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[04f] TIF Reports
w MY OF RT Jc EPH Council Agenda Item 4(1) MEETING DATE: July 5, 2012 AGENDA ITEM: 2011 TIF Reports SUBMITTED BY: Finance PREVIOUS COUNCIL/BOARD ACTION: None BACKGROUND INFORMATION: Annually the City is required to submit TIF reports to the State Auditor for each certified TIF District within the City. State Statute requires filing the reports by August 1 of each year. For 2011 there are three certified districts —St. Joseph Development (TIF 1 -4) , Millstream Shops & Lofts (TIF 2 -1), and St. Joseph Meat Market (TIF 2 -2). The 2011 TIF reports provide information as to the type of TIF district and duration of the district, amount of captured increment, and expenditures against the increments. The reports included are an Economic District with a duration of 9 years (St. Joseph Development -Vic West and St. Joseph Meat Market) and a Redevelopment District with a duration of 26 years (Millstream Shops and Lofts). All Districts were set up on a Pay -As- You -Go financing plan, meaning the developers accept the risk of the actual amount of increments received to pay down the debt. The spending plans of the Districts, along with their actual costs, are presented in the reports. The increments received are within the range of what was expected to be received. The 10% (5% Meat Market) administrative fee withheld from the increment is covering the admin costs of the Districts. On April 21, 2011 the Council approved a new spending plan for TIF 1 -4. The spending plan includes construction costs for the Meat Market and restaurant equipment for Millstream Shops and Lofts. The updated spending plan is reflected in the 2011 TIF reports. In addition, Council approved TIF 2 -2 for the Meat Market expansion in 2011. The TIF is reported as a new district to the State. Upon approval by the Council, a summary disclosure of the 2011 reports for each District will be published in the St. Joseph Newsleader and the reports will be submitted to the State Auditor. BUDGET/FISCAL IMPACT: Year -end Summary Only ATTACHMENTS: Request for Council Action TIF District 1 -4 (Vic West/Fabral) TIF District 2 -1 (Millstream Shops and Lofts) TIF District 2 -2 (Meat Market) REQUESTED COUNCIL ACTION: Accept the 2011 TIF reports as presented. This page intentionally left blank TIF 1-4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph - TIF 1 -4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex Tax Increment Financing Annual Reporting Form for the Year Ended December 31, 2011 1 TIF District Name: TIF 1-4 St Joe Development, LLC 2 , Development Authority: Saint Joseph 3 District Type: Economic Development 4 County Where TIF District is Located: Steams 5 County Identification Number, if any 110 6 Is the small city exception being used? No 7 Is this TIF district in a fiscal disparities area? No 8 If yes, under what option? Not Applicable Original TIF Plan Information 9 TIF Plan Approval Date: 06/27/2002 10 Certification Request Date: 07/31/2002 11 Certification Date: 091092003 District Duration ® Month and year of first receipt of tax increment (actual or anticipated): ( 0004 ® Required Decertification Date: I 12/312012 TIF Plan Estimates - Original Plan 06/27/2002 06/27/2002 ESTIMATED TAX INCREMENT REVENUES (from tax increment generated by the district) 14 Tax increment revenues distributed from the county $ 643,000 15 Interest and investment earnings $ 0 16 Sales/lease proceeds $ 0 17 Market value homestead credit $ 0 18 Total Estimated Tax Increment Revenues _.; ;,: ,; , ESTIMATED PROJECT/FINANCING COSTS (to be paid or financed with tax increment) Project costs 19 Land/building,acquisition $ 300,000 20 Site improvement s/preparation costs $ 0 21 Utilities $ 0 22 Other qualifying improvements $ 104,400 23 Construction of affordable housing $ 0 24 Small city authorized costs, if not already included above $ 0 25 Administrative costs $ 66,E 26 Estimated Tax Increment Project Costs 6 01;000 Estimated financing costs ® Interest expense I $ 172,000 28 Total Estimated Project/Financing Costs to be Paid From Tax Increment (.