HRA 06/03/2010 WS - 6253W
CITY OF FRIDLEY
HRA
WORK SESSION - JUNE 3, 2010
1) Overview of HRA Funds
a) HRA General Fund
b) Revolving Loan Fund
c) Housing Replacement Funds
d) Pre '90 TIF Districts (100% poolable to other TIF districts)
i) TIF 6 — Medtronic
ii) TIF 7 — Winfield
iii) TIF 9 — Onan /Murphy Warehouse
e) Special Legislation TIF Districts (TI only available for Northstar Area)
i) TIF 11 —University/ Osborne
ii) TIF 12 — McGlynnBakeries
iii) TIF 13 — Satellite Lane Apts
f) Other Existing TIF Districts (Post'90 TIF districts— limited pooling)
i) TIF 16 — 57"' Ave (Linn)
ii) TIF 17 — Gateway East
iii) TIF 18 —Gateway West
iv) TIF 19 — 5110 Main St NE
g) Future TIF Districts
i) Gateway Northeast— need to create TIF Districts by Summer, 2012
ii) Northstar Station Area
2) Housing Replacement Program re- authorized
3) Funding Gateway West shortfall
4) Changes in recommended admin fees for TIF Districts PAO
5) TIF 6 — Medtronic U '
a) Additional tax capacity added to base in 2012 qI lab ® - t of b �"qS
b) Changes in land sale proceed percentage starting in 2012 p�� k ZZ Z` ?a -A,. /i ,1 a1O
6) TIF 19— 5110 Main St NE —ability to use funds for other purposes dw ms's ga e"—
7) Tax Increment funds expected to grow $600,000 per year through 2015
a) Onan TIF District ($350,000 per year through 2015)
b) Special Legislation TIF Districts (11, 12, 13) ($150,000 per year through 2018)
8) Northstar Station TIF District — Significant development on JLT site is critical
a) Projected to be first development— starts 26 year TIF District duration
b) Projected to generate 58% of all Northstar tax increment
c) Little or no tax increment required for JLT site
d) TI helps fund redevelopment throughout remainder of TIF District
4822 -7911 -4758, v. 1
x010
f-, A9e�d o A ddedl
('0110
CITY OF FRIDLEY
HRA
2010 HRA CASH FLOW PROJECTIONS UPDATE
1
Over the past 3 years, TIF district 1, 2 & 3 have been decertified, adding 2,830,000
of additional tax capacity to the City (7.9% of 2009 total)
2
HRA repaid final amounts owed on loan from City in Jan, 2009 ($227,560)
3
HRA paid off remaining Tax Increment G.O. bonds in Feb, 2010 ($1.8 million)
4
Remaining funds in TIF #1 will be returned to County this year which will result in a
one -time return of funds to the City based on its share of the local tax rate.
($1.5 million to be returned; City share approximately $420,000)
5
Other 2008 / 2009 Financial Activity
a. Purchased Northstar Station Land ($3.5 million)
b. Purchased property in Gateway NE area ($635,000)
6
Other 2010 Financial Activity
a. Additional purchases in Gateway NE area ($1,025,000 budgeted)
b. Home remodel demo ($225,000 budgeted)
c. Planned sale of land to Faulkner for new development (no TIF District created)
($100,000)
d. Planned sale of remaining lots in Gateway West TIF District ($225,000)
7
By the end of 2010, HRA cash balances are projected to have dropped 47% from
12/31/2006. (from $17.1 million down to $9.1 million)
8
2010 Legislature re- authorized Housing Replacement Program for Fridley
(increased to 100 properties; 22 existing; 78 remaining)
9 Future happenings:
a. Creation of new TIF District in Gateway NE area
b. Redevelopment of area surrounding Northstar Station, with emphasis on transit
oriented development (JLT site opportunities)
c. Opportunity to redevelop Columbia Arena site
d. Additional 271,000 of tax capacity added to City in 2012 from Medtronic
development.
e. TIF #7 decertified in 2012, adding approximately 63,000 of tax capacity to City
f. Expansion of Housing Replacement Program
g. Continuing promotion and use of Revolving Loan Funds (current cash balance
$3.1 million; mortgage receivable $1 million)
KM: 4836 -2948 -3782, v. 1
MONROE
MOxNESS
BERG
Greg D. Johnson
glohnson@MMBLawFirm.com
Direct 952.885.5994
James R. Casserly
Jcasserly@MMBLawFirm.com
Direct 952.885.1296
MEMORANDUM
8000 Norman Center Drive 7 952.885.5999
Suite 1000 F 952.885.5969
Minneapolis, MN 55437 -1178 wwrw.MMBLawFirm.com
To: City of Fridley
Attn: William Burns, City Manager
Paul Bolin, HRA Assistant Executive Director
Scott Hickok, Community Development Director
Richard D. Pribyl, Finance Director
From: Greg D. Johnson, CPA, Senior Financial Analyst
James R. Casserly, Esq.
Date: April 29, 2010 (revised May 26, 2010)
Re: 2010 HRA Cash Flow Projections
Our File No. 9571 -39
Based on the City's preliminary 12/31/2009 balances, the HRA 2010 budget, and projected
2010 & 2011 tax increment resulting from information obtained from Anoka County, we have
updated our development funds cash flow analysis for the Fridley HRA. As of 12/31/2009, the
HRA had estimated available fund balances totaling $9.8 million. Cash balances were lower at
$9.4M. The table below provides an overview of these balances:
Available Uses:
Prelim.
12/31/09
Fund
Balance
Prelim.
12/31/09
Cash
Balance
Source of Funds
General Redevelopment
Costs
Northstar Station Area Costs
6.8M
1.1 M
2.3M
0.2M
3AM
1 AM
0-1M
0.2M
HRA General Fund / Gateway NE
Pre '90 TI F Districts (6, 7, 9)
Post '90 TIF Districts 16, 17, 18, 19
TIF districts 11, 12 & 13
Housing Activities
4AM
4.3M
Revolving Loan Fund; Housing
Replacement districts
Total Available
$9.8M
$9.41V!
Restricted -Debt Service Only
3.OM
3.3M
Pre '79 TIF District #1
Total, Including Restricted
$12.8M
$12.7M
All HRA Funds
KA
Not reflected in the available cash balance are two large assets. First, over $1.1 M in Mortgage
Receivables are recorded in the Housing Loan Program. Over time, the HRA should be able to
collect these funds, and have them available for other HRA initiatives. Second, $5.2M has been
paid for land acquisitions over the past few years some of which is being held for resale. In
future years the HRA can expect to have additional cash available as this land is sold. Our
current analysis does not reflect any repayment of the Mortgage Receivables and only $325,000
of land sale proceeds (TIF #18 - $225,000 and HRA General Fund — Faulkner - $100,000).
The 2004B and 2005B G.O. bonds were fully paid off in February, 2010. There are no other
G.O. bonds outstanding at this time. As required by law, the amount remaining in TIF #1 has
been, or soon will be, returned to the County. It will be redistributed to the contributing taxing
jurisdictions.
This report contains the following schedules on the following pages:
1 - 2
TIF Fund Summary
Year End Fund Balances for all TIF Districts (2007 -2020)
3
Cash Balances
Actual 2007 -2008; Projected 2009 -2012
4
Assumptions
Class Rates, Tax Rates
5 - 6
Revenues
Developer loan, Special Assessments, Other
7
Debt Service
G.O. Debt
8 - 9
Revenue Notes
Payment Due in all TIF Funds
10-33
TIF Funds 1 — 19
(2008 through 2023)
34-35
Housing Replacement Fund (HRF)
36
Revolving Loan Fund
(RLF)
37
HRA General Fund
38-39
Summary Inc. & Exp
Revenue & Expenses - All Funds (TI, HRF,RLF, Gen'I Fd)
Some issues which need further discussion include the following:
1. The HRA is spending significant resources for property in the Gateway Northeast
area. The long term plan is redevelopment of this area. The HRA will recover its
costs through the sale of land and creation of a tax increment district. To facilitate
recovery of costs from future tax increment, the HRA should monitor and implement
the following some of which have already been completed.
a) A new Gateway Northeast fund in which all related costs are aggregated
b) An interfund loan between the Gateway Northeast fund and the HRA General
fund
c) Preservation of the parcels for inclusion in a future tax increment district before
any demolition is undertaken
d) Reimbursement resolutions if future bond proceeds will be used to reimburse the
HRA for some of its costs currently being expended
2. After taking into account the payment due to Medtronic based on 2009 TI, the
Medtronic TIF District (#6) will show a negative balance of at the end of 2009.
Because 90% of the tax increment is paid to Medtronic and assuming 10% is used
for HRA admin fees, this TIF District balance will never get to zero. If substantially
less admin fees are taken from this district, as has been the case for the past four
years, the balance will eventually turn positive.
3
3. Since 12/31/2000, the Revolving Loan Fund has ended the year with a balance of
over $3.0 million. The 12/31/2009 estimated balance was $4.1 million. These
resources are being used to fund this program and other HRA housing initiatives.
4. The Housing Replacement Program TIF District currently has over $300,000. These
amounts are expected to grow to almost $500,000 by 2017. The special legislation
authorizing Fridley's participation in this program had expired, but new legislation just
passed in 2010 re- authorized the program. These funds will continue to be available
for this program.
5. The HRA General Fund shows a 12/31/2009 estimated fund balance of $6.8M, but
only a cash balance of $2.8M. $600,000 of this difference relates to a transfer for the
Gateway NE fund. The remaining difference is primarily due to interfund loans
recorded to show funds for the negative fund balances in the following TIF Districts:
TIF #6 (Lake Pointe — Medtronic) 588,000 Expect to be repaid
TIF #11, 12 & 13 208,000 Expect to be repaid
TIF #16 (57th Ave Redevelopment) 124,000 Expect to be repaid
TIF #17 (Gateway East) 773,000 Expect to be repaid
TIF #18 (Gateway West) 1,514,000 Do not expect all to be repaid
TIF #19 (5110 Main St NE) 31.000 Expect to be repaid
Total Interuund Loans 23 00
The negative balance in TIF #18 is unlikely to be repaid, but it is difficult to project
the shortfall until the project has been fully built out. We should review what amount
to transfer to this fund once all land sale proceeds have been received, and all
properties fully built out and valued. It may be prudent to transfer approximately
$500,000 to TIF #18 in 2010. TIF districts 6, 11, 12, 13, 16, 17, and 19 should all
eventually show positive fund balances, so no transfers need be made at this time.
6. As part of the Ominbus Public Finance Bill of 2009, (see Laws of Minnesota 2009,
Chapter 88) passed by the Minnesota Legislature last year, the 5 -Year Rule has
been extended to 10 years for TIF Districts certified on or after 7 -1 -2003 and before
4 -20 -2009. This applies only to redevelopment and renewal and renovation districts.
For the City of Fridley, this means that in TIF districts 18 and 19, new expenditures
are allowed for up to 10 years after the districts were certified. There is little benefit
for TIF #18 (Gateway West) since this district will use all its tax increment to recover
costs already advanced. However, in TIF #19 (5110 Main St NE), the HRA will have
an opportunity for maximizing the resources of this TIF district for the Northstar
Project area or housing programs.
7. Admin fees in some of the TIF districts should be reduced. Based on projecte
admin fees equal to 5% of tax increment for future years, TIF district 06 Ond 8 1. SS
will each reach their projected decertification dates with over 11 % of tax increment n
admin fees. This number should be no higher that 10 %. Since all admin fees are
poolable, higher amounts can be take out tricts. The HRA is able to
take higher admin fees out of TIF Distri s 7, 9, 12 and 19. V
Over the 3 -year period 2007 -2009, TIF Districts 1, 2 and 3 all reached their maximum statutory
duration. Due to decertification, the combined captured tax capacity of these TIF districts of
2,830,000 is now available to all taxing jurisdictions. These three TIF districts represent 7.9% of
the entire tax capacity of the City of Fridley in 2009.
4
Please keep in mind that this Cash Flow Analysis only assists the City and the Authority with its
long range planning and in reviewing the solvency of its programs. We have included no project
expenses for the years 2010 and thereafter. Subsequent to 2009, we have only included on the
expense side those obligations which the HRA is committed to pay plus some administrative
and miscellaneous expenses. For revenue projections, we have been most conservative by
assuming the following:
I. No inflationary increases in market value.
2. No inflationary increases in the local tax rates.
3. No further construction by Medtronic.
4. Interest earnings on all Fund Balances at 1.5% and only through 2012.
We look forward to reviewing this Cash Flow Analysis with you and its underlying assumptions.
Attachments
KM: 4835 -8424 -9606, V. 2
_ d
_ O
00 0000000"00 O M O I- OO O _P
N cM 0 V - N M N I- V N
(3j j, N
` 0 V- r,: M O d' N CO N Lt7 Lo CO LO M y ti rn
M O I- O M N O op I� O N I` co v 00 `a N
_ O) M Oo LO O LO CO P M N
V` co v O M Ch 04
�t er �- tt P O r v n « L(1
P N
M in cc
69 5 p 0
LL o
O O O o C•M 0 0 0 0 0 0 0 0 0 0 M F- C j
co lf) co O CO O O 0 0 0 0 0 0 0 O CO ip '= O
CA CC) Cn CO LO CA N It M N Ln O) P 0 o N
M O a0 CO O CO CO O 00 O M CO IT m oo M m
•� d O LO N M N N P CO CA O M N O I� T T a) a
DY LO N N C+') M P N V LC) 0 Cl)
cL P. N Ln I�i N P CN CV O $ c c
0 3 fC0
LC) N O w m M O w M O N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 T @
N N N
N CN C4 N 04 C4 04 04 CN 04 o C
d O
M C O �0
~ CO t: w
C 3 Q cu
0 CA T N d v CO O Co I- LO Co m N N LO 1 Ln N v
f� oo 0o co co C10 m m O CO Oo w O m m m O O O 2 o w C c
P P P P T P T N N N L L Z a
Y
8 L r N
W },
o E
>
W - m C2 o o 2 0 .� Q
m > N M N �- d
O N j L2 C Q. a C m N m U- Y 2) CD E
F— cYo LO O = a) a) U N c '� Q c E rn
V O o E s E c E O a o> CD o rn
Q c > 0 0 O 0 0 -0 •o c o>
c N O N O N m v > > •� m x
> a c X a N c 0) C tw N a o c°) n a>i
d O _� CV C N U a p 0 a 0 C_ a �p Q O y t0
tU - ` C V- CO t0 CO f0 a) U m C O
LL - ,� L ,co N N M O "� N N c6 c E> a
c6 U U U 75 U U "U "V C C w `O y a) ,O O
O a) a) a) a) N N. O F- O. C W
a) o a) O a) a) a) c E 0 a) E$ -a _ °- E c N
E E m E E E E E t E E 0 rn N c ._ o •- o
_ c
c O
E�E�EoEEE a EE o��� Nc `m''"_m. a
S otio00so00 00C 00 ULO a o m >,o o f o CD UI�U�U fAU UU �TCUUMPM c 2I- L C a Y o o m
c
C
CL
C C C C C C C C C C C C O tl1 O
J
LU 0 0 0 o 0 a>) 0 a>) a>i 0 a) 0 0 0 0 0 0 0 0 0 0 0� w i g m d
p d E E E p p p p p p E E E E E E E E E E E E m
(0 N N y N
CL 0 0 0 .V .V .0 .V .C) .V 0 0 0 0 0 0 0 0 0 0 O O >
a ) N a) E E E E E E 0 0 0 0 0 0 0 0 0 0 m m
> > > O O O O O O > > > > > > > > > > > >
N N N V 0 c0) U 0 0 0 0 0 0 0 0 0 0 0 0 N N N .§ m
ix w w w w w w s .s
m O N o io o
m m Z 2 2 M
Y Y w U N * c CO p d) N N
m * N 3 C D c
a c tN m v o W * a3 N N 'C
m e a * m m o
"0 u m m o 0 c 0
c to
Z Ad w 0 'v s N a) Q c w Z s m c
0 -cam a) 0 �� �� m 0m o o y y °'° x
CO 0 S U m o c N O a io E c m O W> c �`'+ z- 'v a (D n E
O Q O a 3 V EO � ` C ?> m m p Co O d C 'o (D -0
w o -C co -c U 04 -0.c0 _Qma3)O LL u, ° 0 _ a o
.x c m ._ U o
� 0 0 o o m_ r_ � m c c O c a M Cc F= m 0 � a a>i t: N
LL U�z�du)z —� H ��O��tnLC)C�C�Ln 0C�z
LLP CV M y Lo co O CO N M P N M Co f� O CA O o U N y 'v _� o
LL T P P P T T P a = I.L.
~ N ~ LL Li N Q i
*k C * * * U
C
cc
•� O P N CO f� CA Lp O a+ L(7 CD CO N M d I� Co m O
V �� a did d ���d0 d �d �dOVOIt ''t wO a)
LL �-- W 00.
