The URL can be used to link to this page

Home My WebLink About[04d] 2017 Annual TIF Reports EDA Agenda Item 4d MEETING DATE: July 17, 2018 AGENDA ITEM: 2017 Annual TIF Reports SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: Council considering acceptance at their July 16, 2018 council meeting. Staff will report council’s action at the meeting. PREVIOUS EDA ACTION: EDA hired Tammy Omdahl from Northland Securities to complete the reporting forms for TIF 2-1, 2-3, 3-1. Staff completed the remaining reporting forms. BACKGROUND INFORMATION: Annually the EDA and City must report a summary of the activity in each tax increment fund to the State Auditor whether or not the projects are completed. The st reporting forms are due to the State Auditor by August 1 of the following year and a summary must be th published by August 15 of the following year. In addition, the summary reports will be mailed to the School District and Stearns County for their records. For 2017, the reports include five reports for the following TIF projects: TIF 1-4 St. Joseph Development, LLC TIF 2-1 Millstream Shops and Lofts TIF 2-2 St. Joseph Meat Market TIF 2-3 Bayou Blues and Alley Flats TIF 3-1 Central MN Credit Union Call Center TIF 1-4 has been decertified; however, the City must report annually until the forgivable loans for the Meat Market and Bello Cucina are paid off in 2021. TIF 4-1 Fortitude Senior Housing was certified in May 2017. TIF reports will follow in later years. The attached TIF forms are a portion of the reporting form required by the State Auditor. Complete forms are available at city hall. BUDGET/FISCAL IMPACT: For Information Only ATTACHMENTS: Request for EDA Action – Annual TIF Reports Summary TIF Publication TIF 1-4 St. Joe Development, LLC TIF 2-1 Millstream Project TIF 2-2 St. Joseph Meat Market TIF 2-3 Bayou Blues TIF 3-1 Central MN Credit Union REQUESTED BOARD ACTION: Consider recommendation to submit the required TIF reports to the State Auditor as presented. A summary will also be published in the St. Cloud Times and submitted to Stearns County and ISD 742. PUBLIC NOTICE CITY OF SAINT JOSEPH, MINNESOTA ANNUAL DISCLOSURE OF TAX INCREMENT DISTRICTS FOR THE YEAR ENDED DECEMBER 31, 2017 (Minnesota Statutes, Section 469.175(5) TIF 1-4TIF 2-1TIF 2-2TIF 3-1TIF 2-3 St. Joe St. Joseph Meat Central MN Credit Development LLCMarketUnion Millstream ProjectBayou Blues Current Net Tax Capacity$0$40,809$10,934$40,176$2,494 Original Net Tax Capacity$0$4,790$7,626$7,460$2,427 Captured Net Tax Capacity$0$36,019$3,308$32,716$67 Principal and Interest Payments$0$34,519$9,032$38,331$0 Due in 2018 Tax Increment Received in 2017$0$38,549$4,165$42,604$89 Tax increment Expended in 2017$0$35,980$4,091$39,994$1,460 Month / Year First Tax Incr. Receipt May 2004July 2009July 2013June 2017July 2017 Date of Required Decertification 12/31/1212/31/3412/31/2112/31/2512/31/42 Additional information regarding each district may be obtained from: Lori Bartlett, Finance Director City of Saint Joseph 75 Callway Street E. Saint Joseph, MN 56374 320-363-7201 Publish: St. Cloud Times, Publish no later than 8/1/2018 Copy of DRAFT St Joseph TIF Publication FYE2017 12951_2017_Dist.xlsxPrinted 6/7/2018 Saint Joseph - TIF 1-4 St Joe Development, LLC - 2017 Annual Reporting Form HomeOverviewDistrict InfoDebtInterfund LoansPAYGProject CostsTransfersRev & ExprBa ADS 2017 Annual Disclosure Statement 1Name of Development Authority:Saint Joseph 2Name of Municipality:Saint Joseph St. Joseph Newsleader7/13/2018 3 (Name of the Newspaper)(Date of Publication) The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2017. TIF 1-4 St Joe Development, LLC 4Current net tax capacity$0 $0 5Original net tax capacity 6Captured net tax capacity$0 $0 7Principal and interest payments due in 2018 8Tax increment received in 2017$0 9Tax increment expended in 2017$0 10Month and year of first tax increment receipt5/2004 11Date of required decertification12/31/2012 The total increased property taxes to be paid from outside the district if 12fiscal disparities Option A applies*$0 * 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 2017. Additional information regarding this district may be obtained from: 13Name:Lori Bartlett 75 Callaway St E 14Address: 15City:Saint Joseph State: 16MN Zip Code: 1756374 Phone: 18(320) 363-7201Enter as 6512962551. Email: 19lbartlett@cityofstjoseph.comEnter 'none' if