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HRA 10/18/2018 Work Session October 18, 2018 HRA Meeting Work Session Agenda 7:00 p.m. 1. HRA Cash Flow Projections Attached is a memorandum and spreadsheets prepared by Attorney Casserly and Greg Johnson. MONROE 7760 France Avenue South r 952.885.5999 MQXNESS Suite 700 F 952.885.5969 Minneapolis, MN 55435-5844 MMBLawFirm.com BERG James R.Casserly jcasserly@MMBLawFirm.com Direct 952.885.1296 MEMORANDUM To: City of Fridley Attn: Wally Wysopal, City Manager Paul Bolin, HRA Assistant Executive Director Scott Hickok, Community Development Director Dan Tienter, Finance Director From: Monroe Moxness Berg PA Attn: James R. Casserly, Esq. Greg D. Johnson, CPA Date: October 9, 2018 Re: 2018 HRA Cash Flow Projections Our File No. 9571-39 INTRODUCTION With the assistance of Greg Johnson, we have updated the development funds and cash flow analysis for the HRA. As of 12-31-2017, the HRA had fund balances in all development accounts of $7.2 million, and cash balances of $8.3 million. The table below provides an overview of these balances: ACTUAL ACTUAL Projected Projected Projected 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 HRA Fund Balances 6.9M 7.2M 8.0M 7.7M 8.7M HRA Cash- Unrestricted 6.7M 6.7M 7.2M 7.4M 8.6M HRA Cash- Restricted 1.2M 1.6M 1.9M 1.4M 1.1M Not reflected in the available cash balance is $1.1M in Mortgage Receivables recorded in the Revolving Loan Fund. Over time, the HRA should be able to collect these funds, and have them available for other HRA initiatives. The HRA has no G.O. bonds outstanding at this time. HRA Cash Balances are approximately 1.0M higher than Fund Balances. As in prior years, the Cash Balance is the best estimate of funds available for HRA authorized uses. This report contains the following schedules on the following pages: 1 TIF Fund Summary Year End Fund Balances for all TIF Districts (2015-2022) 2 Cash Balances Actual 2015-2017; Projected 2018-2022 3 HRA Interfund Loans Actual 2015-2018; Projected 2018-2022 4 Assumptions Class Rates, Tax Rates 5 Revenues Developer loan, Special Assessments, Other 6 Revenue Notes Payment Due in all TIF Funds 7 - 23 TIF Funds 6 —24 (2015 through 2022) 24 Housing Replacement Fund (HRF) 25 Revolving Loan Fund (RLF) 26 HRA General Fund 27 Summary Inc. & Exp Revenue & Expenses -All Funds (TI, HRF, RLF, Gen'l Fd) ANALYSIS 1. TIF #6 (Medtronic) — This district will continue for another 7 years, before required decertification at 12-31-2025. During this time, the HRA should receive 5% admin fees of about $30,000 annually and land sale receipts from Medtronic of approximately $119,000 annually. There is a negative fund balance in TIF #6 which will be zeroed out by the end of the district. 2. TIF #11, #12 & #13 (Northstar Station Area pooling) — Due to special legislation the authority received, TIF Districts #11, #12 & #13 are 100% poolable for costs in the Northstar Station area, which is identified as TIF #22. At the end of 2017, there was about $760,000 in available funds from these three TIF Districts and approximately $1.1M by the time these TIF Districts must be decertified, which is 2018, 2019 and 2023 respectively. Since TIF #11 must be decertified by 12-31-2018, approximately 408,000 of projected available funds in this district should be spent, or commitments made to spend, for eligible costs in the Northstar Station Area. Cumulative admin fees should be reviewed to determine it the amount taken is appropriate. These projections show all funds accumulated through 2019, totaling 975,000, being spent in 2019 for eligible expenses. 3. TIF #17 (GW East) & #18 (GW West) — The admin fees in these two TIF districts have risen to the level where they have exceeded, and will continue to exceed, the maximum allowed by law (10% of tax increment). The original properties in TIF Districts #17 & #18 took a significant amount of time and resources to acquire, which contributed to high admin fees. No further admin fees should be taken from these two TIF Districts. 4. TIF #20 (BAE Site/Northern Stacks) — We have included tax increment on the projected value upon completion for the entire site. At 1-2-2018 the assessed MV was 88M. Full development of the site should show approximately 1.63 million sq. feet of bulk warehouse, showroom and office space with a completed assessed value of $103 million. 90% of the tax increment is to be used to pay revenue notes to reimburse for TIF eligible project costs. 5. TIF #20A (BAE Site/Northern Stacks — HSS) — The Hazardous Substance Subdistrict was created to assist with remediation costs in TIF #20. The HRA started to receive tax increment in 2014 and should continue to receive approximately $325,000 annually. Since the HRA is advancing up to $4.5M for the remediation costs with the use of interfund loans, the tax increment from the HSS will be used to reimburse the HRA 2 General Fund for these costs plus interest at 3.5%. Also, 10% admin fees have also been projected to be taken from this district before payment of the interfund loan. 6. TIF #21 (Gateway NE) — The HRA has spent well over $4.0M in the Gateway Northeast area. Through redevelopment of this area, the HRA will recover all its costs through the collection of tax increment. Current development for phases I & II is valued at $27M. Construction of Phase III has begun, which will eventually bring the projected full value of the site to about $33.7M. The first receipt of tax increment began in 2017. After recovering 10% of the TI for admin fees, the available tax increment will repay the interfund loan to the HRA General Fund, plus interest at 4.0%. 7. TIF #22 (Northstar Transit Station District) —The district contains 54 parcels with a current assessed value of $91.6M. Industrial Equities has begun development of the old JLT site near Hwy 694 and two new apartment buildings are planned near the Northstar Station. The first tax increment was received in 2017 and will be collected through 2042. With increased valuation in the district and completion of the Industrial Equities project, annual tax increment should exceed $900,000 annually by 2021. The expense projections show 750,000 being spent annually for 10 years for eligible expenses, starting in 2020. 8. TIF #23 (Locke Park Pointe) — This TIF District was established in 2016 with increment deferred until 2020. The land is currently in the process of being sold to developers, and the current development projections of 26 Patio/Villa homes and 72 townhomes should provide over $275,000 of tax increment annually upon completion. All tax increment is being used to reimburse the City and HRA for eligible expenses including acquisition, remediation, site preparation, ponding and roadway. Most costs for this TIF District are currently shown in the HRA General Fund. Before the end of the year, these costs should be transferred to this TIF District Fund. After recovering 10% of the TI for admin fees, the available tax increment will repay the interfund loans to the HRA General Fund and City, plus interest at 4.0%. 9. TIF #24 (Stacks VIII) — Due to the success of the Northern Stacks project in TIF #20, the developer has purchased a property just to the north of TIF #20. A soils condition district has been created to help with soils related remediation costs. This new district will run for 21 years, and 90% of all tax increment will be used to pay a TIF Revenue Note for eligible costs. 10. Housing Replacement Program (HRP) — Tax increment is only collected for 15 years on each property in the HRP. Phases 1 & 2 started in the 1990's have already been decertified. Phase 3 started in 2003 and Phase 4 started in 2007. With new legislation, parcels in new phases have been added. Phase 12 was approved in 2015, and phase 13 was approved in 2018. The fund balance and tax increment may only be spent on projects eligible for inclusion in the HRP. 11. Revolving Loan Fund (RLF) — At the end of 2017, there was approximately $2.0M of cash in this fund to assist with the HRA's housing programs and the commercial loan program. In 2018, the HRA adopted a new housing loan program for seniors ("Senior Deferred Loan Program"). Up to 25,000 can be loaned to qualified seniors for home improvements. These will be deferred 0% interest loans where repayment is not owed until the house is sold or no longer occupied by the borrower. The projections show 3 $1.1M used from the RLF through 2023 and another $1.0M from the General Fund from 2024 through 2028 from a total program cost of$2.1M. 12. Interfund Loans — The HRA General Fund shows a 12/31/2017 fund balance of $10.8M, but only a cash balance of $4.7M. Interfund loans of $7.6M have been advanced to cover negative fund balances in the following Districts: TIF #6 (Lake Pointe — Medtronic) 325,303 Expect to be repaid TIF #17 (Gateway East) 331,653 Expect to be repaid TIF #18 (Gateway West) 360,109 Expect to be repaid TIF #20A (BAE Site — HSS) 2,728,471 Expect to be repaid, 3.5% int. TIF #21 (Gateway Northeast) 3,843,025 Expect to be repaid, 4.0% int. TIF #23 (Locke Park Pointe) 52,800 Expect to be repaid, 4.0% int. Total Interfund Loans 7,641,361 * *This loan balance will increase but will be offset by various repayments so that by December 31, 2019 it is projected to be $11.4M. Additional costs include: $715,000 of the increase is related to TIF 20A (BAE Site) HRA Authority Grants which will be recovered from future tax increment in the Hazardous Substance Subdistict (TIF 20A). $2.0M of the increase is related to moving TIF 23 costs currently in the HRA General Fund to TIF 23. $3.0M is for new TIF 23 ponding and road costs. 13. HRA General Fund — At the end of 2017, the fund balance was $10.8M. Once the $3.3M of TIF #23 costs are transferred out, the 2018 fund balance will be approximately $14.9M. Since the costs transferred to TIF #23 are shown as an interfund loan, there is no corresponding increase in Cash. The 2018 cash balance is estimated to be $5.3M. RECOMMENDATIONS Our recommendations are as follows: 1. Transfer TIF #23 costs described in item 8 above currently shown in the HRA General Fund to the TIF#23 Fund. 2. In both TIF #17 and TIF #18, the cumulative administrative fees exceed the maximum allowed. No more admin fees should be taken out of these two TIF districts. Other funds will be needed to adjust these amounts. 