LL
51
CITY OF FRIDLEY, MINNESOTA
Page 1
HRA SUMMARY
I Fund Balances
0.0% Inflation
City
'Fund TIF Term of
# # Description District
j 100 HRA General Fund non - increment
501 Housin Re lacement 7n6/1996- 1212022
Type
H
Actual
Fund
Balance
12/31/07
7,947,569
257,118
Actual
Fund
Balance
12/31/08
7,397,792
293,977
Preliminary
Fund
Balance
12/31/09
6,800,108
304,890
Projected
Fund
Balance
12/31/10
6,327,562
339,937
Projected
Fund
Balance
12/31/11
6,545,057
373,1101
Projected
Fund
Balance
12/31/12
Projected'
Fund
Balance
12131/13
6,802,646
7,022,489
406,782
1 422,976
450
1
Center City
Pre'79
DECERTIFIED
R1
2,320,715
3,028,876
D
3,278,133
Remaining Balance Retum to Coun in 2010
0 1 01 0 0
All T/ used to pay G. 0. T/ Bonds
451
452
2
3
Moore Lake - Decertified
North Area (Univ Ind Park)-
DECERTIFIED
DECERTIFIED
R1
R1
40,577
2,193,076
0
1,727,950
0
37,804
0
0
0
0
0
0
0
0
Totals - Pro '82 Districts
2,233,653
1,727,950
37,805
_
0
0
0
0
All T/ used to Dav G. O. TI Bonds
9 453
4
JohnsoNSkywood/Frank Sh
DECERTIFIED
E
Decertify #7
1 454
5
Paco/Paschke/E Ranch Es
DECERTIFIED
E
455
456
f 457
458
459
6
8
Lake Pointe Medtronic
Winfield
Shorewood Rest - Decertifie
Onan /Mu h Warehouse
Northco Phase III - Decert'
12/1985 - 1212025
10/1966 - 12/2012
DECERTIFIED
09/1989- 12/2015
DECERTIFIED
R
R
E
R
E
(747,480)
618,112
0
1,680,915
0
(671,980)
120,183
0
392,564
_ 0
175,842
190,831
0
773,548
0
(534,622)
262,352
0
1,152,525
0
(489,352)
330,487
0
1,509,307
0
509
399,643
0
1,871,441
0
(425,666)
399,643
0
2,210,943
0
!
i
Totals - Pre '90Dlstricts
1,551,547
(159,233)
_
1,140,221
_
880,255
1,350,442
_
1,813,574
2,184,920
°
462
463
464
465
466
467
1468
1,0_9__i8_
470
1
1
3
1
15
16
17
19
University/ Osborne
McGI n Bakeries
Satellite Lane Apts
Industrial Equities (Bus. Ctr
MN Commercial Railway -De
57th Ave Linn
Gateway East
Gatewa West
5110 Main St NE Ind E
01/1992 - 12/2018
03/1892- 1212019
06 /1995 - 12/2023
DECERTIFIED
DECERTIFIED
09/1997 - 12/2024
2001 - 1212028
2005 - 1212033
2007 - 12/2034
R
R
R
E
E
R
R
R
R
300,470
200,343
400,741
0
0
128,004
866,624
1,466,196
33,058
(106,639)
(103,322)
(155,801)
0
0
126,655
819,135
1,515,564
43,457)
TIF
(40,367)
(63,540)
(104,277)
0
0
124,379
773,466
1,514,360
87,832
-
11,12,13 available
28,294
(20,410)
(51,554)
0
0
122,641
735,118
1,280,049
onl for
91,509
20,733
(3,327)
0
0
121,008
699,393
1,268,089)
17,467
Northstar Transit
155,672
62,493
45,623
0
0
95,136
663,131
1,246,409
11,498
Station
216,859
102,382 ,
92,194 {1
0 9
0
69,577
628,747
1,228,501
5,530
Gatewa Northeast
i
Totals - Post'90 Districts
(1,592,327)
(2,870,572)
(2,532,557)
P(2,204,914)
(1,997,041)
(1,752,387)
(1,520,919)
Totals- TIFDIstricts1 -19
,513,588
1,727,021
1,923,601
(646,599)
61,188
664,001
Total
265
FUND
Balance -All TIF Districts & HRA Gen'I Fund 1
Revolvin Loan Fund
1Z718.275'
, ,
9,418.790 1
,
0 1
9. 028 599
4,140,5
0
5,342 841
4,222,921
0
6 271 569
4,331,547
0
7,270 616
4,441,802
0
8109 465
4489265 432
0
Total FUND Balance (TIF,
Gen'I Fund, Revolving Loans)
16,709,750
13,538,101
13,169,130
9,565,762
10,603,115
11,712,418
12,598,898
CASH Balances
16,340,746
13,337,736
12,680,189
9,114,705
10,152,059
11,261,362
AVAILABLE USES
Redev. Funds Available - HRA General Fund
i Redev. Funds Available - Pre'90 TIF Districts 6, 7,T)
Not Available - Post'90 TIF Districts 16, 17, 18, 19
Northstar Station Area Costs (11, 12,13)
p Housing Activities RLF, HRP
7,947,569
1,551,547
2,493,881
901,554
4,248,593
7,397,792
159,233
2,504,810
365,762
4,413,288
6,800,108
1,140,221
2,324,373
208,184
4,445,420
6,327,562
880,255
2,161,244
43,670
4,562,858
6,545,057
1,350,442
2,105,955
108,914
4,704,657
6,802,646
1,813,574
2,016,174
263,788
4,848,584
7,022,489
2,184,920
1,932,354
411,435
4,912,408
Total Available FUND Balances
12,155,382
8,781,275
9,853,192
9,565,761
10,603,115
11,712,418
12,598,897
s
Restricted - Bonds DS only - Pre'82 & Pre'79 IF 1,
4,554,368 1
4,756,826
3,315,938
0
0
0
0
Total FUND Balances, including Restricted
16,70%750
1
13,169 130
_
9,565,762
_
10 603 115
11 712 418
_
12 59898
0 0 0 0 0
Tax Increment from TIF #1 and #3 is severely restricted. Currently all amounts in these districts are paying debt service
on the 2004B and 2005B bonds. Once these bonds are Daid off. the HRA will hp rpm firM to ratnm nnv rcmminlnn r„ao f^ ft- r,-Z
0
01
Fridley Cash Flow 2010d.)dsx Prepared by Monroe Moxness Berg PA 5/26/2010
CITY OF FRIDLEY, MINNESOTA
Q"RARAAOV nr nAC.0 MA.
Page 1
Fridley Cash Flow 2010d.xlsx Prepared by Monroe Moxness Berg PA 5/26/2010
q�q
CASH BALANCES
HRA General Fund
HRP Housing Replacement Program (HRP)
4 RLF Housing Funds (RLF)
Debt Service
Actual
12/31 /07
4,647,634
257,094
3,307,172
Actual
12/31 /08
3,673,363
292,047
3,352,283
Preliminary
12/31 /09
2,771,486
304,889
3,984,015
Projected Projected
12/31/10 12/31 /11
2,298,940 2,516,435
339,936 373,109
4,066,405 4,175,031
0 0
0 - 0
0 0
M
Projected
12131112
2,774,023
406,781
4,285,287
!
P
TIF Districts (Capital Projects Funds)
6
1
2
Center City
Moore Lake
2,344,960
38,101
3,014,072
0
3,275 901
0
0
0 p
A
3 North Area (Univ Ind Park)
Pre '90
2,162,033
1,683,319
2,152
0
F4
Johnson /Skywood /Frank Shear - Decertified
f
5
Paco /Paschke /E Ranch Estate- Decertified
6
6
7
8
9
10
Lake Pointe (Medtronic)
Winfield
Shorewood Rest - Decertified
Onan / Murphy Warehouse
Northco Phase III - Decertified
338,508
618,043
0
1,680,603
435,610
120,504
0
392,816
472,367
190,789
0
773,000
(238,097)
262,310
0
1,151,977
(192,827)
330,445
0
1,508,759
(160,984)
399,601
0
1,870,893
Post '90
135,179
83,590
110,372
11
12
13
14
University /Osborne
McGlynn Bakeries
Satellite Lane Apts
Industrial Equities (Bus. Ctr) - Decertified
300,466
200,343
400,741
0
104,654
88,970
158,531
66,518
40,460
57,649
198,394
262,557
124,733
166,493
158,599
207,549
15
MN Commercial Railway- Decertified
0
16
17
18
19
57th Ave (Linn)
Gateway East
Gateway West
5110 Main St NE (Ind Eq)
7,164
28,029
2,913
6,942
14,594
1,317
3,722
1,934
17,467
51,081
5,157
72,869
19,205
89,429
239,468
(38,398)
600,000
(5,611)
20,838
125,155
251,429
(32,430)
600,000
(5,611
46,710
161,416
273,108
(26,461)
600,000
(5,611).':
-N
I
Gateway Northeast
600,000
Investments
(5,611)
16,340,746
i
TOTAL
CASH BALANCES
13,337,736
12,680,189
9,114,705 110,152,059
111,261,362
d
Annual Change
(733,181)
(3,003,010)
(657,547)
(3,565,483)1
1,037,354
1,109,303
AVAILABLE USES
Redev. Funds Available - HRA General Fund 4,647,634
Redev. Funds Available - Gateway Northeast & Investments
Redev. Funds Available - Pre'90 TIF Districts (6, 7, 2,637,154
Not Available - Post'90 TIF Districts (16, 17, 18, 19) 45,0481
Northstar Station Area Costs (11, 12, 13) 901,550
Housing Activities RLF, HRP) 3,564,266
Total Available CASH Balances 11,795,652
3,673,363
948,930
21,567
352,155
3,644,330
2,771,486
594,389
1,436,156
146,574
164,627
4,288,904
2,298,940
594,389
1,176,191
309,704
329,141
4,406,341
2,516,435
594,389
1,646,377
364,992
481,726
4,548,141
2,774,023
594,389
2,109,510 $
454,773
636,599
4,692,068 ,
11,261,362
8,640,345
9,402,136
9,114,705
10,152,059
Restricted -Bonds DS only - Pre'82 & Pre'79 TIF Dist (1,3)
4,545,094
4,697,391
3,278,053
0
0
0
16,340,746
_ -_ - - -_ --------
___---
____ - -_
-__ -_ ----
p
- ----
Total CASH Balances, Including Restricted
13,337,736
12,680,189
9,114,705
10,152,059
11,261,362 f
0�
0
0
0
0
0
Fridley Cash Flow 2010d.xlsx Prepared by Monroe Moxness Berg PA 5/26/2010
MONROE
MO)INESS
BERG
Greg D. Johnson
gjohnson @MMBLawFirm.com
Direct 952.865.5994
James R. Casserly
jcasserly@MMBLawFirrn.com
Direct 952.885.1296
MEMORANDUM
8000 Norman Center Drive t 952.885.5999
Suite 1000 F 952.885.5969
Minneapolis, MN 55437 -1178 www.MMBLawFirm.com
To: City of Fridley
Attn: William Bums, City Manager
Paul Bolin, HRA Assistant Executive Director
Scott Hickok, Community Development Director
Richard D. Pribyl, Finance Director
From: Greg D. Johnson, CPA, Senior Financial Analyst
James R. Casserly, Esq.
Date: April 29, 2010
Re: 2010 HRA Cash Flow Projections
Our File No. 9571 -39
Based on the City's preliminary 12/31 /2009 balances, the HRA 2010 budget, and projected
2010 & 2011 tax increment resulting from information obtained from Anoka County, we have
updated our development funds cash flow analysis for the Fridley HRA. As of 12/31/2009, the
HRA had estimated available fund balances totaling $9.2 million. Cash balances were lower at
$8.OM. The table below provides an overview of these balances:
Available Uses:
Prelim.
12131/09
Fund
Balance
Prelim.
12131/09
Cash
Balance
Source of Funds
General Redevelopment
Costs
6.8M
1.1M
2.3M
3AM
1 AM
0.1 M
HRA General Fund / Gateway NE
Pre '90 TIF Districts (6, 7, 9)
Post '90 TIF Districts 16, 17, 18, 19
Northstar Station Area Costs
0.2M
0.2M
TIF districts 11, 12 & 13
Housing Activities
4AM
4.3M
Revolving Loan Fund; Housing
Re lacement districts
Total Available
$9.81VI
$9.4M
Restricted -Debt Service Only
3.OM
3.3M
Pre '79 TIF District #1
Total, Including Restricted
$12.8M
$127M
All HRA Funds
K,
Not reflected in the available cash balance are two large assets. First, over $1.1 M in Mortgage
Receivables are recorded in the Housing Loan Program. Over time, the HRA should be able to
collect these funds, and have them available for other HRA initiatives. Second, $5.2M has been
paid for land acquisitions over the past few years some of which is being held for resale. In
future years the HRA can expect to have additional cash available as this land is sold. Our
current analysis does not reflect any repayment of the Mortgage Receivables and only $325,000
of land sale proceeds (TIF #18 - $225,000 and HRA General Fund — Faulkner - $100,000).
The 20048 and 2005B G.O. bonds were fully paid off in February, 2010. There are no other
G.O. bonds outstanding at this time. As required by law, the amount remaining in TIF #1 has
been, or soon will be, returned to the County. It will be redistributed to the contributing taxing
jurisdictions.
This report contains the following schedules on the following pages:
1 - 2 TIF Fund Summary Year End Fund Balances for all TIF Districts (2007 -2020)
3
Cash Balances
Actual 2007 -2008; Projected 2009 -2012
4
Assumptions
Class Rates, Tax Rates
5 - 6
Revenues
Developer loan, Special Assessments, Other
7
Debt Service
G.O. Debt
8 - 9
Revenue Notes
Payment Due in all TIF Funds
10-33
TIF Funds 1 —19
(2008 through 2023)
34-35
Housing Replacement Fund (HRF)
36
Revolving Loan Fund
(RLF)
37
HRA General Fund
38-39
Summary Inc. & Exp
Revenue & Expenses - All Funds (TI, HRF,RLF, Gen'I Fd)
Some issues which need further discussion include the following:
1. The HRA is spending significant resources for property in the Gateway Northeast
area. The long term plan is redevelopment of this area. The HRA will recover its
costs through the sale of land and creation of a tax increment district. To facilitate
recovery of costs from future tax increment, the HRA should monitor and implement
the following some of which have already been completed.
a) A new Gateway Northeast fund in which all related costs are aggregated
b) An interfund loan between the Gateway Northeast fund and the HRA General
fund
c) Preservation of the parcels for inclusion in a future tax increment district before
any demolition is undertaken
d) Reimbursement resolutions if future bond proceeds will be used to reimburse the
HRA for some of its costs currently being expended
2. After taking into account the payment due to Medtronic based on 2009 TI, the
Medtronic TIF District (#6) will show a negative balance of at the end of 2009.
Because 90% of the tax increment is paid to Medtronic and assuming 10% is used
for HRA admin fees, this TIF District balance will never get to zero. If substantially
less admin fees are taken from this district, as has been the case for the past four
years, the balance will eventually turn positive.
A
K
3. Since 12/31/2000, the Revolving Loan Fund has ended the year with a balance of
over $3.0 million. The 12/31/2009 estimated balance was $4.1 million. These
resources are being used to fund this program and other HRA housing initiatives.
4. The Housing Replacement Program TIF District currently has over $300,000. These
amounts are expected to grow to almost $500,000 by 2017. The special legislation
authorizing Fridley's participation in this program had expired, but new legislation just
passed in 2010 re- authorized the program. These funds will continue to be available
for this program.
5. The HRA General Fund shows a 12/31/2009 estimated fund balance of $6.8M, but
only a cash balance of $2.8M. $600,000 of this difference relates to a transfer for the
Gateway NE fund. The remaining difference is primarily due to interfund loans
recorded to show funds for the negative fund balances in the following TIF Districts:
TIF #6 (Lake Pointe — Medtronic) 588,000 Expect to be repaid
TIF #11, 12 & 13 208,000 Expect to be repaid
TIF #16 (57th Ave Redevelopment) 124,000 Expect to be repaid
TIF #17 (Gateway East) 773,000 Expect to be repaid
TIF #18 (Gateway West) 1,514,000 Do not expect all to be repaid
TIF #19 (5110 Main St NE) 31.000 Expect to be repaid
Total Interfund Loans 38 0
The negative balance in TIF #18 is unlikely to be repaid, but it is difficult to project
the shortfall until the project has been fully built out. We should review what amount
to transfer to this fund once all land sale proceeds have been received, and all
properties fully built out and valued. It may be prudent to transfer approximately
$500,000 to TIF #18 in 2010. TIF districts 6, 11, 12, 13, 16, 17, and 19 should all
eventually show positive fund balances, so no transfers need be made at this time.
6. As part of the Ominbus Public Finance Bill of 2009, (see Laws of Minnesota 2009,
Chapter 88) passed by the Minnesota Legislature last year, the 5 -Year Rule has
been extended to 10 years for TIF Districts certified on or after 7 -1 -2003 and before
4 -20 -2009. This applies only to redevelopment and renewal and renovation districts.
For the City of Fridley, this means that in TIF districts 18 and 19, new expenditures
are allowed for up to 10 years after the districts were certified. There is little benefit
for TIF #18 (Gateway West) since this district will use all its tax increment to recover
costs already advanced. However, in TIF #19 (5110 Main St NE), the HRA will have
an opportunity for maximizing the resources of this TIF district for the Northstar
Project area or housing programs.
7. Admin fees in some of the TIF districts should be reduced. Based on projected
admin fees equal to 5% of tax increment for future years, TIF district 6, 16, 17 and 18
will each reach their projected decertification dates with over 11 % of tax increment in
admin fees. This number should be no higher that 10 %. Since all admin fees are
poolable, higher amounts can be take out of other TIF Districts. The HRA is able to
take higher admin fees out of TIF Districts 7, 9, 12 and 19.
Over the 3 -year period 2007 -2009, TIF Districts 1, 2 and 3 all reached their maximum statutory
duration. Due to decertification, the combined captured tax capacity of these TIF districts of
2,830,000 is now available to all taxing jurisdictions. These three TIF districts represent 7.9% of
the entire tax capacity of the City of Fridley in 2009.
Ell
Please keep in mind that this Cash Flow Analysis only assists the City and the Authority with its
long range planning and in reviewing the solvency of its programs. We have included no project
expenses for the years 2010 and thereafter. Subsequent to 2009, we have only included on the
expense side those obligations which the HRA is committed to pay plus some administrative
and miscellaneous expenses. For revenue projections, we have been most conservative by
assuming the following:
1. No inflationary increases in market value.
2. No inflationary increases in the local tax rates.
3. No further construction by Medtronic.
4. Interest earnings on all Fund Balances at 1.5% and only through 2012.
We look forward to reviewing this Cash Flow Analysis with you and its underlying assumptions.
Attachments
KM: 4835 - 8424 -9606, v. 2
CITY OF FRIDLEY, MINNESOTA
Page 1
SUMMARY
d Balances
0.0•/
Inflation
Actual
Actual
Preliminary
Projected
Projected
Projected
Projected
Projected
City
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
TIF
Term of
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance .
#
#
Description
District
Type
12131/07
12/31/08
12/31/09
12131/10
12/31/11
12/31/12
12131/13
12/31/14
100
HRA General Fund non - increment
7,947,569
7,397,792
6,800,106
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
501
Housing Replacement
7/18!1996- 122022
H
257,118
293,977
304,890
339,937
373,110
406,782
422,976
430,796
DecedfiO
Remaining Balance
Return to County in 2010
450
1
Center City.
Pre 79
DECERTIFIED
R1 1
2,320,715
3,028,876
2,943,040
0
0
0
0
0
Aff T7 used to pay G.O. TI
onds
451
2
Moore Lake - Decertified
DECERTIFIED
R1
40,577
0
0
0
0
0
0
0
452
3
North Area (Univ Ind Park)-1
DECERTIFIED
R1
2,193,076
1,727,950
37,804
0
0
0
0
0
Totals - Pro '82 Districts
2,233,653
1,727,950
37,805
0
0
0
0
0
Al / 77 used to pay G.O. 77 Bonds
Decertify #7
453
4
Johnson/Skywood/Frank St
DECERTIFIED
E
454
5
Paco/Paschke/E Ranch Est
DECERTIFIED
E
455
6
Lake Pointe Medtronic
12/19s5. 122025
R
47,480
671,980
175,842
534,622
489,352
2
430,512
401,092
456
7
Winfield 1
10/19W- 122012
R
618,112
120,183
190,831
262,352
330,487
399,643
399,643
399,643
457
8
Shorewood Rest - Decerfif�
DECERTIFIED
E
0
0
0
0
0
0
0
0
458
9
Onan / Murphy Warehouse
oa /im - 122015
R 1
1,680 915
392,564
773.548
1 1,152 525
1,509.307
1,871,441
2,210,943
2,550,445<
459
10
Northco Phase III - Decertil
DECERTIFIED
E
0
0
0
0
0
0
0
0
Totals - Pre'90 Districts
1,551,547
(159,233)
1,140,221
880,255
1,350,442
1,811,151
2,180,073
2,548,995
77F 11,1Z13 available o nly for Northstar Trapsit Station
TIF 11,12,13
462
11
University / Osborne
01/1992 - 122016
R
300,470
106,639
40,367
28,294
91,509
155,672
216,859
278,046
463
12
McGlynn Bakeries
o3/1992- 122019
R
200,343
(103,322 )
(63,540
(20,410 )
20,733
62,493
102,382
142,271
13
Satellite Lane Apts
os/i w5 - 12/2o231
R
400,741
(155,801)
(104,277)
51,554
(3,327
45,623
92,194
138,765
14
1 Industrial Equities (Bus: Ctr
DECERTIFIED
E
0
0
0
0
0
0
0
0
4ow
15
IMN Commercial Railway-
DECERTIFIED
E
0
0
0
0
0
0
0
0
467
16
157th Ave Linn
09/1997 - 122o24
R
128,004
126,655
(124,379)
122,641
121,008
95,136
69,577
44,018
468
17
)Gateway East
2001 - 122028
R
866624
819,135
773,466
35,118
699,393
663,131
628,747
594,362
469
18
Gateway West
2005- 122033
R
1,466,196
1,515,564
1,514,360
1,280,049
1,268,089
1,246,409
1,228,501
1,210,593).