no email address. ADSPage 18 of 19 16711_2017_Dist_TIF 2-1 Millstream Project.xlsxPrinted 6/7/2018 Saint Joseph - TIF 2-1 Millstream Project - 2017 Annual Reporting Form HomeOverviewDistrict InfoDebtInterfund LoansPAYGProject CostsTransfersRev & ExprBa ADS 2017 Annual Disclosure Statement 1Name of Development Authority:Saint Joseph 2Name of Municipality:Saint Joseph St. Joseph Newsleader8/1/2018 3 (Name of the Newspaper)(Date of Publication) The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2017. TIF 2-1 Millstream Project 4Current net tax capacity$40,809 $4,790 5Original net tax capacity 6Captured net tax capacity$36,019 $34,519 7Principal and interest payments due in 2018 8Tax increment received in 2017$38,549 9Tax increment expended in 2017$35,980 10Month and year of first tax increment receipt7/2009 11Date of required decertification12/31/2034 The total increased property taxes to be paid from outside the district if 12fiscal disparities Option A applies*$0 * 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 2017. Additional information regarding this district may be obtained from: 13Name:Lori Bartlett 75 Callaway St E 14Address: 15City:Saint Joseph State: 16MN Zip Code: 1756374 Phone: 18(320) 363-7201Enter as 6512962551. Email: 19lbartlett@cityofstjoseph.comEnter 'none' if no email address. ADSPage 18 of 19 18049_2017_Dist.xlsxPrinted 6/7/2018 Saint Joseph - TIF 2-2 St. Joseph Meat Market - 2017 Annual Reporting Form HomeOverviewDistrict InfoDebtInterfund LoansPAYGProject CostsTransfersRev & ExprBa ADS 2017 Annual Disclosure Statement 1Name of Development Authority:Saint Joseph 2Name of Municipality:Saint Joseph St. Joseph Newsleader7/13/2018 3 (Name of the Newspaper)(Date of Publication) The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2017. TIF 2-2 St. Joseph Meat Market $10,952 4Current net tax capacity $7,626 5Original net tax capacity 6Captured net tax capacity$3,326 $5,379 7Principal and interest payments due in 2018 8Tax increment received in 2017$4,187 9Tax increment expended in 2017$4,130 10Month and year of first tax increment receipt7/2013 11Date of required decertification12/31/2021 The total increased property taxes to be paid from outside the district if 12fiscal disparities Option A applies*$0 * 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 2017. Additional information regarding this district may be obtained from: 13Name:Lori Bartlett 75 Callaway St E 14Address: 15City:Saint Joseph State: 16MN Zip Code: 1756374 Phone: 18(320) 363-7201Enter as 6512962551. Email: 19lbartlett@cityofstjoseph.comEnter 'none' if no email address. ADSPage 18 of 19 18725_2017_Dist_TIF 2-3 Bayou Blues.xlsxPrinted 6/7/2018 Saint Joseph - TIF 2-3 Bayou Blues - 2017 Annual Reporting Form Home OverviewDistrict InfoDebtInterfund LoansPAYGProject CostsTransfersRev & ExpBalance Sheet Home Home The Annual Reporting Form is required for each TIF district that must report in 2018 for the reporting year 2017 and is due by August 1, 2018. Sections of this Annual Reporting Form may be pre-populated with previously reported information. This Annual Reporting Form is interactive, a line on one worksheet may carry over to another sheet. These cells are shaded yellow. Some columns automatically calculate a total. These cells are shaded blue. The information in the shaded cells cannot be changed directly but the information can be changed on the original worksheet. Please become familiar with the forms and review each line for accuracy. Important Information for Completing SAFES Forms The OSA has become aware of an issue affecting some reporting forms that are downloaded from the State Auditor's Form Entry System (SAFES), which could include this form. Please press the Ctrl, Alt, and F9 keys at the same time to ensure that all calculations on your form are correct. Pressing these keys at the same time forces the form to recalculate and will resolve the issue. Please do this when you first open the form and again just before submitting the form, at a minimum. Please feel free to contact us at safes@osa.state.mn.us with any questions. What do the red messages in the form indicate? The red messages in the right margin indicate that data must be entered or corrected before the reporting form can be submitted. Once the data has been entered or corrected, the red message will no longer be displayed. Tab NameRed Messages Remaining Overview 