$ 643,000 1 06/27/2002 ESTIMATED FINANCING 29 Total amount of bonds to be issued I $ 643,000 I TIF 1 -4 St Joseph Development "xls Printed 6/27/2012 Saint Joseph - TIF 1 -4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex District Information Special Legislation r 1j Was any special legislation enacted for this district? I 0 Yes ® No I D I 1 B I C 11 D 1 Ye ar C . er Article Section 2 5 4 5 6 • 7 © Captured Tax Capacity ❑ N/A 2011 Amount 4 Current net tax capacity + $ 57,634 - $ 1,830 5 Original net tax capacity 6 Captured net tax capacity (N negative, show $0) _ $• � - $ 0 7 Fiscal disparity deduction, if applicable (option B) 8 Captured net tax capacity shared with other taxing jurisdictions - $ 0 1_ Captured net tax capacity retained for tax increment financing (Ifnegative, show $0) _ $ ;; 55804 Fiscal Disparities '�' t e arno tit o f o a inc reased prope iiy t o es 1 b @' pa d from ,outside�ie Tl ift ra ct from 1 �`'' �4 10 in 12.of'lhe artmentof Revenues fiscal dis n o t +on A caf lotion f orm : Five - Year Rule ® Did one or more of the following actions occur before I 9/9/2008 I I 0 Yes e0 No 0 N/A J 0 ye s ch the aP pro p n a te x actio 0 : ' / 1 Ti evert es were paid. a t a to rty 13 •Bonds'wereissued.andsold a third a abon r ld ers nt or s in 4 sew t 'B naing w►th pai a thfor ir p arty wer entered into and! th r are to be spent u nder iris • ntract '4V-'7"' '' 14 ouli io , t � # � ] 15 Activjcost were d and res are s t re let eu rse a + forpayrrlen'l H f tohee „ :::::..--Ti. Expenditures were made for hous evenu p ublic, infrastructure pur as permitte by i�lrt St 469 16 -, w � • s ubd 3 :(a ..(5 .)„ �: �} County Correction of Error Has the authority resolved with the county auditor any error qualifying under Minn. Stat. § 469.177, Kg subd. 13, during the year ended December 31 2011? (If no error occurred, check no.) (O rtes 0 No l Decertification 18 Has this district been decertified? 10 Yes 0 No rig] Actual Decertification Daie: : .: I 1 N O N n N f� t 'C a v-. 0 C , ., T �' n U U ° ° L . -. fi t - " a. t m ,y } i F� t i I ' t1I1 � r C 8 0 R " i r b + p J a ill. 11 ,...„.„,,_ J j . .‘„,....„,,,, _ ; 4 • .° $ aa 3 . ., . 2 . V I` 4°a' + tc? a i yq R •c � t at W a o$.. 8 g a , i €' t E To I CO N O 5, n N v m t 'C a 00 - 2R 2e �? X 3 2E X X 2Y it 2R be * it i 2B le 2E C Yy Ot q ^ .' C o • x 3 P iS m ,„ 2 ,,..„4,ti...., . .,.., -7,,,,s.- .- ;16';'; ' . ' ' W -. t > . Re funded O p ■ D ❑ E l ❑ ■ ❑ ■ ❑, ■ ■ ■ ■ ■ o . 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N 0 O N O 7 O w G N Z a o O O. e 2 e a w ! f I N epr N J L 0 w O O O O O O N w W N b w v C ot K w u L 2 _ y ` o O. w I I to I. TS S c 9 To D. 49 w la© ©Q©E TIF 1 -4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph • TIF 1-4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Project Costs Transfers Rev & Ex! Project Costs 1---k----1 T - -_ a .. - - -} r c I Total Through Prior Years 2011 Amount 2011 PROJECT COSTS (OTHER THAN PAYG) 1 Land /building acquisition $ 0 $ 0 $ 0 2 Site improvernents/preparation costs $ 0 $ 0 $ 0 3 Utilities $ 0 $ 0 $ 0 4 Other public improvements $ 0 $ 0 $ 0 5 Construction of affordable housing $ 0 $ 0 $ 0 6 Small city authorized costs, if not already included above $ 0 $ 0 $ 0 Temporary economic development (jobs) (Minn. Stat. § 469.176, subd. 4c (d) 7 (2010)) $ 0 $ 50,371 $ 50,371 8 Authority administrative costs $ 39,647 $ 530 $ 40,177 9 County administrative costs 1 $ 0 $ 0 $ 0 10 Subtract prior years' costs paid with public funds other than tax increment 1 $ 0 1 I $ 0 Total Project Costs (Other than PAYG) Paid or Financed with Tax ® Increment 1 $ 39,647 1 1 $ 54901 1 1 90.548 PROJECT COSTS (PAYG) 12 Land/building acquisition $ 530,000 13 Site imp ovements /preparation costs - .... - $ 0 14 Utilities $ 0 15 Other public improvements $ 46400 16 Construction of affordable housing $ 0 1 17, Small city authorized costs, if not already included above 1 $ 0 Temporary economic development (jobs) (Minn. Stat. § 469.176, subd. 4c (d) 1:181 120101) 1 $ 0 Total Documented Project Costs (PAYG) to be Paid with Tax 19 Increment it $ 176,400 1 20 TOTAL PROJECT COSTS PAID OR TO BE PAID WITH TAX INCREMENT I $., 866,948 Amount of any payments included above for activities and improvements located outside the TIF district and paid for or financed with tax increment ® including administrative costs 1 $ 0 1 • Minnesota law requires segregation of tax increment by district. If public funds other than tax increment cannot be separated from prior years' line -item project costs, provide the best number available for project costs paid or financed with tax increment. It will be used for the remainder of the district. TIF 1 -4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph - TIF 1-4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex Transfers 1 I Are there any transfers of tax increment to or from the district? I 0 Yes ® No I 1 — -- A - - i B , I C — 1 I— D Total Through District Name Prior Years 201 Amount - . 