470
19
5110 Main St NE Ind E
2007 - 122034
R
33,058
43,457 87,832
23,436
17,467
(11,498 )
(5,530
439
Gateway Northeast
Totals - Post'90 Districts
(1,592,327)
(2,870,572)
(2,532,557)
(2,204,914)
(1,997,041)
(1,752,387)
(1,520,919)
(1,289,452)
Totals - TIF Districts 1.19
4,513,588
1,727,021
1,588,508
(1,324,658)
(646,599)
58,765
659,155
1,259,544
Total FUND Balance -All TIF Districts & HRA Gen9 Fund
12,718,275
9,418,790
8,693 506
5342841
6,271 569
7,258,500
8,085 234
8,903,593
265
Revolving Loan Fund
3,991,474
4,119,310
4,140,531
4,222,921
4,331,547
4,441,802
4,489,432
4,537,062 .
265
Special 59venue/Houslng Programs
0
0
0
0
0
0
0
0
otal FUND Balance (TIF, Gen9 Fund, Revolving Loans)
16,709,750
13,538,101
12,834,037
9,565,762
10,603,115
11,700,303
12,574,666
13,440,656
CASH Balances
16,340,746
13,337,736
12,680,189
9,114,705
10,152,059
11,249,246
AVAILABLE USES
Redev. Funds Available - HRA General Fund
7,947,569
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
Redev. Funds Available - Pre'90 TIF Districts 6, 7, 9
1,551,547
(159,233)
1,140,221
880,255
1,350,442
1,811,151
2,180 073
2,548,995
Not Available- Post'90 TIF Districts (16,17,18, 19
2,493,881
2,504,810
2,324,373
(2,161,244)
2,105,955
2,016,174
1,932 354
1,848,534
Northstar Station Area Costs 11, 2,13)
901,554
365,762
208,184
43,670)
108,914
263,788
411,435
559,082
Housing Activities RLF, HRP
4248,593
4,413,288
4,445,420
4,562,858
4,704,657
4,848,584
4,912,408
4,967,858
Total Available FUND Balances
12,155,382
8,781,275
9,853,192
9,565,761
10,603,115
11,700,302
12,574,666
13,440,655
Restricted - Bonds DS only - Pre '82 & Pre 79 TIF 1, 3
4,554,368
4,756,826
2,980 845
0
0
0
0
0
Total FUND Balances, including Restricted
16,709,750
1 13 538,101
12 834,037
9,565,762
10,603,115
11,700 303
12,574,666
13 440,656
0
1 01
0-F
0
1 0
0
0
0
Tax Increment from TIF #1 and #3 is severely restricted. Currently all amounts in these districts are paying debt service
on the 2004B and 2005B bonds. Once these bonds are paid off, the HRA will be required to mtum.any remaining funds to the County.
Fridley Cash Flow 2010b.xls Prepared by- Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 2
HRA
SUMMARY
Projected
Fund
Balance
1213
Term of
District
Type
Projected
Fund
Balance
12/31/15
Projected
Fund
Balance
12/31/16
projectedi
Fund
Balance
12/31/17
Projected
Fund
Balance
131116
Projected
Fund
Balance
12131/19
Fund
Chy
Fund
Balances
TIF
0.0.0 linfladon
#
#
Description
HRA General Fund non - increment
Housing Re lacement 7/18/1996- 122022
H
7,423 403
438,616
7,633,553
446,436
7,843,703
4541256
8,053,853
455,565
8,264,002
456,877
8,474,152
458,187
100
501
Pre 79
DECERTIFIED
R1
0
0
0
0
0
0
450
9
Center City
Moore Lake - Decertified
North Area (Univ Ind Park}
DECERTIFIED
DECERTIFIED
R1
R1
0
0
0
0
0
0
0
0
0
0
0
0
451
2
452
3
Totals - Pre '82 Districts
0
0
0
0
0
0
Decertify #9
453
4
Johnson/SkywocxWrank S
Paco/Paschke/E Ranch E
Lake Pointe Medtronic
Winfield
8 Shorewood Rest - Decertifi
9 Onan / Murphy Warehouse
Nortt= Phase III - Dece
DECERTIFIED
DECERTIFIED
12/19e5- 122025
10/1986 - 1212012
DECERTIFIED
09 /1989 - 122015
DECERTIFIED
E
E
R
R
E
R
E
371,673
399,643
0
2889,947
0
342,253
399,643
0
2,889,947
0
312,833
399,643
0
2,889,947
0
283,413
399,643
0
2,889,947
0
253,993
399,643
0
2,9,947
0
224,573
399,643
0
2889 940
454
5
455
6
456
7
457
456
459
10
Totals - Pre 190 Districts
2,917,917
2,947,337
2,976,757
3,006,177
3,035,597
3,065,017
vailable onl
for Alortbstar
Transit Station
462
11
Universttv /Osborne
McGI n Bakeries
Satellite Lane Apts
Industrial Equities (Bus. Ctr
MN Commercial Railway-
57th Ave Llnn
Gatewa East
Gatewa West
5110 Main St NE Ind E
Gatewa Northeast
01/1992 - 122018
0311992 - 122019
06/1995- 122023
DECERTIFIED
DECERTIFIED
0911997 - 122024
2001 - 122028
2005 - 122033
2007 -122ou
R
339,233
R 182,160
R 185,336
E 0
E 1 01
R 18,459
R 559;978
R 1,192,685
R 6,407
400,421
222,050
231,907
0
0
525,593
1,174,777
12,376
461,608
261,939
278,478
0
0
491,209
1,156,869
•18,344
522795
301,828
325,049
0
0
456,825
1,138,961
24,313
522,795 522,785
341,717 341,717
371,620 418,1910
0
0
0 0
422,440 388,056 .
1,121,053 1,103,145
30,281 36,250
463
12
464
465
13
14
466
15
467
16
468
17
469
18
470
19
Totals - Post '90 Districts
(1,057,984)
(833,617)
(627,709)
(421,801)
(277,079)
(172,247)
Totals -TIF Districts 1 -19
1,859,933
2,113,720
2,349,049
2,584,377
2,758,518
2,892,770
Total FUND Balance - All TIF Districts & HRA Gent Fund
9,721,952
10,193 709
10,647 007
11,093,795
11,479,397
11,825,109
265
265
Revolvino Loan Fund
S ial Revenue/Housin Programs
4,584,692
0
4,632,322
0
4,679,952
0
4,727,582
0
4,775,212
0
4,822,842
0
otal FUND Balance (TIF, Gen9 Fund, Revolving Loans)
14,306,645
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
CASH Balances
AVAILABLE USES
Redev. Funds Available - HRA General Fund
Redev. Funds Available - Pre'90 TIF Districts 6, 7, 9
Not Available - Post SO TIF Districts 16 17 18 19
Northstar Station Area Costs 11, 12, 13
Housing Activities RLF, HRP
7,423,403
2,917,917
1,764,714
706,730
5,023,308
55
7,633,3
1 2,947,337
1,687 995
854,377
5,078,758
7,843,703
1 2,976,757
1,629,734
1,002,025
1 5,134,208
8,053,853
1 3 006,177
1,571,473
1,149,672
1 5,183,148
8,264,002
3 035,597
(1,01
1,236,133
1 5,232,089
8,474,152
3,065,017
1,454,951
1 1,282,704
1 5,281,029
Total Available FUND Balances
14,306,644
14,826,031
1 15,326,959
15,821,377
16,254,609
16,647,951
Restricted - Bonds DS onl - Pre'82 & Pre'79 TIF 1, 3
0
0
0
0
0
0
Total FUND Balances, including Restricted
14,306,6M45
14,826 031
0
15,326,959
0
15,821 378
0 0
16,z54,609
0
16,647,951
0
Tax Increment from TIF #1 and #3 is sevemly restricte
. - -- anti 2r11715B bands. Once these bonds ar
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
W
CITY OF FRIDLEY, MINNESOTA
SUMMARY OF CASH BALANCES
Page 3
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
Actual
Actual
Preliminary
Projected
Projected
Projected
12131107
12131/08
12/31/09
12131110
12/31/11
12/31112
CASH BALANCES
HRA General Fund
4,647,634
3,673,363
2,771,486
2,298,940
2,516,435
2,764,331
HRP
Housing Replacement Program (HRP)
257,094
292,047
304,889
339,936
4,066,405
373,109
406,781
RLF
Housing Funds (RLF)
3,307,172
3,352,283
3,984,015
4,175,031
4,285,287
Debt Service
TIF
Districts (Capital Projects Funds)
0
01
0
1
Center City
2,344,960
3,014,072
3,275,901
0
0
2
Moore Lake
38,101
0
0
0
_
0
3
JNorth Area (Univ Ind Park)
2,162,033
1,683,319
2,152
0
0
Pre '90
4
Johnson/Skywood/Frank Shear - Decertified
5
Paco /Paschke/E Ranch Estate - Decertified
6
Lake Pointe (Medtronic)
338,508
435,610
472,367
(238,097)
(192,827)
(163,407)
7
Winfield
618,043
120,504
190,789
262,310
330,445
399,601
8
Shorewood Rest - Decertified
0
0
0
0
0
0
9
Onan / Murphy Warehouse
1,680,603
392,816
773,000
1,151,977
1 1,508,759
1,870,893
10
Northco Phase III - Decertified
Post
'90
135,179
83;59'0
110,372
11
University / Osborne
300,466
104,654
66,518
198,394
262,557
12
McGlynn Bakeries
200,343
88,970
1 40,460
124,733
166,493
13
Satellite Lane Apts
400,741
158,531
57,649
158,599
207,549
14
Industrial Equities (Bus. Ctr) - Decertified
0
15
MN Commercial Railway- Decertified
0
16
57th Ave (Linn)
7,164
14,594
17,467
19,205
20,838
46,710
17
Gateway East
28,029
1,317
51,081
89,429
125,155
161,416
18
Gateway West
2,913
3,722
5,157
239,468
251,429
273,108
19
5110 Main St NE (Ind Eq)
6,942
1,934
72,869
(38,398)
600,000
(5;611)
(32,430)
600;000
M611')
(26,461)
600,000
(5;611)',
Gateway Northeast
600,000
Investments
(5,611)
TOTAL CASH BALANCES
16,340,746
13,337,736
12,680,189
9,114,705
110,152,059
11,249,246
Annual Change
(733,181)
(31003,010)
(657,547)
(3,565,483)
1,037,354
1,097,187
AVAILABLE USES
Redev. Funds Available - HRA General Fund
4,647,634
3,673,363
2,771,486
2,298,940
2,516,435
2,764,331
Redev. Funds Available - Gateway Northeast & Investments
594,389
594,389
594,389
594,389
Redev. Funds Available - Pre'90 TIF Districts 6, 7, 9
2,637,154
948,930
1,436,156
1,176,191
1,646,377
2,107,087
Not Available - Post'90 TIF Districts 16, 17, 18, 19
45,048
21,567
146,574
309,704
364,992
454,773
Northstar Station Area Costs 11, 12, 13
901,550
352,155
164,627
329,141
481,726
636,599
Housin_c
I Activities RLF, HRP
3,564,266
3,644,330
4,288,904
4,406,341
4,548,141
4,692,068
Total Available CASH Balances
11,795,652
8,640,345
9,402,136
9,114,705
10,152,059
11,249,246
Restricted -Bonds DS only - Pre'82 & Pre 79 TIF Dist 1,
4,545,094
4,697,391
3,278,053
0
0
0
Total CASH Balances, Including Restricted
16,340,746
1 13,337,736
1 12,680,189
1 9,114 705
.10,152,059
11,249,246
0
0
1 01
0
0
0
1
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
Interest
CITY OF FRIDLEY, MINNESOTA Page 4
ALL TIF DISTRICTS -
ASSUMPTIONS
_ _=tndT PrOlected
. All Athi
" 01i :M�
-Cent Req Date bef 8/1/79 - Lesser of 10% of budgeted expenditures or 7 U- -10 or acruai exF
-Cert Req Date bef 7/2/82 - Lesser of 5% of budgeted expenditures or 5% of actual ext
d Req Date before 811/01- Lesser of 10% of budgeted expenditures or 10•� of actual exI
7/31/01- Lesser of 10•� of budgeted expenditures or 10% of actual TIF
- mrarnaa naw
ket Value Base
e Rate
s-for vvallu�eeaabove
- Low
-ket Value Base
e Rate
e for value abov
for
egDaea
e
revenues
TIF 11 -
1.UU /o
1.25%
1.UU /o
1.25%
1.Uu /o
1.25%
i.UV io
1.25%
150,000 1
150,000
1 9.50%
1.50%
City of Fridley
Anoka County
ISD #
150,000
1.50%
150,000
1.50%
150,000
1.50%
150,000
1.50%
150,000
1.50%
150,000
1.50%
99.64%
0.00%
99.64 %.
0.0.0 %i
2.00%
2.00%
2.00%
2.00%
2.00%
2.00°/
base
Watershed
."IF 93
- 20.0%
-21.1%
- -22.7%
- 22.7%
-22.7%
-22.7%
-22.7%
- 22.7%
"Moore Lk"
'TIF #3"
"Medtronic"
"Onan" **
#9 is .97756
Average:
0.92322
0.94072
0.88929
0.91063
0.90679
0.91413
0.93488
0.94762
0.95092
0.86496
0.96366
0.93241
0
0
0
0
0
0
2
3
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
base
* Local Tax Rate does not include any rate charged for the State Property Tax.
It also excludes any effective rate adjustment due to fiscal disparities (In previous years this equated to an effective 10% higher rate).
Fridley Cash Flow 2010b.)is Prepared by Monroe Moxness Berg PA 4/29/2010
;lass 4d
(TIF #1)
Changed to .75% for 2006 with stricter rules
0 0 0 0
0
C
enditures
TIF 6,7,9
revenues
TIF 11 -
1.UU /o
1.25%
1.UU /o
1.25%
1.Uu /o
1.25%
i.UV io
1.25%
150,000 1
150,000
1 9.50%
1.50%
0.75% 0.75%1 0.75% 0.75% 0.75% 0.75%1 0.75%1 0.
n 7r1oi n 7ro/ n 75% 0.75% 0.75% 0.75%1 0.75%1 0.
.ocal Tax Rates
1.00%
1.25%
1.00%
1.25%
1.00%
1.25%
1.UU /o
1.25%
1.UU /o
1.25%
1.Uu /o
1.25%
i.UV io
1.25%
..
1.25%
0.32258
0.35189
0.32258 .
0.35189
City of Fridley
Anoka County
ISD #
99.64%
99.64%
99.64%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64 %.
0.0.0 %i
Misc
Watershed
."IF 93
- 20.0%
-21.1%
- -22.7%
- 22.7%
-22.7%
-22.7%
-22.7%
- 22.7%
.ocal Tax Rates
0.31941
0.32096
0.31349
0.30695
0.30324
0.31078
0.28640
0.32078
0.32258
0.35189
0.32258
0.35189
0.32258
0.35189
0.32258 .
0.35189
City of Fridley
Anoka County
ISD #
Misc
Watershed
fl
1
Districts ISD District
13 16 17,1114 6 Cities
8 14 Rice Creek
11 12 16 6 Cities
19 13 6 Cities
9 14 15 16 Rice Creek
Onan" Frozen Tax Rate TIF
"Moore Lk"
'TIF #3"
"Medtronic"
"Onan" **
#9 is .97756
Average:
0.92322
0.94072
0.88929
0.91063
0.90679
0.91413
0.93488
0.94762
0.95092
0.86496
0.96366
0.93241
0.95658
0.97226
0.95838
0.85567
0.97406
0.94339
0.99092
1.00601
0.95075
0.91331
0.96584
0.96537
1.13820
1.15294
1.06679
0.99423
1.08153
1.08674
1.13820
1.15294
1.06679
0.99423
1.08153
1.08674
1.13820
1.15294
1.06679
0.99423
1.08153
1.08674
1.13820
1.15294
1.06679
0.99423
1.08153
1.0867,
2
3
6
7
**
* Local Tax Rate does not include any rate charged for the State Property Tax.
It also excludes any effective rate adjustment due to fiscal disparities (In previous years this equated to an effective 10% higher rate).
Fridley Cash Flow 2010b.)is Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 5
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/2912010
OTHER REVENUES
Prindpal
Int. RL
Term
2006
2007
2006
2009
2010
2011
2012
2013
2014
HRA General Fund
Sheet Metal Connectors
(MSCJ, Inc.)
Loan
$200,000
5.00%
(211995 - 2/2003)
Victor Rosenblum Loan
$125,000
5.00%
(2/1997 - 8/2002)
TIF #15
Minnesota Com mercial Rail Property
Loan
$125,000
5.00%
(8/2000 - 2/2008)
Special Assessments
Shorewood
(1991 - 2003)
Moore Lake Shopping Center
(1991 - 2003)
Northwest Racquet
(1991 - 2003)
Actual
Actual
Actual
Preliminary
Budget
IT Levy
343 ,135
351,957
367,942
504,888
498,000
498,000
498,000
498,000
498,000
ntal
$800 per m
(2001- Frauenshuh Pkg Lot)
9,600
9,600
9,600
13,350
14,000
14,000
14,000
14,000
14,000
SUBTOTAL - HRA General Fund Revenues
352,735
361,557
377,542
518,238
512,000
512,000
512,000
512,000
512,000
OTHER
TIF #12
McGlynn Development Payment
(211994 - 8/2008)
9,182
9,182
9,182
71F #14
Industrial Equities loan
$140,000
5.00%
(8/1998 - 82006)
21,956
Agro-K Loan (TIF #2)
Payments readjusted at 1012005
new payment starting 11/1/2005
$75,000
5.00%
(1111997- 1012015)
8,473
8,473
8,473
8,473
8,473
8,473
8,473
8,473
8,473
refinanced Nov, 2005
11.75%
(11/2005- 102015)
ACCAP Loan (HLP - Fund 265)
Annual Payments
$57,500
7.25%
(811996 - 82025)
3,805
3,806
3,807
3,808
3,809
3,810
3,811
3,812
3,813 ,
TOTALS
$ 722,500
396,150
383,017
399,003
530,518
524,281
524,282
524,283
524,284
524,285
HRA General Fund
Medtronic Land Sale Receipts
110,044
67,843
71,891
43,117
193,411
90,541
117,679
117,679
117,679
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA
Page 6
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
2021
2015
2016
2017'
2018
2019
2020
OTHER REVENUES
Int Rt.
I ITerm
Principal
HRA
General Fund
Inc.)
5.00%
Loan
(211995- ?02003)
Sheet Metal Connectors (MSCJ,
$200,000
5.00%
(211997- 8/2002)
Victor Rosenblum Loan
$125,000
#15
TIF
Minnesota Commerclal Rail Property
$125,000 5.00%
Loan
(82000- 202008)
Special Assessments
Shorewood
(1991- 2003)
Moore Lake Shopping
Northwest Racquet
Center
(1991- 2003)
(1991- 2003)
Tax Levy
498,000
498,000
498,000
498,000
498,000
498,000
498,000
Rental
$800 per m
(2001- Frauenshuh Pkg! ot)
14,000
14,000
14,000
14,000
14,000
14,000
14,000
SUBTOTAL - HRA General Fund Revenues
512,000
512,000
512,000
512,000
512,000
512,000
512,000
OTHER
TIF #12
McGlynn Development Payment
(211994 - 8/2008)
TIF #14
Industrial Equities Loan
$140,000
5.00%
(8/1988 - 82006)
Agro -K Loan (TIF #2)
$75,000
Payments readjusted at 102005
5.00% (11/1997- 1012015)
7,061
refinanced Nov, 2005
11.75%
(11)2005- 10/2015)
ACCAP Loan (HLP - Fund 265)
Annual Payments
$57,500
7.25%
(8/1996 - 8/2025)
3,814
3,815
3,816
3,817
3,818
3,819
3,820
TOTALS
$ 722,500
522,874
515,815
515,816
515,817
515,818
515,819
515,820
HRA General Fund
Medtronic Land Sale Receipts
117,679
117,679
117,679
117,679
117,679
117,679
117,679
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA Page 7
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CE
DEBTSERVICE
■
s�■���
■
• , , , ,
ENIN M.,
■■
(20 05
, , .
