HomeMy WebLinkAbout[04c] June Financial Reports/TIF & Abatement Payments
EDA Agenda Item 4c
MEETING DATE: July 17, 2018
AGENDA ITEM: June Finance Reports/TIF and Abatement Payments
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: N/A
PREVIOUS EDA ACTION: None
BACKGROUND INFORMATION: Enclosed you will find the reconciled financial reports through
June 30, 2018. The ending undesignated balance shows a deficit of $71. The designated project balance
is $38,449. The designated balance includes 2018 capital budget balance of $46,600. The budget is
covered by property taxes that were only partially received in June. The balance will be received in July
and December. The undesignated fund balance is a surplus of $38,378 without showing the 2018 capital
budget.
The other funds reported include the TIF funds, Lodging Tax, DEED CDAP Grant reimbursement and the
Revolving Loan fund. The TIF funds with deficit balances will be covered by the EDA until TIF revenue is
received to cover the deficits. The EDA has one outstanding revolving loan at the end of June for the
th
food co-op. The current, revolving loan fund balance is $207,003 at June 30, including $136,714
reserved balance from the EDA fund to be used for future economic development.
The City received the first half TIF settlements in late June, early July. Attached are the amounts
received and to be paid (less administrative fees) to the TIF projects. In addition, the first half taxes for
Country Manor were paid. The first half abatement payment should also be considered.
Finally, please complete the attached expense sheet for your meeting stipends for the first half of 2018.
BUDGET/FISCAL IMPACT: For Information Only
ATTACHMENTS: Request for EDA Action – Finance Reports
EDA Financial Summary
EDA Check Register
EDA Revenue Report
EDA Expenditure Report
EDA Summary CIP
TIF Payments
Abatement Payments
Expense Report
REQUESTED BOARD ACTION: Consider acceptance of the June financial reports. Consider
recommendation to approve the first half TIF/Abatement payments.
CHECK
#Search NameCommentsFUNDDEPARTAmount
053415SEH, INCMar Professional Plat15046500$782.30
053430CENTURYLINKT1 line/20 sets 229 #'s15046500$154.21
053463SEH, INCProfessional Plat15046500$458.00
053477HVS ACCOUNTING OFFICEhotel study retainer22046500$4,000.00
053477HVS ACCOUNTING OFFICEhotel study retainer15046500$3,500.00
053514CENTURYLINKT1 line/20 sets 229 #'s15046500$51.40
053580RENGEL PRINTING, INCletterhead15046500$9.92
053583SEH, INCProfessional Plat15046500$90.00
$9,045.83
2018June2018
Account DescrSOURCYTD Budget2018 AmtYTD Amt
FUND 150 Economic Development
R 150-46500-31010 Current Ad Valorem Taxes31010$114,325.00$37,764.57$37,764.57
R 150-46500-33160 Federal Grants - Other33160$0.00$0.00$0.00
R 150-46500-34150 TIF/MIF Deposit34150$3,600.00$0.00$0.00
R 150-46500-36210 Interest Earnings36210$1,100.00-$1.40-$296.11
R 150-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 150 Economic Development$119,025.00$37,763.17$37,468.46
FUND 152 TIF 3-1 CMCU
R 152-46500-31050 Tax Increment31050$0.00$15,144.67$15,144.67
R 152-46500-36210 Interest Earnings36210$0.00$1.16-$12.12
R 152-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$0.00$15,145.83$15,132.55
FUND 153 TIF 4-1 Fortitude Senior Apts
R 153-46500-31050 Tax Increment31050$0.00$12,274.00$12,274.00
R 153-46500-34150 TIF/MIF Deposit34150$0.00$0.00$0.00
R 153-46500-36210 Interest Earnings36210$0.00$0.89-$7.75
R 153-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$12,274.89$12,266.25
FUND 157 TIF 2-1 Millstream
R 157-46500-31050 Tax Increment31050$0.00$10,069.50$10,069.50