2011 L' i J TRANSFERS IN Transfers of tax increment from other TIF Districts ® $ 0 ® $ 0 �$ o $ o. $ 0 $ o $ $ 0 ,o ,- $ 0 .,:.. . ,, $ .. 0 18 $ 0 $ 0 '`�Et 4 7 a 3 $ ° r ! © To ` n g; 4`., '' _ a r „ „, r. .; ... .i=a "'- ..A - . ' ' r `� .., ...0.: ,- nsfers Iry $ 0 ' G w 7 '� $ 0 Q TRANSFERS OUT # 1 x,, ; - • Transfe ��n t . „ 2 c ,u. aa. rs of tax ncremlintto "other TIF D�stncts � t � • d am * `` 7 dry ,a 8 ' .'r , , w .i , $ • 0 io $ o ?�s f $ o 13 t $ 0 ; 1 4 f x $ 0 " 18 41:": $ 0 1 . i $ 0 20 $ 0 5 Total Transfers Out $ 0 - $ $ 0 TIF 1-4 St Joseph Development .xis Printed 6/27/2012 Saint Joseph - TIF 1 -4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex' Revenues, Expenditures, and Changes in Tax Increment Balance Total Through Prior Years 2011 Amount 2011 REVENUES 1 I Tax increment revenues distributed from the county $ 426,858 $ 66,385 $ 493,243 2 Interest and investment eamings $ 4,429 $ 622 $ 5,051 3 Market value homestead credit $ 0 $ 0 $ 0 4 Loan/advance repayments $ 0 $ 0 $ 0 5 Lease proceeds ..............._ _.. $ 0 $ 0 $ 0 6 Repayments or return of tax increment per agreements $ 12,200 $ 0 $ 121200 7 Total Revenues $ 443,487 $ 67,007 $ : 510,494 EXPENDITURES 8 Project costs (other than PAYG) $ 39,647 $ 50,901 $ . 90,548 9 Tax increment returned to the county $ 20,550 $ 0 S 20,550 Bond Payments Principal 10 Payments for PAYG note or contract $ 341,591 1 $ 59,746 $ 401,337 111 Payments on all other bonds $ 0 1 $ 0 $ 0 Interest 12 . Interest on PAYG 5 0 $ 0 5 0 13 Interest on all other bonds $ 0 $ 0 5 0 Interest on interfund loans $ 0 $ 0 S - ' 0 15 Total Expenditures $ 401,788 1 $ ' 110,607 ( , $ 512.435 16' Revenues over (under) expenditures 1 $ . 41,699 j 1 $ (43,00)1 1 $ .: (1.941)1 OTHER SOURCES AND USES 17 Transfers in $ 0 $ 18 Transfers out $ 0 $ 0 $ ' ; _.0 19 Bonds issued bother than refunding bonds) $ 0 $ 0 $ 0 20 Refunding bonds issued $ 0 $ 21 Bonds refunded $ 0 $ 0 $ 0 22 Bond discount $ 0 $ 0 S 0 23 Bond premium $ 0 $ 24 Sales of property $ 0 $ 0 $ : 0 25 Total Other Sources and Uses $ 0 'S :• j 0. $ o` 1261 Net change in tax increment balances 1 $ .. 41,699 1 1$ '`(43,640)1 1.1 „ :(1,941)1 r271 Tax Increment balance (beginning_ 01/01/2011) 1 $ 41,609`1 1281 Tax Increment balance (ending 12/31/2011) TIF 1 -4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph - TIF 1 -4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex Balance Sheet A I I B l 12/31 /2010 12/31 /2011 ASSETS 1 Cash $ 41,593 $ 18 2 Investments $ 0 $ 0 3 Due from other. TIF districts $ 0 $ 0 4 Due from non -tax increment accounts $ 0 $ 0 5 Interest receivable $ 106 $ 41 6 Taxes receivable $ 0 $ 0 7 Other receivables $ 0 $ 0 8 Property held for resale $ 0 $ 0 9 Total Assets $ 41,699 $. 59 LIABILITIES 10 Due to other TIF districts $ 0 $ 0 11 Due to non -tax increment accounts $ 0 $ 2,000 12 Accounts payable $ 0 $ 0 13 Deferred revenue $ 0 $ 0 14 Total Liabilities $ 01 $ 2,000 TAX INCREMENT BALANCE 115 Total Tax Increment Balance 1 $ 41,699 1 1 $ (1,941)1 16 Total Liabilities and Tax Increment Balance ` $ 41 '699 $ t. ,,r- 59 TIF 1 -4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph - TIF 1-4 St Joe Development, LLC - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex Excess Increment Calculation Excess increment calculation report required? If the total costs authorized by the TIF plan to be paid or financed with tax increment from the district exceed the total tax increment collected from the district by 20 percent, the excess increment calculation is not required to be reported. Excess increment calculation reporting exemption: Minn. Stat. § 469.176, subd. 2 (g). 