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Home My WebLink About[05b] TIF 2-1 Summary TIF 2-1 Printed 6/7/2016 Saint Joseph - TIF 2-1 Millstream Project - 2015 Annual Reporting Form F—Nome Overview�FDistrict—Inf-oFDebt Interund Loans TP—A—YG-- FProject costs Transfers-TRev&Ex Baian ce Sheet r Tax Increment Financing Annual Reporting Form for the Year Ended December 31, 2015 1 TIF District Name: TIF 2-1 Millstream Pir ect 2 Development i ty..... . ey�lopment.Auth ..................................... .............. .. Saint Joseph _ 0r *..................... ........... 3 District Type: Redevelopment ................................... ............... .......... .......................... County Where TIF District is Located: Stearns County Id e,nt,if,i,ca,ti,o,n_Number, , , if"an,y:_ 131 I. -........ ..........---.......... 6 Is the small city,exception being used? Not Applicable 411-this ffli-distract i ct............. .......... in a fiscal disparities areas No .. ...... .. ... .. If yes under what option? Not Applicable 7 8 Original TIF Plan Information 4�9 TIF Plan Approval Date: 05/03/2007 Certification"' ' '�'Request, '' ,Date...... ................................. .................................................................................... ........ Certification'" �... ....... ........ .... ................. .. .... . ............ ........ ........ ............... ................. .... ... ............. -08/f 6/��OT ii ate08/14/268 _ District Duration 12 Month and year of first receipt of tax increment(actual or anticipated): X07/2009 .......... F- Ll 73� [---T2—/31/2034 I TIF Plan Estimates Original Plan 05103/2007 0510312007 ESTIMATED TAX INCREMENT REVENUES(from tax increment generated by the district) Tax increment revenues distributed from the county Fs 1,598 000 -i5 'i�i�r'es"t"a'nd'i'nv'e's'tment earnings - - " .' ..................... ... .......... ................................. ........... ................................................. —-- ........ $ ---- 16 Sales/lease .. . ..... . ...... ... ... . .._............ _.. ehomestead credit 18 Total Estimated 1Ta x I1n c reImlent Revenues v e n u e s . .1-1- 11.11._.._... 1.11111- "'l'-,111- .'ll'11.�'ll" 'll,�'ll"�.'I... 111- 11- 1111111-1-11 ESTIMATED PROJECT/FINANCING COSTS(to be paid or financed with tax increment) Project costs 19 Land/buildinq acquisition $ 467,000 ; .................. ........ ............... P20 Site improvements/preparation costs $ 0 ,21 utilities.. ............................................ .................... ............................................ ............................. ................ ..... ........................................ ...... 15,000 22 Other public...b"fic' i m pro'v"e,m,e n"t's,.......... ....... ................... ................................ ................................................... .111,1 $ 0 .....................affordable.............. .......................... ............................................................ ............. ......... .................. 23 Construction of housing $ 0 ... .......... . 24 Small authoriz'e'd"c'o'st's,'if"n'ot already"included"above...... ................................................................... $ 166,000 $ _?6 j Estimated Tax Increment Project Costs $ 648 .111.-........_..._,,.,,..,.,...,. "I�'ll,��I--11-11 W-11-1-1.11---- 0� Estimated financing costs [27 Interest expense- $ 950,000 28 Total Estimated ProjectIFinancing Costs to be Paid From Tax Increment is 1,59807007 05/03/2007 ESTIMATED FINANCING [2:]9, Total amount of bonds to be issued-1-11 1-111................................. ....... ......... ....... $ 467,000�J Overview Page 1 of 19 TIF 2-1 Printed 6/7/2016 Saint Joseph - TIF 2-1 Millstream Project - 2015 Annual Reporting Form Home Overview District info Debt [nteriund Loans PAYG Project Costs Transfers Rev&Ex Balance SheetJF EIC A[: Revenues, Expenditures,and Changes in Tax Increment Balance __... . ..! __. 1 !.....__.. _..8. . _ ..I .. . ..� Total Through Prior Years 2015 Amount 2015 REVENUES 1 Tax increment revenues distributed from the county $ 185,339 $ 37,426 $ 222,765 2 Interest and investment earnings . $ 1,946 $ 231 $ 2,177 r-1,11-111111 _. 3TIF Credits $ 952 $ 0 $ 952 4 Loan/advance repayments $ 0 $ 0 $ 0- 5 Lease proceeds $ 0 $ 0 $ 0 6 , Repayments or return of tax increment per agreements $ 0 $ 0 $ 0 Total Revenues $ 188,237 $ 37,657 $ 225,894 EXPENDITURES 8 Pro ect costs other than PAYG m ject .. (........ ) ....... . ..... �� $ 358 $ 6,705 9 i Tax increment returned to the county $ 0 $ 0 $ 0 Bond Payments Principal 10 Payments for PAYG note or contract 1 $ 8,100 1 1 $ 373 Fs 8,473 X11 Payments on all other TIF bondsL$ v -j $ 0 $ Interest 12 Interest on PAYG $ 160,076 $ 33,310 $ 193,386 13; Interest on all other(TIF and Non-TIF)bonds $ $ 0 $ 0' 14' Interest on interfund loans $ E00 $ 0 $ 0 15) Total Expenditures $ 174,523 $ 34,041 $ 208,564' 16[ Revenues over(under)expenditures $ 13,714 1 $ 3,6 1 $ 17,330 OTHER SOURCES AND USES 17 Transfers in $ 0 $ 0 $ 0 181 Transfers out $ 0 $ 0 $ _0 191 TIF Bonds issued(other than refunding bonds) $ 0 $ 0 $ 0 ..... ........ . ........__.. 2Q; Refunding TIF bonds issued $ 0 $ 0 $ 0 21, TIF Bonds refunded $ 0 $ 0 $ 0 ... ..... ....... .. 22 TIF Bond discount $ 0 $ 0 $ 0' 23; TIF Bond premium $ 0 $ 0 $ Q 24 Sales of property... ........ . .. ....... $ 0 $ 0 $ 0 '25 Other(see instructions comment required) $ 0 $ 0 $ 0 26 Total Other Sources and Uses $ 0 $ 0 $ 0 427 Net change I in tax increment balances $ 13,7141 1$ 3,616 J$ 17,330 28 Tax Increment balance(beginning 01/01/2015) $ 13,714 29? Tax Increment balance(ending 12/31/2015) Comments 500 Character limit): 30I 2014 administrative expenses recorded in the 2014 TIF reports and as a transfer in the 2015 audited financial statements.The 2014 expenses were not known before the 2014 audited financial statements were published.The amount was immaterial to the financial statements($4,267). Rev&Exp Page 15 of 19 TIF 2-1 Printed 6/7/2016 Saint Joseph - TIF 2-1 Millstream Project - 2015 Annual Reporting Form Home Overview District info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev&Ex Balance Balance Sheet 12/31/2014 12/31/2015 ASSETS 1Cash $ 15,452 �$ 17,162 ... _ . 2 Investments $ 0 $ 0 3 Due from other TIF districts $ 0 $ 0 ......... 4 Due from non tax increment accounts $ 0 $ 0 5 Interest receivable_ $ 29 $ 48 .. 6 Taxes receivable $ 0 $ 1,205 7 Other receivables $ 0 $ 0 _.., _.. 8 Property held for resale....... $ 0 $ 0 9 Total Assets........................ $ 15,481 $ 18,415_ LIABILITIES 10 Due to other TIF districts $ 0 $ 0 ... 11 Due to non-tax increment accounts $ 0 $ 0 .............. _.........._........_.............._....._. 12 Accounts payable $ 1,767 $ 1,085 _ .._..__ ._.._._.... __. _ ._ _....._. 13 Unearned revenue _ _ $ 0 $ 0 14 Total Liabilities $ 1,767 $ 1,085 15 Deferred Inflows $ $ 0 16, Total Liabilities and Deferred Inflows $ 1,767 $ 1,085 TAX INCREMENT BALANCE 1-71 j Total Tax Increment Balance $ 13,714 $ 17,330 18 Total Liabilities and Tax Increment Balance $ —1--574-871 $ 18,4151 Balance Sheet Page 16 of 19 TIF 2-1 Printed 6/7/2016 Saint Joseph - TIF 2-1 Millstream Project - 2015 Annual Reporting Form Home Overview District Info Debt Interfund Loans PAYG Pro'ect Costs Transfers Rev&Expr B� 2015 Annual Disclosure Statement �1 Name of Development Authority: Saint Joseph Name of Municipality: Saint Joseph 3 'St. Joseph Newsleader 07/01/2016 (Name of the Newspaper) (Date of Publication) The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2015. TIF 2-1 Millstream Project 4 Current net tax capacity $ 40,522 ............. .. ...,..... 5 Original net tax capacity $ 5,369 6 Captured net tax capacity.....„ ......„ $ 35,153 7 Principal and interest payments due in 2016 $ 42,436 ............................................................................................................................................................... 8 Tax increment received in 2015 $ 37,657 .......................................................................................................................................................... 9 Tax increment expended in 2015 $ 34,041 10 Month and year of first tax increment receipt 07/2009 11 Date of required decertification .................... ........... 12/3172034 The total increased property taxes to be paid from outside the district if 12 fiscal disparities Option A applies*.........._..................................................................... � ...�..__� 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 decrease in tax increment financing district revenue or a tax increase for other properties in the municipality depending on whether the tax increment financing district contributes its share of the growth. Amounts displayed here indicate that the district did not contribute its growth in commercial-industrial property tax values and represent the resulting increase in taxes on other properties in the City for taxes payable in 2015. Additional information regarding this district may be obtained from: 13 Name: Lori Bartlett 44 Address: PO Box 668 15 City: ..... Saint Joseph 16 State: MN 17 Zip Code 56374 18 Phone: (320) 363-7201 Enter as 6592962551. 19 Email: Lbartlett cit ofst'ose h.com Enter none'if no email address. ADS Page 18 of 19