3. There are significant amounts available for the Northstar Station TIF District (TIF #22). Uses for these funds must be identified. TIF District #11 will be decertified at 12-31-2018, TIF #12 at 12-31-2019 and TIF #13 at 12-31-2023. Also, TIF #22 will start generating significant amounts of TI. The projected cash balances available in future years, if no amounts are used, from TIF #11, 12, 13 & 22 are: 4 TIF District 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 11 310,625 359,111 408,138 408,138 408,138 408,138 408,138 408,138 12 146,830 188,985 227,821 275,051 275,051 275,051 275,051 275,051 13 172,227 211,190 252,221 295,041 336,599 378,157 419,715 461,273 22 0 135,396 268,874 531,395 1,128,603 2,002,593 2,876,582 3,750,572 Total 629,682 894,682 1,157,054 1,509,624 2,148,390 3,063,938 3,979,485 4,895,033 Change 265,000 262,372 352,570 638,766 915,548 915,548 915,548 The Cash Flow Projections have assumed that $975,000 is being spent from TIF #11, 12 & 13 in 2019 (see item 2 above) and that $750,000 per year commencing in 2020 is being spent from TIF #22 (see item 7 above). 4. Review admin fees in TIF #11, 12 and 13 to determine if they need adjustment. 5. The Senior Deferred Loan Program requires monitoring. Since repayments in the Program may be many years in the future, the Authority could have a cash flow problem if there are too many loans. The Cash Flow assumes that no more than $2.1 M through 2028 will be used in that Program (see item 11 above). 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 only included committed project expenses (e.g. pollution clean-up costs advanced for the BAE Site and TIF #23 pond & road costs) for the years 2018 and thereafter. In addition, we have projected some HRA 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 in any TIF District, except where construction has already begun (TIF #21, 22, 23, 24). 4. Projected expenses of $2.1M in new loans for the Senior Deferred Loan Program and $8.5M for the Northstar District eligible costs. 5. Interest earnings on all TIF Fund Balances at 0.5% and only through 2020. We look forward to reviewing with you this Cash Flow Analysis and its underlying assumptions. JRC/GDJ/cb Enclosures 4830-7701-5928,v. 1 5 CITY OF FRIDLEY,MINNESOTA Page 1 HRA SUMMARY Fund Balances 0.0% Inflation Actual Actual Actual 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 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 100 HRA General Fund(non-increment) 9,479,020 10,328,115 10,791,511 14,888,909 15,703,197 16,575,166 17,472,514 18,365,173 501 Housing Re lacement 7/18/1996-1212022 H 153,881 178,529 213,484 243,964 274,596 305,382 336,321 365.799 Decertify#11 Decertify#12 455 6 Lake Pointe(Medtronic) 12/1985-1212025 R (385.927) (357.041) (328.369) (297.716) (266.999) (236,282) (206,882) (177,482) 458 9 Onan/Murphy-DECERTIF DECERTIFIED R - - (0) (0) (0) (0) (0) (0) (0) (0) Totals-Pre'90 Districts (385.927) (357.041) (328,369) (297,716) (266,999) (236.282) (206,882) (177.482) TIF 11,12.13 available only for Northstar Transit Station District 462 11 University/Osborne 01/1992-1212018 R 263,092 309,608 358,245\ 407,27:D 0 0 0 0 463 12 McGlynn Bakeries 03/1992-12/2019 R 118,950 145,802 188,136 226,972( (0)j 4 4 4 464 13 Satellite Lane Apts 06/1995-12/2023 R 136,952 171,990 210,198 251,229 (0) 41.563 83,121 124,680( 467 16 57th Ave(Linn)-DECERTIFI DECERTIFIED R ' (0) (0) (0) (0) (0) (0) (0) (0) 468 17 Gateway East 2001-12/2028 R (381,951) (352.674) (319,554) (282.570) (243.960) (205,351) (166,807) (128,264) 470 18 Gateway West 2005-12/2033 R (409,030) (388.193) (359,975) (329,009) (296,631) (264,254) (231,881) (199,508) 472 19 5110 Main St NE(Ind Eq) 2007-12/2034 R (4.656) (5.041) (5,543) (5,304) (5,065) (4,824) (4,824) (4,824) 20 BAE Site(Northern Stacks) 2012-12/2041 R (48,410) (78,783) (99,202) (98,125) (97.042) (95,954) (95.954) (95,954) 20A BAE Site(HSS) 2012-12/2039 HSS (1,312,372) (2,211.649) (2,730,110) (3,240,798) (3,061,704) (2,876,341) (2.684,491) (2,485.927) 474 21 Gateway Northeast(Cielo) 2012-12/2042 R (3,198.327) (3.824,922) (3.835,204) (3.988,884) (3.761.165) (3.496,046) (3,143,705) (2,777,270) 22 Northstar Transit Station 2013-122042 R (315) (10,848) 131,447 264,925 527,446 377,311 501,301 625,290 23 Locke Park Pointe 2020-12/2045 R (87,920) (3.043.950) (3.844.303) (3,996.670) (4.141,334) (4,218,107) 24 Stacks VIII I 2020-12/2041 S 0 __0_ --_�0 0 0 Totals-Post'90 Districts (4,836.067) (6.244,710) (6,549,482) (9.838.241) (10.782,424) (10.520,561) (9,884,570) (9.159,878) Totals-TIF Districts 1-19 (5.221.993) (6,601.750) (6,877,850) (10.135.956) (11.049.422) (10.756,843) (10..091.451) (9.337,360) Total FUND Balance-All TIF Districts&HRA Gen'I Fund 4.410,908 3.904,894 4,127,145 4,996.916 4.928.371 6.123,705 7,717,384 9,393,612 265 Revolving Loan Fund 3.013,847 3,013,537 3,036.989 3,001,317 2,765.466 2.578,436 2,390,470 2,201,565 265 Special Revenue/Housing Programs J 0 0 0 0 0 0 1 1 I ---- Total FUND Balance(TIF,Gent Fund,Revolving Loans) 7.424,755 I 6,918,4317,164,134 I 7.998,233 7.693.837 I 8.702,140 10,107,854 11.595.178 CASH Balances 8,436,987 7,912,241 8,320,018 9,153,075 8,848,678 9.704,614 11,110,329 12,597,652 i AVAILABLE USES Unrestricted GF HRA General Fund 9,479,020 10,328,115 10,791.511 14,888,909 15.703,197 16,575,166 17,472,514 18,365,173 RLF Revolving Loan Fund 3,013,847 3,013,537 3,036,989 3,001,317 2,765,466 2,578,436 2,390,470 2,201,565 Restricted 1 1 6 Pre'90 TIF District (385.927) (357.041) (328.369) (297.716) (266,999) (236.282) (206.882) (177.482) 11-13,22 Northstar Station Area Expenses 518,679 616,552 888,026 1,150,398 527,446 418,878 584,426 749,974 16-21 Post'90 TIF Districts (5,354.746) (6.861,262) (7.437.508) (10.988.639) (11.309,870) (10,939,440) (10.468.996) (9.909.852) HRP Housing Replacement Program 153,881 178,529 213,484 243,964 274,596 305,382 336,321 365,799 I -\ Total Available FUND Balances 7.424,755 6.918,430 7,164,133 ) 7,998,233 7,693,836 8,702,140 10.107,854 11,595,177 I Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 2 SUMMARY OF HRA CASH BALANCES Actual Actual Actual Projected Projected Projected Projected Projected 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 CASH BALANCES HRA General Fund 5,063,906 4,660,898 4.728,448 5,304,052 5,826,503 7,098,290 8,495,483 9,976,685 HRP Housing Replacement Program 157,052 180,475 J 214,078 244,558 275,190 305,976 336,915 366,393 RLF Revolving Loan Fund 2,192,462 2,015,514 1,932,896 1,897,223 1,661,373 1,474,342 1,286,377 1,097,472 Debt Service TIF Districts(Capital Projects Funds) Pre'90 6 Lake Pointe(Medtronic) 219,703 217.158 263.386 263,386 263,386 263,386 263,386 263,386 9 Onan/Murphy-DECERTIFIED 0 0 0 0 0' 0 0 0 Post'90 11 University/Osborne 264,036 310.625 359,111 408,138 866 866 866 866 12 McGlynn Bakeries 119,889 146,830 188,985 227,821 849 853 853 853 13 Satellite Lane Apts 137,227 172,227 211.190 252,221 992 42,555 84,113 125,671 16 57th Ave(Linn)-DECERTIFIED 9,746 0 0 (0) (0) (0) (0) (0) 17 Gateway East 10,758 10,117 13,167 13,167 13,167 13,167 13,167 13,167 18 Gateway West 31,319 12,265 880 880 880 880 880 880 19 5110 Main St NE(Ind Eq) 41,043 43,620 47,736 47,975 48,215 48,456 48,456 48,456 20 BAE Site(Northern Stacks) 0 89,941 215,446 216,523 217,606 218,694 218,694 218,694 20A BAE Site(HSS) 0 18,815 9 21 Gateway Northeast(Cielo) 189,846 33,756 8,256 8,256 8,256 8,256 8,256 8,256 22 Northstar Transit Station 0 135,396 268,874 531,395 381,260 505,250 629,239 23 Locke Park Pointe 1,034 (152.367) (152,367) (152,367) 24 Stacks VIII 0 0 0 0 0 Investments(Interest Receivable) 0 0 0 0 0 0 0 0 TOTAL CASH BALANCES 8,436,987 7,912,241 8,320,018 9,153,075 8,848,678 9,704,614 11,110,329 12,597,652 J Annual Change (534,892) (524,746) 407,777 833,056 (304,397) 855,936 1,405,714 1,487,323 AVAILABLE USES Unrestricted GF HRA General Fund 5,063,906 4,660,898 4,728,448 5,304,052 5,826,503 7,098,290 8,495,483 9,976,685 RLF Revolving Loan Fund 2,192,462 2,015,514 1,932,896 1,897,223 1,661,373 1,474,342 1,286,377 1,097,472 Restricted 6 Pre'90 TIF District 219,703 217,158 263,386 263,386 263,386 263,386 263,386 263,386 9 Pre'90 TIF District 0 0 0 0 0 0 0 0 11-13,22 Northstar Station Area Expenses 521,152 629,682 894,682 1,157,054 534,102 425,535 591,082 756,630 16-21 Post'90 TIF Districts 282,712 208,514 286,528 286,801 288,123 137,085 137,085 137,085 HRP Housing Replacement Program 157,052 180,475 214,078 244,558 275,190 305,976 336,915 366,393 Total Available CASH Balances 8,436,987 7,912,241 (8,320,019) 9,153,074 8,848,678 9,704,614 11,110,328 12,597,651 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 3 SUMMARY OF HRA INTERFUND LOANS Actual Actual Actual Projected Projected Projected Projected Projected 1 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 INTERFUND LOANS HRA General Fund-RECEIVABLE 5,905,128 7,186,707 7,641,361 11,163,155 11,454,992 11,055,174 10,555,330 9,966,786 HRP Housing Replacement Program 0 0 0 0 0 0 0 0 RLF Revolving Loan Fund 0 0 0 0 0 0 0 0 Pre'90 0 0 0 0 0 0 0 0 6 Lake Pointe(Medtronic) (325.303) (325,303) (325.303) (294.650) (263 933) (233.216) (203,816) (174.416) Post'90 0 0 0 0 0 0 0 0 11 University/Osborne 0 0 0 0 0 0 0 0 12 McGlynn Bakeries 0 0 0 0 0 0 0 0 13 Satellite Lane Apts 0' 0 0 0 0 0 0 0 16 57th Ave(Linn) 0 0 0 0 0 0 0 0 17 (Gateway East (391,653) (361,653) (331,653) (294,669) (256.059) (217,450) (178,906) (140.3635 18 Gateway West (440,109) (400.109) (360.109) (329,143) (296,765) (264,388) (232,015) (199.642) 19 5110 Main St NE(Ind Eq) 0 0 0 0 0 0 0 0 20 BAE Site(Northern Stacks) (47,009) 0 0 0 0 0 0 0 20A BAE Site(HSS) (1,312,773) (2,230,406) (2,728,471) (3,239,159) (3,060,065) (2.874,702) (2,682.852) (2,484,288) 21 Gateway Northeast(Cielo) (3.388,173) (3,858,678) (3,843,025) (3,996,705) (3,768.986) (3,503,867) (3,151,526) (2.785,091) 22 Northstar Transit Station (108) (10,558) 0 0 0 0 0 0 23 Locke Park Pointe (52.800) (3,008,830) (3,809,183) (3,961,550) (4.106,214) (4,182,987) 24 Stacks VIII Investments(Interest Receivable) 0 0 0 0 0 0 0 0 _ 0 0 0' (0) 0 (0) (0) (0) move all Locke Park Pt deficit to TIF 23 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY, MINNESOTA Page 4 ALL TIF DISTRICTS ASSUMPTIONS ACTUAL ACTUAL ACTUAL ACTUAL Projected Projected Projected 2021 2015 2016 2017 2018 2019 2020 & beyond Interest Earnings(on positive fund balance) 0.50% 0.50% 0.50% 0.50% 0.50% 0.00°i% Interest Expense(on negative fund balance) 0.50% 0.50% 0.50% 0.50% 0.50% 0.00°/. Administrative Fees 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Admin Fee Limitations " Districts with Cert Req Date before 8/1/!Lesser of 10%of budgeted expenditures or 10%of actual expenditures TIF 6 Districts with Cert Req Date after 7/31/C Lesser of 10%of budgeted expenditures or 10%of actual TIF revenues TIF 11 Commercial/Industrial Market Value Base 150,000 150,000 150,000 150,000 150,000 150,000 150,000 Base Rate 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% Rate