1 Tax increment generated by the district since certification $ 510,494 2 Multiply the above amount by 1.2 $ 612,593 I ° I Total costs authorized by the TIF plan to be paid or financed with tax increment 1 $ 643,000 U Based on the calculation above, the Excess Increment Calculation Report is: I NOT REQUIRED I Excess Increment Calculation Report 5 Total tax e nerat ed _ at a t r s tn c t.since certifica $ • 510 494:, 6 Subtract total tax increment - returned to the county 1 $ , , 20 50 7 SubtotalA i F 1 Total costs authorized by the T!F_plan to be paid or financed with tax increment i $ 643 L9 Subtract authorized costs that have been or will be paid #romsources other than tax increment _ . $ 12,200 10 Subtract principal and interes, t paayme du e:after the year ended oecember37 ..2011 ; S :, 108X463', Add transfers of increment anade prior De ce mber 31 2011 ;used 10 payfor Minn Stat § » 1 11 46 91763 d is t } w y : � s " 12ubtotai $ t, Excess increment (Subtract subtotal $ from subtotal A) Subli,act any of the authorized uses of excess nCrernent listed below , 14 Preta ent t an outsterti>r b onds ' " - .144. a ry` _ . 15 Discharge of the pledge of tax'increment for an ,,outstandin9t onds _ 1 '' r . 16 Pa e nt into a es account dedicated to.the a ent of ari outstandin bond ' $ ' 0 E 1 ESccess increment after s ubtractions o a f..0 thonzed u 'Excess in crements aft subtrac must b e returned to the count for distribution to the 4 r r . >. , and ;tool disticts i n which the TIF district is located within nine months after the end of the year (byS ember 3 0) . " TIF 1-4 St Joseph Development.xls Printed 6/27/2012 Saint Joseph - TIF 1 -4 St Joe Development, LLC - 2011 Annual Reporting Form Hom Overview Distric i nfo Debt Interfund Loans PAYG Projec Costs T ransfers R 8 Ex 2011 Annual Disclosure Statement 11 Name of Development Authority: [Saint Joseph _ 1 { 2 I Name of Municipality: [Saint Joseph 1 The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2011. T St.Joseph Newsleader 1 107/27/2012 (Name of the Newspaper) (Date of Publication) TIF 1-4 St Joe Development, LLC r-- 4 Current net tax capacity $ 57,634 5 Original net tax capacity $ 1,830 6 Captured net tax capacity $ 55 7 Principal and interest payments due in 2012 $ 65,202 8 Tax increment received in 2011 $ 67,007 9 Tax increment expended in 2011 $ 110,647 10 Month and year of first tax increment receipt 05/2004 11 Date of required decertification 12/3112012 The total increased property taxes to be paid from outside the district if ® fiscal disparities Option A applies* 1$ 0 (All lines within the table above must be published even if the amounts to be published are zero.) The fiscal disparities property tax law provides that the growth in commercial - industrial property tax values is shared throughout the area. In a tax increment financing district, this value sharing can either result in a tax increase for other properties in the municipality or result in a decrease in tax increment financing district revenue depending on how the tax increment financing district is established. Tax Increment Financing District TIF 1-4 St Joe Development, LLC does not share its growth in commercial- industrial property tax values. This results in an increase in property taxes for other properties in this municipality. For taxes payable in 2011, this increase in taxes on other properties amounted to $. Additional information regarding this district may be obtained from: 13 Name: Lori Bartlett 14 Address: PO Box 668 15 City: St. Joseph 16 State: MN 17 Zip Code: 56374 18 Phone: (320) 363 -7201 1 Enter as 6512962551. 19 Email: Lbartlett@cityofstjoseph.com 1 Enter 'none' If no email address. Note to preparer: Publishing the last line of the table and the two paragraphs following the table is necessary only if a TIF district in the municipality is located in the fiscal disparities area and the municipality chose optic "A" under Minn. Stat. 969.177, subd. 3(a), for the TIF district. TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Project Costs Transfers Rev & Ex Tax Increment Financing Annual Reporting Form for the Year Ended December 31, 2011 1 TIF District Name: TIF 2 -1 Millstream Project 1 2 , Development Authority: Saint Joseph _ 3 District Type: Redevelopment 4 County Where TIF District is Located: Steams 5 County Identification Number, if any 131 6 Is the small city exception being used? Not Applicable 7 Is this TIF district in a fiscal disparities area? No 8 If yes, under what option? Not Applicable Original TIF Plan Information 9 TIF Plan Approval Date: 05/03/2007 10 Certification Request Date: 08/16/2007 11 Certification Date: 08/14/2008 District Duration 1121 Month and year of