R 157-46500-36210 Interest Earnings36210$0.00$9.75-$113.14
FUND 157 TIF 2-1 Millstream$0.00$10,079.25$9,956.36
FUND 158 TIF 2-2 Meat Market
R 158-46500-31050 Tax Increment31050$0.00$1,504.29$1,504.29
R 158-46500-36210 Interest Earnings36210$0.00$0.14-$2.14
R 158-49302-39201 Transfers from Other Funds39201$0.00$0.00$39.91
FUND 158 TIF 2-2 Meat Market$0.00$1,504.43$1,542.06
FUND 159 TIF 2-3 Bayou Blues/Alley Flat
R 159-46500-31050 Tax Increment31050$0.00$104.09$104.09
R 159-46500-36210 Interest Earnings36210$0.00$0.04-$0.34
R 159-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$104.13$103.75
FUND 220 Lodging Tax
R 220-46500-31600 Lodging Tax31600$0.00$1,222.29$4,339.43
R 220-46500-36210 Interest Earnings36210$0.00$9.00-$82.43
FUND 220 Lodging Tax$0.00$1,231.29$4,257.00
FUND 225 DEED CDAP Grant
R 225-46500-34200 DEED Housing Reimbursement34200$0.00$8,167.28$8,167.28
R 225-46500-36210 Interest Earnings36210$0.00$3.88-$42.15
FUND 225 DEED CDAP Grant$0.00$8,171.16$8,125.13
FUND 250 Revolving Loan Fund
R 250-46500-36210 Interest Earnings36210$0.00$86.17-$677.91
R 250-49302-39201 Transfers from Other Funds39201$0.00$0.00$0.00
R 250-46500-39320 Revolving Loan Principal39320$0.00$335.14$1,998.37
R 250-46500-39321 Revolving Loan Interest39321$0.00$8.41$62.93
2018June2018
Account DescrYTD Budget2018 AmtYTD Amt
FUND 150 Economic Development
E 150-46500-101 Salaries$26,050.00$2,302.32$13,358.64
E 150-46500-103 Legislative Bodies$1,260.00$0.00$0.00
E 150-46500-121 PERA Contributions$1,955.00$172.66$1,001.87
E 150-46500-122 FICA Contributions$1,535.00$137.56$799.96
E 150-46500-123 Deferred Comp-Employer$0.00$0.00$0.31
E 150-46500-125 Medicare Contributions$360.00$32.18$187.12
E 150-46500-130 H S A- Employer Contribution$790.00$0.00$450.00
E 150-46500-131 Health Insurance$4,335.00$440.00$2,642.79
E 150-46500-132 Dental Insurance$420.00$39.34$236.35
E 150-46500-133 Life Insurance$25.00$2.53$15.18
E 150-46500-134 Disabilty Insurance$220.00$22.70$131.66
E 150-46500-151 Workers Comp. Insur. Prem.$130.00$0.00$0.00
E 150-46500-200 Office Supplies$500.00$9.92$46.27
E 150-46500-215 Software Support$775.00$0.00$1,138.98
E 150-46500-300 Professional Services$0.00$0.00$4,750.00
E 150-46500-303 Engineering Fee$2,000.00$90.00$8,049.81
E 150-46500-304 Legal Fees$1,000.00$0.00$0.00
E 150-46500-321 Telephone$675.00$51.40$264.50
E 150-46500-322 Postage$100.00$0.00$0.00
E 150-46500-328 Marketing$1,000.00$0.00$0.00
E 150-46500-331 Travel & Conference Expense$500.00$0.00$495.23
E 150-46500-340 Advertising$500.00$0.00$0.00
E 150-46500-433 Dues & Memberships$5,295.00$0.00$5,295.00
E 150-46500-582 Computer Software$500.00$0.00$0.00
E 150-46500-588 EDA Programs$51,100.00$0.00$0.00
E 150-46500-622 TIF/Abatement Payments$18,000.00$0.00$0.00
E 150-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 150 Economic Development$119,025.00$3,300.61$38,863.67
FUND 152 TIF 3-1 CMCU
E 152-46500-101 Salaries$0.00$0.00$0.00
E 152-46500-121 PERA Contributions$0.00$0.00$0.00
E 152-46500-122 FICA Contributions$0.00$0.00$0.00
E 152-46500-123 Deferred Comp-Employer$0.00$0.00$0.00
E 152-46500-125 Medicare Contributions$0.00$0.00$0.00
E 152-46500-132 Dental Insurance$0.00$0.00$0.00
E 152-46500-133 Life Insurance$0.00$0.00$0.00
E 152-46500-134 Disabilty Insurance$0.00$0.00$0.00
E 152-46500-300 Professional Services$0.00$0.00$0.00
E 152-46500-301 Audit & Accounting Services$750.00$0.00$0.00
E 152-46500-340 Advertising$45.00$0.00$0.00
E 152-46500-622 TIF/Abatement Payments$0.00$0.00$0.00
E 152-49300-720 Transfers to Other Funds$0.00$0.00$0.00
FUND 152 TIF 3-1 CMCU$795.00$0.00$0.00
