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HomeMy WebLinkAbout2003 [08] Aug 06 . - · www.cityofstjoseph.com ity of St. Joseph 25 College Avenue North PO Box 668 St. Joseph Economic Development Authority St. Joseph, MN 56374 (320) 363·7201 Special Meeting Notice Fax: (320) 363-0342 Wednesday, August 6, 2003. 4 p.m. City of St.Joseph City Hall ADMINISTRATOR Judy Weyrens 1. Call to Order. MAYOR Larry J. Hosch 2. Approval of Agenda. COUNCILORS Alan Rassier 3. Business. . Ross Rieke a. 2004 Preliminary Budget EDA, TIF and RLF Gary Utsch Dale Wick 4. Adjournment. · · . . . www.cityofstjoseph.com ity of St. Joseph 25 College Avenue North PO Box 668 DATE: July 30, 2003 St. Joseph, MN 56374 (320) 363·7201 MEMO TO: St. Joseph Economic Development Authority Fax: (320) 363·0342 ~IÑ\ P h, L~ FROM: Jôanne Foust & Cyn ia Smith-Strack, Municipal Development Group ADMINISTRATOR Judy Weyrens RE: EDA Budget - 2004 MAYOR Larry J. Hosch Background The City is in the process of reviewing the budget for 2004. The City Council will be conducting COUNCILORS budget workshops on August 13th and 20th. The EDA preliminary budget is requested prior to the Alan Rassier Council budget workshops. A preliminary budget will be adopted and certified to the County in Ross Rieke September and a final budget to be adopted in December, 2003. Gary Utsch Dale Wick Attached are preliminary budgets for the following funds: 1. The EDA is a separate entity with a separate Fund (Fund 150). 2. Tax Increment revenues and expenditures for TIF 1-3 (Borgert Products) - Fund 155 3. Tax Increment revenues and expenditures for TIF 1-4 (Vicwest Steel/St. Joe Dev. LLC) Fund . 156 4. Revolving Loan Fund - Fund 250 Also attached are spreadsheets which illustrate payment schedules for the TIF districts and revolving loan fund. The budget adopted in December may be less than the preliminary budget. It may not be higher. Action: The EDA is asked to recommend a preliminary budget for 2004 for City Council consideration. 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'"'t '"'t:2: :2: c: CT"'" T"'"~ T"'" 0 0 wg gu.. u..u.. u. > > ~ woo...... ill ¡::o...... ¡:: ¡:: o¡:: tio(]Q) :) 0............ 0 0 10 10 0 10 <D 1::<D 0", o ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ -~ ~ M co (/) 0 '" '" '" 0 0 '" '" 0 0 (O){'<)o 0 '" '" .b z zz zz zz => => => => => => => => u.. u... u.. u... u. u... u.. u.. . . City of 51. Joseph Minnesota Tax Increment Financing District No. 1-3 SKN Properties - Borgert Products Note Payment Schedule Note Details Amount of Note (starting principal) $ 145,000.00 Note Dated Sep.29,1998 Annual Payment Date 15-Dec Interest Rate 8.00% Note Payment Schedule Date " TIFRece.ivec LessS%""" " Payment Principal Interest Total Principal < from Co. "..""""""""" Admin. Year Payment Payment Payment Balance May, 2000 $ 245.29 $ 233.03 2000 0 o $ - $ 145,000.00 Dec. 2000 $ 245.29 $ 233.03 0 o $ - $ 145,000.00 May, 2001 $ - $ - 2001 0 11,600 $ - $156,600.00 Dec. 2001 $17,154.41 $ 16,296.69 0 11,600 $ - $168,200.00 May, 2002 $14,114.79 $ 13,409.05 2002 9,175 6,264 $15,438.97 $159,025.03 (Extra payment which was due in 2001.) 