for value above base 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Rental -Market Rate Market Value Base 0 0 0 0 0 0 0 Base Rate 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% Rate for value above base 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% Rental-Low income/Class 4c (TIF#1) Market Value Base 0 0 0 0 0 0 0 Base Rate 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Rate for value above base 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Residential Homestead Market Value Base 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Base Rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Rate for value over base 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 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% Fiscal Disparities Reduction -TIF#3 (percent of captured tax capacity) Local Tax Rates* City of Fridley 0.43508 0.44960 0.48218 0.47907 0.47907 0.47907 0.47907 Anoka County 0.38123 0.38894 0.36841 0.35334 0.35334 0.35334 0.35334 ISD# Misc Watershed TI Districts ISD District 13 16 17,1P 14 6 Cities 1.38644 1.47794 1.41225 1.41199 1.41199 1.41199 1.41199 14 Rice Creek 1.39132 1.47728 1.41667 1.41589 1.41589 1.41589 1.41589 21 14 Mississippi 1.39410 1.47622 1.41502 1.41150 1.41150 1.41150 1.41150 11 12 16 6 Cities 1.30267 1.33151 1.32046 1.29750 1.29750 1.29750 1.29750 6 19 20 13 Mississippi 1.23550 1.22812 1.19727 1.17984 1.17984 1.17984 1.17984 23 16 Rice Creek B 1.30755 1.33085 1.32488 1.30140 1.30140 1.30140 1.30140 Average: 1.33626 1.38699 1.34776 1.33635 1.33635 1.33635 1.33635 * 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% hic, Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson, CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 5 OTHER REVENUES - Principal Int.Rt. Term 2015 2016 2017 1 2018 2019 2020 2021 2022 HRA General Fund i 2017 Levy 2018 Levy 2019 Levy Tax Levy 357,968 395,955 398,330 477,023 517.805 517.805 517,805 517,805 i Rental $800 per mn (2001-Frauenshuh Pkg Lot) 10,400 9.600 9,600 9.600 9,600 9,600 9,600 9,600 ^ SUBTOTAL-HRA General Fund Revenues 368,368 405,555 407,930 486,623 527.405 527,405 527,405 527,405 OTHER ACCAP Loan(HLP-Fund 265) Annual Payments $57,500 7.25% (8/1996-8/2025) 3,798 3,798 3,798 3.798 3,798 all admin? TIF Admin Fees 90,417 127.038 187.011 213,883 334,156 404,601 440,714 449,847 TIF 20A-Interest on Interfund Loan 0 76,406 78,064 95,554 113.428 107,160 100,672 93,957 TIF 21 -Interest on Interfund Loan 0 620,505 154,347 153,721 159.868 150,759 140,155 126,061 other TOTALS $ 647,500 458,785 1.229,504 827,352 953.578 1.138.654 1,193,723 1,212,743 1.201.068 1 HRA General Fund Medtronic Land Sale Receipts 123,983 117,537 118,260 117,343 117,600 117,600 117,600 117,600 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY.MINNESOTA Page 6 REVENUE NOTE PAYMENTS Actual Actual Actual Projected I Projected Projected Projected Projected Principal Int.Rt. %of TI Term 2015 2016 2017 2018 2019 2020 2021 2022 TIF#6(Lake Pointe) "Reimbursement Payments" Medtronic All Eligible Ex; 6.75% 90%of TI 8/2001-2/2012 557,975 528,968 532,225 528,043 529,201 529,201 529.201 529,201 90%of TI 8/2012-2/2026 TIF#19 Industrial Equities-5110 Main St.NE Final Payment 1,500,000 7.00% 90%of TI 8/2009-2/2021 90,640 97,739 107,054 108.873 125,286 125.286 0 0 TIF#20(BAE Site) Northern Stacks 15,700,000 5.75% 90%of TI 8/2016-2/2042 0 349,941 638,728 755,492 1.559,210 1,874.989 1,874.989 1,874.989 TIF#23(Locke Park Pt) City of Fridley 500,000 4.00% 11%of TI 8/2021-2/2045 0 0 0 TI to City 0 0 1,898 12,030 TIF#24(Stacks VIII) Stacks VIII 5.75% 90%of TI 8/2021-2/2042 0 0 0 0 0 0 81,168 81,168 I I REVIEW BENEFIT TO HRA OF PREPAYING ANY REV.NOTE Total Revenue Notes 648,615 976,648 1,278,007 1,392,409 2,213,698 2,529.476 2.487,255 2.497,388 variance 0 0 0 0 0 0 0 0 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY.MINNESOTA Page 7 II TIF DISTRICT#6 County#E8 -II TIF DISTRICT#6 ----_ Lake Pointe(Medtronic) City Fund 455 -.Lake Pointe(Medtronic) ---- Redevelopment District ,----- 1211985-12/2025 TOTALS ----_== i TIF Plan ' To End Actual Actual Actual Projected-> Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 0 (415.344) (385.927) (357.041) (328,369) (297 716) (266.999) (236 282) (206.882) Revenues: Inflation TIF#6r year taxes Tax Increment(TI) 0.00% 98,950.000 15,982,255 622,176 591,895 593.077 586,715 588,001 588,001 588,001 588,001 Market Value Homestead Credit(MVHC) 0 ' ------- Bond Proceeds = 22,829,451 ----_-- Loan Proceeds 5,641,933 ------- Other Revenues 46,335 ----_-- Investment Earnings' 9,900.000 76,080 5 3 21 1,317 1,317 1,317 0 0 Change in FMV of investments 0 ------- Sales/lease proceeds 10,000,000 5,600,000 ------- Transfers In 4,876.718 ---_--- Annual Revenues = 118,850,000 55,052,771 622,181 591,898 593.098 588,032 589.318 589,318 588,001 588,001 Expenses ---- Land/building acquisition 12,702,819 11,272,572 --�---- Site improvements/prep.cost 12,253.725 1.799,015 ------- Installation of public utilities 3.557.273 1,293,773 ------- Parking facilities 74,349.733 0Mi ----- Streets and sidewalks 4,961,294 0 ----- Public park facilities 0 Other --=== public improvements 803,750 reduced to 5%to eliminate negative fund balance Admin Fees-City/HRA(T1'% 9.900.000 1,277,149 34,789 30,308 32,201 29.336 29,400 29,400 29,400 29,400 Professional Services 0 ------- School Dist.referendum reimb 13,228 ------- Interest Expense.' 0 ------- Transfers Out 361 Debt Service-Bonds 48,000,000 25,018.900 __ -- Debt Service-Rev.Notes 13,659.147 557,975 528,968 532,225 528.043 529,201 529,201 529,201 529,201 Debt Service-Other 0 ----- ,Interfund loans 0 _�----- 'Other Expenses4,158 3.736 ----- Annual Expenses 165.724.844 55.142,053 592.764 563.012 564.426 557.379 558.601 558,601 558.601 558.601 Annual Increase!Decrease EIME 29,417 28,886 28,672 30.653 30,717 30,717 29,400 29,400 Ending Fund Balance `89,282) (385.927) (357,041 325.369) (297,716) (266.999) (236,282) (206.882) (177.482) 0 ------- --� 89.7% 89.4%----- ---end ------ CASH Balance --- 219,703 217,158 263,386 263,386 263.386 263,386 263,386 263,386 Interfund Loan Balance (325,303) (325,303) (325,303) (294,650) (263.933) (233,216) (203.816) (174,416) 'Interest Eamin.s on B-• of Yr balance 0.0% 0.0% 0.0% 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Ex.-nse on n-•ative fund balance Actual Actual Actual Administrative Fees-Annual 8.0% 5.6% 5.1% 5.4% 5.0% 5.0% 5.0% 5.0% 5.0% Administrative Fees-Cumulative_ Estimated 9.7% 9.4% 9.2% 9.0% 8.8% 8.7% 8.5% 8.4% add 200,000 bldg sq.ft.to base I ------ Ori•inal Market Value Bldg 1 23-30-24-41-0030 16,384,500 16,384,500 16,384,500 16,384,500 16,384,500 16,384,500 16,384,500 16,384,500 Original Tax Capacity Bldg 2 23-30-24-41-0031 326.940 326.940 326,940 326,940 326,940 326,940 326,940 326,940 Total Market Value Land 23-30-24-41-0034 41,635,700 41,087,500 41,151,100 41,338,500 41,393,200 41,393,200 41,393,200 41,393,200 Estimated Tax Capaci. Land 23-30-24-42-0041 831,964 821,000 822,272 826,020 827,114 827,114 827,114 827,114 Day Care 23-30-24-42-0042 ------- Ca.tured Tax Ca.acit, Land 23-30-24-42-0043 505,024 494,060 495,332 499,080 500,174 500,174 500,174 500,174 Calculated Tax Increment -- 621,711 604,581 590,911 586,715 588,001 588,001 588,001 588,001 Variance --- (465) 12,686 (2,166) 0 0 0 0 0 Tax Rate _-- 1.2355 1.22812 1.19727 1.17984 1.17984 1.17984 1.17984 1.17984 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% 0.00% ---------- --Old PINS ------- ---------- Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY.MINNESOTA Page 8 • -U--_- TIF DISTRICT#6 County#E8 -ITIF DISTRICT#6 Lake Pointe(Medtronic) City Fund 455 •Lake Pointe(Medtronic) Redevelopment District .---= 12/1985-12/2025 -- TOTALS ,---- - TIF Plan To End ,-- DECERTIFIED • Budget of District I 2023 2024 2025 2026 Fund Balance 0 • (177,482) (148,082) (118.682) (89,282) Revenues: Inflation TIF#6 --- •Tax Increment(TI) 0.00% 98,950,000 15,982.255 , 588,001 588,001 588,001 0 •Market Value Homestead Credit(MVHC) 0 I---- •Bond Proceeds -- 22,829,451 I---- •Loan Proceeds -_ 5,641,933 I---- •Other Revenues -- 46,335 I-- •Investment Earnings' 9.900,000 76,080 I 0 0 0 0 •Change in FMV of investments 0 (-_- Sales/lease proceeds 10,000,000 5,600,000 I--- •Transfers In -- 4,876,718 •---ME Annual Revenues 118,850,000 55,052.771 , 588,001 588,001 588,001 0 miiiiimmemimtinnimmiimilmom Expenses -- ;� = II Land/building acquisition 12,702.819 11.272.572 U Site improvements/prep.cost• 12,253,725 1.799.015 I--- •Installation of public utilities 3,557,273 1.293.773 ,--- •Parking facilities 74,349,733 0 ,--= •Streets and sidewalks • 0 I- II Public park facilities 0 I II Other public improvements 803,750 I-_- •Admin Fees-City/HRA(TI'% 9,900,000 1.277,149 I 29,400 29,400 29,400 0 •Professional Services 0 I---- USchool Dist.referendum reimb 13.228 I--- •Interest Expense** 0 I---= II Transfers Out -- 361 11= � III Debt Service-Bonds 48,000,000 25,018,900 •Debt Service-Rev.Notes 13,659.147 , 529,201 529,201 529,201 0 •Debt Service-Other 00 • - II Interfund loans -- UOther Expenses -- 4.158 �� Annual Expenses 165.724,844 55,142.053 S 558,601 558,601 558,601 0 ---I---- • -(---- Annual Increase/Decrease 1511 (89.282 , 29,400 29,400 29,400 0 ■ 11111 Ending Fund Balance 89.2824 (148,082) (118.682) (89,282) (89,282) II 1 IN I II IMIIIII CASH Balance I 263,386 263,386 177,170 Interfund Loan Balance --I (145,016) (115.616) 0*Interest Earnin•s on Be•of Yr balance • 0.0% 0.0% 0.0% � Interest Ex•ense on ne.ative fund balance I Administrative Fees-Annual 8.0% 5.0% 5.0% 5.0% Administrative Fees-Cumulative- Estimated 8.2% 8.1% 8.0% 8.0% ■ add 200,000 bldg sq.ft.to base c --- Ori•inal Market Value Bldg 1 23-30-24-41-0030 U 16,384,500 16,384,500 16,384,500 Original Tax Capacity Bldg 2 23-30-24-41-0031 • 326,940 326,940 326,940 Total Market Value :and 23-30-24-41-0034 U 41,393,200 41,393,200 41,393,200 Estimated Tax Capaci. Land 23-30-24-42-0041 I 827,114 M 827,114 • Day Care 23-30-24-42-0042 . Ca•tured Tax Ca•acit, Land 23-30-24-42-0043 I 500,174 500,174 500,174 Calculated Tax Increment --U 588,001 588,001 588,001 ■Variance U 0 Tax Rate ---I 1.17984 1.17984 1.17984 Tax Collection Rate ---• 99.64% 99.64% 99.64% Inflation _--U 0.00% 0.00% 0.00% 1= --Old PINs UEl MI 111 1111.111111111 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 9 TIF DISTRICT#9 County Kl - TIF DISTRICT#9 Onan/Murphy-DECE City Fund 458 Onan/Murphy-DECERTIFIED Redevelopment District I 09/1989-12/2015 -I TOTALS TIF Plan To End Actual Actual Actual DECERTIFIED Budget of District 2013 2014 2015 2016 2017 2018 Fund Balance 1,593,440 784,992 54,408 (0) (0) Revenues: Inflation FINAL YEAR _Tax Increment(TI) 0.00% 8,000,000 5,056,060 281,084 288,673 289,996 0 0 0 Market Value Homestead Credit(MVHC) , 0 Bond Proceeds 0 Loan Proceeds 1,353 Other Revenues 5,108 Investment Earnings' 800,000 214,822 1,698 11,724 1,059 0 0 0 Change in FMV of investments 0 Sales/lease proceeds 0 Transfers In 1,353 Annual Revenues 8,800,000 5,278.696 282,782 300,397 291,055 0 0 0 Expenses Land/building acquisition 5,026,000 1,694,094 Site improvements/prep.cost 3,100,000 11,491 Installation of public utilities 1,342,000 0 Parking facilities I 0 Streets and sidewalks 435,000 0 Public park facilities 0 0 Other public improvements 0 Admin Fees-City/HRA(TI'% 800,000 509,541 29,190 30,981 30,722 0 0 0 Professional Services 0 School Dist.referendum reimb 0 Interest Expense" 0 0 0 0 0 Transfers Out I 815,672 500,000 314,741 Debt Service-Bonds 16,092,000 0 Pool funds to TIF 18 Pool to#17&#18 Debt Service-Rev.Notes 685,181 Debt Service-Other 0 Interfund loans 0, Pool funds for TIF 21 expenses Other Expenses 1,562,717562,040 1,000.000 Annual Expenses 26,795,000 5,278,696 ' 1,091,230 1,030,981 ! 