first receipt of tax increment (actual or anticipated): 1 07/2009 ® Required Decertification Date: 1 12/31/2034 TIF Plan Estimates - Original Plan 05/03/2007 05/03/2007 ESTIMATED TAX INCREMENT REVENUES (from tax increment generated by the district) 14 Tax increment revenues distributed from the county $ 1,598,000 15 Interest and investment earnings $ 0 16 Salesfease proceeds $ 0 17 Market value homestead credit $ 0 18 Total Estimated Tax Increment Revenues $ ' 1; ESTIMATED PROJECT/FINANCING COSTS (to be paid or financed with tax increment) _ Project costs 19 Land/building acquisition $ 467,000 20 Site improvements/preparation costs $ 0 21 Utilities $ 15,000 22 Other qualifying improvements $ 0 23 Construction of affordable housing $ 0 24 Small city authorized costs, if not already included above $ 0 25 Administrative costs $ 166,000 26 Estimated Tax Increment Pr ect Costs Estimated financing costs ® Interest expense 1 $ 950,E I 28 Total Estimated Project/Financing Costs to be Paid From Tax Increment I $ 1,508,000 1 05/0007 ESTIMATED FINANCING 29 Total amount of bonds to be issued 1 $ 467.000 1 TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex District Information Special Legislation 1 Was any special legislation enacted for this district? I 0 Yes e0 No I I2 I A I l B .::.... I I c 1 1 D _ Year : ' Chapter >.. •Article . Section ' , 2 3 .. 4 7 .. 13 Captured Tax Capacity O N/A 2011 Amount 4 - Current net tax capacity + $ 41,694 5 Original net tax capacity - $ 5 379 6 Captured net tax capacity (If negative, show $0) _ $ 40,315 7 - Fiscal disparity deduction, if applicable (option B) - $ 0 8 Captured net tax capacity shared with other taxing jurisdictions - $ 0 J i Captured net tax capacity retained for tax increment financing Of negative, show $d) = $ ' 3831.5 Fiscal Disparities F Enter the amounO to tal increased property taxes to be • aid frii'm outside the TIF , riot from �,�r; � 10 1ine 12 of the Departm ent of Revenue's f scat dispanty i ` * ' n A calcul�t �,_ , , . q �.; A:'. . Five -Year Rule IM Did one or more of the following actions occur before 1 8/14/2018 1? 1 0 Yes OO No 0 N/A I r 1f %s c heck the appropr� a actions : 4 :4, - . d ,;, :te 12 - Revenues were paid to hard a - .. - _ 1 „ i . f 4 . 13 Bonds were issued and ol a thi r or bond preceedsv �+ere spent orde • ited in a reserve , ` ` ,; ` 0 t �; Bindm contracts with a thid party were ntered 'nnto a She reve ues are to be spent under the P..:: traitual 14 i.o ation r 15 Activity costs weregaid for and; revenues a e ent to imburse a party fo - - L pa anent of.the costs , " .,,;, 0 Expenditures wer made for housing or public infrastructure purposes as p by Minn Stat 4:60$3,';' 4 (161 r 3 (ei.() a � .. ». ...... .. - - ' «-. .«. . ...... .......... . +.. � � .. ............« ... ... County Correction of Error Has the authority resolved with the county auditor any error qualifying under Minn. Stat. § 469.177, IN subd. 13, during the year ended December 31, 2011? (If no error occurred, check no.) I ()Yes O No I Decertification rit Has this district been decertified? I O Yes 0 No I 1191 Actual Decertification Date: N 0 N n N I a C V. f f, 0 0 L N. F J , v { P < < u ',.,,,,L,'. .:. to a it it . 1 1 !: R '' c p »_ C b g N LS gli 1 _ ti s V p S ^ t Y ' E •V h a & ` &. r i N 0- 2 2 : i E P 0 u w t . ° ?. i vs 2 O. �+ 6.. a C = 7-4 A N N O V A N m r 1 r C /,$ n p c C E X te be at at ,t zy 4 J U!IH-1i. . U HI.i1I .. a': 7 o W R.tundel ❑. p❑ O o ■■ O o n t3 o on b0 D a � Y Ww f C e . I Refunding ❑ ❑ . .� . . ■ .. ■ D o 0 0 ■ • ■ ■ ❑ ❑ v '''* ' ' . r .1 Y l P ooled , 550. O O O 00 ' ■ ■ ■ . O o m Typal h r 'E " x W w f • m 3 To"' f 0irL S E E c p N Y • Q m U O U } N J N In O� N� f01 A� a0) .' O1 � — 1'I 'I 1 VI 'i Cpl 5°-11 C-1 N �__ N 1 k s N gig E Z U. c i t 0. 