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Home My WebLink About[05c] Approval of TIF Disbursements • CITY OF ST. JOSEPH www.cityofstjoseph.com DATE: August 15, 2012 MEMO TO: Economic Development Authority Administrator FROM: Cynthia Smith - Strack Municipal Development Group Judy Weyrens RE: Disbursement of TIF Payments Mayor Rick Schultz Background The City has received the initial settlement for 2012 property taxes. The first half payment Councilors includes revenue for TIF 1-4 (Fabral /Gohman) and TIF 2 -1 (Millstream Shops /Lofts). There are Steve Frank two payments to Millstream due to a posting error at Stearns County. Please note that Bob Loso payments were due out by August 1, therefore, they have been made. Renee Symanietz Dale Wick Finance Director, Lori Bartlett has processed the payment and requests approval of the following disbursements: EDA Carolyn Yaggie— a. TIF 1-4 — GohmanNicwest (payment to lender: Minnwest Bank): $27,540.76 (i.e. 90% Heinen of increment received). Chad Davey Al Rassier b. TIF 2 -1 — Millstream Shops /Lofts (payment to lender: First State Bank, St. Joseph: Tom Skahen $16,272.53 (i.e. 90% of increment received). Dale Wick c. TIF 2 -1 — Millstream Shops /Lofts (payment to lender: First State Bank, St. Joseph: $5,196.62 (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 $27,540.76 and TIF 2 -1 in the amount of $16,272.53 and $5,196.62 is in order. • CITY OF ST. J OSFPH '4 Ww.cityof stjoseph.com Administrator Judy Weyrens • Mayor July 27, 2012 Rick Schultz MinnWest Bank Councilors PO Box 7429 Steve Frank St. Cloud MN 56302 - 7429 Bob Loso Renee Symanietz RE: TIF 1 Tax Settlement — Vic West Dale Wick 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 $ 27,540.76 for the first half tax settlement for 2012. 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 or Bartlett Finance Director cc: St. Joseph EDA File (Tax Increment Financing — District 1.4, Payments, 1" Payment 2012) 25 College Avenue North • PO Box 668 • Saint loseph, Minnesota 5 6374 Phone 32o.363.7zoi Fax 320.363.0342 • \ CITY OF ST. J OSFPH www. cityo f stjoseph.com Administrator judy Weyrens July 27, 2012 Mayor Rick Schultz Sentry Bank Councilors 400 — 4 Ave NE P O Box 159 Steve Frank St. Joseph, MN 56374 Bob Loso Renee Symanietz RE: TIE 2 - 1, Millstream Shops & Lofts, Tax Settlement Dale Wick 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 $ 16,272.53 for the first half tax settlement in 2012. 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 or Bartle an 0 4 Finance Director J PAY • - cc : St. Joseph EDA ACM' 5 File (Tax Increment Financing — District 2 -1, Payments, 1' Payment 2012) zs College Avenue North • PO Box 668 • Saint Joseph, Minnesota 6 6374 Phone 3zo.363.7zo1 Fax 3zo.363.0341 ! \ CITY OF ST. J OSFPH www.cityoistjoseph.com Administrator Judy Weyrens August 9, 2012 Ma Rick Schultz Sentry Bank 400 — 4 Ave NE Councilors P 0 Box 159 Steve Frank St. Joseph, MN 56374 Bob Loso Renee Symanietz RE: TIF 2 - 1, Millstream Shops & Lofts, Tax Settlement Dale Wick 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 $ 5,196.62 for an additional tax settlement received for the May 15, 2012 tax payments. 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 on Bartlett Finance Director cc: St. Joseph EDA File (Tax Increment Financing — District 2 -1, Payments, 1 Payment 2012 additional) • • - -OKO PAY AC. T DATE 2 — ». 1S College Avenue North • PO Box 668 • Saint Joseph, Minnesota 56374 Phone 310.363.7101 Fax 310.363.0341 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 years Note Pa ment Schedule ' xk � �,,;, a t tag Jur)e. 487;0170.00 ! r " ° May, 2009 3,200.00 2,880.00 2009 2,687.36 192.64 ' 2,880.00 464,120.00 41938 8/28/2009 DOC. 2009." 3<200.O0 2;88000" 2¢88.55 % ", - 101.45 , 2,880.00 401,240.00; May, 2010 14,132.32 12,719.09 2010 12,528.83 190.26 12,719.09 448,520.91 Dec. 2010 11;620:20' 15,88818 , 45,87117 185.01 43*66213' 1515818 ' May, 2011 23,580.89 21,222.80 2011 21,044.33 178.47 21,222.80 411,439.93 Dec, 2014 14,142,43 'F'2;72819'...?, 12,56.47 7 ` , ` , 843972 3726.19 - 7398,711.74 Dec. 2010 611.00 549.90 2012 364.89 185.01 549.90 447,971.01 Dec. 2011 912.00 820.80 2012 642.33 178.47 820.80 431,841.93 Jan. 2012 42.48 38.23 2012 (131.49) 169.72 38.23 411,401.70 May, 2012 18,080.59 16,272.53 2012 16,108.06 164.47 ' .:; 16 272.53 382,439.21 Dec, 2#12 (157.76) ' 167.76 382,44'. . May, 2013 - 2013 (157.76) 157.76 - 382439.21 .:' May, 2014 - 2014 (157.76) 157.76 - 382,439.21 Oec 2017{ ✓ . 