345,463 1 0 0 0 • Annual Increase/Decrease -995 000)_ (0)1 (808,448) (730,584) (54,408) 0 0 0 Ending Fund Balance I (0)1 784,992 54,408 (0) (0) (0) (0) 0 , CASH Balance 784,992 53,745 0 Interfund Loan Balance 'Interest Earnings(on Beg of Yr balance) 0.1% 1.5% 2.0% "Interest Expense(on negative fund balance) Actual Actual Actual Administrative Fees-Annual 10.1% 10.4% 10.7% 10.6% Administrative Fees-Cumulative Estimated 10.0% 10.0% 10.1% 1 Est.Original Market Value 2,380,500 2,380,500 2,380,500 Original Tax Capacity 42,909 42,909 42,909 Total Market Value 18,031,100 17,134,784 17,274,786 Estimated Tax Capacity 354,241 336,315 339,115 Captured Tax Capacity( 311,332 293,406 296,206 Calculated Tax Increment 303,250 285,789 288,516 Variance 22,166 (2,884) (1,480) Tax Rate 0.97756 0.97756 0.97756 Tax Collection Rate 99.64% 99.64% 99.64% Inflation 0.00% 0.00% 0.00% Certified Tax Rate 0.97756 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 10 County -I TIF DISTRICT#11 L6&L7 --.TIF DISTRICT#11 University/Osborne City Fund 462 -.University/Osborne Redevelopment District --.(Special Legislation-TI Available for Northstar Station) 0111992-12/2018 -- TOTALS TIF Plan To End Actual Actual Actual Projected-Decertified Budget of District 2015 2016 2017 2018 2019 Fund Balance -_= 237,619 263,092 309,608 358,245 407,271 Revenues: Inflation FINAL YR Tax Increment(TI) 0.00% 1,500,000 1,081,323 47.753 50,540 52,405 52,479 0 Market Value Homestead Credit(MVHC) 0 Bond Proceeds 0 Loan Proceeds 0 Other Revenues 0 Investment Earnings• 150,000 j 62,452 2,030 2,240 2.510 1,796 0 Change in FMV of investments 0 Sales/lease proceeds 0 Transfers In 31,881 Annual Revenues 1,650,000 1,175,656 49,783 52,780 54,915 54,274 0 iimiiiiimmumimiimiimimommosomasommemoi Expenses --- Land/building acquisition 350,000 530,145 Use all for Northstar District Site improvements/prep.cost- 340,000 407,271 407.271 Installation of public utilities 0 Parking facilities -- 0 Streets and sidewalks 100,000 0 Public park facilities =1110 Other public improvements 0 Too High? Too High? Admin Fees-City/HRA(TI-% 150,000 135,516 6.823 6,082 6,278 5,248 0 Professional Services 0 School Dist.referendum reimb 0 0 0 0 0 Transfers Out 17,810 17.487 Debt Service-Bonds 1.260.000 0 Pool to#22 Debt Service-Rev.Notes 79,301 Debt Service-Other 4,643 Interfund loans 0 Other Expenses 969 182 Annual Expenses 2,200,000 1,175,656 24,310 6,264 6,278 5,248 407.271 Annual Increase/Decrease (550,000 0 25,473 46,516 48,637 49,027 (407,271) Ending Fund Balance 0 263,092 309,608 358,245 407,271 0 0 I �m �U II■ CASH Balance --_I 264,036 310,625 359,111 408,138 Interfund Loan Balance --ll 0 0 0 0 •Interest Eamin•s on Be!of Yr balance -U 0.9% 0.8% 0.8% 0.5% Interest Ex•ense on ne•ative fund balance -U Actual Actual Actual 0.5% Administrative Fees-Annual 12.5%. 14.3% 12.0% 12.0% 10.0% Administrative Fees-Cumulative- Estimated 1 12.7% 12.7% 12.7% 12.5% U � Est.Ori•inal Market Value 11,398,900 1,398,900 1,398,900 1,398,900 Original Tax Capacity ---1 26,478 26,478 26,478 26,478 Total Market Value 11-30-24-22-0026 U 3,757,600 3,888,900 3,983,600 3,993,200 Estimated Tax Ca•aci 11-30-24-22-00271 73,652 76,278 78,172 78,364 11-30-24-22-00241 Ca•tured Tax Ca•aci --1 47,174 49,800 51,694 51,886 Calculated Tax Increment --1 47,713 50,369 52,285 52,479 Variance ---U 40 171 120 0 ---U Tax Rate ---U 1.01508 1.01508 1.01508 1.01508 Tax Collection Rate ---II 99.64% 99.64% 99.64% 99.64% Inflation ---U 0.00% 0.00% 0.00% 0.00% -�---U Certified Tax Rate L6 1.01508 U L7- 1.01508 III ---U COMMERCIAL/INDUSTRIAL M=E MV updated MV updated MV updated MV updated Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 11 County -. TIF DISTRICT#12 L9&M1 --.TIF DISTRICT#12 McGlynn Bakeries City Fund 463 -U McGlynn Bakeries Redevelopment District •(Special Legislation-TI Available for Northstar Station) 03/1992-12/2019 TOTALS TIF Plan To End Actual Actual Actual Projected-----> Decertified Budget of District 2015 2016 2017 2018 2019 2020 Fund Balance 96,061 118,950 145,802 188,136 226,972 (0) Revenues: Inflation FINAL YR Tax Increment(TI) 0.00% 2,200,000 1,284,181 26,633 29,970 46.861 42,101 51,212 0 Market Value Homestead Credit(MVHC) 0 Bond Proceeds 0 Loan Proceeds 0 Other Revenues 0 Investment Earnings* 220,000 44,767 863 1,004 1,160 945 1,139 4 Change in FMV of investments 0 Sales/lease proceeds 0 Transfers In 32,112 Annual Revenues 2,420,000 1,361,060 27,496 30,974 48,021 43,046 52,351 4 somimmiumminimi imismiumiliimmtmammaimiiiimmenammils Expenses Land/building acquisition 1,550,000 287,511 Use all for Northstar District Site improvements/prep.cost 380,000 487,735 274,202 Installation of public utilities 0 Parking facilities 0 Streets and sidewalks 0 Public park facilities 0 Other public improvements 0 Too High? Admin Fees-City/HRA(TI•% 220,000 132,895 4,607 4,014 5.687 4,210 5,121 0 Professional Services0 School Dist.referendum reimb 0 Interest Expense•' 0 Transfers Out 180 Debt Service-Bonds 2.895,000 0 Debt Service-Rev.Notes 451,851 Debt Service-Other 0 Interfund loans 0 Other Expenses 884 108 Annual Expenses 5,045,000 1,361,056 4,607 4,122 5,687 4.210 279,323 0 Annual Increase/Decrease 4 22,889 26,852 42,334 38.836 (226,972) 4 Ending Fund Balance 4 118,950 145.802 188.136 226,972 (0) 4 miiimemomiimmin -I 4 ■ II -M CASH Balance -II 119,889 146,830 188,985 227,821 849 Interfund Loan Balance -. 0 0 0 0 0 •Interest Earnin•s on Be•of Yr balance -II 0.9% 0.8% 0.8% 0.5% 0.5% 0.5% Interest Ex•ense on ne.ative fund balance -II Actual Actual Actual 0.5% 0.5% Administrative Fees-Annual 10.3%I 17.3% 13.4% 12.1% 10.0% 10.0% Administrative Fees-Cumulative Estimated!'" 10.2% 10.3% 10.4% 10.4% 10.3% U Est.Ori•inal Market Value -U 2,100,200 2,100,200 2,100,200 2,100,200 2,100,200 Original Tax Capacity -• 41,254 41,254 41,254 41,254 41,254 Total Market Value 10-30-24-14-00601 3,359,000 3,509,800 4,307,900 4,090,100 4,520,700 Estimated Tax Ca.aci 11-30-24-23-0026 U 66,430 69,446 85,408 81,052 89,664 Fiscal Disparities.-.-. Ca•tured Tax Ca.acit -U 25,176 28,192 44,154 39,798 48,410 Calculated Tax Increment -U 26,633 29,824 46,709 42,101 51,212 Variance U (0 (146) (152) 0 0 II Tax Rate = I 1.062 1.061695 1.061695 1.061695 1.061695 Tax Collection Rate -U 99.64% 99.64% 99.64% 99.64% 99.64% Inflation ---U 0.00% 0.00% 0.00% 0.00% 0.00% -� U Certified Tax Rate L9 1.11211 U -- M1 1.02984 U Schedule Payment-Max Amount Owed -1 II COMMERCIAL/INDUSTRIAL -U MV updatec MV update.MV u•datec MV update•MV updated Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 12 TIF DISTRICT#13 County N1 TIF DISTRICT#13 ---� Satellite Lane Apts City Fund 464 Satellite Lane Apts --� Redevelopment District (Special Legislation-TI Available for Northstar Station) 06/1995-12/2023 TOTALS ---_ _-- TIF To End Actual Actual Actual Projected > --- Budget of District _ 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance -- 102.302 136,952 171,990 210.198 251,229 )0) 41,563 83,121 Revenues: Inflation Tax Increment Increment(TI) 0.00% 1,800,000 1,053,395 39.745 38,976 42,214 44,417 46,176 46,176 46.176 46,176 Market Value Homestead Credit(MVHC) 43,620 =I Bond Proceeds -- 0 Loan Proceeds -- 432,100 Other Revenues -- 0 Investment Earnings* 180,000 63,113 M 1.151 1,344 1,056 1,261 MilIII 0 0 Change in FMV investments 0 -=== Sales/lease proceeds 0 Transfers In -- 431,070 MEMII =--- Annual Revenues Pro,>Bung, 1,980,000 2,023.311 40,688 40,127 43,558 45,473 47,437 46,181 46.176 46,176 Niiiniiiiimili imis ........ Expenses Land/building acquisition 2,500,000 981,698 Use all for Northstar District= Site improvements/prep.cost- 525,000 298.830 294,049 Installation of public utilities 0 IM=MIE Parking facilities 25,000 0 Streets and sidewalks 0 ---- Public park facilities 0 Other public improvements = 0 Too High? Too High? Too High? Too High? Too High? Admin Fees-City/HRA(TI'% 180,000 143,143 6.038 4.949 5,350 4,442 4,618 4,618 4,618 4,618 Professional Services 0 --- School Dist.referendum reimb 0 ---= Interest Expense** 0 --1M Transfers Out -- 424 Debt Service-Bonds. 