FUND 153 TIF 4-1 Fortitude Senior Apts
E 153-46500-101 Salaries$0.00$0.00$0.00
E 153-46500-121 PERA Contributions$0.00$0.00$0.00
E 153-46500-122 FICA Contributions$0.00$0.00$0.00
E 153-46500-125 Medicare Contributions$0.00$0.00$0.00
2018June2018
Account DescrYTD Budget2018 AmtYTD Amt
FUND 220 Lodging Tax
E 220-46500-300 Professional Services$0.00$0.00$4,000.00
E 220-46500-309 Visitors Bureau$0.00$0.00$0.00
FUND 220 Lodging Tax$0.00$0.00$4,000.00
FUND 225 DEED CDAP Grant
E 225-46500-300 Professional Services$0.00$0.00$1,750.00
E 225-46500-340 Advertising$0.00$0.00$84.00
FUND 225 DEED CDAP Grant$0.00$0.00$1,834.00
FUND 250 Revolving Loan Fund
E 250-46500-300 Professional Services$0.00$0.00$0.00
E 250-46500-304 Legal Fees$0.00$0.00$35.00
E 250-46500-317 Other fees$0.00$0.00$0.00
E 250-46500-434 Certification Fee$0.00$0.00$0.00
E 250-46500-455 Revolving Loan Proceeds$0.00$0.00$0.00
FUND 250 Revolving Loan Fund$0.00$0.00$35.00
$159,705.00$3,300.61$44,827.88
2,398.58
36,050.19
175,162.43
EDA
136,713.66172,763.85
Plan
2017
8,
2017
6/30
4,
15,049.81
August
15,049.8115,049.81
Expenditures
Improvement
December
Capital 6/30through
Capital
(5,000.00)
(5,000.00)(5,000.00)
Recommended:
2018
Adopted
Fund
EDA
General
500.00
56,600.00
56,100.0056,100.00
4
7
1,898.58
138,612.2
136,713.66136,713.66
Availablethrough
12/31/201
CodeNumberEquipmentBalance201820182018Balance
ProjectProjectReserveBudgetGrants/AidsSpent2018
DepartmentAccount
Thispageintentionally leftblank
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www.cityofstjoseph.com
Administrator
Judy Weyrens
July 26, 2018
Kensington Bank
Mayor Attn: Tammy Simon
Rick Schultz 501 W St. Germain
St. Cloud, MN 56301
RE: TIF 2-3,Bayou Blues& Alley Flats,Tax Settlement
Councilors
Dear Tammy,
Anne Buckvold
Troy Goracke In accordance with the Tax Increment Financing Agreement with the City of St.Joseph,
Bob Loso enclosed is a payment in the amount of$133.79 for the first half tax settlement in 2018 for
Dale Wick the Bayou Blues and Alley Flats project. 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
F118(Tax Increment Financmg—Distr�ct 2-3,Payments,1 s`Payment 2018)
75 Callaway Street East• Saint Joseph,Minnesota 56374
Email cityoffices@ciryofstjoseph.com Phone 320.363.720I FaY 320.363.0342
TIF District #167
Kensington Bank
10-Nov-14
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www.cityofstj oseph.com
Administrator
Judy Weyrens July 26, 2018
Central Minnesota Credit Union
Mayor Attn: Bernie Brixius
20—4`h Avenue SE
Rick Schultz PO Box 10
Melrose, MN 56352
Councilors �� TIF 3-1,Central Minnesota Credit Union,Tax Settlement
Anne Buckvold Dear Bernie,
Troy Goracke
Bob Loso In accordance with the Taa�Increment Financing Agreement with the City of St.Joseph,
Dale Wick enclosed is a payment in the amount of$19,471.69 for the first half tax settlement in 2018.
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
F110(Tax Increment Finac�cing—District 3-1,Payments,1�Payment 2018)
75 Callaway Street East• Saint Joseph,Minnesota 56374
Email cityoffices@cityofstjoseph.com Phone 320.363.720I Fax 320.363.0342
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www.cityofstjoseph.com
Administrator
Judy Weyrens
July 26,2018
Mayor Kensington Bank
11 North Central Ave
Rick Schultz Kensington,MN 56343
RE: TIF 2-1,Millstream Shops & Lofts,Tax Settlement
Councilors
Dear Sir or Madam:
Anne Buckvold
Troy Goracke In accordance with the Tax Increment Financing Agreement with the City of St.Joseph,
Bob Loso enclosed is a payment in the amount of$12,946.48 for the first half tax settlement in 2018.