7,387 6,728 $14,114.79 $151,638.24 July, 2002 $ 8,006.50 $ 7,606.18 2002 1,863 6,361 $ 8,224.21 $149,775.04 Dec,2002 $ 8,006.50 $ 7,606.18 1,541 6,066 $ 7 AnA 1 f! $ 148,234.39 May, 2003 $ 8,890.49 $ 8,445.97 2003 2,455 5,991 $( 8,445.97 $ 145,779.43 Dec,2003 $ 8,890.49 $ 8,445.97 2,517 5,929 $ 8,445.97 $ 143,262.84 May, 2004 $ 8,890.49 $ 8,445.97 2004 2,615 5,831 $ 8,445.97 $140,648.05 Dec. 2004 $ 8,890.49 $ 8,445.97 2,715 5,731 $ 8,445.97 $137,932.60 May, 2005 $ - 2005 -5,626 5,626 $ - $ 143,558.52 Dec. 2005 $ - -5,517 5,517 $ - $ 149,075.82 May, 2006 $ - 2006 -5,742 5,742 $ - $154,818.16 Dec. 2006 $ - -5,963 5,963 $ - $160,781.19 May, 2007 $ - 2007 -6,193 6,193 $ - $166,973.92 Dec. 2007 $ - -6,431 6,431 $ - $ 173,405.17 May, 2008 $ - 2008 -6,679 6,679 $ - $180,084.13 Dec. 2008 $ - -6,936 6,936 $ - $187,020.33 May, 2009 $ - 2009 -7,203 7,203 $ - $ 194,223.70 Dec. 2009 $ - -7,769 7,769 $ - $ 201 ,992.65 Total $ 79,168.00 -33,793 136,161 $79,168.00 . · City of St. Joseph Minnesota Tax Increment Financing District No. 1-4 St. Joe Development LLC (Vicwest) 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) 292,000 Note Dated 1-Aug-02 Annual Payment Date 15-Dec Interest Rate 7.50% Dec. 2003 0 0 0 292,000 Ma ,2004 $ 27,544,00 $ 24,789.60 2004 $ 13,840 10,950 $ 24,790 278,160 Dec.2004 $ 27,544.00 $ 24,789.60 $ 14,359 10,431 $ 24,790 263,802 · Ma ,2005 $ 36,579.50 $ 32,921.55 2005 $ 23,029 9,893 $ 32,922 240,773 Dec, 2005 $ 36,579.50 $ 32,921.55 $ 23,893 9,029 $ 32,922 216,880 May,2006 $ 36,579.50 $ 32,921.55 2006 $ 24,789 8,133 $ 32,922 192,092 Dec, 2006 $ 36,579.50 $ 32,921.55 $ 25,718 7,203 $ 32,922 166,374 Ma ,2007 $ 36,579.50 $ 32,921.55 2007 $ 26,683 6,239 $ 32,922 139,691 Dec. 2007 $ 36,579.50 $ 32,921.55 $ 27,683 5,238 $ 32,922 112,008 Ma ,2008 $ 36,579.50 $ 32,921.55 2008 $ 28,721 4,200 $ 32,922 83,287 Dec. 2008 $ 36,579.50 $ 32,921,55 $ 29,798 3,123 $ 32,922 53,488 May, 2009 $ 36,579.50 $ 32,921.55 2009 $ 30,916 2,006 $ 32,922 22,573 Dec.2009 $ 36,579.50 $ 32,921.55 $ 32,075 846 $ 32,922 -9,502 May,2010 $ 36,579.50 $ 32,921.55 2010 $ 33,278 -356 $ 32,922 -42,780 Dec. 2010 $ 36,579.50 $ 32,921.55 $ 34,526 -1,604 $ 32,922 -77,306 Ma ,2011 $ 36,579.50 $ 32,921.55 2011 $ 35,821 -2,899 $ 32,922 -113,127 Dec. 2011 $ 36,579.50 $ 32,921 .55 $ 37,164 -4,242 $ 32,922 -150,290 Ma ,2012 $ 36,579.50 $ 32,921.55 2012 $ 38,557 -5,636 $ 32,922 -188,848 Dec. 2012 $ 36,579.50 $ 32,921.55 $ 40,003 -7,082 $ 32,922 -228,851 Total $ 640,360.00 $ 576,324.00 520,851 $ 55,473 576,324 *Development Agreement notes: not to exceed $643,000 in principal payments. · . St. Joe Development LLC. MIF Loan TOTALS ----------- --------- --------------- -------- ------- ----------- --------- --------------- -------- ------- PMT Known TOTAL PAYMENTS ////!i!//!í/;Y¡'/ enterest Rate 4.00% TOTAL INTEREST $ 4,409.64 T erm- Years 5 # PeriodsNr 12 Payments due the 18th of each month, with the first payment Present Value: $ 42,000.00 due by July 18, 2003. ------------------------- ------------------------- Periods 60 PMT Unknown 773.49 PV Unknown 0.00 Term Principal Principal Interest Total Principal Interest Date Month Outstanding Payment Payment Payment To Date To Date Pymt Due ------------------------ -------------------- -------------------- ------------------------------- ----------------- ---------------- 42000.00 7/18/2003 ~~~V' 1 41366.51 633.49 140.00 773.49 633..49 140.00 2 40730.90 635.61 137.89 773.49 1269.10 277 .89 8/18/2003 3 40093.18 637,72 . 135.77 773.49 1906.82 413.66 9/18/2003 4 39453.33 639.85 133.64 773.49 2546.67 547.30 10/18/2003 5 38811.34 641.98 131.51 773.49 3188.66 678.81 11/18/2003 6 38167.22 644.12 129.37 773.49 3832.78 808.18 12/18/2003 7 37520.95 646.27 127.22 773.49 4479.05 935.41 1/18/2004 . 8 36872.53 648.42 125.07 773.49 5127.47 1060.48 2/18/2004 9 36221.94 650.59 122.91 773.49 5778.06 1183.39 3/18/2004 10 35569.19 652.75 120.74 773.49 6430.81 1304. 