4.575,000 0 M Debt Service-Rev.Notes 0 Debt Service-Other 432,109 _ME= Interfund loans -- 0 == E : Other Expenses =- 870 _ - 140 --- Annual Expenses 7,805.000 1.857,074 6,038 5.089 5,350 4,442 298.666 4.618 4,618 4.618 Annual Increase/Decrease i5 166.238 34,650 35.038 38,208 41,031 25) 229) 41,563 41,558 41.558 OMNI Ending Fund Balance 166.238 136,952 171.990 210,198 251,229 0) 41,563 83.121 124.680 0 ---- ' A•.roximatel $4.0 million in costsiiimmimmimemsomimimmoliimiimi �- ---- of this TIF District were paid by TIF#1 �- ---- CASH Balance = 137,227 172,227 211,190 252,221 992 42,555 EE 125.671 sLoan Balance 0 0 0 0 0 0 0 0 •Interest Earnin.s on Be!of Yr balance 0.9% 0.8% 0.8% 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Ex•ense on ne•ative fund balance Actual Actual Actual 0.5% 0.5% 0.5% 0.0% 0.0% Administrative Fees-Annual 13.6% 15.2% 12.7% 12.7% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative- Estimated 15.1% 15.0% 14.9% 14.6% 14.4% 14.1% 13.9% 13.8% Est.Ori•inal Market Value = 143,560 140,300 140,300 140,300 140,300 140,300 140,300 140,300 Original Tax Capacity -� 1.438 1,403 1,403 1,403 1,403 1,403 1,403 1,403 Total Market Value 3,519,582 3,452,800 3,725,500 3,927,500 4,077,449 4,077,449 4,077,449 4,077,449 Estimated Tax Ca•acit 35,196 34,528 37,255 39,275 40.774 40,774 40,774 40,774 Ca•tured Tax Ca•aci EIM 33.758 33,125 35,852 37,872 39,371 = 39,371 39,371 Calculated Tax Increment 39,592 38,850 42,048 44,417 46,176 46.176 46,176 46,176 Variance = (153) (126) (166) 0 0 0 0 0 Tax Rate --- 1 17706 1.17706 1 17706 1.17706 1.17706 1.17706 1.17706 1.17706 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% 0.00% 1111111111111 Certified Tax Rate -- 1 17706 Mill Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 13 TIF DISTRICT#13 County N1 TIF DISTRICT#13 Satellite Lane Apts City Fund 464 Satellite Lane Apts Redevelopment District -- (Special Legislation-TI Available for Northstar Station) 06/1995-12/2023 TOTALS TIF Plan To End Decertified Budget of District 2023 2024 2025 2026 2027 Fund Balance 124,680 166,238 166,238 166,238 166,238 Revenues: Inflation Tax Increment(TI) 0.00% 1,800,000 1,053,395 46,176 0 0 0 0 Market Value Homestead Credit(MVHC) 43,625 Bond Proceeds 0 Loan Proceeds 432,109 Other Revenues 0 Investment Earnings180,000 63,113 0 0 0 0 0 Change in FMV of investments 0 Sales/lease proceeds 0 Transfers In 431,070 Annual Revenues P oj Buda: 1.980.000 2,023.311 46,176 0 0 0 0 Expenses Land/building acquisition 2,500,000 981,698 Site improvements/prep.costs 525,000 298,830 Installation of public utilities 0 Parking facilities 25,000 0 Streets and sidewalks 0 Public park facilities 0 Other public improvements 0 Too High? Admin Fees-City/HRA(TI'% 180,000 143,143 4,618 0 0 0 0 Professional Services 0 School Dist.referendum reimb 0 0 Transfers Out 424 Debt Service-Bonds 4,575,000 0 Debt Service-Rev.Notes 0 Debt Service-Other _ 432,109 Interfund loans 0 Other Expenses 870 Annual Expenses 7.805,000 1,857,074 4,618 0 0 0 0 Annual Increase/Decrease ` c DOO 166.238 41,558 0 0 0 0 Ending Fund Balance 166,238 166,238 166,238 166,238 166,238 166,238 0 *A..roximatel $4.0 million in costs -- of this TIF District were paid by TIF#1 CASH Balance 167,230 Interfund Loan Balance 0 *Interest Earnin.s on Be. of Yr balance 0.0% "Interest Ex.ense on n-.ative fund balance 0.0% Administrative Fees-Annual 13.6% 10.0% Administrative Fees-Cumulative Estimated 13.6% 13.6% 13.6% 13.6% 13.6% Est.Ori•inal Market Value 140,300 Original Tax Capacity 1,403 Total Market Value 4,077,449 Estimated Tax Ca•acit 40,774 Ca•tured Tax Ca•ac" 39,371 Calculated Tax Increment 46,176 Variance 0 Tax Rate = 1.17706 Tax Collection Rate 99.64% Inflation 0.00% Certified Tax Rate 1.17706 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 14 TIF DISTRICT#16 County P8 -TIF DISTRICT#16 57th Ave(Linn)-DEC: 57th Ave(Linn)-DECERTIFIED Redevelopment District • --, 09/1997-12/2024 TOTALS , II TIF Plan To End , Actual Actual Actual DECERTIFIED In Budget of District , 2013 2014 2015 2016 2017 2018 Fund Balance I (48,954) (28.679) (9,746) (0) (0) (0) II Revenues: Inflation , UTax Increment(TI) 0.00% 1,000,000 338,521 I 22,549 21,656 21,723 •Market Value Homestead Credit(MVHC) 0 , •Bond Proceeds 0 , I.Loan Proceeds 18,435 • •Other Revenues 0 MI Investment Earnings* 100,000 1,991 I 58 0 0 •Change in FMV of investments 0 , IISales/lease proceeds 50,000 ,=yment owed U Transfers In 16,424 I 489 Annual Revenues 1,100,000 425,371 , 22,607 21,656 22,212 0 0 0 Expenses I .. .... II Land/building acquisition 655,000 2,002 U Site improvements/prep.costs 175,000 116,859 , •Installation of public utilities 0 , •Parking facilities 50,000 0 U Streets and sidewalks 0 , El Public park facilities 0 ,OSA reported Admin costs$23,634 thru 12-31-13 •Other public improvements 0 ,Admin costs:$31,609 were paid with non-TIF Funds 1Admin Fees-City/HRA(TI*%, 100,000 70.775 , 2,332 2,723 12,466 Professional Services 0 , II School Dist.referendum reimb 0 •Interest Expense" 0 II Transfers Out 16,066 • •Debt Service-Bonds 1,320,000 0 I.Debt Service-Rev.Notes 219,270 , •Debt Service-Other 0 , II Interfund loans 0 , •Other Expenses 400 , Annual Expenses 2,300,000 425,372 , 2,332 2.723 12,466 0 0 0 1 • Annual Increase/Decrease i 200,000) (0)1 20,275 18,933 9,746 0 0 0 • I Ending Fund Balance (0)1 (28.679) (9,746) (0) (0) (0) (0) IN _■ .......m_ I II II CASH Balance -. 10.081 10,999 9,746 Interfund Loan Balance -. (38,760) (20,760) 0 'Interest Eamines on Be•of Yr balance -• 1.2% 0.0% 0.0% Interest Ex.ense on neeative fund balance -I Actual Actual Actual Administrative Fees-Annual 20.9% 10.3% 12.6% 57.4% Administrative Fees-Cumulative Estimated 18.8% 18.4% 20.9% I. I Est.Ori.inal Market Value 426,300 426,300 426,300 Original Tax Capacity 7,301 7,301 7,301 Total Market Value 23-30-24-23-0144 1,412,500 1.351,900 1,362,300 Estimated Tax Ca•acit 23-30-24-23-0145 26.750 25,538 25,746 U Ca•tured Tax Ca•acit Calculated Tax Increment 22,900 21,473 21,718 Variance IIIIIIIIIIIIIIII 351 (183 (5 U Tax Rate 1.18168 1.18168 1.18168 Tax Collection Rate 99.64% 99.64% 99.64% Inflation 0.00% 0.00% 0.00% •-III U Certified Tax Rate 1.18168 U U U COMMERCIAL/INDUSTRIAL -MV updatec MV updatec MV updated Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 15 1 TIF DISTRICT#17 County R9 TIF DISTRICT#17 Gateway East City Fund 468 II Gateway East --- Redevelopment District 2001 - I----- 2001 12/2028 TOTALS - TIF Plan To End , Actual Actual Actual Projected-------> Budget of District I 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance (629 738) (381,951) (352.674) (319.554) (282 570) (243.96C. 351 i (166 8071 ■ I Revenues: Inflation 'TI reduced by impact of limited MV starting 2012 Tax Increment(TI) 0.00% 2,000,000 893.973 27,523 30,357 34,144 36,919 38,544 38,544 •Market Value Homestead Credit(MVHC) 42,977 ,---- -- Bond Proceeds 0 '- --- Loan Proceeds 0 Other Revenues 26,092 Investment Earnings* 200.000 17,731 174 167 16666 66 0 0 Ill Change in FMV of investments 0 Sales/lease proceeds 0 from TIF#9 Transfers In 225.000 225,000 Annual Revenues 2,200,000 1,205,774 252,697 30,524 34.310 38,609 38.609 38,544 38.544 Land/buildingsi Ex enses I. •I 627,500 602.963 I •Site improvements/prep.cost- 1,000,000 26.966 ,-- - 'Installationof public utilities 665.000 264,630 ' Parking facilities 0 •Streets and sidewalks 253,610 0 , Public park facilitiesI 0 Other public improvements 0 No more admin fees in this TIF District Admin Fees-City/HRA(TI*% 200,000 170.295 1,138 1,190 ■ProfessionalServices 34.645 •School Dist.referendum reimb 0 •Interest Expense" 0 , ,TransfersDebtSery Out 50 '-�- ice-Bonds 3,819,166 0 II Debt Service-Rev.Notes 0 II IDebt Service-Other 0 County Interfund loans 0 Admin Other Expenses 3.213 1,156 109 Annual Expenses 6.565.276 1,102.776 4.910 1,247 1,190 0 0 0 0 0 Annual Increase/Decrease - .-76 102.998 247,787 29,277 33,120 36,984 38,609 38,609 38,544 Ending Fund Balance I 102.998 (38^ 951( (352,674) (319,554) (282,570) (243.960 (205 :8.264) 0 . Net Present Value @ 0.00% 102,998 ' CASH Balance 10.758 10,117 13,167 13,167 13,167 13,167 13,167 Interfund Loan Balance (391,653) (361,653) (331.653) (294.669) (256,059) (217,450) (178,906. ,140.363) •Interest Earnings(on Beg of Yr balance) 1.5% 1.6% 1.6% 0.5% 0.5% 0.5% 0.0% 0.0% Interest Expense(on negative fund balance) Actual Actual Actual 0.5% 0.5% 0.5% 0.0% 0.0% Administrative Fees-Annual 19.0% 13.6% 3.7% 3.5% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated 41.3% 38.7% 36.1% 33.5% 31.1% 29.1% 27.3% 25.7% I Est.Original Market Value 336,480 336,480 336,480 329,100 329,100 329,100 329,100 329,100 Original Tax Capacity 3.365 3,365 3,365 3,291 3,291 3,291 3,291 3,291 Total Market Value 35 parcels 3,118,382 3,404,900 3,787,600 4,074,100 4,238,945 4,238,945 4,238,945 4,238,945 Estimated Tax Ca•aci 31,184 34,049 37,876 40,741 42,389 42,389 42,389 42,389 Captured Tax Capacity , 27,819 30,684 34,511 37,450 39,098 39,098 39,098 39,098 Calculated Tax Increment I 27,424 30,249 34,021 36,919 38,544 38,544 38.544 38,544 Variance (99) (108) (123) 0 0 0 0 0 Tax Rate 0.98937 0.98937 0.98937 09.9986943.7/. 0.98937 0.98937 09998649307/o. 0.98937 Tax Collection RateII 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% 0.00% Certified Tax Rate 0.98937 I Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 16 1 1 TIF DISTRICT#18 County U4 TIF DISTRICT#18 Gateway West City Fund 470 Gateway West Redevelopment District 2005-12/2033 TOTALS TIF Plan To End Actual Actual Actual Projected-> Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance (539,342) (409,030) (388,193) (359,975) (329.009) (296,631) (264,254) (231,881) Revenues: Inflation TI reduced by impact of limited MV starting 2012 Tax Increment(TI) 0.00% 2,000,000 637,345 13,868 20,868 28.746 30,962 32,373 32,373 32,373 32,373 Market Value Homestead Credit(MVHC) 2,318 Bond Proceeds 0 Loan Proceeds 0 Other Revenues 358,316 Investment Earnings' 20,000 4,874 632 392 321 4 4 4 0 0 Change in FMV of investments 0 Sales/lease proceeds 530,369 28,600 all lots sold Transfers In 852,648 -r 89.741 Annual Revenues ;,,o, &,act 2,020,000 2,385,871 132,841 21,260 29.067 30,966 32.377 32,377 32,373 32,373 Expenses Land/building acquisition 1.800,000 1,994,522 _Site improvements/prep.cost 300,000 72,398 Installation of public utilities 100,000 0 Parking facilities 0 i _Streets and sidewalks 100,000 0 Public park facilities 0 Other public improvements 0 No more admin fees in this TIF District Admin Fees-City/HRA(TI'% 100,000 159,803 1.383 349 849 Professional Services 0 School Dist.referendum reimb 0 Interest Expense** 0 Transfers Out ( (125) Debt Service-Bonds 1,150.000 0 Debt Service-Rev.Notes 0 1 Debt Service-Other 0 County Interfund loans 0 Admin Other Expenses 2,678 1,146 74 Annual Expenses 3,550.000 2.229,275 2,529 423 ' 849 0 0 0 0 0 Annual Increase/Decrease - ',530,000 156,596 130,312 20,837 28,218 30,966 32.377 32.377 32,373 32.373 Ending Fund Balance 156,596 L (404:30) (388 193 (359.975) (329,009) (296,631) (264,254) (231,881 01 CASH Balance 31,319 12,265 880 880 880 880 880 880 Interfund Loan Balance (440.109) (400,109) (360.109) (329.143) (296,765) (264,388) •Interest Earnings(on Beg of Yr balance) 1.6% 1.3% 2.6% 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Expense(on negative fund balance) Actual Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Administrative Fees-Annual 25.1% 10.0% 1.7% 3.0% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated 222.8% 172.7% 132.3% 105.3% 86.8% 73.8% 64.2% 56.8% 1 Original Market Value 574,480 574,480 574,480 574,480 574,480 574,480 574,480 574,480 Original Tax Capacity 4,112 5,042 4,693 4,693 4,693 4,693 4,693 4,693 Total Market Value 20 parcels 1,913,538 2,764,500 3,583,000 3,835,100 3,988,504 3,988,504 3,988,504 3,988,504 j Estimated Tax Capacity 19,135 27,645 35,830 38,351 39,885 39,885 39,885 39,885 Captured Tax Capacity 15,023 22,603 31,137 33,658 35,192 35.192 35,192 35,192 Calculated Tax Increment 13,820 20,792 28,643 30,962 32,373 32,373 32,373 32,373 Variance (48) (76) (103) 0 0 0 0 0 Tax Rate 0.92322 0.92322 0.92322 0.92322 0.92322 0.92322 0.92322 0.92322 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% 0.00% Certified Tax Rate 