MMM�a■■■■MM�
Refunded in 2005
(2005 - 212012)
ME
■■
�■■����v�■o�
ME
ME
■■
■■
���■��
City .. - ... Revolving
. -
��o■■�
, , . , ,
■■
..
•
���
■■
�
ME
MEMISM
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 8
^1
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
8/2000 - 82007
2006
115,524
2007
42,241
2008
2009
2010
2011
2012
2013
REVENUE NOTES
% of TI Tenn
Principal
Int. Rt.
TIF #3 (North Area)
Banfill Sr. Crossing
683,156
8.00%
90%
90%
of TI
Paschke
Max payment
12,484
of TI
8/1999-.&2005
PAID OFF
60,000
7.00%
TIF
#6 (Lake Pointe
"Reimbursement Payments"
ad
200K of tax capty
returned to County
Medtro
Ic
of TI
of TI
8/2001- 2 /2012
8/2012 - 2/2026
557,466
610,646
647,087
0
1,604,956
814,865
ant
Increase . to 22.22'/
All Eliglble E
6.75%
90%
90%
TIF
#9 (Onan)
Ryiund Max payment .
32,000 8.00% 90%
Onan / Murphy Warehouse
496,303 8.00% 48%
6,178
of TI
of TI
611996-
812001 - 212016
PAID OFF
#11
TIF
Max payment
9.50% 90%
16,740
of TI
811994 - 2)20 03
Bob's Produce
90,936
TIF #12 (McGlynn)
Max payment
9.50% 95%
is more than availabie TI
of TI 8/1994 - 2/2009
DONE
McGlynn's
701,172
TIF #16 (57th Ave)
8.50%
90%
0
of TI
8/1999 - 22012
26,063
20,965,
24,246
26,483
26,572
24,214
0
0
Linn Project
175,000
11F
#'19
Industrial Equities - 5110 Main St. NE
1,500,000 7.00% 90% of TI
8/2009 - 22021
0
0
0
0
238,625
107,434
107,434
107,434
REVIEW
BENEFIT TO HRA OF PREPAYING ANY REV. NOTE
$ 3,738,567
Total Revenue Notes
699,053
1 673,852
671,333
26,483
1,870,153
1 946,512
636,991
636,991
83,204 0
variance
01
0
1
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 9
1�
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
REVENUE NOTES
Principal
I Int Rt
% of TI
Term
2014
j 2015
2016
2017
2018
2019
2020
2021
TIF #3 (North Area)
Banfill Sr. Crossing
683,156
8.000A
90%
of Ti
8/2000 - 8/2007
Paschke
Max payment
12,484
60,000
7.00%
90%
of TI
8/9999 - 8/2005
71F #6 (Lake Pointe
Reimbursement Paym ents'
Medtronic
All Eligible E )q
6.75%
90%
of TI
8/2001- 2/2012
529,557
529,557
529,557
529,557
529,557
529,557
529,557
529,557
90%
of TI
812012 - 212026
TIF #9 (Onan)
Rylund
Max payment
1 6,178
32,000
8.00% 90%
of TI
819996 - 212004
Onan / Murphy Warehouse
496,303
8.00%
48%
of TI
8/2009 - 2/2016
TIF #11
Bob's Produce
Max payment 1
16,740
90,936
9.50%
90%
of TI
6/9994 - 220 03
TIF #12 (McGlynn)
McGlynn's
Max payment
is more than available TI
701,172
9.50%
95%
of TI
8/1.994- 220 09
TIF #16 (57th Ave)
Linn Project
0
175,000
8.50%
90%
of TI
811999-2)2012
0 1
0
0
0
0
0
0
0
TIF #19
Industrial Equities - 5110 Main St. NE
1,500,000
7.00%
90%
of TI
82009 - 22029
107,434
107,434
107,434
107,434
107,434
107,434
107,434
0
REVIEW BENEFIT TO HRA OF PREPAYING ANY REV. NOTE
$ 3,738,567
Total Revenue Notes
636,991
636,991
636,991
636,991
636,991
636,991
636,991 1
529,557
variance
0
0
0
0
0
0
0
0
1�
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 10
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
1
DISTRICT #'I
City-Decertified
�.
2015 0
0
0
0
TIF DISTRICT #1 County
Center Ctty- DecertM City
A2 8 A8
Fund 450
TIF
Center
Redevelopment District Pre -1978
0511979 - 8/1 !2009
TOTALS
Actual Preiimina
2008
2,320,715
should
597,743
17,104
100,319
Projected --->
2009 2010 2011
3,028,876 21943,040 0
only receive first 1/2
0 0 0
1,440 0 0
2012 0
0
0
2013 0
0
0
2014 0
0
0
TIF Plan
To End
Budget
of District
Fund Balance
0
Revenues:
Inflation
14,686,352
Tax
Increment (TI)
0.00%
17,000,000
Market Value Homestead Credit (MVHC)
110,724
10,506,084
4,852,080
40,815
525,884
Bond
Proceeds
23,429,914
Loan
Proceeds
5,000,000
Other Revenues
200,000
Investment
Eamings *
1,700,000
Change in FMV of investments
0
0
4,852,081
35,574,020
715,166
1,440
0
0
0
0
0
Sales/lease proceeds
Transfers In
32,209,827
Annual Revenues
79,539,741
Expertses
10,149,245
1,364,482
2,061
290,065
Land/building acquisition
13,192,079
Site improvements /prep. cost
3,548,973
installation of public utilities
10,000
Parking facilities
482,879
Streets and sidewalks
10,000
4,050
Public park facilities
0
0
Social, recreational, etc.
Admin Fees-Cl RA (TI * %
Professional Services
1,700,000
589,450
75,084
7,005
682
School Dist. referendum reimb
1,172,763
-
0
0
0
return to County
Interest Expense
2,550,000
1,320,030
1,949,809
Transfers Out
Debt Service - Bonds
37,487,862
14,057,948
15,746,430
0
0
86,594
actual
1,793,231
paid off Feb, 2010
Debt Service -Rev. Notes
Debt Service - Loan
5,000,000
4,852,081
0
Interfund loans
1,500,000
79,539,741
8,279
35,574,020
7,005
87,276
2,943,040
0
0
0
0
0
Other Expenses
Annual
Expenses
Annual Increase i Decreas e
0
0
708,161
(85,836)
(2,943,040)
0
0
0
0
0
Ending Fund Balanc
1
0
3,028,876
2,943,040
0
0
0
0
0
0
* Use of funds in this TIF District are severe limited.
After final debt service payments have been made,
the TIF District should Drobabty be decertified.
Balance
3,014,072
3,275,901
0
0
CASH
* Interest Earnings on B of Yr balance
-Interest Expense on n alive fund balance
Administrative Fees
4.0%
Estimated
4.3%
Actual
1.2%
Actual
1.5%
0.0%
0.0%
1.5%
1.5%
1.5 °k
Ori 1 ginal Market Value
Original Tax Ca c
Total Market Value
Estimated Tax Ca 0c
7,833,600
119,311
8o,529,000
779,861
7,833,600
118,636
61,306,238
797,407
Captured Tax Ca d
Calculated Tax Increment
660,550
629 594
14747
678,771
670,186
670,186
01 01
01
01
0
Variance incl MVHC
0.95658
0.99092
Tax Rate
99.64%
99.64 °k
0.00%
0.00%
0.00%
0.00%
Tax Collection Rate
Inflation
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
1
CITY OF FRIDLEY, MINNESOTA
Page 11
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #2
A5 & A9 I
TIF DISTRICT #2
Moore Lake - Decertli
City Fund 451
Moore Lake - Decertified
'' tedeveiopment District
1-1212007
TOTALS
TIF Plan
To End
Actual
Prellmin an
Projected —>
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
0
40,577
0
0
0
0
0
0
0
Reven ues:
Inflation
Tax Increment (TI)
0.0D%
13,000,000
11,562,132
0
0
0
0
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
118,698,003
928,170
Loan Proceeds
0
Other Revenues
MVHC
2,200,000
67,860
Investment Earnings'
1,300,000
229,958
119
0
0
0
0
0
0
0
Change in FMV of investments
0
Salesllease proceeds
0
Transfers In
23,496,006
2,010,446
Annual Revenues
58,694,009
14,798,566
119
0
0
0
0
0
0
0
Expenses
Land/building acquisition
4,678,406
1,224,721
Site improvements /prep. costt
3,639,449
1,961,657
Installation of public utilities
120,345
0
Parking facilities 1
0
Streets and sidewalks
53,000
0
Public park facilities
467,202
4,050
Social, recreational, etc.
0
Admin Fees- City/HRA (TI .%
650,000
146,844
631
0
0
0
0
0
0
0
Professional Services
0
School Dist referendum reimb
1,221,631
Interest Expense "
0
0
0
0
0
0
0
0
Transfers Out
1,950,000
1,534
Debt Service - Bon
19986
29,916,805
5,840,322
40,065
Debt Service - Rev. Notes
11,218,802
0
Debt Service - Other
0
Interlund loans
1,993,938
Other Expenses
6,000,000
2,403,869
Annual Expenses
58,694,009
14,798,566
40,696
0
0
0
0
01
0
0
Annual Increase/ Decrease
0
0
(40,577)
0
0
0
0
0
0
0
Ending Fund Balance
0
0
0
0
0
0
0
0
0
0
Use of funds in this TIF District are severe/ limlted.
After final debt service payments have been made,
the TIF District should
bably be decertified.
r
CASH Balance I
1
0
0
0
0
. Interest Earnings on Beg of Yr balance
0.3%1
1.5%
-Interest Expense (on negative fund balance )
Actual
0.0%
Administrative Fees
1.3%
0.0%
Actual
Actual
Original Market Value
Original Tax Capacity
Total Market Value
Estimated Tax Capacity
Captured Tax Capacity
Calculated Tax Increment
Variance
0
0
0
0
01
0
0
0
Tax Rate
Tax Collection Rate
Inflation
0.00%
0.00%
0.00%
0.00%
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 12
County
TIF DISTRICT #3 B2, B3, D3 & 05
North Area (Univ Ind Park Clty Fund 452
TIF
North
DISTRICT
Area (U
#3
niv Ind Park) - Decertified
Redevelopment District
0511962 - 12!2008
TOTALS
Actual Prelimina
2008
2,193,076 1,727,950
Projected
2009
2010 2011
37,804 0
2012 0
2013 0 2014 0 2015 0
Fund
Balance
TIF Plan
Budget
To End
of District
Revenues: Inflation
Tax Increment (TI)
0.00%
25,000,000 23,921,254
1,319,401
37,693
437
32
0
0
Market
Value Homestead Credit (MVHC)
0
Bond
Proceeds
19,890,923
613,318
Loan
Proceeds
0
Other
Revenues
282,910
Investment
Earnings `
2,500,000
482,923
Change
Sales/lease
in FMV of investments
proceeds 200,000
0
0
8,122,978
33,423,383
Transfers
In
34,581,845
1,357,094
437
32
0
0
0 0 0
Annual Revenues
82,172,768
Expenses
Land/building acquisition
7,460,446
2,557,339
Site improvements /prep. cost
6,771,745
510,054
0
Installation
of public utilities
554,250
Parking facilities
1,026,297
0
Streets and sidewalks
0
Public park facilities
0
0
234,149
0
763.749
0
2,330
11,609,888
556,392
0
Social, recreational, etc.
2,820
682
Admin Fees- City/HRA (TI ` %
2,500,000
Professional Services
School Dist referendum reimb
Interest Expense "
1,819,400
0
1,689,901
37,836
Transfers Out 1 20,000,000
Debt Service - Bonds U 31,825,477
Debt Service - Rev. Notes 11,934,553
Debt Service - Other
8,122,981
Annual
Interfund loans
Other Expenses
100,000
82,172,768
9,054,501
33,423,383
1,822,220
1,690,582
37,836
0
0
0
0
0
Expenses
(0)
(465,126)
(1,690,145)
(37,804)
0
0
0
0
0
Annual Increase /Decrease
0
1,727,950
37,804
0
0
0
0
0
0
Ending Fund Balanc ' (0)
(o)
` Use of funds in this TIF District are severely limited.
After final debt service payments have been made,
the TIF District should robabl be decertified.
0
1,683,319
2,152
0
0
Net Present Value @
0.00%
CASH Balance
` Interest Earnings on of Yr balance
1.0%
1.7%
Actual
0.00/0
1.5%
0.0%
0.0%
1.5%
—interest Ex nse on n alive
fund balance
Administrative
Fees
Estimated
5218,600
90,170
Original Market Value
Ori anal Tax Ca
Value
107,717,0011
Total Market
Tax Capacity
1,905,208
Esti mated
FISCAL DISPARITIES
(411,462)
11403,576
Tax Ca ci
Captured
Calculated Tax Increment
1,340,317
20,916
0 0
0 0
0
0
0
Variance
0.95838
Tax Rate
99.64%
Tax Collection Rate
0.00%
0.00%
0.00%
Inflation
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 13
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
TIF DISTRICT #6
County #E8
71F DISTRICT #6
Lake Pointe (Medtronic)
City Fund 455
Lake Pointe (Medtronic)
-Jedevelopment District
M985 - 12/2025
TOTALS
TIF Plan
To End
Actual
Prelimin
Projected ---->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
0
(747,480)
(671,980)
175,842
(534,622)
(489,352)
(459,932)
(430,512)
(401,092)
Revenues:
Inflation
TIF #6 OTC adjusted In 2092
Tax Increment (TI)T
0.009/6
99,000,000
15,885,914
718,986
849,172
934, 112
905, 405
588 ,397
588,397
588,397
588,397'
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
40,000,000
22,829,451
Loan Proceeds
5,000,000
5,641,933
Other Revenues
15,000,000
46,335
Investment Earnings *
9,900,000
65,726
5,133
344
7,086
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
. 5,600,000
Transfers In
56,724,844
4,876,718
0
0
0
0
Annual Revenues
225,624,844
54,946,076
724,119
849,517
941,198
905, 405
588,397
588,397
588,397
588,397
Expenses
Land/bui[ding acquisition
12,702,819
11,356,323
Site improvements /prep. cosU
12,253,725
1,799,015
Installation of public utilities
3,557,273
1,518,489
Parking facilities 1
74,349,733
0
Streets and sidewalks
4,961,294
2,132
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA (TI * %
9,900,000
1,758,162
1,532
1,695
46,706
45,270
29,420
29,420
29,420
29,420
Professional Services
H
0
School Dist. referendum reimb
13,228
Interest Expense'*
0
0
0
0
1 0
0
0
0
Transfers Out
14,850,000
361
Debt Service - Bonds
64,000,000
25,018,900
Debt Service - Rev. Notes
24,000,000
13,556,518
647,087
0
1,604,956
814,865
529,557
529,557
529,557
529,557
Debt Service - Other
5,000,000
0
pmt of 764,255 owed
Interfund loans
0
Other Expenses
50,000
422
Annual Expenses
225 ,624,844
55,023,550
648,619
1,695
1,651,662
860, 135
558,977
558,977
556,977
558,977
Annual Increase/ Decrease
0
(77,474)
75,500
847,822
(710,464)
45,270
29,420
29,420
29,420
29,420
Ending Fund Balance
(77,474)
(671,980)
175,842
(534,622)
(489;352)
(459,932)
(430,512)
(401,092)
(371,673)
0
CASH Balance
435,610
472,367
(238,097)
(192,827)
` Interest Earnings on Beg of Yr balance
1.5%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
*' Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %!
Administrative Fees
11.1%
0.2%
5.00/0
5.0%
5.0%
5.0%
. 5.0%
5.0 °k
5.0%
Estimated
Actual
add 200,000 so. ft to base OTC In 2092
Original Market Value
4,226,500
4,226,500
4,226,500
4,226,500
4,226,500
4,226,500
4,226,500
4,226,500
Original Tax Capacity
83,780
83,780
83, 780
83, 780
403,780
403,780
403,780
403,780
Total Market Value
46,598,700 151,372,9DO
51,372,900
49 924,000
49,924,000
49 924,000
49,924,000
491924,000 t
Estimated Tax Ca c
931,224 11.026,708
1.026.708
997,730
997,730
997,730
997,730
997,730
Captured Tax Capacity
847,444
942,928
942,928
913,950
593,950
593,950
593,950
593,950
Calculated Tax Increment
722,522
858,085
934,112
905 ,405 1
588,397
5W.397
588,397 1
588,397
Variance
3,536
8,913
0
0
0
0
0
0
Tax Rate
0.85567
0.91331
0.99423
0.99423
0.99423
0.99423
0.99423
0.99423
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
0.00%
0.00%
0.00%
0100%
0.00%
0.00%
Inflation
Old PINs
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA
Page 14
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
2015
399,643
0
0
0
TIF
DISTRICT
#7
TIF DISTRICT 97 County
G3
Winfield
Winfield City
Fund 456
Redevelopment District
1011986 - 1212012
TOTALS
Actual Prelimina
6108,1112
72,420
9,096
81,516
Projected
20183
71,309
21
71,330
190 831
72,273
2,862
75,135
`
262,352
67,579
3,935
71,513
330,487
67,579
4,957
72,535
399,643
0
0
0
2014
399 643
0
0
0
TIF Plan
To End
Budget
of District
Fund Balance
Revenues:
Inflation
Tax
Increment (TI)
0.00%
2,000,000
11703,302
Market
Value Homestead Credit (MVHC)
0
Bond
Proceeds
1,535,903
0
Loan
Proceeds
0
Other Revenues
0
122,902
0
0
0
1,826,204
InvestmentEamings'
200,000
Change i n FMV of investments
SalesAease proceeds
Transfers In
2,071,806
Annual Revenues
5,807,709
608,000
0
0
0
Northstar Station
578,000
land
Expenses
Land/building acquisition
643,370
Site improvements /prep. c
497,392
Installation of public utilities
87,960
Parking facilities
0
0
Streets and sidewalks
Public park facilities
0
25,138
1,445
682
3,614
3,379
3,379
0
0
0
Social, recreational, etc.
200,000
Admin Fees-City/HR A (TI ` %
0
Professional Services
School Dist. referendum raimb
"
0
0
0
0
0
0
0
0
Interest Expense
1,000,000
838
Transfers Out
Debt Service - Bonds
2,457,445
792,196
Debt Service - Rev. Notes
Other
921,542
0
0
Debt Service -
0
loans
Interfund
5,807,709
389
1,426,561
579,445
682
3,614
3,379
3,379
0
0
0
Other Expenses
Annual Expenses
0
399,643
(497,929)
70,648
71,521
68,134
69,156
0
0
0
Annuallncrease /Decrease
Ending Fund Balance
399,643
0
120,163
190,831
262,352
330,487
399,643
399,643
399,643
399,643
120,504
190,789
262,310
330,445
CASH Balance
` Interest Earnings on B of Yr balance
" Interest Ex nse on n 've fund balance
Administrative Fess
1.5 °k
Estimated
1.5%
Actual
2.0%
Actual
1.5%
0.0%
5.0%
1.5%
0.0%
5.0 °k
1.51/0
0.0%
5.0%
1.5%
0.0%
5.0%
0.0%
0.0%
5.0%
11 -30- 24-32 -0034
216,600
3,582
3,966,500
78,580
216,600
3,582
3,966,500
78,580
216,600
3,582
3,569,900
70,648
216 600
3,582
3,352,100
66,292
216,600
3,582
3,352,100
66,292
Original Market Value
Original Tax Caopac
Total Market Value 1
Estimated Tax Capac
T-Captured Tax ci
Calculated Tax Increment
74,998
72,790
370
74,998
72,175
867
67,066
72,273
0
62,710
67,579
0
62,710
67,579
0
0
0
0
Variance
0.97406
0.96584
1.08153
1.08153
1.08153
Tax Rate
Tax Rate Rate
99.64%
99.64%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
0.00%
Inflation
COMMERCIAL
1MV update
MV update
MV update
MV updated
I INDUS
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 15
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
■
,
Shorewood Rest - Decertif led
-
--
Economic Development
■ 11.1
11
11
11
11,
11
11.