0 District Info 0 Debt 0 Interfund Loans 0 PAYG 0 Project Costs 0 Transfers 0 Rev & Exp 0 Balance Sheet 0 EIC 0 ADS 0 Comments 0 Cut and Paste Errors 0 TOTAL COUNT0 Have you reviewed the instructions? Detailed instructions on how to complete the Annual Reporting Form are available by clicking the link below. CLICK HERE for detailed reporting instructions Instructional videos provide additional assistance in completing the Annual Reporting Form the videos. CLICK HERE to view videos Have you read the TIF Statements of Position? Home 18725_2017_Dist_TIF 2-3 Bayou Blues.xlsxPrinted 6/7/2018 The Office of the State Auditor (OSA) prepares Statements of Position to provide an educational resource to local governments, auditors and the public. Statements of Position are not legal advice and should not be relied upon in lieu of legal advice. CLICK HERE for a list of all TIF Statements of Position Have you saved your files? Use the SAVE AS command and choose the location to save your files on your computer. Otherwise, they will be saved to a temporary location, making them difficult to locate when you are ready to upload. Are your calculations too slow? If the calculations are too slow, change the calculation options from automatic to manual. For information regarding how to change the calculation process, please see the following link to Microsoft. CLICK HERE for Microsoft Change formula recalculation, iteration, or precision "Change when a worksheet or workbook recalculates" Do you need additional forms? A TIF District Annual Reporting Form is required to be submitted for a TIF district beginning with the year the district is certified. If you have a new TIF district that needs to be reported for 2017, please email the OSA as soon as possible. For new TIF districts, you must complete a TIF Plan Collection Form through SAFES (State Auditor's Form Entry System) before a 2017 District Annual Form can be generated. If you have a new pooled debt issue to be reported for 2017, please email the OSA. TIF@osa.state.mn.us Was this TIF District recently decertified? If a district has recently been decertified, please print and complete a Confirmation of Decertification Form from our website. Complete and sign Part A, and send the form to your County Auditor. He or she will verify the information and sign Part B. It is the authority's responsibility to make sure the OSA receives a fully completed decertification form. Confirmation of Decertification Form If the district is decertified before the maximum duration limit identified in the TIF Act is reached, please submit a copy of the city council's resolution to decertify the district in addition to the Confirmation of Decertification. Do you have additional information to share with our office? A comment box is available at the end of the reporting form. Please use the comment box as needed to share information that may be pertinent to the reporting form. If your comment exceeds the space available on the reporting form, you may email the OSA to share the information. TIF@osa.state.mn.us Home Copy of 18726_2017_Dist_TIF 3-1 Cental MN Credit Union.xlsxPrinted 6/7/2018 Saint Joseph - TIF 3-1 Central MN Credit Union - 2017 Annual Reporting Form HomeOverviewDistrict InfoDebtInterfund LoansPAYGProject CostsTransfersRev & ExprBa ADS 2017 Annual Disclosure Statement 1Name of Development Authority:Saint Joseph 2Name of Municipality:Saint Joseph St. Joseph Newsleader8/1/2018 3 (Name of the Newspaper)(Date of Publication) The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2017. TIF 3-1 Central MN Credit Union $40,176 4Current net tax capacity $7,460 5Original net tax capacity 6Captured net tax capacity$32,716 $38,331 7Principal and interest payments due in 2018 8Tax increment received in 2017$42,604 9Tax increment expended in 2017$39,994 10Month and year of first tax increment receipt6/2017 11Date of required decertification12/31/2025 The total increased property taxes to be paid from outside the district if 12fiscal disparities Option A applies*$0 * 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 2017. Additional information regarding this district may be obtained from: 13Name:Lori Bartlett 75 Callaway St E 14Address: 15City:Saint Joseph State: 16MN Zip Code: 1756374 Phone: 18(320) 363-7201Enter as 6512962551. Email: 19lbartlett@cityofstjoseph.comEnter 'none' if no email address. ADSPage 18 of 19