
I hope this information helps, please let me know if you have any questions.
Judy
1
Park Terrace Bond Impact - if issue bonds in 2011
Comparison to Recent Improvement Projects
Presented August 18, 2011
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
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4 F
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16,000
v
20,000
10,000
480,800
(50)
18,400
-
50,000
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61,000
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533,320
51.93
§
16,000
61,000
17,000
278,500
19,955
140,000
438,455
53.32
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16,000
61,000
20,000
10,000
480,800
(50)
18,400
-
50,000
480,750
533,700
540,075
492,860
19.81 22.03
23.54 24.68
27.19 5.04
16,000 61,000 - 11,000 465,300
16,000 61,000 12,000 461,300
16,000 61,000 13,000 403,300
18,775 60,000
19,560 70,000
16,000
61,000
15,000
380,000
18,320
135,000
533,320
51.93
21.87
16,000
61,000
17,000
278,500
19,955
140,000
438,455
53.32
(17.60)
16,000
16,000
61,000
61,000
-
19,000
21,000
283,000
163,000
20,880
21,750
22,000
145,000
150,000
155,000
448,880
54.67
(13.26)
334,750 56.00
(60.74)
16,000 61,000 23,000 100,000
277,000
273,000
277,750
_
57.29
60.38
61.60
(84.76)
(86.43)
(84.45)
61,000 25,000 86,000
22,000 165,000
61,000 25,000 86,000
21,750 170,000
25,000
25,000
173,000
198,000
62.06
(117.63)
26,000
26,000
175,000
175,000
201,000
201,000
62.16
61.55
(116.38)
(116.38)
26,000 1 26,000
26,000
26,000
175,000
1 201,000
60.94
(116.38)
175,000
175,000
60.33
(127.19)
175,000
1 175,000
59.74
(127.19)
2011 2003 Refunding bonds (refunded 1.996/1993/1992 improvements)
2012
2013 2008 Equipment Certificates
2014 2007 Refunding bonds (1998/1999 Joseph St improvements)
2005 Refunding bonds - 2000 city hall; 2010
2015 Equipment Certificates
2006 Water Filtration/Well 6/7/8 bonds; 2006
Refunding bonds (2002 water main improvements); 2011
2016 Professional Plat development bonds
2007 Jade Road/8th Avenue/East Side Improvements;
2009 Refunding bonds (2002 CR121 Improvements);
2017 2011 Refunding bonds (2003 fire hall)
2018 2009 Refunding bonds - 2003 public works facility
2019
2020 2010 Refunding bonds (2005 Hill St/Cloverdale improvements)
Refunding bonds (2001 sewer improvements); 2011
Pumper Truck certificates; 2011 Sewer
2021 Forcemain improvement bonds
2022
2023
2024
2025 201016th Avenue improvements
2026
2027 2011 Park Terrace improvements
2028 2005 Water Filtration bonds
2029
2030
2012 First Avenue NE improvments; CBD Alley preliminaries; Field Street ROW (CR121-12th Avenue)
2013 Nrthand Drive preliminaries; Wobegon Trail extension; Clinton Village preliminaries; CBD Alley improvements; Field St (CR121-12th Avenue)
2014 Northland Drive improvements; Clinton Village improvements; North Corridor ROW/improvements (73rd Ave - CR133)
2015 Birch Street improvements; North Corridor EIS
Pedestrian Bridge crossing; 20th Avenue; North Corridor (CR133 - CSAH 3); Northland Heights phase II; Jade Road improvements; 16th Ave
2016 improvements; Industrial Park expansion
Park Terrace Bond Impact - if wait until 2014 for the project bond issue
Comparison to Recent Improvement Projects
Presented August 18, 2011
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
_
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ti° 0
10 4 0
16,000
16,000
61,000
61,000
20,000 10,000
11,000
480,800
465,300
(50)
18,400
480,750
483,700
v
F/
16,000
61,000
12,000
461,300
18,775
480,075
(0.28)
u N
61,000
0
403,300
h`
422,860
(24.08)
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15,000
o
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0H '
398,320
o
(34.29)
16,000
61,000
17,000
_
2
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4 F
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ti° 0
10 4 0
16,000
16,000
61,000
61,000
20,000 10,000
11,000
480,800
465,300
(50)
18,400
480,750
483,700
1.23
16,000
61,000
12,000
461,300
18,775
480,075
(0.28)
16,000
61,000
13,000
403,300
19,560
422,860
(24.08)
16,000
61,000
15,000
380,000
18,320
398,320
_
(34.29)
16,000
61,000
17,000
278,500
19,955
105,000
403,455
40.39
(32.16)
16,000
16,000
61,000
61,000
- 19,000
21,000
283,000
163,000
20,880
21,750
120,000
145,000
423,880
45.70
(23.66)
329,750 54.67
(62.82)
16,000
61,000
23,000
100,000
22,000
155,000
277,000
57.87
(84.76)
61,000
25,000
86,000
22,000
160,000
268,92jW
59.14
(88.51)
61,000
25,000
86,000
21,750
165,000
272,7 9
60.38
(86.53)
25,000
25,000
170,000
195,000 1
61.60
(118.87)
26,000
26,000
175,000
201,000
62.78
(116.38)
26,000
26,000
180,000
206,000
63.94
(114.13)
26,000
26,000
185,000F185,90
000
65.06
(112.22)
-
185,00064.42
(123.03)
180,00000
180,000000
175,000000
170,000
.
62.06
(125.11)
61.44
(125.11)
59.14
(127.19)
170,000 56.89
(129.27)
160,000
53.01
(133.43)
2011 2003 Refunding bonds (refunded 1996/1993/1992 improvements)
2012
2013 2008 Equipment Certificates
2014 2007 Refunding bonds (1998/1999 Joseph St improvements)
2005 Refunding bonds - 2000 city hall; 2010
2015 Equipment Certificates
2006 Water Filtration/Well 6/7/8 bonds; 2006
Refunding bonds (2002 water main improvements); 2011
2016 Professional Plat development bonds
2007 Jade Road/8th Avenue/East Side Improvements;
2009 Refunding bonds (2002 CR121 Improvements);
2017 2011 Refunding bonds (2003 fire hall)
2018 2009 Refunding bonds - 2003 public works facility
2019
2020 2010 Refunding bonds (2005 Hill St/Cloverdale improvements)
Refunding bonds (2001 sewer improvements); 2011
Pumper Truck certificates; 2011 Sewer
2021 Forcemain improvement bonds
2022
2023
2024
2025 2010 16th Avenue Improvements
2026
2027
2028 2005 Water Filtration bonds
2029
2030 2014 Park Terrace improver
2012 First Avenue NE improvments; CBD Alley preliminaries; Field Street ROW (CR121-12th Avenue)
2013 Nrthand Drive preliminaries; Wobegon Trail extension; Clinton Village preliminaries; CBD Alley improvements; Field St (CR121-12th Avenue)
2014 Northland Drive improvements; Clinton Village improvements; North Corridor ROW/improvements (73rd Ave - CR133)
2015 Birch Street improvements; North Corridor EIS
Pedestrian Bridge crossing; 20th Avenue; North Corridor (CR133 - CSAH 3); Northland Heights phase II; Jade Road improvements; 16th Ave
2016 improvements; Industrial Park expansion