0.92322 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY.MINNESOTA Page 17 TIF DISTRICT#19 County U8 TIF DISTRICT#19 5110 Main St NE(Ind City Fund 472 5110 Main St NE(Ind Eq) Redevelopment District 2007-12/2034 TOTALS TIF Plan To End Actual Actual Actual Projected-------> Budget of District 2015 2016 2017 2018 2019 2020 2021 Fund Balance (3.749) (4.656) (5.041) (5.543) (5.304) (5.065) (4,824) If no further expenses are incurred Revenues: Inflation TIF district should be decertified Tax Increment(TI) 0.00% 5,000,000 1,427,878 101,034 109,078 119,239 120,970 1 139,207 i 139,207 0 Market Value Homestead Credit(MVHC) 0 after final revenue note payment. Bond Proceeds 0 Loan Proceeds 0 Other Revenues 0 Investment Earnings* 50,000 5,993 60 50 46 239 240 241 0 Change in FMV of investments 0 Sales/lease proceeds 0 Transfers In 0 Annual Revenues 5,050,000 1,433,871 101,094 109,128 119,285 121,209 139,447 139,448 0 Expenses Land/building acquisition 600,000 0 Site improvements/prep.cost 900,000 0 Installation of public utilities 0 Parking facilities 550,000 0 Streets and sidewalks 0 Public park facilities 0 Other public improvements 0 Admin Fees-City/HRA(TI'%] 500,000 155,396 11,361 11,383 12.733 12,097 13,921 13,921 0 Professional Services t 0 School Dist.referendum reimb 0 Interest Expense** 0 Transfers Out 0 Debt Service-Bonds 2,500,000 0 last rev note pmt Debt Service-Rev.Notes 1,282,907 90,640 97,739 107,054 108,873 125,286 125,286 0 Debt Service-Other 0 Interfund loans 0 Other Expenses 391 391 Annual Expenses 5,050,000 1.438,695 102,001 109,513 119,787 120,970 139,207 139,207 0 II I Annual Increase/Decrease 0 (4,824) (907) (385) (502) 239 240 241 0 Ending Fund Balance (4,824) (4,656) (5,041) (5,543) (5,304) (5.065) (4.824) (4,824) (0) HEMI 41,043 43,620 47,736 47,975 48,215 48,456 Interfund Loan Balance 0 0 0 0 0 0 *Interest Earnings(on Beg of Yr balance) 0.2% 0.1% 0.1% 0.5% 0.5% 0.5% **Interest Expense(on negative fund balance) Actual Actual Actual 0.5% 0.5% 0.5% Administrative Fees-Annual 10.9% 11.2% 10.4% 10.7% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated 11.4% 11.3% 11.2% 11.1% 11.0% 10.9% Original Market Value 2,318,900 2,318,900 2,318,900 2,318,900 2,318,900 2,318,900 Original Tax Capacity 45,628 45,628 45,628 45,628 45,628 45,628 Total Market Value 27-30-24-14-0006 8,179,200 8,628,100 9,224,900 9,337,000 10,395,000 10,395,000 Estimated Tax Capacity 162,834 171,812 183,748 185,990 207,150 207,150 Captured Tax Capacity 117,206 126,184 138,120 140,362 161,522 161,522 Calculated Tax Increment 101,014 108,751 119,038 120,970 139,207 139,207 Variance (20) (327) (201) 0 0 0 Tax Rate 0.86496 0.86496 0.86496 0.86496 0.86496 0.86496 Tax Collection Rate 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% Certified Tax Rate 0.86496 One building is 128,000 sf and the other is 74,880 sf Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 18 TIF DISTRICT#20 County W5) 'TIF DISTRICT#20 BAE Site(Northern Stacks)City Fund BAE Site(Northern Stacks) Redevelopment DistrictRE 2012-12/2041 TOTALS , - ■ TIF Plan To End Actual Actual Actual Projected > Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance (32.220) (48.410) (78.783) (99.202 i 98.125) (97.0421 (95.954) (95 954) Revenues: Inflation Tax Increment(TI) 0.00% 48.500,000 49,507,711 0 392,264 710,491 839,436 1,732,456 2,083,321 2,083,321 2,083,321 II Market Value Homestead Credit(MVHC) 0 Bond ProceedsI 0 Loan Proceeds 0 Other Revenues 0 Investment Earnings' 485,000 2,870 (286) (92) 1,077 1,083 1,088 0 0 •Change in FMV of investments 0 ,--- --- Sales/lease proceeds 0 Transfers In 0 Annual Revenues 48,985,000 49,510,581 (286) 392,172 710,491 840,513 1,733,539 2.084,409 2,083,321 2,083,321 o in Expenses Land/building acquisition 500,000 0 ' 11 aill I Site improvements/prep.costs 0 Installation of public utilities 15,275,000 0 ' •Parking facilities -- 0 ,-- - I Streand sidewalks I_ 0 ' � PublicME park facilities 0 Other public improvements 0 , IAdmin Fees-City/HRA(TI'% 4.850.000 5.046.396 10,304 71.194 92,182 83,944 173,246 208,332 208,332 208,332 Professional Services 0 School Dist.referendum reimb 0 ,Inter ITransst fers Out ** 0 ' Transfers Out 0 IDebt Service-Bonds 0 Debt Service-Rev.Notes 28.360,000 44,553,130 ' 0 349,941 638,728 755,492 1,559,210 1.874.989 1,874,989 1.874,989 Debt Service-Other 0 County Interfund loans 0 Admin Other Expenses 7.010 5.600 1,410 Annual Expenses 48.985,000 49.606.535 15,904 422,545 730,910 839,436 1.732.456 2.083,321 2.083.321 2,083,321 II I Annual Increase/Decrease 0 (95,954)1 (16,190) (30,373) (20.419) 1,077 1,083 1.088 0 0 1 Ending Fund Balance (95,954), (48,410) (78,783) (99.202) (98.125) (97.042) (95.954) (95.954) (95.954) 0)1 �� CASH Balance I 0 89,941 215,446 216.523 217.606 218,694 218,694 218,694 Interfund Loan Balance _1 (47,009) 0 0 0 0 0 0 0 Interest Earnings(on Beg of Yr balance) 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Expense(on negative fund balance) Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Administrative Fees-Annual 10.2% 18.1% 13.0% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated 29.0% 18.7% 14.9% 12.6% 11.7% 11.2% 11.0% Ori.inal Market Value 27-30-24-42-0003-111 0 14,228,900 14,228,900 14,228,900 14,228,900 _14.228.900 14,228,900 14,228,900 Original Tax Capacity 27-30-24-42-0004 0 283,651 283,651 283,651 283,651 283,651 283,651 283,651 Total Market Value 27-30-24-42-00050 0 30,180,900 36,988,300 50,085,700 88.067,400 102,990.300 102,990,300 102,990,300 Estimated Tax Capacity 27-30-24-43-0002 0 602,696 737,256 997,704 1,757,338 2,055,796 2,055,796 2,055,796 Captured Tax Capacity( 0 319,046 453,606 714,054 1,473,688 1.772,146 1,772,146 1,772,146 Calculated Tax Increment 0 390,416 541,133 839,436 1,732,456 2,083.321 2,083,321 2,083,321 Variance 0 (1,848) (169.358) 0 0 0 0 0 Tax Rate 1.2355 1.22812 1.19727 1.17984 1.17984 1.17984 1.17984 1.17984 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% 0.00% Certified Tax Rate 1.29928 Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 19 1111 M TIF DISTRICT#20A( County W5) -.TIF DISTRICT#20A(HSS) ---- BAE Site(HSS) City Fund --•BAE Site(HSS) ---- Redevelopment District --II ---- 2012-12/2039 TOTALS ---- • TIF Plan To End Actual Actual Actual Projected------> -- II Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance (545.066) (1.312,372) (2,211,649) (2.730,110) (3,240.798) (3.061.704) (2,876,341) (2.684.491) III =- Revenues: Inflation assumes lower tax rate in future years - UTax Increment(TI) 0.00% 8,350,000 6,338,165 339.697 346,167 332.122 333,458 325,024 325.024 325,024 325,024 in Market Value Homestead Credit(MVHC) 0 --== •Bond Proceeds 0 •Loan Proceeds 0 _--- •Other Revenues 0 II Investment Earnings' 83,500 (5.711) (4,325) (1.386) 0 0 0 0 0 •Change in FMV of investments 0 ---- IITnsasproceeds 0 =�== Transfers In 0 Annual Revenues 8,433,500 6,332,454 335,372 344,781 332.122 333,458 325,024 325,024 325,024 325,024 Expenses MI Land/building acquisition 0 wed from HRA Gen'Fund = U Site improvements/prep.costs 4,998,500 4,500,000 1,097,243 1,130.430 735.204 715,246 0 •Installation of public utilities 0 ---- •Parking facilities 0 ---- II Streets and sidewalks 0 � •Public park facilities 0 •Other public improvements 0 ---- •Admin Fees-City/HRA(TI•%' 835,000 644,212 3,397 35,975 37,315 33,346 32,502 32,502 32,502 32,502 El Professional Services 0 ---- III School Dist.referendum reimb 0 U Interest Expense 2.600,000 1,182,119 76.406 78.064 95,554 113,428 107,160 100,672 93,957 U Transfers Out 0 ---- •Debt Service-Bonds 0 111111111111111 ---- •Debt Service-Rev.Notes 0 -_----- •Debt Service-Other 0 County ---- •Interfund loans 0 Admin --- •Other Expenses 6,123 2,038 1,247 ---_ Annual Expenses 8.433,500 6,332,454 1,102,678 1,244,058 850,583 844,146 145.930 139,662 133,174 126,460 U --- Annual Increase/Decrease 0 (0) (767,306) (899.277) 461) (510,688) 179,094 185,362 191,850 198,565 II -- Ending Fund Balance I (0) (1 '1' "2,211,649) (2.- '?" ?8) (3.061.704( (2,485,927) ■ (0)1 S when all expenditures have been made. • -Utax increment is collected to bring Fund Balance to 0 M1111111 • -II Tax Increment used to repay interfund loan from HRA Gen'I Fd --_ IEEEE=IIM -II -_-- Interfund Loan Balance -II(1,312,773) (2.230,406) (2.728,471) (3,239,159) (3,060.065) (2.874.702) (2.682.852) (2,484,288) 'Interest Earnin•s on Be! of Yr balance _U- 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Ex•ense on nesative fund balance -U Actual Actual Actual 3.5% 3.5% 3.5% 3.5% 3.5% Administrative Fees-Annual 10.2%. 1.0% 10.4% 11.2% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated U 10.7% 10.6% 10.8% 10.6% 10.5% 10.4% 10.4% 10.3% Orisinal Market Value -U 0 0 0 0 0 0 0 0 Original Tax Capacity -U 0 0 0 0 0 0 0 0 Total Market Value 0 IN 13,861,700 14,228,900 14,228,900 14,228,900 14,228,900 14,228,900 14,228,900 14,228,900 Estimated Tax Ca•aci -U 276,307 283,651 283,651 283,651 283,651 283,651 283,651 283,651 ••tured Tax Ca•aci -U 276,307283,651283,651M 283,651283,651 Calculated Tax Increment -U 340,148 347,103 338,384 333,458 325,024 325,024 325,024 325,024 Variance -I 451 936 6,262 0 0 0 0 0 IN M Tax Rate -U 1.2355 1.22812 1.19727 1.17984 1.15 1.151.15 Tax Collection Rate _--U 99.64% 99.64% 99.64% 99.64% 99.64% 99.64%Mil3 99.64% Inflation -U 0 00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% U Certified Tax Rate -- 1.29928 UII 111 - ---- • -U- ---- I -U- ---- COMMERCIAL/INDUSTRIAL -U-per county ---- Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 20 ---II TIF DISTRICT#21 County X2 -I TIF DISTRICT#21 Gateway Northeast(Cielo) City Fund 474 -II Gateway Northeast(Cielo) Redevelopment District --. 