SEEM M.
Annual Increase Decrees a
Ending Fund Bal
----------------
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 16
Fridley Cash Flow 2010b xis Prepared by Monroe Moxness Berg PA 4/29/2010
1
2,550,445
357,3
0
357,371
TIF DISTRICT
Onan / Murphy
#9
Warehouse
TIF DISTRICT #9 County
K1
Onan / Murphy Ware City
Fund 458
Redevelopment District
0911989 - 12/2015
TIF Plan
TOTALS
To End
Actual Prellmina Projected
1,680,915 392,564
379, 598 381, 391
23,840 274
403,438 381,665
---
773 548
386, 719
11,595
398,314
-'
1, 2,525
357 ,371
17,280
374, 650
1,509 307 11871,441
357,371
22,631
380,002
2
357,371
0
357,371
2,2100,943
357,371
0
357,371
Budget
of District
Fund Balance
Revenues:
Inflation
Tax
Increment (TI)
0.00%
8,000,000
5,320,480
Market
Value Homestead Credit (MVHC)
0
Bond
Proceeds
13,410,000
0
1,353
5,108
225,251
0
0
1,353
5,553,545
Loan
Proceeds
Other Revenues
50,000
Investment
Eamings `
800,000
Change in FMV of investments
Sales/lease proceeds
Transfers In
19,970,000
Annual Revenues
42,230,000
Expenses
Northstar Station
land
5,026,000
3,100,000
1,342,000
450.000
1,694,094
11,491
0
0
1,690,000
Land/building acquisition
Site improvements /prep. cost
Installation of public utilities
Parking facilities
Streets and sidewalks
435,000
0
Public facilities
0
0
park
Social, recreational, etc.
325,000
800,000
H
0
271,223
0
Budget
1,789
682
19,336
17,869
17,869
17,869
17,869
17,869
Admin Fees- City/HRA (TI' %
Services
Professional
School Dist. referendum reimb
"
0
0
0
0
0
0
0
Interest Expense
1,200,000
931
Transfers Out
Debt Service - Bonds
Debt Service -Rev. Notes
21,456,000
8,046,000
0
685,181
0
0
0
Debt Service - Other
loans
Interfund
50,000
42,230,000
677
2,663,598
1,691,789
682
19,336
17,869
17,869
17,869
17,869
17,869
Other Expenses
Annual Expenses
Annual Increase /Decrease
0
2,889,947
(1,288,351)
380,984
378,978
356,782
362,134
339,502
339,502
339,502
Ending Fund Balance
2,889,947
0
392,564
773,548
11,152, 525
1,509,307
1,871,441
2,210,943
2,550,445
2,889,947
392,816
773,000
1,151,977
1,508,759
CASH Balance
Interest Earnings on B of Yr balance
" Interest Expense on n alive fund balance
Administrative Fees
5.1%
Estimated
1.4%
Actual
0.5%
Actual
1.5 °%
0.0%
5.0%
0.0%
5.0 °%
0.0%
5.0%
0.0%
5.0%
0.0%
5.0%
0.0%
5.0%
0.0%
5.0%
Est Ori inal Market Value
Original Tax Ca c
Total Market Value
Estimated Tax Ca
2,380,500
42,646
22,270,500
437,778
2,380,500
42,722
22,660,050
445,569
2,380,500
42,722
22,362,700
439,747
2,380,500
42,722
20,056,200
409,617
2,380,500
42,722
20,e6,200
409 617
2,380,500
42,722
20,856.200
4091617-
2,380,500
42,722
20,856,200
409,617
2,380,500
42,722
20,856,200
409,617
Captured Tax Ca ci
Calculated Tax Increment
Variance
395,132
383, 497
3,899
402,847
387, 685
6,294
397,025
386, 719
366 895
357, 371
0 0
366,895
357,371
0
366,895
357,371
0
366,895
357,371
0
366,895
357,371
0
0.97406
0.96584
0.97756
0.97756
0.97755
0.97756
0.97756
0.97756
Tax Rate
Tax Collection Rate
99.64%
99.64%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00°%
99.64%
0.00%
99.64%
0.001/0
Inflation
Certified Tax Rate
0.97756
Fridley Cash Flow 2010b xis Prepared by Monroe Moxness Berg PA 4/29/2010
1
�1
CITY OF FRIDLEY, MINNESOTA
Page 17
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
--
_
F.un,d Balance
1
■������
•
VNITTITAT.-M.
®
■■
-
-
--
SEEM
Annual Increase/Decrease
Ending FundMance
CASH Balatnm
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
T1F DISTME;I W1
University I Osborne City Fund 4E
Redevelopment District
0111992 - 12/2018
Fund Balance
Revenues: Inflation
Tax Increment (TI) 0.00 °!°
Market Value Homestead Credi
Bond Proceeds
Loan Proceeds
Other Revenues
Investment Eamings
Change in FMV of investments
Salesilease proceeds
Transfers In
Annual Revenues
Expenses
Landlbuilding acquisition
Sit improvements /prep. cost
Installation of public utilities
Parking facilities
Streets and sidewalks
Public park facilities
Social, recreational, etc.
Admin Fees- City/HRA (TI
Professional Services
School Dist referendum reimt
Interest Expense **
Transfers Out
Debt Service - Bonds
Debt Service - Rev. Notes
Debt Service - Other
MExpenses
Annual Increase / Decrease
Endino Fund Balance
ii
Tax
CITY OF FRIDLEY, MINNESOTA
TIF DISTRICT 911
University / Osbome
(Special Legislation - TI Available for No star
TOTALS
iiJriSiLZa
� � �
155,672
216,859 1
27B4O4b
&W,zaa
w+u'yA'
1.01508
99.64%
1.01508
99.64 0k
1.01508
99.64%
1.01508
99.64%
1.01508
99.64%
1.01508
99.640%
1.01508
99.$4% I
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
135,179
198,394
1.50/0
1.50/6
s
0.0%
0.0%
i
0.0 %i
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.00/01
5.0%
5.0%
5.0%
5.0%
1
E
51
12
Page 18
TIF D%RIr
University
(Special Le
2015 2014
0 0
61.187 1 61,187
28,294
91,509
155,672
216,859 1
27B4O4b
&W,zaa
w+u'yA'
1.01508
99.64%
1.01508
99.64 0k
1.01508
99.64%
1.01508
99.64%
1.01508
99.64%
1.01508
99.640%
1.01508
99.$4% I
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
135,179
198,394
1.50/0
1.50/6
1.5%
0.0%
0.0%
0.0%
0.0 %i
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.00/01
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.00/0
,398,900
26,478
,919;900
ea non
1,398,900
26,478
4,582,900
on 15R
1,398,900
26,478
4,582,900
90.158
1,398,900
26,478
4,582,900
90.158
1,398,900
26,478
4,582,900
90,158
1,398,900
26,478
4,582,900
- 90,158
1,398,900
26,478
4,582,900
90,158
0
0
0
0
u
"
"
1.01508
99.64%
1.01508
99.64 0k
1.01508
99.64%
1.01508
99.64%
1.01508
99.64%
1.01508
99.640%
1.01508
99.$4% I
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
COMMERCIAL /INDUSTRIAL MV updated MV updated JMV updated HMV updated 1 I I
prepared b Monroe Moxness Berg PA 4/29/2010
Fridley Cash Flow 2010b.xls Y
,110�
CITY OF FRIDLEY, MINNESOTA
Page 19
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #11
L6 & L7
T #11
University / Osborne
City Fund 462
Osbome
Redevelopment Distrct
gislation - TI Available for North star Station)
01/1992.12/2018
TOTALS
TIF Plan
To End
Budget
of District
2017
2018
2019
2020
2021
Fund Balance
400,421
461,608
522,795
522,795
522,795
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,500,000
1,170,998
64,408
64,408
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,050,000
0
Loan Proceeds
0
Other Revenues
50,000
0
Investment Earnings `
150,000
55,237
0
0
0
01
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
775,000
31,881
Annual Revenues
3,525,000
1,258,116
64,408
64,408
0
0
0
Expenses
Land/building acquisition
350,000
530,055
Site improvements /prep. costs
340,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA M . %
150,000
120,212
3,220
3,220
0
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense "
0
0
0
0
0
0
Transfers Out
225,000
323
Debt Service - Bonds
1,680,000
0
Debt Service - Rev. Notes
630,000
79,301
0
0
0
0
0
Debt Service - Other
4,643
Interfund loans
0
Other Expenses
50,000
787
Annual Expenses
3,525,000
735,321
3,220
3,220
0
0
0
Annual Increase/ Decrease
0
522,795
61,187
61,187
0
0
0
Ending Fund Balance
522,795
461,608
522,795
522,795
522,795
522,795
0
CASH Balance
• Interest Earnings on Beg of Yr balance
0.00/0
0.0%
" Interest Expense on negatil ve fund balance
0.0%
0.0°k
Administrative Fees
10.3%
5.0%
5.0%
Estimated
Est. Original Market Value
1,398,900
1,398,900
Ori inaI Tax Capacity
26,478
26,478
Total Market Value
11 -30- 24-22 -0026
4,582,900 14,582,900
Estimated Tax Ca c'
11 -30 -24-22 -0027
90,158
90,158
11 -30- 24-22 -0024
Captured Tax Capacity
63,680
63,680
Calculated Tax Increment
64,408
64,408
Variance
0
0
0
0
0
Tax Rate
1.01508
1.01508
Tax Collection Rate
99.64%
99.64%
Inflation
0.00%
0.00%
Certified Tax Rate
L6
1.01508
L7
1.01508
COMMERCIAL/ INDUSTRIAL
Page 19
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 20
County
TIF
Mc
Mc
(Special
DISTRICT
Glynn Bakeries
Legislation
#12
- TI
Available for
Northstar
Station)
TIF
McGlynn
(Special
DISTRh
B
Le
'��
82,160
41,
0
41,989
2,099
0
2,099
TIF DISTRICT #12 L9
& M1
McGlynn Bakeries City
Fund 463
Redevelopment District
0311992 - 12!2019
TOTALS
TIF Plan
To End
Actual Prelimina
2
343
Projected
(103,322)
(63,540)
(20,410)
20,733
62,493
02,382
1402 271
Budget of
District
Fund Balance
Revenues:
Tax Increment (TI)
Inflation
0.00%
2,200,000
1,328,021
40,260
40,452
44,761
41,989
41,989
41,989
41,989
41,989
Market
Value Homestead Credit (MV C)
0
2,781
12
607
1,254
1,871
0
0
p
Bond
Proceeds
2,412,500
0
Loan
Proceeds
0
Other
Revenues
50,000
0
Investment
Earnings'
220,000
41,158
Change in FMV of investments
Sales/Iease proceeds
0
0
43,041
40,464
45,368
43,242
43,860
41,989
41,989
41,989
Transfers in
2,905,000
32,112
Annual Revenues
7,787,500
1,401,291
Northstar Station land
Expenses
Land/building acquisition
1,550,000
287,511
287,511
Site improvements /prep. cost
380,000
213,533
59,195
346,705
682
682
2,236
0
2,238
2,099
0
2,099
2,099
0
2,099
2,099 2,099
0 0
2,099 2,099
2,099
0
2,099
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- C41HRA (TI ` %
220,000
105,723
Professional Services
0
School Dist. referendum reimb
0
Interest Expense "
0
Transfers Out
330,000
180
Debt Service - Bonds
3,860,000
0
Debt Service - Rev. Notes
1,447,500
451,851
Debt Service - Other
0
Interfund loans
0
Other Expenses
778
Annual Expenses
7,787,500
1,059,574
(303,665)
39,782
43,130
41,143
41,760
39,889
39,88 9
39,889
39,889
Annual Increase /Decrease
0
341,717
Ending Fund Balance
341,717
(103,322)
88,970
1.4%
Actual
147.0%
Actual
2,100,200
41,254
4205,700
83 364
(63,540)
40,460
1.5%
0.0%
5.0%
2,100 200
41,254
4,2D5,700
83,364
(20,410)
83,590
1.5%
0.0%
5.0%
2,100,200
41,254
4 205,7D0
83,364
20,733
124,733
1.5%
0.0%
5.0%
2100,200
41,254
4,075,300
80;756
62,493
1.5%
0.0%
5.0%
2,100,200
41,254
4,075,300
80 756
102,382
0.0%
0.0%
5.0%
2,100,200
41,254
4,075,300
80,756
142,271
0.0%
0.0%
2,100 200
41,254
4,075,300
80,756
182,160
0.0%
0.0 °l0
2,100,200
41,254
4,075,300
80,756
222,050
0.0%.
0.0%
2,100,200
41,254
4,075,300
80,756
0
CASH Balance
Interest Earnings on B of Yr balance
- Interest Ex nse on ativefund
balance
Administrative Fees
8.0%
Estimated
Est. Original Market Value
Est.
Tax Capacity
Total Market Value
10-30- 24 -14 -0060
11 -30 -24-23 -0026
Estimated Tax Ca
Fiscal Disparities
42,110
40,212
48
42,110
39,892
560
42,110
44,761
0
39,502
41,989
0
39,502
41,989
0
39,502
41;989
39,502
41,989
0
39,502
41,989
0
39,502
41,9890
0
Captured Tax Ca d
1.11211
1.02984
Calculated Tax Increment
Variance
0.95838
99.64%
0.95075
99.64%
1.06679
99.64%
0.00%
1.06679
99.64%
0.00%
1.06679
99.64%
0.00%
1.06679
99.64%
0.00%
1.06679
99.64%
0.00%
1.06679
99.64%
0.00%
1.06679
99.64%;
0.00%
Tax Rate
Tax Collection Rate
Inflation
130,238
_
Certified Tax Rate
L9
M
1
Schedule Payment - Max Amount Owed
I 1MV update
MV update
MV update
MV updated
r_nMMFRCIAL / INDUSTRIAL
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 21
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4129/2010
County
TIF DISTRICT #12
L9 & M1
#12
McGlynn Bakeries
City Fund 463
keries
Redevelopment District
0311992-1212019
TOTALS
191slation - TI Available for Northstar Station)
TIF Plan
To End
Fund Balance
Budget
of District
2018
261,939
2019
301,828
2020
341,717
2021
341,717
Revenues:
Inflation
Tax Increment (TI) 0.00% 2,200,000
Market Value Homestead Credit (MVHC)
1,328,021
0
N1'7
41,989
41,989
0
0
Bond Proceeds
2,412,500
0
Loan Proceeds
p
Other Revenues
50,000
0
Investment Eamings •
220,000
41,158
0
0
0
0
Change in FMV of investments
p
Sales/lease proceeds
p
Transfers In
2,905,000
32,112
Annual Revenues
7,787,500
1,401,291
41,989
41,989
41,989
0
0
Expenses
Land/bui[ding acquisition
1,550,000
287,511
Site improvements /prep. cosh
380,000
213,533
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
p
Public park facilities
0
Social, recreational, etc.
p
Admin Fees- City/HRA (TI . %
220,000
105,7231
2,099
2,099
2,099
0
0
Professional Services
0
School Dist. referendum reimb
p
Interest Expense
0
0
0
0
0
0
Transfers Out
330,000
180
Debt Service - Bonds
3,860,000
0
Debt Service - Rev. Notes
1,447,500
451,851
Debt Service - Other
p
Interfund loans
0
Other Expenses
776
Annual Expenses
7,787,500
1,059,574
2,099
2,099
2,099
0
0
Annual Increase / Decrease
01
341,717
39,889
39,889
39,889
0
0
Ending Fund Balance
341,717
261,939
301,828
341217
341,717
341,717
0
CASH Balance
' Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
"Interest Esc nse on negative fund balance
0.0%
0.0%
0.0%
Administrative Fees
8.0%
5.0%1
5.0%
5.0%
Estimated
Est. Original Market Value
2,100,200
2,100,200
2,100,200
Ori inal Tax Capacity
41,254
41,254
41,254
Total Market Value
10-30 -24-14 -0060
4,075,300
4,075,300
4,075,300
Estimated Tax Capacu
11 -30 -24-23 -0026
80,756
80,756
80,756
Fiscal Disparities
Captured Tax Capacity
39,502
39,502
39,502
Calculated Tax Increment
41,989
41,989
41,989
Variance
0
0
0
0
0
Tax Rate
1.06679
1.06679-
1.06679
Tax Collection Rate
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
Certified Tax Rate
L9
1.11211
M7
1.02984
Schedule Payment - Max Amount Owed
COMMERCIAL/ INDUSTRIAL
Page 21
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4129/2010
CITY OF FRIDLEY, MINNESOTA
Page 22
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 412912010
1
�.
38,765
49,0
0
49,022
TIF
Satellite
DISTRICT
Lane
#13
Apts
TIF DISTRICT #'13 County
Satellite Lane Apts City
N9
Fund 464
(Special
Legislation
- TI Available for
Northstar
Station)
Redevelopment District
06/1995 - 12/2023
TOTALS
TIF Plan
To End
Actual Prelimina
741
48,478
4,322
5,218
58,018
Projected
(55 801)
47,549
4,529
127
52,205
-->
04,277)
(?
54,588
865
55,452
(51 554)
49,022
1,656
50,678
2(3,327)
49,022
2,379
51,401
5,623
49,022
0
49,022
4
92994
49,022
0
49,022
Budget
of District
Fund Balance
Revenues: Inflation
Tax
Increment (TI)
0.00%
1,800,000
1,139,131
Market
Value Homestead Credit (MVHC)
w,796
Bond
Proceeds
3,812,500
0
Loan
Proceeds
500,000
432,109
Other
Revenues
500,000
0
Investment
Eamings
180,000
59,579
Change In FMV of investments
Salesllease pros ams
Transfers In 5,595,000
0
0
431,070
2,095,685
Annual Revenues
12,387,500
Expenses
Land/building acquisition
2,500,000
Northstar Station land
981,698
556,000
Site improvements /prep. cost
525,000
4,781
Installation of public utilities
0
Parking facilities
0
0
0
0
118,038
0
0
0
424
0
432,109
0
58,560
682
2,729
0
2,451
0
2,451
0
2,451
p
2,451
0
2,451
0
Streets and sidewalks
Public park facilities
Social, recreational, etc.