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N O N r N V b C a` .o § 0 0 0 0 0 r E 2` N M N M M N W rz i C t W 0 o N 2 t : at 'at a at' el c, co D cr ac B O I A O cc W O 1 CO C p • O 1 a s • r g it 0 1 w c sr o 0 '5 E v A a E 0 N Z U U u. H N O 2 C N 0 p r O 0 M - O Z C 4 a , a i 0 C 2 e a 6 M r I I N p r p N .1 C 0 0 •O O O O 2 pi O o c g E - w K CL 3 _ ' _ N I t t 0 N X a C O e • o N ►- I Ni 4)I TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Project Costs Transfers Rev & Exl Project Costs I f -- c -- Total Through Prior Years 2011 Amount 2011 _ PROJECT COSTS (OTHER THAN PAYG) 1 Land /building acquisition $ 0 $ 0 $ 0 2 Site improvements/preparation costs $ 0 $ 0 $ 0 3 Utilities $ 0 _ $ 0 $ 0 , 4 Other public improvements $ 0 $ 0 $ 0 5 Construction of affordable housing $ 0 $ 0 $ 0 6 Small city authorized costs, if not already included above $ 0 $ 0 $ 0 Temporary economic development (jobs) (Minn. Stat. § 469.176, subd. 4c (d) ( $ 0 $ 0 $ 0 8 Authority administrative costs $ 11,999 $ 374 $ 12,373 9 County administrative costs $ 0 $ 0 $ 0 10 Subtract prior years' costs paid with public funds other than tax increment 1 $ 0 I 1$ 0 I Total Project Costs (Other than PAYG) Paid or Financed with Tax rill Increment I $ 11.999 ( 1`$ 1374 1 1$ 12;3731 _ PROJECT COSTS (PAYG) 12 Land/building .acquisition $ 467,000 13 Site improvements/preparation costs $ 0 14 Utilities $ 0 15 Other public improvements $ 0 16 Construction of affordable housing $ 0 LJ Small, city authorized costs, if not already included above $ 0 i Temporary economic development (jobs) (Minn. Stat. § 469.176, subd. 4c (d) m _(2010)) 1 $ 0 1 Total Documented Project Costs (PAYG) to be Paid with Tax 19 Increment 20 TOTAL PROJECT COSTS PAID OR TO BE PAID WITH TAX INCREMENT I $ • 479,373.1 Amount of any payments included above for activities and improvements located outside the TIF district and paid for or financed with tax increment ® including administrative costs 1 $ 0 1 ' Minnesota Law requires segregation of tax increment by district. If public funds other than tax increment cannot be separated from prior years' line -item project costs, provide the best number available for project costs paid or financed with tax increment. It will be used for the remainder of the district. TIF 2 -1 Milistream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pr •'ect Costs Transfers Rev & Ex Transfers 1 j Are there any transfers of tax increment to or from the district? I 0 Yes 0 No - - -- --- - - - - -- I �- - 1 I l A B C Total Through District Name Prior Years 2011 Amourd 2011 • i TRANSFERS 114 Transfers of tax increment from other TIF Districts ® $ 0 $ .$ 0 6 • $ 0 $ $ 0. $ 0 10 $ 0 t:a $ 0 3 � $ 0 E;1)., $ 0 ' $ 0 $ 0 113 g y � 3� $ 0 a: < y � a� S 3 '.- '$ L - .0 © TotalT `Wafers 1 r j .. $ 0 $ ] ,v$ 0 f RANSF E RS'OUT • > : " } • Tran�sfe s f tax,incxe�rrl to other TIF Distracts c , • ,.y $. 0 2 ° $ 0 3 ; „ $ 0 . Y� � MENS2ERN '- $.. 0 f `F3 $ 0 7 g; h _ $ 0 g � c , $ 0 • 9 $ ; -0 10 _ $ 0 $ 0 12 a $ 0 13 r r wc' < : ° $ 0. ' $ 0 1s $ 0 ,7 $ 0 19 $ 0 � 2 11112=111illt $ 0 1 Total Transfers Out $ 0 • EJ $ 0 TIF 2-1 Millstream xis Printed 6/27/2012 Saint Joseph - TIF 2-1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & EX1 Revenues, Expenditures, and Changes in Tax Increment Balance 11 - A - I i__ _ _B _ 1 E___ C ----- Total Through Prior Years 2011 Amount 2011 REVENUES ' 1 Tax increment revenues distributed from the county $ 38,153 $ 37,766 $ 75,919 2 Interest and investment earnings $ 1,293 $ 118 $ 1,411 3 Market value homestead credit $ 40 $ 912 $ 952 4 Loan/advance repayments $ 0 $ 0 $ 0 5 Lease proceeds $ 0 $ 0 $ 0 6 Repayments or return of tax increment per agreements 11,000 $ 0 $ 11,000 7") Total Revenues S 50,486 , $ 38,798 $ 89,282 EXPENDITURES • 8 Project costs (other than PAYG) $ 11,999 $ 374 $ 12,373 9 Tax increment returned to the county $ 0 $ 0 $ 0 Bond Payments Principal ') Payments for PAYG note or contract $ 34,461 $ 35,236 $ 69,697 jjj Payments on all other bonds $ 0 $ ' 0 $ 0 Interest 12 Interest on PAYG $ 0 $ 0 $ 0 13 Interest on all other bonds $ 0 $ 0 $ 0 14 Interest on interfund loans $ 0 $ 0 $ --' - 0 15 Total Expenditures $ 46,460 j $ 35,6110 $ - 82,070 a Revenues over (under) expenditures 1 $ 4,026 1 1 $ 3,106 1 1 $ 7,212 1 OTHER SOURCES AND USES ' 17 Transfers in $ 0 $ 18 Transfers out $ 0 $ 0 $ _ -0 19 Bonds issued (other than refunding bonds) $ 0 $ 0 $ 0 20 Refundihkbonds issued $ 0 $ 0 $ 0 21 Bonds refunded $ 0 $ 0 $ 0 22 Bond discount $ 0 $ 0 $ - 0 23 Bond premium 0 $ 0 $ 0 24 Sales of property $ 0 $ 0 $ 0 25 Total Other Sources and Uses $ 0 $ . 4o , a 0 1261 Net change in tax increment balances 1 $ 4,026 (XI 1 $ 7 .2 1 2 1 271 Tax Increment balance (beginning 01/01/2011) 1 $ 4,0*6 1 1 281 Tax Increment balance (ending 12/31/2011) rimmon TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev & Ex Balance Sheet A I I B 12131/2010 12/31/2011 ASSETS 1 Cash $ 4,021 $ 8,444 2 Investments $ 0 $ 0 3 Due from other TIF districts $ 0 $ 0 4 Due from non -tax increment accounts $ 0 $ 0 5 Interest receivable $ 5 $ 10 6 Taxes receivable $ 0 $ 43 7 Other receivables $ 0 $ 0 8 Property held for resale $ 0 $ 0 9 Total Assets $ 4,020 , $ . 