181:75, 1[57.78 May, 2015 2015 (157.76) 157.76 382,439.21 Oec. 2015 '73$2,439.21 May, 2016 - 2016 (157.76) 157.76 382,439.21 .Dec-, /1,57.761 ° - ; 7 i57.76 = $82,439.21, " : "-s M ay, 2017 2017 (157.76) 157.76 - 382 439.21 D8C. 2017 ('151.76) 157.78 ::'382;439.21 is . ' 1 May, 2018 - 2018 (157.76) 157.76 - 382,439.21 Dec. 2016 May, 2019 - 2019 (157.76) 157.76 - 382,439.21 De 2010 (157 7 76 ! _ 392, ,21 . May, 2020 2020 (157.76) 157.76 - 382,439.21 Oec, 7020' (157 15 °76 382,499„31; May, 2021 - 2021 (157.76) 157.76 - 382,439.21 Dec, 2021 (157.16) 157,76 ' 382;439:21 May, 2022 - 2022 (157.76) 157.76 - 382,439.21 Dec.2022 (11'77.76) .1577`6'_ 382,21 -- May, 2023 - 2023 (157.76) 157.76 - 382,439.21 Deo. 2023 ` - ' (15736) 15776 _ .21 May, 2024 - 2024 (157.76) 157.76 - 382,439.21 Gec. 2624 , , (151 :+) ,157.76 _ 392,43921` . May, 2025 - 2025 (157.76 15778 382,439.21 May, 2026 2026 (157.76) 157.76 - 382 439.21 pec 2026 ' (157,'81 ' '157;70_ " : 382,439.2.1: May, 2027 - 2027 (157.76) 157.76 - 382,439.21 Dec. 2027 ' (157,76) 157.76 382,4392217 , May, 2028 - 2028 (157.76) 157.76 ▪ - 382,439.21 De,. 2028. " . (157.0 X15778 •' 382,439.21 =. .. .,,. , •• .. . May, 2029 - 2029 - (157 76) 157.76 382,439.21 Dec. 2029 ,(167.76' 157.767 , :302;439 - 21 ax May, 2030 - 2030 (157.76) 157.76 - 382,439.21 `Dec, 2030 , (157.76} 157'78;' ' 382,43941 May, 2031 - 2031 (157.76) 15776 - 382,439.21 DAM X31 115777)° 157 ,76 , 382,439:2'f,1 May, 2032 - 2032 (157.76) 157.76 • •~ 382,439.21 ,Oec, 203 (157:76) 13 392 43921 . . May, 2033 - 2033 (157.76) 157.76 - 382 Dec 2033 {857.76) 157.76 43921 May, 2034 2034 (157.76) 157.76 - 382,439.21 DeO 2034 (157,78 157x75. 382,439.,21 May, 2035 - 2035 (157 76) 157.76 - 382,439.21 Dec, 2035 - (157.76) 15718 _ 382;439,21 May, 2036 - 2036 (157.78) 157.76 - 382,439.21 Oec.20 s (15,7,,73). 1[6776 382,43921; �.;. Total 95,521.91 85,969.72 82,113.66 3,856.06 85,969.72 '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. 2011 Note: MVCH is tax increment scheduled to be paid at 90% to the District. Paid 2010 and 2011 reimbursements in 2/2012 for 2011 reporting. Also corrected the Dec. 2012 TIF reimbursement. Tax increment settlement recorded incorrectly in Dec. 2010, corrected with audit. 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 Alikk n x ,.; Dec. 2003 0.00 0.00 ' 0.00 043 000.00 Ma 2004 $ - $ - 2004 - 24,112.50 24,112.50 0.00 643,000.00 Dec. 2004 $ 47 314.19 42 582.74 ! 42 582.74 0.00 , ',42 582.74 6 ! 4 .26 35171 ** 12/15/2004 Ma , 2005 $ - $ - 2005 - 22,515.65 22,515.65 0.00 600,417.26 -- Dec, 2005 $ 47,259.54 $ 42,533 5$.... 20 017.94 ..,..22515 42,533.59 ..057 883.67 7' ®" + " 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 Dec 2006 $ 27,645.92 $ 25'' 061`.33. , 19,980.84 .'26i081--18 ;'; ,761.01 Ma 2007 $ 29,716.27 $ 26,744.64 2007 7,703.60 19,041.04 26,744.64 481,016.37 Deo„ 2007 $ 29,716126..: $ '181744.63 slams,' 18,038.11 ` ;2674463 454 .71.74 Ma 2008 $ 31,066.39 $ 27,959.75 2008 10,924.56 17,035.19 27,885.23 426,386.51 Dec 008 1 31,066,- •: 27,059.75 11,970.26 15,989.49. ;27969,75 398, 6."76 Ma 2009 $ 33,096.07 $ 29,786.46 2009 14,845.46 14,941.00 29,786.46 368,640.29 (Dee. 2 009 $ , 13 - 096,07 $ 29' 7$6.4x..: 15 962.45. ..._ . 4 ..:; 29 786.46 338 e'. .8 ' Ma 2010 $ 34,190.13 $ 30,771.12 2010 18,064.10 12,707.02 30,771.12 308,082.71 Dec. 2010 $ 34190,16 $ 30771.14 -,'; 1 9,218.04 11653.70 ° ',30771,14 277,31.1.57;. Ma 2011 $ 33,192.49 $ 29,873.24 2011 $ 19,474 10,399 $ 29,873 247,438.33 De 2011 $ 33 192 4 ..__,,.2R. =„ .24 $ 9 279 „ .7 565.09'' Ma , 2012 $ 30,600.84 $ 27,540.76 2012 $ 19,382 8,159 $ 27,541 190,024.33 Dec .2012 "'- $ ...'., •126 s„ 7,126 ° 8 024.33 Total $ 503,389.10 $ 453,050.19 184,913 $ 268,137 453,050 - -- *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.