Admin Fees- City/HRA (TI ' %
180,000
Professional Services
School Dist. referendum reimb
Interest Expense "
Transfers Out
270,000
Debt Service - Bonds
Debt Service - Rev. Notes
2,287,500
Debt Service - Other
500,000
Interfund loans
730
1,537,780
614,560
662
2,729
2,451
2,451
2,451
2,451
2,451
Other Expenses
25,000
Annual Expenses
12,387,500
557,904
(556,542)
(155,801)
51, 524
(104,277)
52, 723
(51,554)
48 ,227
(3,327)
48,950
45,623
46,571
92,194
46,571
138,765
46,571
185,336
Annual Increase / Decrease
0
Ending Fund Balance
557,904
0
'
Approximately $4.0 m9 ion in costs
of this TIF District were paid
by TIF #1
10.4%
Estimated
158,531
1.3%
Actual
120.8%
Actual
57,649
1.5%
0.0 °h
5.0%
110,372
1.5%
0.0%
5.0%
158,599
1.5 °k
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
5.0%
CASH Balance
' Interest Earnings on B of Yr balance
" Interest Expense on n ative
fund balance
Administrative Fees
233,400
2,334
5,756,100
57, 561
233,400
2,334
5,506,300
65, 063
233,400
2,334
5,046,700
50 ,467
233,400
2,334
4,555,950
45,559
233,400
2,334
4,555,950
45,559
233,400
2 334
4,555,950
45,559
233,400
2,334
4,555,950
45,559
233,400
2,334
4,555,950
45,559
Es t. Original Market Value
Es
Original Tax Ca c
Total Market Value
Tax Ca c
Estimated
55,227
52,639
161
52,729
52,062
16
48,133
54,588
43,225
49 022
0 0
43,225
49,022
0
43,225
49 022
43,225
49 022
0
43,225
49,0 0
0
Captured Tax Ca ci
Calculated Tax Increment
Variance
0.95658
99.640/6
0.99092
99.64%
1.1382
99.64%
1.1382
99.64%
1.1382
99.640/a
1.1382
99.64%
1.1382
99.6478
1.1382
99.6478
Ra
Tarim
Tax Collection Rate
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Inflation
1.17706
Tax Rate
Certified
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 412912010
1
/f
CITY OF FRIDLEY, MINNESOTA
Page 23
I
I I
I
I
I
TIF DISTRICT #13
County N1
TIF DISTRICT #13
j
6,Sateliite Lane Apts
City Fund 464
Satellite Lane Apts
.edevelopment District
0611995 - 1212023
TOTALS
(Special Legislation - TI Available
for North star Station)
TIF Plan
To End
Fund Balance
Bud et
of District
2016
185,336
2017
231,907
2018
278,478
2019
325,049
2020
371,620
2021
418,191
2022
464,762
2023
511,333
Revenues:
Inflation
Tax Increment (TI) 0.00 °k 1,800,000
Market Value Homestead Credit (MVHC)
1,139,131
1 33,796
49,022
49,022
49,022
49,022
49,022
49,022
49,022
49,022
Bond Proceeds
3,812,500
1 0
Loan Proceeds
500,000
432,109
Other Revenues
500,000
0
Investment Eamings *
180,000
59,579
0
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
5,595,000
431,070
Annual Revenues
12,387,500
2,095,685
49,022
49,022
49,022
49,022
49,022
49,022
49,022
49,022
Expenses
Land/building acquisition
2,500,000
981,698
Site Improvements/prep. cosh
525,000
4,781
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees-City/1-111A (TI ` %
180,000
118,038
2,451
2,451
2,451
2,451
2,451
2,451
2,451
2,451
Professional Services
0
School Dist. referendum reimb
0
Interest Expense -
0
1 0
01
0
0
0
0
0
0
Transfers Out
270,000
424
Debt Service - Bonds
6,100,000
0
Debt Service - Rev. Notes
2,287,500
0
Debt Service - Other
500,000
432,109
Interfund loans
0
Other Expenses
25,000
730
Annual Expenses
*
12,367,500
1,537,780
2,451
2,451
2,451
2,451
2,451
2,451
2,451
2,451
Annual Increase/ Decrease
0
557, 904
46 ,571
46,571
46,571
46,571
46,571
46,571
46,571
46,571
Ending Fund Balance
557,904
231,907
278,478
325,049
371,620
418,191
464,762
511,333
557,904
0
*
Approximately $4.0 million in costs
of this. TIF District were paid by TIP #1
CASH Balance
* Interest Eamin s on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %:
-Interest Expenses( on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees 1
10.4%
5.0%
5.0%
5.00/6
5.0%
5.0%
5.00%
5.0%
5.0%
Estimated
Est. Original Market Value
233,400
233,400
233,400
233,400
233,400
233,400
233,400
233,400
Ori inaI Tax Capacity
2,334
2,334
2,334
2,334
2,334
2,334
2,334
2,334
Total Market Value
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
Estimated Tax Ca c'
45, 559
45, 559
45 ,559
45,559
45,559
45,559
45,559
45,559
Captured Tax Capacity
43,225
43,225
43,225
43,225
43,225
43,225
43,225
43,225
Calculated Tax Increment
49,022
49,022
49,022
49,022
49,022
49,022
49,022
49,022
Variance
0
0
0
0
0
0
0
0
Tax Rate
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.000/0
Certified Tax Rate
1.17706
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
ffF DISTRICT #14 1 County N6
Industrial Equities (B City Fund
Economic Development District
05/1996 - 1212006
Market Value Homestead Credf
Bond Proceeds
Loan Proceeds
Other Revenues
Investment Eamings'
Change in FMV of investments
SalesAease proc�ds
Transfers In
Annual Revenues
Expenses
Land/building acquisition
Site improvements /prep. cost
Installation of public utilities
Parking facilities
Streets and sidewalks
Public park facilities
Social, recreational, etc.
Admin Fees -Ci /HRA (TI '
Professional Services
School Dist referendum reimb
Interest Expense "*
Transfers Out
Debt Service - Bonds
Debt Service - Rev. Notes
Debt Service - Other
Interfund loans
Other Expenses
Annual Expenses
Annual Increase / Decrease
Endina Fund Balance
Fees
Rate
CITY OF FRIDLEY, MINNESOTA Page 24
TIF DISTRICT 1114
Industrial Equities (Bus. Ctr) - Decertified
DECERTIFIED
fOTALS
To End Actual Actual Actual Actual Actual Actual ct a l 2007at
1
0 II 1 284,613
0
0
339,766
405,238
478,916
561,683
662,635
0
1.6%
1.3%
2.6%
4.6%
0.0 %.
Actual
Actual
Actual
Actual
Actual
Actual
0.0%
�r
3.5%
61%
3.3 0!0
Actual
Actual
Actual
=
Actual
Actual
Actual
Actual
OTC Increased In 201)2
973,067
1,011,200
1,050 867
1,092,067
536,900
5,333
5,542
14,596
15,168
15,763
16,381
17,023
0
2,664,600
2,746,100
3,024,400
3,511,300
3,687,300
3,933,400
84,234
89,783
54,172
59,738
69,476
72996
77,9 8
77,918
78, 901
0
84 ,241
79,304
39,576
40,620
44,570
43,728
53,713
51,750
56,615
52,154
OEM
84,716
369-
103
173
259
122
100
0
1.08621
0.94139
inn nnoi
1.02639
Inn nn°i
0.98111
100.00%
0.96346
100.00%
0.92454
99.640%
0.90679
_99.64%
1
0 II 1 284,613
0
0
COMMERCIAL / 111113 111 11 -30- 24-31 -0024 MV update MV update MV updatedMV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
339,766
405,238
478,916
561,683
662,635
0
1.6%
1.3%
2.6%
4.6%
0.0 %.
Actual
Actual
Actual
Actual
Actual
Actual
0.0%
2.6%
3.5%
61%
3.3 0!0
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Actual
OTC Increased In 201)2
973,067
1,011,200
1,050 867
1,092,067
536,900
5,333
5,542
14,596
15,168
15,763
16,381
17,023
0
2,664,600
2,746,100
3,024,400
3,511,300
3,687,300
3,933,400
84,234
89,783
54,172
59,738
69,476
72996
77,9 8
77,918
78, 901
0
84 ,241
79,304
39,576
40,620
44,570
43,728
53,713
51,750
56,615
52,154
60,895
55,020
84,716
369-
103
173
259
122
100
0
1.08621
0.94139
inn nnoi
1.02639
Inn nn°i
0.98111
100.00%
0.96346
100.00%
0.92454
99.640%
0.90679
_99.64%
COMMERCIAL / 111113 111 11 -30- 24-31 -0024 MV update MV update MV updatedMV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 25
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #15
County P7
TIF DISTRICT #15
MN Commerdal Rahway -D City Fund 466
Economic Development District
MN Commercial Ra ilway-
Decertified
0911997 - 04/2008
TOTALS
71F Plan
To End .
Actual
Actual
I Actual
Actual
Actual
Actual
Actual
Fund Balance
Budget
of District
2000
52,379
2001
52,626
2002
51,615
2003
51,071
2004
0
2005
0
2006
0
Raven ues:
Inflation
Tax Increment (TI)
0.00%
250,000
59,869
0
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,075,000
0
Loan Proceeds
134,838
Other Revenues
150,000
0
Investment Earnings'
25,000
5,996
2,175
2,777
1,044
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
3,787,500
134,838
Annual Revenues
6,287,500
335,541
2,175
2,777
1,044
0
0
0
0
Expenses
Land/building acquisition
1,500,000
1,718
Site improvements /prep. costsc
150,000
125,000
Installation of public utilities
5,000
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI . %
25,000
22,460
1,528
3,788
1,534
Professional Services
0
School Dist. referendum reimb
0
Interest Expense -
0
Transfers Out
37,500
51,125
54
51,071
Debt Service - Bonds
3,320,000
0
Debt Service - Rev. Notes
1,245,000
0
Debt Service - Other
0
Interfund loans
134,838
Other Expenses
5,000
400
400
Annual Expenses
6,287,500
335,541
1,928
3,788
1,588
51,071
0
0
0
Annual Increase / Decrease
0
0
247
(1,011)
(544)
(51,071)
0
0
0
Ending Fund Balance
0
52,626
51,615
51,071
0
0
0
0
0
CASH Balance
51,071
0
0
0
0
• Interest Earnings on Beg of Yr balance
2.0%
0.0%
-Interest Ex nse on
negative fund balance
Actual
Actual
Actual
Actual
Actual
Administrative Fees
37.5%
Estimated
Actual
Actual
Actual
Actual
Actual
Actual
Actual
OTC /ncmased In 2002
Original Market Value
Original Tax Capacity
13,661
15,355
20,563
20,563 1
0
0
0
Total Market Value
0
204,800
178,100
383,700
0
0
0
Estimated Tax Ca c
5,494
5,463
2,812
6,524
0
0
0'
Captured Tax Capacity
0
0
0
0
0
0
0
Calculated Tax Increment
0 1
0
0
0
0
0
0
Variance
0
0
0
0
0
0
0
Tax Rate
1.08621
0.94139
1.02639
0.98111
0.96346
0.92454
0.90679
Tax Collection Rate
100.00%
100.00%
100.00%
100.00%
99.64%
99.64%
Inflation
Certified Tax Rate
1.14473
11- 30- 24-31 -0011
COMMERCIAL / INDUSTRIAL
11 -30 -24.31 -0012
MV update
MV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #'I6 ICoun ty
57th Ave (Linn) jCIty R
Redevelopment District
09/1997 - 1212024
Fund Balance
Reven ues: Inflal
Tax Increment (TI) 0.
Market Value Homestead
Bond Proceeds
Loan Proceeds
Other Revenues
Investment Eamings'
Change in FMV of invests
Sales/lease proceeds
Transfers In
Annual Revenues
streets and sidewalks
public park facilities
social, recreational, etc.
4dmin Fees- City/HRA (TI ` %
'rofessional Services
school Dist referendum reimb
Interest Expense "
Transfers Out
Debt Service- Bonds
Debt Service - Rev. Notes
Debt Service -Other
Interfund loans
" Int
" In
Adn
Est.
e
Fund
elated Tax h
rariance
Rate
Collection R
tion
:ertitied Tax
CITY OF FRIDLEY, MINNESOTA
To End 11 1 Actual
2011 2012 2013
INS
■_ - -__
■ - - - -�
�I ■ -11111111 - --
■--_--
■ - - - -�
Page 26
1
0
14.5%
1.6%
Actual
5.40/6
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
0.0%
0.0%
5.0%
0.00%/I
0.0%
5.0%
U.
0.0%
5.0%
mated
Actual
1-0144
1-0145
426,300
71776
1,843,100
36112
426,300
7,301
1,940,500
37,310
426,300
7,301
1,741,700
33,334
426 300
7,301
1,626 2(10
31,024
426,300
7 ,301
1,626 200
31024
426,300
7,301
1,626,200
31,024
426,300
7301
1,626200
31,024
426,300
7,301
1,626,200
31024:
28,336
27,008
69
30,009
29,629
204
26,033
29,524
0
23,723
26,904
0
23,723
26,904
0
23,723
26,904
0
23,723
26,904
0
23,723
26,904 !
0
0.95658
99.64%
0.99092
99.64%
1.1382
99.64%
0.00%
1.1382
99.64%
0.00%
1.1382
99.64%
0.00%
1.1382
99.64%
0.00%
1.1382
99.64%
0.00%
1.1382:
99.64 %!
0.00%
18168
Fridley Cash Flow 2010b.xls
Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 27
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
71F DISTRICT #16
County P8
DISTRICT #16
57th Ave (Linn)
City Fund 467
h Ave (Linn)
Redevelopment District
)911997-1212024
TOTALS
"2016
TIF Plan
To End
Fund Balance
Budget
of District
(18,459)
017
0
2018
0
2018
0
2020
0
2021
0
2022
0
2023
0
Revenues:
Inflation
Tax Increment (TI) 0.00% 1,000,000
Market Value Homestead Credit (MVHC)
379,323
0
26,904
01
0
0
0
0
0
0
Bond Proceeds
1,100,000
0
Loan Proceeds
50,000
18,435
Other Revenues
100,000
0
Investment Earnings * 100,000
Change in FMV of investments
2,072
0
0
0
0
0
0
0
0
0
Sales/lease proceeds
10,000
0
Transfers In
1,240,000
15,935
Annual Revenues
3,600,000
415,764
26,904
0
0
0
0
0
0
0
Expenses
Land/building acquisition
655,000
2,002
Site improvements /prep. cosh
175,000
116,859
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
1 0
Admin Fees- Clty/HRA (TI *%
100,000
54,8781
1,345
0
0
0
0
0
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
0
Transfers Out
150,000
23,166
7,100
Decertify T7F District after Fund balance becomes positive.
Debt Service - Bonds
1,760,000
0
Debt Service - Rev. Notes
660,000
218,459
Debt Service - Other
50,000
0
Interfund loans
0
Other Expenses
50,000
400
Annual Expenses
3,600,000
415,764
8,446
0
0
0
0
0
0
0
Annual Increase / Decrees e
0
(0)
18,459
0
0
0
0
0
0
0
Ending Fund Balance
(0)
0
0
0
01
0
0
0
0
(0)
CASH Balance
* Interest Earnings (on Beg of Yr balance
0.0%
"Interest Expense on negative fund balance
0.0%
Administrative Fees
14.5%
5.0%
Estimated
Est. Ori inal Market Value
426,300
Ori final Tax Capacity I
1
7,301
Total Market Value 1
23-30- 24-23 -0144
1,626,200
Estimated Tax Ca c
23- 30- 24-23 -0145
31.024
Captured Tax Capacity
23,723
Calculated
Tax Increment
26,804
Variance
0
Tax Rate
1.1382
Tax Collection Rate
99,64%
Inflation
0.00%
1
Certified Tax Rate
1.18168
COMMERCIAL / INDUSTRIAL
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 28
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
2015
(594,362)
36,194
0
36,194
Gateway
Ga
Actual Prelimina
2008
(866,624)
DISTRICT
East
Projected
2009
(819,135)
#17
---->
2010 2011
(773,466) {735,118)
2012
(699,393)
2013
(663,131)
2014
(628,747)
TIF DISTRICT #17 County
R9
Gateway East City
Fund 468 *
Redevelopment District
2001 -12/20 28
TIF Plan
TOTALS
To End
Budget
of D ct
Fund Balance
925,774
34,136
0
0
26,092
19,446
0
0
0
1,005,447
42,968
41890
1,661
49,519
41,479
4,819
53
46,350
39,559
766
40,326
36,194
1 ,341
37,535
36,194
1,877
38,071
36,194
0
36,194
36,194
0
36,194
Revenues:
Inflation
Tax
Increment (TI)
0.00%
2,000,000
Market
Value Homestead Credit (MVHC)
Bond
Proceeds
3,182,638
Loan
Proceeds
10,000
Other Revenues
50,000
Investment
Eamings'
200,000
Change In FMV of investments
Sales / ease proceeds
10,000
Transfers In
4,605,275
10,057,913
Annual Revenues
Expenses
627,500
1,000,000
665,000
602,963
26,966
264,638
0
Land/building acquisition
Site improvements /prep. cost
Installation of public utilities
Parking facilities
Streets and sidewalks 203,610
Public park facilities
Social, recreational, etc.