8,497 I LIABILITIES 10 Due to other TIF districts $ 0 $ 0 11 Due to non -tax increment accounts $ 0 $ 0 12 Accounts payable $ 0 $ 1,285 13 Deferred revenue $ 0 $ 0 14 Total Uabillties $ 01 ; $: 1,285 TAX INCREMENT BALANCE 1151 Total Tax Increment Balance I $ 4,026 I I $ 7,212 16 Total Liabilities and Tax Increment Balance $ . , .. 4 0261 =: $_ 8 497 TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Project Costs Transfers Rev & Ex Excess Increment Calculation Excess increment calculation report required? If the total costs authorized by the TIF plan to be paid or financed with tax increment from the district exceed the total tax increment collected from the district by 20 percent, the excess increment calculation is not required to be reported. Excess increment calculation reporting exemption: Minn. Stat. § 469.176, subd. 2 (g). 1 Tax increment generated by the district since certification $ 89,282 2 Multiply the above amount by 1.2 $ 107,138 C Total costs authorized by the TIF plan to be paid or financed with tax increment I $ 1,598,000 i ' 1 Based on the calculation above, the Excess Increment Calculation Report is: ( NOT REQUIRED Excess Increment Calculation Report 5 Total tax increment generated bar the;distnct since certification _ $ 89,2826 6 `Subtract total tax increment refaed to th em e counter I $ :� . , 0 7 `5 '1 A:. _ -�- ,� w Total c osts authorized by the TIFrplan to be or financed with tax increment i $ 1598,000' _91 Subtract authorized costs that ; have.been or wil.lkayaid from sources other than tax increment . i $ 0 10 1 Subtract principal tpaymue . th e Y year =end 11 $ 397,303 Add ub tj nsfers of incre m erest made pnor ents to d Dece 3 , 20 11 used ed December.3 to.pay forlvlrnn 20 S tag § 11 469:1763 tlefiats _ I � 12 •Sribto 8 F ` ' r0. - are r- w-,-- . •.�wx t 13 cess . (Subtract Ex ct f rnprernent Atotai B from subtotal A)' Subtract any of the authorized uses of e xcess increment Iisted'below 4 ;Pre nt oT an rLoutstand0r. bonds $ 15 Dischar9e of thepledge of tax increment for any outstandln9?bonds 16 Payment intq an escrow account tledicated to the a count of anyoutstandm bond M E4 ..... 17 Excess increment after.. subtractions of authorized uses' sh Excess incrsments after subtractions •must be returned to the county for dist to the city, count and school "districts in which the TIF. district is located within nine months after the end of the year (by September 30) ? ' ' TIF 2 -1 Millstream.xls Printed 6/27/2012 Saint Joseph - TIF 2 -1 Millstream Project - 2011 Annual Reporting Form Hme o Overview District Info Debt Interfund Loans PAYG Project Costs T ransfe rs Rev 8� Ex 2011 Annual Disclosure Statement Di Name of Development Authority: Saint Joseph 1 2 1 Name of Municipality: 1Saint Joseph The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2011. 1 3 1 1St. Joseph Newsleader 1 107/27/2012 (Name of the Newspaper) (Date of Publication) TIF 2 -1 Millstream Project 4 Current net tax capacity $ 41,694 5 Original net tax capacity $ 5,379 6 Captured net tax capacity $ 36,315 7 Principal and interest payments due in 2012 $ 47,421 8 Tax increment received in 2011 $ 38,796 9 Tax increment expended in 2011 $ 35,610 10 Month and year of first tax increment receipt 07/2009 11 Date of required decertification 12/31/2034 The total increased property taxes to be paid from outside the district if 1 121 fiscal disparities Option A applies* 1$ 0 1 (All lines within the table above must be published even if the amounts to be published are zero.) * The fiscal disparities property tax law provides that the growth in commercial - industrial property tax values is shared throughout the area. In a tax increment financing district, this value sharing can either result in a tax increase for other properties in the municipality or result in a decrease in tax increment financing district revenue depending on how the tax increment financing district is established. Tax Increment Financing District TIF 2 -1 Millstream Project does not share its growth in commercial - industrial property tax values. This results in an increase in property taxes for other properties in this municipality. For taxes payable in 2011, this increase in taxes on other properties amounted to $. Additional information regarding this district may be obtained from: 13 Name: Lori Bartlett 14 Address: PO Box 668 15 City: St. Joseph 16 State: MN 1 17 Zip Code: 56374 1 18 Phone: (320) 363 -7201 1 Enter as 6512962551. 