HomeMy WebLinkAbout[05a(i)] Business - Approval of Disbursements: VicWest TIF December 29, 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 second 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 (Tax Increment Financing — District 1 -4, Payments, 2"" Payment 2011)
City of St. Joseph Minnesota
Tax Increment Financing District No. 1-4 St. Joe Development LLC (Vicwest)
TIF District #110 PID - 84- 53470 -230
Note Payment Schedule
Payment to: PROJECTED BUDGET
Minnwest Bank ACTUAL PAYMENTS WILL DEPENT ON
ACTUAL TIF AMOUNTS RECEIVED!
Note Details
Amount of Note (starting principal) 643,000
Note Dated 1- Aug -02
Annual Payment Date 15 -Dec
Interest Rate 7.50%
Note Pa ment Schedule
Ma , 2004 $ - $ - 2004 - 24,112.50 24,112.50 0.00 643,000.00
Dec. 2004 $.47314.16• $ 4 0.00 x::;42 c. r - "' ** 12/15/2004
Ma , 2005 $ - $ - 2005 - 22,515.65 22,515.65 0.00 600,417.26
Dec 2005 $ 47,259.54 42! g ; : - 1 ME127 22,515.65 `:4422,533. - _ _.• 7 83.67
Ma , 2006 $ 27,845.92 $ 25,061.33 2006 4,140.69 20,920.64 25,061.33 532,822.34 37592 7/17/2006
De0, 2006 '$ „ 27,845.92;.$ ” ;25,06133.._ ,• 5,080 *001 25,081.38 , '7761.01
Ma 2007 $ 29,716.27 $ 26,744.64 2007 7,703.60 19,041.04 26,744.64 481,016.37
Dec. 2007 $ 29,715.26 $ 26' 7441r . , _ 8 706.52' s; 038.11 ° 26 744.63 114
Ma , 2008 $ 31,066.39 $ 27,959.75 2008 10,924.56 17,035.19 27,885.23 426,386.51 --
Dec. 2006 $ 61'06639 !: $ 27;95975 : ........ 11,970.26 i 27,959.75 398`:�d
Ma 2009 $ 33,096.07 $ 29,786.46 2009 14,845.46 14,941.00 29,786.46 368,640.29
Dec. 2009 $ 33 096.07 $ 29 78846 '' 15 962.45 13,824,0 29 786.46 3 , ;153.83
117111013 $ 34,190.13 EMENUEEIEIMI 18,064.10 ffillEKS 30,771.12 308,082.71 MOM -
. 20'711 .4, -.34 190,16 $ 30 771.14 , 15,218.04 11 553.10 ., ;,1677114 '277,311.57 `i+
Ma , 2011 $ 33,192.49 $ 29,873.24 2011 $ 19,474 10,399 $ 29,873 247,438.33
000 2011 $ 33192.49 $ ' 29 873.24 i $ " ; .. 20 594 9 279 $- >. - 29 873" 217 565.09
Ma , 2012 - $ - 2012 $ 8,159 8,159 $ - 217,565.09
Dec. 2012 51 8,159 $ _ 417 5 565.09
Total $ 472,788.26 $ 425,509.43 156,340 $ 269,170 425,509
*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.