Dale Wick 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
F110(Tax Increment Fmancmg—District 2-1,Payments,ls`Payment 2018)
75 Callaway Street East• Saint Joseph,Minnesota 56374
Email cityoffices@ciryofstjoseph.com Phone 320.363.720I Fax 320.363.0342
TIF District
Kensington Bank
refinanced through MinnWest Bank
1-Jun-07
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www.cityofstj oseph.com
Administrator
judy Weyrens
July 26, 2018
Fortitude Senior Living of St.Joseph,LLC
Mayor Attn: Fred Struzyk
Rick Schulrz 410 Luella Street
Watkins, MN 55389
RE: TIF 2-2, St.Joseph Meat Market,Tax Settlement
Councilors
Dear Fred,
Anne Buckvold
Troy Goracke In accordance with the Tax Increment Financing Agreement with the City of St.Joseph,
Bob Loso enclosed is a payment in the amount of$15,780.88 for the first half tax settlement in 2018.
Dale Wick 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
F112(Tax Increment Financmg—Distr�ct 4-1,Payments,1"Payment 2018)
75 Callaway Street East•Saint Joseph, Minnesota 56374
Email ciryoffices@cityofstjoseph.com Phone 320.363.720I Fax 320.363.0342
TIF District
Fortitude
1-Aug-16
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www.cityofstj oseph.com
Administrator
Judy Weyrens
July 26, 2018
Harvey and Carol Pfannenstein
Mayor 26— ls`Avenue NW
Rick Schultz P O Box 40
St. Joseph,MN 56374
RE: TIF 2-2, St.Joseph Meat Market,Tax Settlement
Councilors
Dear Sir or Madam:
Anne Buckvold
Troy Goracke In accordance with the Tax Increment Financing Agreement with the City of St.Joseph,
Bob Loso enclosed is a payment in the amount of$2,041.50 far the first half tax settlement in 2018.
Dale Wick This represents 95% of the increment received from the district as noted in the Development
Agreement.
If you have any questions ar 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
F118(Tax Increment Fmancmg—D�str�ct 2-2,Payments,1"Payment 2018)
75 Callaway Street East• Saint Joseph,Minnesota 56374
Email cityoffices@cityofstjoseph.com Phone 320.363.720I Faar 320.363.0342
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www.cityofstjoseph.com
Administrator
Judy Weyrens
July 26, 2018
Mayor
CM St. Joe,LLC
Rick Schultz 122— 12`h Ave N
St. Cloud, MN 56303
Councilors �� Country Manor Senior Living Facility Tax Abatement
Anne Buckvold Dear Sir or Madam:
Troy Goracke
Bob Loso In accordance with the Tax Abatement Agreement with the City of St. Joseph,enclosed is
Dale Wick the payment in the amount of$3,401.76 for the first half abated taxes paid in 2018. The
amount represents 75%of the city's share of the construction portion of the market value.
If you have any questions or need additional information please feel free to contact me or
Judy at 320-363-7201.
Sincerely,
CITY OF ST.JOSEPH
Lori Bartlett
Finance Director
cc: St. Joseph EDA
Flle(Tax AbatemenU2016 Senior Housmg/Tax Abatement Payments/2018 Abatement-1�`hal�
75 Callaway Street East• Saint Joseph,Minnesota 56374
Email cityo�ces@cityofstjoseph.com Phone 320.363.720I Fax 320.363.0342
7/26/2018
FebPaidPaid
Aug1
2018201920192020202020212021202220222023202320242024202520252026202620272027202820282029202920302030203120312032203220332033203420342035203520362036203720372038
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for 3,401.76
AbatedDueDueDateDate
Taxes
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6,803.53
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$200,000,
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Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation/Tax11,085Valuation
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Valuation
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84.53475.081484.53475.081584.53475.081684.53475.080184.53475.0800
Abatement
Country Paymentsfor 20182019202020212022202320242025202620272028202920302031203220332034203520362037AbatementAbatement*
St Joseph Economic Development Authority
Expense Report
NamePay Period:
DateEventLocationMtg # Reimbursement
Total
CERTIFICATION:IDECLARETHATTHISTIMESHEETISATRUEANDCORRECTSTATEMENT
OFMEETINGSWORKEDANDTHATNOPARTOFITHASBEENPAID.
SignedDate