19 Email: Lbartlett@cityofstjoseph.com 1 Enter 'none' if no email address. Note to preparer: Publishing the last line of the table and the two paragraphs following the table is necessary only if a TIF district in the municipality is located in the fiscal disparities area and the municipality chose optic "A" under Minn. Stat. 469.177, subd. 3(a), for the TIF district. Saint Joseph - TIF Plan Collection Form - New District Home District Information Plan Estimates Tax Increment Financing Plan Collection Form - New District District Information TIF Plan References 11 TIF District Name: 1TIF 2 -2 St. Joseph Meat Market ----- _.__ - -- � In this column, identity i Development Authority: Saint Joseph the first page or 3 County Where TIF District is Located: Stearns 1 02_, , 111 - .1 Munk* section of the TIF plan 4 County Identification Number, if an where the information 5 Municipality Approving TIF District: Saint Joseph [City] is located. 6 City/Town Where TIF District Is Located: Saint Joseph (City] ® ❑ NuRipie 7 District Type: Economic Development 8 If uncodified flaw, sp law ` Is the small city exception to be used? _._.... (Choose "Yes" or No" for economic development 9 districts. Choose "N /A" for all other district types.) [ O Yes ® No 0 N/A I 10 Who drafted the TIF plan? David Drown Associates, Inc. 11 Other_:` Lt; ® Is this TIF district in a fiscal disparities area? O Yes ® No If yes, indicate whether the fiscal disparities deduction is calculated under option ® A (outside the district) or option B (inside the district). INot Applicable Original TIF Plan Information 14 TIF Plan Approval Date: 04/21/2011 15 Certification Request Date: 07/06/2011 16 Certification Date: 03/27/2012 Hazardous Substance Subdistrict Information ® Did this plan create a hazardous substance subdistrict? 1 O Yes No 1 18 Hazardous Substa stirct & -... �' � � ` ���� t Da "-Y. ;�_ �. .� s� f «' � � V 19 Haze .. Su . -isf �s . Dar 11,a Special Legislation 20 Was an special legislation enacted for this district? I 0 Yes ® No ( • ®[ A B J C lj D _ -tYear ''' Cilepttet h. T :Article ; car 3 "f a � s t` District Duration © Anticipated month and year of first .receipt of tax increment (MM/YYYY): ( 05/2013 1 ® Has an election to delay the first receipt of tax increment been identified in the TIF Plan? , 0 Yet ® No I m Required Decertification Date of the district is based on: (Statutory Maximum Duration 1 112/31/21 ® Required Decertification Date: 1 12/31/2021 Saint Joseph - TIF Plan Collection Form - New District Home District Information Plan Estimates TIF Plan Estimates ESTIMATED TAX INCREMENT REVENUES TIF Plan References (from tax increment generated by the district) In this column, identify 1 Tax increment revenues distributed from the county $ 85,894 the first page or 2 Interest and investment earnings $ 695 section of the TIF plan 3 Sales/lease proceeds $ 0 where the information 4 Market value homestead credit $ 0 is located. 5 Total Estimated Tax Increment Revenues $ )8M$9 ) 3 ESTIMATED PROJECT /FINANCING COSTS (to be paid or financed with tax Increment) Project costs 6 Land/building acquisition $ 0 7 Site improvements/preparation costs $ 50,000 8 Utilities $ 0 9 Other public improvements $ 11,000 10 Construction of affordable housing $ 0 11 Small city authorized costs, it not already included above $ 0 12 Administrative costs $ 8,589 13 Estimated Tax Increment Project Costs $ 09,589 13 Estimated linanang costs m Interest expense $ 117,000 ( 13 Total Estimated Project/Financing Costs to be Paid From Tax Increment T Estimated Financing 16 Total amount of bonds to be Issued 1 $ 100,000 I 14 1 Comments: Interfund loan from the St. Joseph EDA (blended component unit of the City) approved via City Resolution 2011- 009. TIF 2 -2 may finance up to $10,000 of administrative and other expenses associated with the TIF utilizing internal funds of the City. Interest shall accrue at 3.25 %. TIF 2 -2 incurred an intemal loan with the EDA fund in the amount of $300 in 2011.