HomeMy WebLinkAbout[05a(ii)] Business - Approval of Disbursements: Millstream TIF December 29, 2011
Sentry Bank
400 — 4th 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 $ 12,728.19 for the second 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 (Tax Increment Financing — District 2 -1, Payments, 2 Payment 2011)
City of St. Joseph Minnesota
Tax Increment Financing District No. 2 -1 Millstream Shops and Lofts (Collegeville Communities)
TIF District PID - 84- 53870-0000 ,84-53871- 0001,84 -53882 -0000,
Note Payment Schedule 84-53883- 0000,84-53872. 0000,84-53874-0010
Payment to: PROJECTED BUDGET
Collegeville Communities ACTUAL PAYMENTS WILL DEPENT ON
Sentry Bank, Attn: Doug ACTUAL TIF AMOUNTS RECEIVED!
Note Details
Amount of Note (starting principal) 467,000
Note Dated 1- Jun -07
Semi - Annual Payment Dates 2/28, 8/31
Interest Rate 8.25%
TIF Duration 28 ears
Note Pa ment Schedule
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'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