Admin Fees- City/HRA (TI % 200,0DO
Professional Services 11
School Dist. referendum reimb
Interest Expense "
Transfers Out 300,000
0
0
0
183-65611
40,149
0
0
56
2,030
682
1,978
0
1,810
0
1,810
0
1,810
0
1,810
0
1,810
0
Debt Service - Bonds
Debt Service - Rev. Notes
Debt Service - Other
interfund loans
5,092,220
1,909,583
10,000
0
0
0
0
Other Expenses
Annual Expenses
50,000
10,057,913
0
1,118,428
2,030
682
1,978
1,810
1,810
1,810
1,810
1,810
Annual Increase / Decrease
0
(112,981)
47,489
J 45,668
1 38, 348
1 35 ,726
36,262
34,384
34,384
34,384
Ending Fund Balance
(112,981)
(0)
(819,135)
(773,466)
(735,118)
(699,393)
(663,131
(628,747)
(594,362)
(559,978)
EPmsent
Net Value
0.00°!0
(112,981)
lance
CASH Bace
Interest l Earnings on B of Yr balance
" Interest Ex nse on negative fund balance
Administrative Fees
19.8%
Estimated
1 ,317_
5.9%
Actual
4.7%
Actual
51,081
1.5%
0.0%
5.0%
89,429
1.5%
0.0%
125,155
1.5%
0.0%
1.5%
0.0 °k
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Est. Ori inal Market Value
Original Tax Ca c
Total Market Value
Esflmated Tax Ca c
504,200
5,042
5,364,300
53,643
504, 200
5,042
5,199,000
51,9W
504, 200
5,042
4,517,100
45,171
504,200
5042
4,175,712
41,757
504,200
5,042
4,175,712
41,757
504,200
5,042
4,175,712
41,757
504,200
5042
4,175757
41,757
504,200
5042
4,17 ,757
41,757
Captured Tax Ca ci
Calculated Tax Increment
Variance
48,601
46,323
1 ,535
46,948
46,282
16
40,129
39,559
36,715
36,194
0 0
36 715
36,194
01
36,715
36,194
0
36,715
36,194
0
36,715
36,194
0
Tax Rate
Tax Collection Rate
Inflation
0.95658
99.64%
0.98937
99.64%
0.98937
99.64%
0.00%
0.98937
99.64%
0.00%
0.98937
99.64%1
0.00 °!0
0.98937
99.64%
0.00%
0.98937
99.64%
0.00%
0.98937
99.64%
0.00%
Certified Tax Rate
0.98937
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 29
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
71F DISTRICT #17
County R9
TIF DISTRICT #17
Gateway East
City Fund 468
Gateway East
edevelopment District
2001 - 12/2028
TOTALS
TIF Plan
To End
Budget
of District
2016
2017
2018
2019
2020
2021
2022
2023
Fund Balance
(559,978)
(525,593)
(491,209)
(456,825)
(422,440)
(388,056)
(353,672)
(319,287)
Revenues:
Inflation
Tax Increment (TI) 1 0.000/6 2,000,000
Market Value Homestead Credit (MVHC)
925,774
34,136
36,194
36,194
36,194
36,194
36,194
36,194
36,194
36,194
Bond Proceeds
3,182,638
0
Loan Proceeds
10,000
0
Other Revenues
50,000
26,092
Investment Earnings •
200,000
19,446
0
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
10,000
0
Transfers In
4,605,275
0
Annual Revenues
10,057,913
1,005,447
36,194
36,194
36,194
36,194
36,194
36,194
36,194
36,194
Expenses
Land/building acquisition
627,500
602,963
Site improvements /prep. cosh
1,000,000
26,966
Installation of public utilities
665,000
264,636
Parking facilities I
1 0
Streets and sidewalks
203,610
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees-Cl RA (TI . %J1
200,000
183,656
1,810
1,810
1,810
1,810
1,810
1,810
1,810
1,810
Professional Services
11
40,149
School Dist. referendum reimb
0
Interest Expense'*
0
0
01
0
01
0
0
0
0
Transfers Out
300,000
56
Debt Service - Bonds
5,092,220
0
Debt Service - Rev. Notes
1,909,583
0
Debt Service - Other
10,000
0
Interfund loans
0
Other Expenses
50,000
0
Annual Expenses
10,057,913
1,118,428
1,810
1,810
1,810
1,810
1,810
1,810
1,810
1,810
Annual Increase/ Decrease
0
( 112, 981)
34, 384
34, 384
34,384
34,384
34,384
34,384
34,384
34,W4
Ending Fund Balance
(112,981)
(525,593)
(491,209)
(456,825)
(422,440)
(388,056)
(353,672)
(319,287)
(284,903)
(0)
Net Present Value @
0.000/6
(112,981)
CASH Balance
• Interest Earnings on Beg of Yr balance
0.0%1
0.0%
0.0%
0.0%1
0.0%
0.0%
0.0%
0.0%
-Interest Ex nse on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
0:0%
0.0%1
0.0%
Administrative Fees
19.8%
5.0%
5.0%
5.00/6
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Est. Original Market Value
504,200
504,200
504, 200
504,200
504,200 1
504,200
504,200
504,200
Original Tax Capacity
5,042
5,042
5,042
5,042
5,042
5,042
5,042
5,042
Total Market Value
4,175,712
4,175,712
4,175,7121
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
Estimated Tax Ca ac
41,757
41,757
41,757 1
41,757
41,757
41,757
41,757
41,757
Captured Tax Capacity
36,715
36,715
36,715
36,715
36,715
36,715
36,715
36,715
Calculated
Tax Increment
36,194
36,194
36 ,194
36,194
36,194
36,194
36,194
36,194
Variance
0
0
0
0
0
0
0
0
Tax Rate
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
Tax Collection Rate
Inflation
99.64%
0.00%
99.64%
0.00%
99.640/a
0.00%
99.64%
0.00%
99.64%
0.00%
99.640%
0.00%
99.64%
0.00%
99.64%
0.00%
Certified Tax Rate
0.98937
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 30
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
18,851
0
18,851
TIF
DISTRICT
#18
TIF DISTRICT #18 County
U4
Gateway
West
Gateway West City
Fund 470
Redevelopment District
2005 - 12120 33
TOTALS
Actual Prelimina Projected
2008 196) (1,515,564) (1,514,36
(1,466
3,980 10,892
380
ins recov for site costs
14,375
318 5
0
(1,280,049)
`
()49) (1,8,089)
(1,246,409)
(1,228
501) (1,2010
593)
IF Plan
To End
Budget
of District
Fund Balance
Revenues: Inflation
Tax Increment (TI) 0.00% 2,000,000
Market Value Homestead Credit (MVHC)
429,261
380
9,720
8,809
18,851
18,851
18,651
18,851
Bond
Loan
Other
Investment
Proceeds
Proceeds
Revenues
Earnings *
750,000
730,000
20,000
0
0
358,316
7,885
77
3,592
3,771
0
0
0
Change in FMV of investments
SalesAease proceeds 800,000
0
528,822
225,000
Transfers In
0
19,053
10,897
234,797
12,401
22,622
18,851
18,851
18,851
Annual Revenues
4,300,000
1,324,664
final
asphalt
61,387
Expenses
Land/building acquisition
Site improvements /prep. cost
1,700,000
300,000
1,854,762
61,387
installation of public utilities
100,000
0
Parking facilities
0
Streets and sidewalks
100,000
0
Public park facilities
0
7,034
9,693
486
440
943
943
943
943
943
Social, recreational, etc.
Admin Fees- Clty/HKA (TI * %
200,000
296,890
Professional Services
0
0
0
0
0
0
0
0
School Dist referendum reimb
Interest Expense **
0
0
68,421
9,693
486
440
943
943
943
943
943
Transfers Out
(125)
Debt Service - Bonds 1,325,000
0
Debt Service - Rev. Notes 575,000
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
2,212,914
Annual Expenses
4,300,000
0
(49,368)
(1,515,564)
1,204
(1,514,360)
234,311
(1,280,049)
11,961
(1,268,089)
21,679
(1,246,409)
17,908
(1,228,501)
17,908
(1,210,593)
17,908
(1,192,685)
17,908
(1,174,777)
Annual Increase/ Decrease 0
(888,249)
Ending
Fund Balance
(888,249)
3,722
10.9%
Actual
176.
Actual
5,157
1.5%
0.0%
5.0%
239,466
1.5%
0.0%
5.0%
251,429
1.5 °!0
0.0%
5.0%
1.5%
0.0%
5.0 °k
0.0%
0.0%
5.0%
0.0%
0.0%
5.0%
0
0.0 /0
0.0%
5.0 %.
0.0 0
0.0%
5.0%
CASH Balanee
* Interest Earnings on B of Yr
balance
** Interest Ex se on n alive
fund balance
Administrative Fees
69.2°k
Estimated
967,300
4,214
1,305 600
10 124
967,300
41258
1,656,100
16,561
979,500
41258
1,482 400
14,824
979,500
41258
1,383 400
13,834
979,500
4,258
2475
24,750
979,500
4,258
2,475,000
24,750
979,500
4,258
2,475,000
24,750
979,500
4,258
2,475,000
24,750
979,500
4,258
2,475,000
24 750
Market Value
Original Mark et
Original Tax
Total Market Value
Estimated Tax Ca c
5,910
5 437
1077
12,303
11 317
426
10,566
9,720
0
9,576
8,809
0
20,492
18,851
20,492
18,851
0
20,492
18 8510
0
20,492
18,8510
20,492
18,8510
Captured Tax Ca ci
Calculated
Tax Increment
Variance
0.92322
99.64%
0.92322
99.64%
0.92322
99.64%
0.00%
0.92322
99.64%
0.00%
0.92322
99.64%
0.00%
0.92322
99.64%
0.00%
0.92322
99.64%
0.00%
0.92322
99.64%
0.00%
0.92322
99.64%
•00%
Tax Rate
Tax Collection Rate
Inflation
0.92322
Certified Tax Rate
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
1
CITY OF FRIDLEY, MINNESOTA
Page 31
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #18
County U4
71F DISTRICT #18
Gateway West
City Fund 470
Gateway West
Egg
Redevelopment District
2005-12J2033
TOTALS
TIF Plan
To End
Fund Balance
Budget
of District
2017
(1,174,777)
2018
(1,156,869)
2019
(1,138,961)
2020
(1,121,053)
2021
(1,103,145)
2022
(1,085,237)
1 2023
(1,067,329)
Reven ues:
Inflation
Tax Increment (TI) 0.00% 2,000,000
Market Value Homestead Credit (MVHC)
429,261
380
18,851
18,851
18,851
18,851
18,851
18,851
18,851
Bond Proceeds
750,000
0
Loan Proceeds
1
.0
Other Revenues
730,000
358,316
Investment Earnings'
20,000
7,885
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
800,000
528,822
Transfers in
p
Annual Revenues
4,300,000
1,324,664
18,851
18,851
18,851
18,851
18,851
18,851
18,851
Expenses
Land/building acquisition
1,700,000
1,854,762
Site improvements /prep. costE
300,000
61,387
Installation of public utilities
100,000
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA (TI " %
200, 000
296,890
943
943
943
943
943
943
943
Professional Services
U
0
School Dist. referendum reimb
0
Interest Expense "
0
0
0
0
0
0
0
0
Transfers Out
(125)
Debt Service - Bonds
1,325,000
0
Debt Service - Rev. Notes
575,000
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
4,300,000
2,212,914
943
943
943
943
943
943
943
Annual Increase/ Decrease
0
(888,249)
17,908
17,908
17,908
17,908
17,908
17,908
17,908
Ending Fund Balance
(888,249)
(1,156,869)
(1,138,961)
(1,121,053)
(1,103,145)
(1,085,237)
(1,067,329)
(1,049,421)
0
CASH Balance
" Interest Earnings on Beg of Yr balance
0.0%
Wr/al
0.0%
0.0%
0.0%
0.0%
0.0%
"Interest Ex nse on negative fund
balance
0.00/0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
69.2°A
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Original Market Value
979,500
979,500
979,500
979,500
979,500
979,500
979,500
Original Tax Capacity
4,258
4,258
4,258
4,258
4,258
4,258
4,258
Total Market Value
2,475,000
2,475,000
2,475,000
2,475 000
2,475,000
2,475,000
2,475 000
Estimated Tax Capacity
24,750
24,750
24,750
24,750 1
24,750
24,750
24,750
Ca turgid Tax Ca ad
20,492
20,492
20,492
20,492
20,492
20,492
20,492
Calculated Tax Increment
18,851
18,851
18,851
18,851
18,851
18,851
18,851
Variance
0
0
0
0
0
0
0
Tax Rate
0.92322
0.92322
0.92322
0.92322
0.92322 1
0.92322
0.92322
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.92322
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 32
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
TIF
TIF DISTRICT #'19 Cour►ty
U8
DISTRICT
#19
Main St
NE (Ind Eq)
201439
5110 Main St NE (Ind City
Fund 470
5110
Redevelopment District
2007 - 12/2034
TOTALS
Actual
2007 0
Actual Prelimina
(33 058)
Projected
(43,457)
87 832 (23 436)
(107,457)
2101,498)
2(5 530)
TIF Plan
Budget
To End
of District
Fund Balance
Revenues:
Inflation
0
132,229
132,910
119,371
119,371
119,371
119,371
119,37
Tax
Incre ment (TI)
0.00%
5,000,000
1,458,848
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,000,0)0
0
Loan Proceeds I
0
Other Revenues
0
0
146
146
(89)
132,140
1,093
134,004
0
119,371
0
119,371
0
119,371
0
119,371
0
119,371
Investment
Eamings `
50,000
1,150
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
0
1,459,998
Annual Revenues
7,Q50,000
Expenses
0
0
0
0
0
Landibuilding acquisiti on
600,000
Site improvements /prep. cost
900,000
Installation of public utilities
Parking facilities
Streets and sidewalks
facilities
0
Public park
Sacral, recreational, etc.
500,000
0
110,785
0
33,058
10,545
851
6,646
5,969
5,969
5,969
5,969
5,969
Atn Fees- CityMRA (TI • %
Servi!as
Professional
School Dist referendum reimb
Expense "
0
0
0
0
0
0
0
0
Interest
Transfers Out
550,000
0
Debt Service - Bonds
3,250,000
1,250,000
0
13
,312,96
0
0
0
rev note pmt of 119,006 owed
238,625
107,434
107,434
107,434
107,434
107,434
Debt Service - Rev. Notes
Debt Service - Other
Interfund loans
Other Expenses
7,050,000
0
1,423,748
33,058
10,545
851
1 245,271
113,402
113,402
113,402
113,402
113,402
Annual
Expenses
Annual Increase / Decreas e
0
36,250
(33,058)
(10,399)1
131,289
11 (111,257)
5,969
5,969
5,969
5,969
5,969
Ending Fund Balance
36,250
0
(33,058)
(43,457)
87,832
(23,436)
(17,467)
(11,498)
(5,530)
439
6,407
6,942
1,934
72,869
(38,398)
(32,430)
CASH Balance
` Interest Earnings on Beg of Yr balance
" Interest Ex nse on n alive fund balance
Administrative Fees
7.6 °!0
Estimated
Actual
2.1%1
Actual
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
0.0%
0.0%
0.0%
0.00
0.0%
0.0%
Original Market Value
Original Tax Ca
Total Market Value
Estimated Tax Capacity
27 -30 24-14 0006
0
0
0
2,318,900
45,628
2,191,0
43,088
2,318,900
45,628
10,036 200
199,974
2,318,900
45,628
10,029,700
199,844
2 318 900
45,628
9,244,200
184134
2,318,900
45,628
9,244,200
184,134
2,318,900
45,628
9,244,200
184134
2,318,900
45,628
9244 200
184,134
2,318,900
45,628
9,244,200
184,134
Captured Tax Ca d
Calculated Tax Increment
Variance
0
0
0
2,540
2,166
2,166
154,346
133,023
793
154,216
132,910
138,506
119,371
0 0
138,506
119,371
0
138,506
119,371
0
138,506
119,371
0
138,506
119,371
0
0.86496
0.85567
0.86496
0.86496
0.86496
0.86496
0.86496
0.86496
0.86496
Tax Rate
99.64%
99.64%
99.64 °k
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.641/0
0.00%
99.6470
0.00%
Tax Collection Rate
Inflation
Certified Tax Rate
0.86496
/
est was 14,538,24 0
COMMERCIAL / IN USTRIAL
27 -30 -24-14 -0006
UPDATED
I UPDATED I UPDATED
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 33
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #19
County U8
TIF DISTRICT #18
5110 Main St NE (Ind
City Fund 470
5110 Main St NE (Ind Eq)
Redevelopment District
2007 - 1212034
TOTALS
TIF Plan
To End
Budget
Fund Balance
Revenues: Inflation
Tax Increment (TI) 0.00% 5,000,000
Market Value Homestead Credit (MVHC)
Bond Proceeds 2,000,000
of District
1,458,848
0
0
2016
6,407
119,371
2017
12,376
119,371
2018
18,344
119,371
2018
24,313
119,371
2020 2021 2022
30,281 36,250 36,250
If no further expenses are incurred
TIF district should be decertified
119,371 0 0
after final revenue note payment.
Loan Proceeds
p
Other Revenues
0
Investment Earnings' 50,000
Change in FMV of investments
1,150
0
0
0
0
0
0
0
0
Sales lease proceeds
0
Transfers in
0
Annual Revenues
7,050,000
1,459,998
1 119,371
119,371
119,371
119,371
119,371
0
0
Expenses
Land/bui[ding acquisition
600,000
0
Site Improvements /prep. cost
900,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA (TI' %
500,000
110,785
5,969
5,969
51969
5,969
5,969
0
0
Professional Services
H
0
School Dist. referendum reimb
0
Interest Expense "
0
1 0
0
0
0
0
0
0
Transfers Out
550,000
0
Debt Service - Bonds
3,250,000
0
Debt Service - Rev. Notes
1,250,000
1,312,963
107,434
107,434
107,434
107,434
107,434
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
7,050,000
1,423,748
113,402
113,402
113,402
113,402
113,402
0
0
Annual Increase/ Decrease
0
36,250
5,969
5,969
5,969
5,969
5,969
0
0
Ending Fund Balance
36,250
12,376
18,344
24,313
30,281 -
36,250
36,250
36,250
0
CASH Balance
' Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
-Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
7.6%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Original Market Value
2,318.9D0
900
2,318,900
2,318 900
2 318,900
Original Tax Capacity
45,628
45,628
45,628
45,628
Total Market Value
27 -30 -24-14 -0006
9,244,200
,200
9,244,200
9,244200
9,244,200
Estimated Tax Ca
184,134
R45,6281
134
184,134
184134
184,134
138,506
506
138,506
138,506
138,506
Calculated Tax Increment
119,371
119,371
119,371
119,371
119,371
Variance
0
0
0
0
#VALUE!
0
0
Tax Rate
0.86496
0.86496
0.86496
0.86496
0.86496
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.86496
[COMMERCIAL / INDUSTRIAL
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 34
Fridley Cash Flow 2010b.)is Prepared by Monroe Moxness Berg PA 4/29/2010
,05,06,02,03,Q4,S3,S4,S5,S6,17 Housing
Fund 501 Program
Replacement
(Ph I -IV)
Housing Replaceme CouMy04
Program (Ph 1 -M City
Housing District
TOTALS
711811996
(15
- 1212022
yr max per parcel)
TIF Plan
Budget
Through
2025
Actual Prellmina
2008
257,118
Projected
2009
293,977
2010
304,890
`
2011
339,937
2012
373,110
2013
406,976
782
2,
4222,9
2015
430,796
2016
438,616
44466,436
,4
8,23
0
8,231
Fund Balance
26,973
2,496
10,559
40 ,028
27,851
21516
168
30,535
32,078
4,573
36,651
29,552
5,099
34,651
29,552
5,597
35,149
17,047
0
17,047
8,231
0
8,231
8,231
0
8,231
8,231
0
8,231
Revenues:
Inflation
Tax
Increment (TI)
0.00%
438,421
360,044
Market Value Homestead Credit (MVHC)
17,754
Bond
Proceeds
0
724,445
4,187
78,838
0
Loan
Proceeds
Other Revenues
768,750
Investment
Earnings •
Change in FMV of investments
Sales/lease proceeds
258,896
860,455
2, 304, 619
Transfers In
Annual Revenues
2,123,130
3,330,301
769,909
166,585
0
0
Expenses
Land/building acquisition
2,250,000
She improvements /prep. costE
575,000
Installation of public utilities
125,000
facilities
Parking
0
Streets and sidewalks
facilities
0
Public park
Social, recreational, etc.
125,000
E
0
180,816
0
3,169
19,623
1,604
1,478
1,478
852
412
412
412
412
Admin Fees- CityMRA (TI ` %
Services
Professional
School D, st. referendum reimb
Interest Expense -
Transfers Out
0
0
724,805
0
0
0
0
0
0
0
0
0
Debt Service - Bonds
Debt Service - Rev. Notes
Debt Service - Other
0
0
0
Interfund loans
3,075,000
0
3,006
1,845,121
1 3,169
19,623
1,604
1,478
1,478
852
412
412
412
412
Other Expenses
Annual Expenses
Annual
Increase /Decrease
255,301
459,498
36,859
10,912
35,047
33,174
33,671
16,194
7,820
1 7,820
7,820
7,820
Ending Fund Balance
459,498
0
293,977
304,890
339,937
373,110
406,782
422, 976
430,796
438,616
446,436
454,256
1,121
CASH Balance
Interest Earnings (on Beg of Yr balance
" Interest Ex rise on negative fund balance
Administrative Fees
50.2%
Estimated
292,047
4.1%1
Actuali
11.7%
Actual
304,889
1.5%1
0.0%1
5.0%1
339,936
1.5%
0.0%
5.0%
373,109
1.5%
0.0%
5.0%
1.5%
0.0%
5.0%
0.00/0
0.0%
5.0%
0.0%
0.0%
5.0%
0.0%
0.0%
5.0%
0.0%
0.0%
5.0%
0.0%
0.0%
5.0%
Est. Original Market Value
Original Tax Camelty 1
Total Market Value
Estimated Tax Capac
581, 500
51 528
3,842,000
38,327
552, 800
5,528
3,B42,000
38,420
552,800
5,528
3,515,200
35,152
552,800
5,528
3,281,970
32,820
552,800
51528
3,281,970
32,820
402,900
4,029
1,977,180
19,772
253,700
2,537
1,013,886
10,139
253,700
2,537
1,013,886
10,139
253,700
2,537
1,013,886
10,139
253,700
2,537
1,013,886
10,139
Captured Tax Capacity
Calculated Tax Increment
Variance
32,799
30,831
1,362
32,892
31 639
1,272
29,624
32,078
0
27,292
29,552
0
27,292
29,552
0
15,743
17,047
0
7,602
8,231
0
7,602
8,231
7,602
8,231
7,602
8,239 .