2012-12/2042 TOTALS _ TIF Plan To End Actual Actual Actual Projected------> Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance _-- (3.199.850) (3,198,327) (3.824,922) (3.835,204) (3,988,884) (3,761,165) (3,496.046) (3.143,705) ---- Revenues: Inflation Phasel Phases 162 Phases 1,2,3 Tax Increment(TI) 0.00% 8,500,000 13,314,796 0 150,982 232,375 430,606 462,042 547,218 547,218 Market Value Homestead Credit(MVHC) 0 TI Deferred until 2017 Bond Proceeds -- 0 --May need to reserve some TI for developer Loan Proceeds -- 0 Other Revenues _- 246 Investment Earnings* 85,000 10,348 1.523 1,537 1,585 41 41 41 0 0 Change in FMV of investments 0 Sales/lease proceeds 1,000,000 0 Transfers In -- 1,000,000 -_ Annual Revenues Proj>Budg. 9,585,000 14,325,390 1,523 1,537 152,567 232,416 430,648 462,083 547,218 547,218 Expenses -- Gen'I Fd+$606K Vet Clinic Land/building acquisition 4,235,000 4,086,072 -- Est.Site Prep Costs Site improvements/prep.cost- 500,000 213,686 -- 0 209,138 Installation of public utilities 0 Parking facilities -- 0 Streets and sidewalks 0 Public park facilities 0 -- Other public improvements 0 Admin Fees-City/HRA(TI'% 850,000 ' 1,447,565 0 7,627 8,502 23,238 43,061 46,204 54,722 54,722 Professional Services 0 School Dist.referendum reimb 0 Interest Expense•• 4,000,000 1,942,909 620.505 154,347 153,721 159,868 150,759 140,155 126.061 Transfers Out _- 0 Includes prior years Debt Service-Bonds 0 Debt Service-Rev.Notes 0 � Debt Service-Other 0 Interfund loans -- 0 -- Other Expenses -- 0 Annual Expenses 9,585,000 7.690,232 0 628,132 162,849 386,097 202.929 196.964 194,876 180.783 Annual Increase/Decrease 0 6,635,158 1,523 (626,595) (10,282) (153.680) 227,719 265,119 352,341 366,435 Ending Fund Balance 6.635.158 ' "" a" (3.835,204) (3.988,884) (3,761 165) (3.496,046) (3,143,705) (2.777,270) 0 .Tax Increment used to repay interfund loan from HRA Gen'I Fd ---II �i�-i � ---I ==I CASH Balance 189,846 33,756 8,256 8,256 8,256 8,256 8,256 8,256 Interfund Loan Balance --• (3,388.173) (3,858,678) (3,843,025) (3.996.705) (3.768.986) (3,503,867) (3,151,526) (2,785,091) *Interest Earnin•s on Be• of Yr balance • 0.8% 0.8% 4.7% 0.5% 0.5% 0.5% 0.0% 0.0% � **Interest Ex•ense on neeative fund balance U Actual Actual Actual 4.0% 4.0% 4.0% 4.0% 4.0% Administrative Fees-Annual10.9%U-- 5.6% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative M Estimated U-- 86.9% 40.3% 24.3% 19.1% 16.4% 14.9% ��-U Ori•inal Market Value -111 0 0 1,749,600 1,749,600 1,749,600 1,749,600 1,749,600 1,749,600 Ori.inal Tax Ca•acit ---U 3,558 3,558 32,040 32,040 32,040 32,040 32,040 32.040 Total Market Value --@IniU 0 0 11,153,800 15,755,500 27,031,300 28,819,400 33,664,400 33.664,400 Estimated Tax Ca•acit --U 3,558 3,558 139,741 197,265 338,212 360,564 421,126 421,126 ---M Ca•tured Tax Ca•acit --II 0 0 107,701 165,225 306,172 328,524 389,086 389,086 Calculated Tax Increment --U 0 0 151,850 232,375 430,606 462,042 547,218 547,218 Variance 0 #VALUE! 868 0 0 0 0 0 ---U Tax Rate ---U 1.3941 1.47622 1.41502 1.4115 1.4115 1.4115 1.4115 1.4115 Tax Collection Rate ---U 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% Inflation ---1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ---U Certified Tax Rate -- 1.52591 U__ ---U COMMERCIAL/INDUSTRIAL --U Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 21 TIF DISTRICT#22 County X5 TIF DISTRICT#22 Northstar Transit Station City Fund -- Northstar Transit Station Redevelopment District -_2013-12/2042 TOTALS • TIF Plan To End Actual Actual Actual Projected > • : ••-t of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance (11,119) (315) (10,848) 131,447 264,925 527,446 377,311 501,301 - TI is from inflation Revenues: Inflation Ind Eq&Station Village development-Ph 2 included MI Tax Increment(TI) 0.00% 94,200,000 22,648,307 182,802 147,557 290,196 663,564 971,099 971,099 •Market Value Homestead Credit(MVHC) 0 TI Deferred until 2017 •Bond Proceeds 0 - •Loan Proceeds 0 •Other Revenues 0 •Investment Earnings" 500,000 4,557 (108) (35) 22 677 1,344 2,657 0 0 III Change in FMV of investments 0 •Sales/lease proceeds 1,000,000 0 ii Transfers In 17,487 17,487 Annual Revenues 95,700,000 22,670,351 17,379 (35) 182,824 148,234 291,541 666,221 971,099 971,099 MI111111111111MMONNONmemoomm =� Expenses •Land/building acquisition 12,280,000 0 •Site improvements/prep.cost 10,000,000 7,500,000 750,000 750,000 750,000 •Installation of public utilities 1,000,000 0 •Parking facilities 20,000,000 0 •Streets and sidewalks 0 II Public park facilities 0 U Other public improvements 0 •Admin Fees-City/HRA(TI•% 9,420,000 2,315,271 6,575 10,498 40,529 14,756 29,020 66,356 97,110 97,110 •Professional Services 0 •School Dist.referendum reimb 0 II Interest Expense"" 43,000,000 0 II Transfers Out 0 IDebt Service-Bonds 0 Debt Service-Rev.Notes 0 •Debt Service-Other 0 •Interfund loans 0 •Other Expenses 0 Annual Expenses 95.700.000 9,815,271 6,575 10,498 40,529 14,756 29,020 816,356 847,110 847.110 U_____________________ ____ U Annual Increase/Decrease 0 12,855,080 10,804 (10,533) 142,295 133,478 262,521 (150,135) 123,989 123,989 III Ending Fund Balance 12,855,080 (315) (10,848) 131,447 264,925 527,446 377,311 501,301 625,290 0 U -�-- II = U CASH Balance --- 0 0 135,396 268,874 531,395 381,260 505,250 629,239 Interfund Loan Balance -- (108) (10,558) 0 0 0 0 0 0 "Interest Earnin•s on Be. of Yr balance -- 0.5% 0.5% 0.5% 0.0% 0.0% ""Interest Expense(on negative fund balance)-- Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Administrative Fees-Annual -_ 0 10.2%- 22.2% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated- 37.6% 25.3% 18.1% 13.9% 12.2% 11.6% •sinal Market Value0 0 76,161,083 76,161,083 76,161,083 76,161,083 76,161,083 Ori•inal Tax Ca•aci C/I&rental 0 0 1,221,288 1,221,288 1,221,288 1,221,288 1,221,288 1,221,288 Total Market Value -- 0 0 0 67,740,200 85,530,668 91,597,368 107,477,368 120,557,368 120,557,368 0 0 1,354,054 1,346,805 1,468,139 1,785,739 2,047,339 2,047,339 Ca•tured Tax Ca•aci -- 0 0 132,766 125,517 246,851 564,451 826,051 826,051 Calculated Tax Increment -- 0 0 158,385 147,557 290,196 663,564 971,099 971,099 III Variance 0 24,417 0 0 0 0 0 Tax Rate -- 1.2355 MEMM 1.17984 1.17984 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% 0.00% Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 22 TIF DISTRICT#23 County TIF DISTRICT#23 Locke Park Pointe City Fund Locke Park Pointe Redevelopment District 2020-12/2045 TOTALS TIF Plan To End Actual Actual Actual Projected------> Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 0 0 0 (87 920) (3,043,950) (3.844,303) (3,996,670) (4,141,334) Revenues: Inflation Tax Increment(TI) 0.00% 27,600,000 6,423,593 0 0 0 0 17,440 110,563 Market Value Homestead Credit(MVHC) 0 TI Deferred until 2020 Bond Proceeds 0 Loan Proceeds 0 Other Revenues 0 Investment Earnings* 250,000 5 0 5 0 0 0 0 Change in FMV of investments 0 1 Sales/lease proceeds 1,000,000 1,366,753 646,753 720,000 Transfers In 0 Pulte Lennar Annual Revenues 28,850,000 7,790,351 0 0 0 646,758 720,000 0 17,440 110,563 Expenses Move prior costs from HRA Gen'I fund Land/building acquisition 4,670,000 1,214,425 1,214,425 Site improvements/prep.cost5 3,000,000 788,363 788,363 Installation of public utilities 5,000,000 0 Parking facilities 0 Streets and sidewalks 2,000,000 Road cost 600,000 1,400,000 Public park facilities 1,000,000 ponding 1,000,000 Other public improvements 2,170,000 0 Admin Fees-City/HRA(TI*% 2,760,000 730.279 87,920 0 0 0 1,744 11,056 Professional Services 0 break out non-admin costs School Dist.referendum reimb 0 added interest expense on interfund loan starting 201 Interest Expense** 11,250,000 3,505,267 120,353 152,367 158,462 164,249 Transfers Out 0 Debt Service-Bonds 0 Debt Service-Rev.Notes 698,951 TI to City 1,898 12,030 Debt Service-Other 0 Interfund loans 0 Other Expenses 0 Annual Expenses 28.850.000 9.937,286 0 0 87,920 3,602.788 1,520.353 152.367 162,104 187.335 Annual Increase/Decrease 0 0 0 ) (800,353) (152,367) (144,664; (76.773 Ending Fund Balance 2 146,934) 0 0 (87,920) (3,043 3.844,303) (3.996.670) (4.141,334) (4,218.107 (0) CASH Balance 0 0 1,034 0 0 (152,367) (152.367) (152,367) Interfund Loan Balance 0 0 (52,800) (3,008,830) (3,809,183) (3,961.550) (4,106,214) (4,182,987) Interest Earnings(on Beg of Yr balance) 0.5% 0.5% 0.5% 0.0% 0.0% "Interest Expense(on negative fund balance) Actual Actual 4.0% 4.0% 4.0% 4.0% Administrative Fees-Annual 11.4% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated 514.1% 78.7% Original Market Value 54 parcels 0 0 1,443,700 4,039,600 Original Tax Capacity C/I&rental 0 0 0 14,437 40,396 Total Market Value 0 0 0 0 2,788,600 12,565,960 Estimated Tax Capacity 0 0 0 27,886 125,660 Captured Tax Capacity 0 0 0 13,449 85,264 Calculated Tax Increment 0 0 0 17,440 110,563 Variance 0 0 0 0 0 0 0 0 Tax Rate 1.30755 1.32488 1.32488 1.3014 1.3014 1.3014 1.3014 1.3014 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% 0.00% Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY.MINNESOTA Page 23 -- ---- TIF DISTRICT#24 County TIF DISTRICT#24 Stacks VIII City Fund --Stacks VIII Soils Condition District -�-- 2020-1212041 TOTALS _- --= TIF Plan To End Actual Actual Actual Projected---> Budget of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 0 0 0 0 0 0 0 0 Revenues: Inflation ------ Tax Increment(TI) 0.00% 3,274,000 1,893,922 -- 0 0 0 0 90,187 90,187 Market Value Homestead Credit(MVHC) 0 ------ Bond Proceeds 0 ------ Loan Proceeds 0 ------ Other Revenues 0 ------ Investment Earnings* 33,000 0 -- 0 0 0 0 0 0 Change in FMV of investments 0 -=-_-- Sales/lease proceeds 0 ---- Transfers In 0 ------ Annual Revenues 3,307,000 1,893,922 0 0 0 0 0 0 90,187 90,187 mmilimmi Expenses ------ Land/building acquisition 0 Site improvements/prep.cos - 1,439,600 0 ------ Installation of public utilities 0 ------ Parking facilities 0 MEI- --- Streets and sidewalks 0 = M--- Public park facilities 0 --- Other public improvements 0 __---- Admin Fees-City/HRA(TI*% 327,400 189,392 --- 0 0 0 9,019 9,019 Professional Services 0 _----- School Dist.referendum reimb 0 MIIIIIIIIIIIIIIIIIIIIIIII--- Interest Expense** 1,540,000 0 IMII ---- Transfers Out 0 Debt Service-Bonds0 ====�- Debt Service-Rev..Notes 1,704,530 81,168 81,168 Debt Service-Other 0 ------ Interfund loans 0 -=---- Other Expenses 0 ---- Annual Expenses 3,307,000 1,893,922 0 0 0 0 0 0 90.187 90,187 Annual Increase!Decrease 0 0 0 0 0 0 0 0 0 0 Ending Fund Balance 0 0 0 0 0 0 0 0 0 CASH Balance ------ 0 0 0 0 0 Interfund Loan Balance ----- 0 0 0 0 0 *Interest Earnin•s on Be, of Yr balance -- 0.5% 0.5% 0.5% 0.5% 0.5% 0.0% 0.0% **Interest Expense(on negative fund balance)-- 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% Administrative Fees-Annual 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative- Estimated -- --- 10.0% 10.0% Ori•inal Market Value ---IMI-- 0 0 - 6,664,200 6,664,200 Orieinal Tax Ca•acit --�--� 0 0 0 133,284 133,284 Total Market Value -- 0 -- 0 0 0 10,500,000 10,500,000 Estimated Tax Ca•acit ----- 0 0 0 210,000 210,000 Ca•tured Tax Ca•aci ----- 0 0 0 76,716 76,716 Calculated Tax Increment ----- 0 0 0 90,187 90,187 Variance -----_ 0 0 0 0 0 ------- 0 0 0 Tax Rate 1.17984 1.17984 1.17984 1.17984 1.17984 1.17984 1.17984 1.17984 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% 0.00% Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 24 ---1 Housing Replacement County o4,o5,06.02.03,o4,S3,Sa,s5,s6,T7Housing Replacement Program City Fund 501 -'Program ------ Housing District ---'--_---_ 7/18/1996-12/2022 TOTALS ------- (15 year max T/per parcel) TIF Plan Through Actual Actual Actual Projected-----> (100 maximum#of parcels) Budget 2032 