13 4/18/2004 11 34914.26 654.93 118.56 773.49 7085.74 1422.69 5/18/2004 ~~ 12 34257.14 657.11 116.38 773.49 7742.86 1539.07 6/18/2004 13 33597.84 659.30 114.19 773.49 8402.16 1653.26 7/18/2004 14 32936.34 661.50 111 .99 773.49 9063.66 1765.25 8/18/2004 15 32272.63 663.71 109.79 773.49 9727.37 1875.04 9/18/2004 16 31606.71 665.92 107.58 773.49 10393.29 1982.62 10/18/2004 17 30938.58 668,14 105.36 773.49 11061.42 2087.97 11/18/2004 18 30268.21 670.37 103.13 773.49 11731.79 2191.10 12/18/2004 19 29595.61 672.60 100.89 773.49 12404.39 2292.00 1/18/2005 20 28920.77 674.84 98.65 773.49 13079.23 2390.65 2/18/2005 21 28243.68 677,09 96.40 773.49 13756.32 2487.05 3/18/2005 22 27564.33 679.35 94.15 773.49 14435.67 2581 .20 4/18/2005 23 26882.72 681.61 91.88 773.49 15117.28 2673.08 5/18/2005 24 26198.83 683.88 89.61 773.49 15801 .17 2762.69 6/18/2005 25 25512.67 686.16 87.33 773.49 16487.33 2850.02 7/18/2005 26 24824.22 688.45 85.04 773.49 17175.78 2935.06 8/18/2005 27 24133.47 690.75 82.75 773.49 17866.53 3017.81 9/18/2005 . 28 23440.42 693.05 80.44 773.49 18559.58 3098.25 10/18/2005 29 22745.06 695.36 78.13 773.49 19254.94 3176.39 11/18/2005 30 22047.38 697.68 75.82 773.49 19952.62 3252.20 12/18/2005 31 21347.38 700.00 73.49 773.49 20652.62 3325.69 1/18/2006 . . St. Joe Development LLC. MIF Loan TOTALS =========== ========= --------------- -------- ------- --------------- -------- ------- PMT Known TOTAL PAYMENTS :: I:::!;' if if ff ;~. enterest Rate 4.00% TOTAL INTEREST $ 4,409.64 Term-Years 5 # Periods/Yr 12 Payments due the 18th of each month, with the first payment Present Value: $ 42,000.00 due by July 18, 2003. ------------------------- ------------------------- Periods 60 PMT Unknown 773.49 PV Unknown 0.00 Term Principal Principal Interest Total Principal Interest Date Month Outstanding Payment Payment Payment To Date To Date Pymt Due 32 20645.05 702.34 71.16 773.49 21354.95 3396.85 2/18/2006 33 19940.37 704.68 68.82 773.49 22059.63 3465.67 3/18/2006 34 19233.34 707.03 66.47 773.49 22766.66 3532.14 4/18/2006 35 18523.96 709.38 64.11 773.49 23476.04 3596.25 5/18/2006 36 17812.21 711.75 61.75 773 .49 24187.79 3657.99 6/18/2006 37 17098.09 714.12 59.37 773.49 24901.91 3717.37 7/18/2006 38 16381.59 716.50 56.99 773.49 25618.41 3774.36 8/18/2006 39 15662.70 718.89 54.61 773.49 26337.30 3828.97 9/18/2006 . 40 14941.42 721.28 52.21 773.49 27058.58 3881 .18 10/18/2006 41 14217.73 723.69 49.80 773.49 27782.27 3930.98 11/18/2006 42 13491.63 726.10 47.39 773.49 28508.37 3978.37 12/18/2006 43 12763.11 728.52 44.97 773.49 29236,89 4023.34 1/18/2007 44 12032.16 730.95 42.54 773.49 29967.84 4065.89 2/18/2007 45 11298.77 733.39 40.11 773.49 30701.23 4106.00 3/18/2007 46 10562.94 735.83 37.66 773.49 31437.06 4143.66 4/18/2007 47 9824.65 738.28 35.21 773.49 32175.35 4178.87 5/18/2007 48 9083.91 740.75 32.75 773.49 32916.09 4211.62 6/18/2007 49 8340.69 743.21 30.28 773.49 33659.31 4241.90 7/18/2007 50 7595.00 745.69 27.80 773.49 34405.00 4269.70 8/18/2007 51 6846.83 748.18 25.32 773.49 35153.17 4295.02 9/18/2007 52 6096.15 750.67 22.82 773 .49 35903.85 4317.84 10/18/2007 53 5342.98 753.17 20.32 773.49 36657.02 4338.16 11/18/2007 54 4587.30 755.68 17.81 773.49 37412.70 4355.97 12/18/2007 55 3829.09 758.20 15.29 773.49 38170.91 4371.26 1/18/2008 56 3068.36 760.73 12.76 773.49 38931.64 4384.02 2/18/2008 57 2305.10 763.27 10.23 773.49 39694.90 4394.25 3/18/2008 58 1539.29 765.81 7.68 773.49 40460.71 4401.93 4/18/2008 59 770.92 768.36 5.13 773.49 41229.08 4407.07 5/18/2008 60 0.00 770.92 2.57 773.49 42000.00 4409.64 6/18/2008 . $ 42,000.00 $4,409.64 . ..' / . \ .c ... c o E 1- Q) Q. 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