Tax Rate
Tax Collection Rate
Avere a
0.94339
99.64 °l0
0.96537
99.64%
1.08674
99.64 °10
1.08674
99.64%
1.08674
99.64%
1.08674
99.64%
1.08674
99.64 °!0
1.08674
99.64%
1.08674
99.64%
1.08674
99.64 %',
Inflation
Certified Tax Rate
04
05
1.17662
1.13880
06
1.25065
Fridley Cash Flow 2010b.)is Prepared by Monroe Moxness Berg PA 4/29/2010
w
CITY OF FRIDLEY, MINNESOTA
Page 35
Housing Replaceme
county 04, o5, o5 ,Q2,Q3,Q4,S3S,,S5,S5,T7HOUSing Replacement
Program (Ph I -M
City Fund 501
Program
(Ph I -M
Housing District
7/18/1996 - 12!2022
TOTALS
(15 yr max per parcel)
TIF Plan
Through
Fund Balance
Budget
2025
2018
454, 256
2019
455, 566
2020
456,877
2021
458,187
.2022
459,498
2023
459,498
2024
459,498
Raven ues: Inflation
Tax Increment (TI) 0.00%11 438,421
Market Value Homestead Credit (MVHC)
360,044
17,754
1,379
1,379
1,379
1,379
0
Bond Proceeds
0
Loan Proceeds
724,445
Other Revenues
768,750
4,187
Investment Earnings `
78,838
0
0
0
0
0
Change in FMV of investments
0
SalesAease proceeds
258,896
Transfers In
2,123,130
860,455
Annual Revenues
3,330,301
2,304,619
1,379
1,379
1,379
1,379
0
0
0
Expenses
Land/building acquisition
2,250,000
769,909
Site improvements /prep. cost
575,000
166,585
Installation of public utilities
125,000
0
Parking facilities 1
Streets and sidewalks
Public park %cllities
:180,8]16
Social, recreational, etc.
Admin Fees- City/HRA (TI ` %
125,000
69
69
69
69
0
Professional Services
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
Transfers Out
724,805
Debt Service - Bonds
0
Debt Service - Rev. Notes
0
Debt Service - Other
0
interfund loans
0
Other Expenses
3,006
Annual Expenses
3,075,000
1,845,121
69
69
69
69
0
0
0
Annual Increase/ Decrease
255,301
459,498
1,310
1,310
1,310
1,310
0
0
0
Ending Fund Balance
459 ,498
455,566
456,877
458, 187
459,498
459,498 1
459,498
459,498 .
0
1,121
CASH Balance
` Interest Earnings on Beg of Yr balance
0.0%
o.o%l
0.0%
0.0%
0.0%
"interest Expense on negative fund balance
0.0%
0.0%1
0.0%
0.0%
0.0%
Administrative Fees
50.2%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Est. Original Market Value
1 64,000
64,000
64,000
64,000
0
Original Tax Capacity
640
640
640
640
0
Total Market Value
191,394
191,384
191,394
191,394
0
Estimated Tax Ca
1,914
1,914
1,914
1,914
0
Captured Tax Capacity
1,274
1,274
1,274
1,274
0
Calculated Tax Increment
1 379
11379
1,379
1,379
0
Variance
Tax Rate
Average
1.08674
1.08674
1.08674
1.08674
1.086738
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
04
1.17662
05
1.13880
06
1.25065
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 36
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
2016
4,584,692
47,400
20,730
0
68,130
HRA
HRA
Revolving
Projected
2009
4,119,310
Loan Fund
'
2010 2011 2012
4,140,531 4,222,921 4,331,547
2013
4,441,802
2014
4,489,432
2015.
4,537,062
Revolving Loan Fund City Fund 265
(Special Revenue Fund)
TOTALS
Through
Actual Preliminary
2025
2008
3,991,474
Fund Balance
Revenues:
Inflation
Tax Levy
0.00%
1,880,242
Marital Value Homestead Cre
0
47,195
2,183
20,730
0
70,107
Budget
47,400
59,760
20,730
200,000
0
327,890
47,400 47,400
60,996 62,625
20,730 20,730
Home remodel demo
0 0
129,126 130,755
47,400
0
20,730
0
68,130
47,400
0
20,730
0
68,130
47,400
0
20,730
0
68,130
Property taxes
0
Rental
34,558
Mortgage interest earnings
1,596,309
47,659
129,386
18,410
0
195,455
Investment Earnings `
1,141,869
Miscellaneous H &G show
662,507
Sales/iease proceeds
263,591
Transfers In
6,591,712
Annual Revenues
12,170,789
Expenses
225,000
Budget
Home remodel demo
Capital outlay
369,021
Site Improvements/prop. costs
0
0
0
Installation of public utilities
Parking facilities
Streets and sidewalks
0
0
0
1,198,710
276,305
0
400,250
4,783,319
0
0
51,072
16,547
70,882
of City loan
48,887
0
277,560
shown as a
Budget
20,500
0
Done
reduction to
estimate
20,500
0
estimate
20,500
0
estimate
20,500
estimate
20,500
estimate
20,500
estimate
20,500
Public park facilities
Social, recreational, etc.
Supplies & other charges
Personal services
School Dist. referendum reimb
Interest Expense "
Transfers Out
Principal Payment
Interest Expense
Cry Loan
I
I
loan payable
account on balance
sheet
Debt Service - City
interfund loans
Loan
628,673
0
Other Expenses
(546,481)
(70,882)
67,619
(277,560)
48,887
Done
245,500
20,500
20,500
20,500
20,500
20,500
.20,500
Annual
Expenses
7,109,797
Annual Increase / Decrease
5,060,992
127,836
21,220
82,390
1 108,626
110,255
47,630
47,630
47,630
47,630
4,632,322
4,119,310
4,140,531
4,222,921
4,331,547
1 4,441,802
14,489,432
4,537,062
4,584,692
Ending
Fund Balance
5,060,992
0
Nall funds are not required they could
be returned to HRA General Fund
CASH Balance
` interest Earnings on B of Yr balance
Interest Expense on n alive fund balance
3,352,283
3.9%
Actual
3,984,015
1.5%
0.0%
4,066,405
1.5%
0.0%
4,175,031
1.5%
0.0%
1.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Loan
from City
1,500,000
348,441
277,560
0
0
0
Pa nt
Interest
Prince 1
Feb 1
5.00%
43 714
8,711
35,003
277 560
277,560
0 0
0 0
0
0
Pa nt
Au 1
43,714
01
01 0
Interest
7,836
0
0 0
0
Princl 1
Balance
35.878
277,560
0
01
0 0
01 0
0
0
ANNUAL
Loan from City
348,441
277,560
0 01
0
Pa M
87,429
16,547
70,882
1 277,560
277,560
1 277,560
1
0
01
0 0
0 0
01 U1
01 01
0
Cl
0
0
Interest
Princi 1
Balance
es to CAFR
pd off 1 -26-09
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 37
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
HR
HRA
General Fund
City Fund 100
General Fund
1
TOTALS
Through
Actual
Preliminary
Projected ---->
Fund Balance
2025
2008
7,947,569
2009
7,397,792
2010
6,800,108
2011
6,327,562
2012
6,545,057
2013
6,792,954
2014
7,003,104
2015
7,213,253
Raven ues:
Inflation
Tax Increment (TI)
0.00%
0
Market Value Homestead Crei
0
Bond Proceeds
0
Loan Proceeds
0
Other Revenues
Investment Earnings
12,477,992
2,618,762
930,309
178,775
518,238
6,625
512,00F512,0001
41,572
1 34,484
512,0001.
1 37,747
512,000
1 0
512,000
0
512,000
0
Change in FMV of investment
0
TIF #6 OTC & percentage adjusted
In 2012
Sales/lease procee
Transfers In
Medtronic
2,468,090
12,397,646
71,891
43,117 193,471 90,541 117,679 117,679 117,679
Includes 10OK Faulkner land sale Med. Sales pmt increases to 22.220%
117,679
Annual Revenues
29,962,490
1,180,975
567,980
746,984 637,025 667,426
629,679
629,679
629,679
Expenses
budget- Gateway Northeast
Land/building acquisition
4,500,867
1,347,540
635,327
800,000
Site improvements /prep. cost
0
Move Gateway Northeast costs to separate fund
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees 1
0
Professional Services
0
School Dist. referendum relml,
0
Interest Expense "'
0
Transfers Out,
4,774,036
0
0
0
0
0
0
0
0
Debt Service -Bonds
0
0
0
0
0
0
0
0
Debt Service - Rev. Notes
0
Debt Service - City Loan
0
interfund loans
0
budget I
budget
Other Expenses
11,162,686
383,212
530,336
419,530
419,530
419,530
419,530
419,530
419,530
Annual Expenses
20,437,589
1,730,752
1,165,663
1,219,530
419,530
419,530
419,530
419,530
419,530
Annual Increase/ Decrease
9,524,901
(549,777)
(597,684)
(472,546)
217,495
247,896
210,150
210,150
210,150
Ending Fund Balance
9,524,901
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
7,423,403
0
Debt Service Reserve (next yns
Bonds)
0
0
0
0
0
0
0
0
Ending Fund Balance After Debt Service
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
7,423,403
CASH Balance I
1
1 3,673,363
2,771,486
2,298,940
2,516,435
Interest Earnings on Beg of Yr balance
3.8%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
" Interest Ex nse (on negative fund balance )
Actual
0.0%
0.0%1
0.0%
0.00/0
0.0%
0.0%
0.0 %;
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
& HRA General Fund =tWenffal Weneral rune
e Summary mary evolving Loan Program)
TOTALS
To En d Actual ed of District 2008 0 2011 2012
Page 38
Tax
Increment (TI) 1
0.00%11181,088,421
62,W0,433
o,oca,coa
a�,���
--
0
0
0
0
0
0
Market
Value Homestead Credit (MVHC)
196,790
29,192
11,864
0
0
0
0
Bond
Proceeds
134,966,131
34,879,264
0
0
0
0
0
0
0
0
0
0
Loan
Proceeds
10,560,000
11,995,469
15,056,540
0
992,343
0
565, 433
559,400
559, 400
558,400
559,400
559,400
559,4000
20,198,750
Other
Investment
Revenues
Earnings'
17,435,000
5,759,529
509,234
11,628
132,148
131,952
20,730
146,744
20,730
0
20,730
20,730
20,730
Misc
rev / Chg in FMV of inve
0
662,507
18,410
71,891
20,730
43,117
20,730
618,411
90,5410
117,6790
117,6780
117,6790
117,670
Sales/lease
proces
Medtronic
1,030,000
8,124,006
0
Transfers
In
192,197,733
40,515,557
201,075,095
0
4,850,359
0
2,351,461
3,138,158
2,509,226
2244,180
2,017,362
2,008,547
2,008,547
557,476,035
Annual Revenues
Station land
Gateway N
0
Expenses
Land/building acquisition
55,705,620
37,490,228
4,862,562
635,327
1,025,000
0
0
0
D
0
0
Site improvements/prep. co
35,017,284
6,641,810
61,387
0
0
0
0
0
0
Installation
of public utilities
6,660,828
1,785,188
0
0
0
0
0
0
p
0
Parking facilities
76,308,909
290,065
0
0
0
0
0
0
0
0
Streets and sidewalks
5,882,904
6,182
0
0
0
0
0
0
0
0
Public park facilities
467,202
4,050
0
0
0
0
p
0
0
0
0
Social, recreational, etc.
325,000
17,540,000
0
5,445,929
0
267,502
0
86,884
110,873
105,830
90,482
86,478
86,0370
_ 86,0370
Admin Fees- City/HRA (TI ' °!0
Professional Services
0
391,538
0
0
0
0
0
0
0
D
0
0
0
School Dist. referendum ralmi
0
3,179,269
0
0
0
0
0
0
0
0
Expen
Interest se "`
0
400,250
16,547
0
0
0
0
0
0
Transfers Out
43,547,500
12,350,418
0
0
1,149,809
0
0
0
0
Debt Service -Bonds
216,120,809
59,086,749
1,859,465
671,333
1,776,495
26,483
1,831,068
1,870,153
0
946,512
636,991
636,991
636,991
636,991
Debt Service -Rev. Notes
81,154,678
16,862,665
0
0
0
Debt Service - Other
10,560,000
6,073,224
70,882
277,560
0
0
0
0
0
0
Interfund loans
0
7,930,000
10,251,757
22,100,830
0
312,330
0
252,776
0
419,530
419,530
418,530
419,530
419,530
419,530
Other Expenses
557,220,734
182,360,151
8,122,008
3,055,526
6,406,433
1,471,872
1,147,003
1,142,898
1,142,558
1,142,558
Annual
Expenses
Annual Increase / Decrease
865,988
255,301
18,714,944
(3,171,649)
(704,064)
(3,268,275)
1,037,354
1,097,187
874,364
865,988
Ending Fund Balance
13,538,101
12,834,037
9,565,762
10,603,115
11,700,303
12,574,686
13,440,656
14,306,645 .
18,714,944
Debt Service Reserve (nextyrs Bonds)
0
1,778,495
1,831,068
0
0
0
0
0
0
Ending Fund Balance After Debt Service
11,761,606
11,002,969
9,565,762
10,603,115
11,700,303
12,574,686
13,440,656
14,306,645
CASH Balance
13,337,736
3.1%
12,085,800
1.5%
8,520,316
1.5%
9,557,670
1.5%
1.5%
0.0%
0.0%
0.0%
Interest Eamin s on B of Yr balance
Actual
0.0°/-
0.0%
0.0%
" Interest Ex nee on n alive
fund balance
Admin Fees excl HRA Gen9 fund
6.6%
8.0%
Estimated
Actual
Est. Od anal Market Value
28,406,500
23,159,200
153378001
267,907
15,337,800
287,907
15,337,800
587,807
14,971,300
582,826
14,822,100
581,334
14,822,100
581,334
Original Tax Ce a
477,743
386,543
178.6 is 288
112.763,900
107,057,932
108,149,532
103,492 642
102 529,348
102,529,348 .
Total Market Value
269,685,600
4,535,274
2 928,382
2,096,157
1,983,681
2,004,597
1,925 257
1,915,624
1,915,6240 .
Estimated Tax Ca
(411,462)
0
0
0
0
0
0
Fiscal Disparities - T1F #3
3,846,069
2,541,839
1,828,250
1,725,774
1,416,890
1,342,431
1,334,290
1,334,290
Captured Tex �
3,400,499
2,399,198
1,807,466
1,706,603
1,399,637
1,319,553
1,310,737
1,310,737
Calculated Tax Increment
42,018
688,642
0
0
0
0
0
0
Variance
99.64 °h
99.64%
99.64%
99.64%
89.64%
99.64%
99.64%
99.64%
Tax Collodion Rate
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Inflation
Schedule_ Payment - Max Amount Owed TIF #12
146,785
0 0
0
0
0
0
Fridley Cash Flow 2010b.xls
Prepared by Monroe Moxness Berg PA
4/29/2010
/-
CITY OF FRIDLEY, MINNESOTA
Page 39
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF Districts & HRA General Fund
nd Balance Summary
3xcludes Revolving Loan Program)
TOTALS
TIF Plan
To End
Budget
of District
2018
1 2017
2018
2019
1 2020
2021
2022
2023
Fund Balance
0
14,306,645
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
17,035,325
17,421,388
Revenues:
Inflation
Tax Increment (TI) 0.00% 181,088,421
Market Value Homestead Credit (MVHC)
82,885,433
196,790
953,367
0
926,462
0
919,610
0
855,203
0
813,214
0
693,843
0
692,464
0
692,464
0
Bond Proceeds
134,966,131
34,879,264
0
0
0
0
0
0
0
0
Loan Proceeds
10,560,000
11,995,469
0
0
0
0
0
0
0
0
Other Revenues
20,198,750
15,056,540
559,400
559,400
559,400
559,400
559,400
559,400
559,400
559,400
Investment Earnings `
17,435,000
1 5,759,529
11 0
0
0
0
0
0
0
0
Misc rev / Chg in FMV of inve
Sales/lease procee Medtronic
Transfers In
0
1,030,000
192,197,733
662,507
9,124,006
40,515,557
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
20,730
117,679
0
Annual Revenues
557,476,035
201,075,095
1,651,176
1,624,272
1,617,420
1,553,012
1,511,023
1,391,653
1,390,273
1,390,273
Expenses
Land/building acquisition
55,705,620
37,490,228
0
0
0
0
0
0
0
0
Site improvements/prep. cosh
35,017,284
6,641,810
0
0
0
0
0
0
0
0
Installation of public utilities
6,660,828
1,785,188
0
0
0
0
0
0
0
0
Parking facilities 1
76,308,909
290,065
0
0
0
0
0
0
0
0
Streets and sidewalks
5,882,904
6,182
0
0
0
0
0
0
0
0
Public park facilities
467,202
4,050
0
0
0
0
0
0
0
0
Social, recreational, etc.
325,000
0
0
0
0
0
0
0
0
0
Admin Fees- City/HRA (TI ` %
Professional Services
17,540,000
0
5,445,929
391,538
68,168
0
66,823
0
66,481
0
63,260
0
61,161
0
55,192
0
55,123
0
55,123
0
School Dist referendum reimt
0
3,179,2691
0
0
0
0
0
0
0
0
Interest Expense "
0
400,250
0
0
0
0
0
0
0
0
Transfers Out
'43,547,500
12,350,418
7,100
0
0
0
0
0
0
0
Debt Service - Bonds
216,120,809
59,086,749
0
0
0
0
0
0
0
0
Debt Service - Rev. Notes
Debt Service - Other
81,154,678
10,560,000
16,862,665
6,073,224
636,991
0
636,991
0
636,991
0
636,991
0
636,991
0
529,557
0
529,557
0
529,557
0
interfund loans
0
10,251,757
0
0
0
0
0
0
0
L419,530
0
Other Expenses
Annual Expenses
7,930,000
557,220,734
22,100,830
182,360,151
419,530
1,131,789
419,530
1,123,344
419,530
1,123,001
419,530
1,119,781
419,530
1,117,681
419,530
1,004,279
004,210
419,530
1,004,210
Annual Increase / Decrease
255,301
18,714,944
519,387
500,928
494,418
433,231
393,342
387,374
386,063
386,063
Ending Fund Balance
18,714,944
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
17,035,325 117,421,388
17,807,451
0
Debt Service Reserve (next yrs Bonds)
0
0
0
0
0
0
0
0
Ending Fund Balance After Debt Service
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
17,035,325
17,421,388
17,807,451
CASH Balance
Interest Earnings on Beg of Yr balance
"Interest Expense on negative fund balance
Admin Fees exci HRA Gan'[ fund
6.6%
0.0i/
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %:
Estimated
Est. Original Market Value
Original Tax Ca pa
Total Market Value 1
Estimated Tax Capacity
Fiscal Disparities - TIF #3
12,441,600
538,612
81,673,148
1,506,007
0
12,015,300
531,311
80,046,948
1,474,983
0
11,825,600
529,414
79,224,456
1,466,759
0
10,426,700
502,936
74,641,556
1,376,601
0
8,326,500
461,682
70,566,256
1,295,845
0
6,007,600
416,054
61,322,056
1,111,711
0
5,943,600
415,414
61,130,662
1,109,797
0
5,943,600
415,414
61,130,662
1,109,797
0
Captured Tax Capacity
Calculated Tax Increment
Variance
967,395
953,367
0
943,672
926,462
0
937,345
919,610
0
873,665
855,203
0
834,163
813,214
#VALUEI
695,657
693,843
0
694,383
692,464
0
694,383
692,464
0
Tax Collection Rate
Inflation
99.64%
0.00%
99.64 °k
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64%
0.00%
99.64 %'
0.00%
Schedule Payment - Max Amount Owed -TIF #12 11
01
01
01
0 1
01
0
01
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010