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 56,816 153,881 178,529 213,484 243,964 274,596 305,382 336,321 TI;Ph 2 parcels removed from 2014 TI Revenues: Inflation V starting 2012 ----- Tax Increment(TI) 0.00% 2,856,421 788,039 35,058 30,162 37,398 32,677 32,677 32,677 32,677 30,882 Market Value Homestead Credit(MVHC) 23,299 ------- Bond Proceeds r -_----- Loan Proceeds58,425 --_=--- Other Revenues . r --- -_- Investment Earnings* 24,180 112,877 1,777 1,263 1,460 1,070 1,223 1,376 1,530 1,685 Change in FMV of investments 0 ------- Sales/lease proceeds 964,823 84,841 1,000 ---- Transfers In 4,695,255860,455 -----_- Annual Revenues08121,676 31,425 39,858 33,748 33.900 34,053 34,207 32,566 Expenses • ----=IIIIIIII- Land/building acquisition 7,086,000 1,569,313Site improvements/prep.cost- 1.589,000 173,373 _---- - Installation of public utilities 404,481 0 -----=- Parking facilities NMI r ------- Streets and sidewalks ------ Public park facilities ------� Other public improvements0 ------- Admin Fees-City/HRA(TI'% 366,800 448,085 24,611 6.460 4,903 3,268 3,268 3,268 3,268 3,088 Professional Services r ------- School Dist.referendum reimb 0 ------- Interest Expense** 639,600 r ------- Transfers Out 724,805 ------- Debt Service-Bonds � --=---- Debt Service-Rev..Notes r -- ---- Debt Service-Other r ------- Interfund loans = r --�--- Other Expenses ®- --- Annual Expenses 10.085.881 2.918,898 24,611 6.777 4.903 3.268 3,268 3,268 3,268 3,088 Annual Increase/Decrease 0 560,048 97,065 24,648 34,955 30,480 30.632 30,785 30,939 29,478 Ending Fund Balance Mil 560,048 153,881 178,529 213,484 243,964 274,596 305.382 336.321 365,799 01�� ---1iii Niiiimonimmilmimmilimimmimmin ------� 1,121 ,------- CASH Balance -I 157,052 180,475 214,078 244,558 275,190 305,976 336,915 366,393 Interfund Loan Balance -I 0 0 0 0 0 0 0 0 'Interest Earnings(on Beg of Yr balance) -I 3.1% 0.8% 0.8% 0.5% 0.5% 0.5% 0.5% 0.5% *'Interest Ex•ense on ne.ative fund balance -I Actual Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Administrative Fees-Annual 56.9%I 70.2% 21.4% 13.1% 10.0% 10.0% 10.0% 10.0% 10.0% Administrative Fees-Cumulative Estimated I 108.6% 102.0% 94.4% 88.6% 83.5% 79.0% 75.0% 71.7% I Est.Ori•inal Market Value I 549,000 483,000 576,600 462,700 462,700 462,700 462,700 424,300 Ori•inal Tax Ca•acit ---I 5,490 4,830 5.766 4,627 4,627 4,627 4,627 4,243 Total Market Value ---I 3,647,300 3,164,700 4,145,400 3,350,600 3,350,600 3,350.600 3,350.600 3,153,500 Estimated Tax Ca•acit = I 36,473 31,647 41,454 33,506 33,506 33,506 33,506 31,535 I Ca•tured Tax Ca•aci ---I 30,983 26,817 35,688 28,879 28,879 28,879 28,879 27,292 Calculated Tax Increment---II 35,058 30,344 40,382 32,677 32,677 32,677 32,677 30,882 Variance ---I 0I -----_ Tax Rate Average --I 1.13561 1.13561 1.13561 1.13561 1.13561 1.13561 1.13561 1.135612 Tax Collection Rate ---I 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% 99.64% Inflation ---I 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Certified Tax Rate 04- 1.17662 I 05- 1.13880 I-_----- 06- 1.25065 I Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY, MINNESOTA Page 25 U HRA --1 H RA ---� � Revolving Loan Fun o City Fund 265 Revolving Loan Fund -- - (Special Revenue Fund) .------- linTOTALS ,---- -= Through 1 Actual Actual Actual Projected-------> _ 2045 1 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 1 2,959,113 3,013,847 3,013,537 3,036,989 3,001,317 2,765,466 2,578,436 2,390,470 =---=-= Revenues: Inflation �� Tax Levy 0.00% 1,880,242 I =M Market Value Homestead Cre 0 I�-- = Property taxes = 0 •- Rental 34,558 I �_-��- Mortgage interest earnings 2,301,442 I 37,748 34,756 40,372 40,372 40,372 40,372 40,372 40,372 Investment Earnings* 1,263,623 I 18,606 17,395 18,789 9,664 9,486 8,307 7,372 6,432 Miscellaneous H&G show 1,073,310 ■ 21,631 21,345 19,815 19,815 19,815 19,815 19,815 19,815 Sales/lease proceeds 63,591 II---- IME Transfers In 7,591,712 ,---- Annual Revenues 14,208,479 , 77,985 73,496 78,976 69,851 69,673 68,494 67,559 66,619 _immi =mmono. � Expenses 1---New housing loans for Seniors Capital outlay 2,453,823 • -- 50,000 250,000 200,000 200,000 200,000 Site improvements/prep.cost- 0 1 ----- Installation of public utilities 0 ��- Parking facilities 0 Streets and sidewalks 0 • ---- Public park facilities 0 (------- Other public improvements 0 I-- --- Admin Fees-City/HRA(TI* % 0 N 1 --- Personal services 276,305 I- estimate estimate estimate estimate estimate Supplies&other charges 2,980,521 I 23,251 73.806 55.524 55,524 55,524 55,524 55,524 55,524 Interest Expense** City Loan 407,189 I--�---- Transfers Out Mil5,783,319 ;=MI ��= Principalipal Payment 0 Interest Expense 0 ,--�= ME- Debt Service-City Loan 621,734 -- - Interfund loans 0 ,--W Other Expenses (539,542), -- Annual Expenses11,983,349 , 23,251 73,806 55,524 105,524 305,524 255,524 255,524 255,524 ME MIIIMMIE-=NM- Annual Increase/Decrease 2,225,130 54,734 r_ 23,452 (35,673) (235,851) (187 030) (187,965) i 10 am MEM Ending Fund Balanc=* 2,225,130 3,013,847 3,013,537 3,036,989 3,001,317 2,765,466 2,578,436 2,390,470 2,201,565 (0)1�� * If all funds are not required, they could il ----- be returned to HRA General Fund .------- II------- CASH Balance 1 2,192,462 2,015,514 1,932,896 1,897,223 1,661,373 1,474,342 1,286,377 1,097,472 Interfund Loan Balance .- ----- * Interest Earnings(on Beg of Yr balance) II 0.9% 0.8% 0.9% 0.5% 0.5% 0.5% 0.5% 0.5% ** Interest Expense(on negative fund balance) Actual Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson, CPA 10/9/2018 CITY OF FRIDLEY,MINNESOTA Page 26 HRA HRA General Fund City Fund 100 General Fund 1 TOTALS Through Actual Actual Actual Projected------> 2045 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 9,999,006 9,479,020 10,328,115 10,791,511 14,888,909 15,703,197 16,575,166 17.472,514 Revenues: Inflation Tax Increment(TI) 0.00% 0 Market Value Homestead Cre 0 Bond Proceeds 0 Loan Proceeds 0 Other Revenues 33,684,575 458,785 1 532,593 594,941 704,303 865,358 935,804 971,917 981,050 Investment Earnings* 5,759,430 46,021 42,134 42,674 23,642 26,520 29,133 35,491 42,477 Interfund loan interest income 3,141,974 696,911 232,411 249,275 273,296 257,919 240,827 220,018 Sales/lease procee Medtronic 2,824,365 123,983 117,537 118,260 117,343 117.600 117.600 117,600 117,600 Transfers In ( 13,397,646 from RLF Annual Revenues 58,807,990 628,789 1,389,175 988,286 1,094.563 1,282,775 1,340,456 1,365.835 1.361,145 1 Expenses Columbia Arena purch&demo r/c TIF 23 costs Land/building acquisition 1,366,174 572.500 117,488 (2,714.425) rev 1M City loan Site improvements/prep.costs 593.344• (593.344) Installation of public utilities 0 Parking facilities ( 0 Streets and sidewalks 0 Public park facilities '.;1- Other Other public improvements 0 _Admin Fees 0 _ Professional Services 0 I School Dist.referendum reimd 0 reverse City Loan int Interest Expense** 0 52,653 54.496 56,403 (163,552) Transfers Out 5,774,525 489 Debt Service-Bonds 0 Debt Service-Rev.Notes 0 Debt Service-City Loan 0 Interfund loans 0 Other Expenses 21,119,810 523,133 368,096 468,487 468,487 468,487 468,487 468.487 468,487 Annual Expenses 27,667,165 1,148,775 540,080 524,890 (3,002,835) 468,487 468,487 468.487 468,487 Annual Increase/Decrease 31,140,825 (519 986, 849,095 463,396 4,097,398 814,288 871,969 897.348 892,659 Ending Fund Balance 31.140.825 9,479,020 10,328.115 10,791,511 14,888,909 15,703,197 16.575,166 17,472,514 18,365,173 0 Debt Service Reserve(next yrs Bonds) 0 0 0 0 0 0 0 0 I i I Ending Fund Balance After Debt Service 9,479,020 10,328,115 10,791,511 14,888,909 15,703,197 16,575,166 17,472,514 18,365,173 CASH Balance 5,063,906 4,660,898 4,728,448 5,304,052 5,826,503 7.098,290 8,495,483 9.976,685 Interfund Loan Balance 5,905,128 7,186,707 7,641,361 11,163,155 11,454,992 11,055,174 10,555,330 9,966,786 Interest Earnings(on Beg of Yr balance) 0.8% 0.8% 0.9% 0.5% 0.5% 0.5% 0.5% 0.5% "Interest Expense(on negative fund balance) Actual Actual Actual 0.5% 0.5% 0.5% 0.5% 0.5% Fridley Cash Flow 2018d.xlsx Prepared by Greg Johnson,CPA 10/9/2018 CITY OF FRIDLEY, MINNESOTA Page 27 TIF Districts&HRA General Fund TIF Districts&HRA General Fund Fund Balance Summary Fund Balance Summary TOTALS t To End Actual Actual Actual Projected > of District 2015 2016 2017 2018 2019 2020 2021 2022 Fund Balance 0 8,119,151 7,424,754 6,918,430 7,164,133 7,998,232 7,693,836 8,702,140 10,107.854 Revenues: Inflation Tax Increment(TI) 0.00% 171,187,720 1.565,206 1,640,277 2,330,481 2,500,066 3,706,472 4,410,929 ' 4,772.059 4,863,387 Market Value Homestead Cre 240,508 0 0 0 0 0 0 0 0 Bond Proceeds 33,948.853 0 0 0 0 0 0 0 0 Loan Proceeds 11.704,913 0 0 0 0 0 0 0 0 Other Revenues 36,750,847 496,533 567,349 635,313 744,675 905,730 976,176 1,012.289 1,021,422 Investment Earnings* 8,772,841 68,974 65,823 70,098 41,600 43,725 44,239 44.393 50,594 Misc rev/Interfund loan int inc 4,215,284 21,631 718,256 252,226 269,090 293,111 277,734 260,642 239,833 Sales/lease procee Medtronic 11.399,901 237,424 117,537 119,260 764,096 837,600 117,600 117.600 117,600 Transfers In 42,309,566 332.717 0 0 0 0 0 0 0 Annual Revenues 320,530,433 y 2,722.485 3,109,242 3,407,378 4,319,527 5,786,638 5,826,678 6.206.983 6,292,836 I I Expenses Land/building acquisition 41,369,897 572.500 117,488 0 (1.450,000) 250,000 200,000 200,000 200,000 Site improvements/prep.costs 17,677,178 1.097.243 1,130.430 735,204 1,119,403 975,522 750,000 750,000 750.000 Installation of public utilities 1,560,472 0 0 0 0 0 0 0 0 _Parking facilities ! 290,065 0 0 0 0 1 0 0 0 0 Streets and sidewalks 2,004,050 0 0 0 600,000 1,400,000 0 0 0 Public park facilities 1,000,000 0 0 0 1,000,000 0 , 0 0 0 Other public improvements 803,750 0 0 0 0 0 0 0 0 Admin Fees-City/HRA(TI *%I 14,567,530 156,830 189,977 335,639 213,883 334,156 404,601 440,714 449,847 Professional Services 386,034 0 0 0 0 0 0 0 0 Supplies&other charges4,930,261 23,251 73,806 55,524 55,524 55,524 55.524 55.524 55,524 _Interest Expense** 7,037.484 52,653 751.407 288,814 85,723 393,649 410,286 399,289 ` 384,267 Transfers Out 15.084,612 332.717 0 0 0 0 0 0 l 0 Debt Service-Bonds 53,095.030 0 0 0 0 0 0 0 0 Debt Service-Rev.Notes 63,892,660 648,615 976,648 , 1,278,007 1,392,409 2,213,698 2,529,476 2,487,255 2,497,388 _Debt Service-Other 5,910,567 0 0 0 0 0 0 0 0 Interfund loans 8,122,981 0 0 0 0 0 0 0 0 Other Expenses 31,292,780 533,073 375,810 468,487 468,487 468,487 468,487 468,487 468,487 Annual Expenses 269.025,351 3.416,882 3,615.566 3,161,675 3,485,428 6,091,035 4,818,374 4,801.269 4.805.513 Annual Increase/Decrease 51,505.082 (506,324) 245,703 834,099 1.008.304 1,405.714 1,487.323 1 Ending Fund Balance 51,505.082 7.424,754 6,918,430 7,164,133 7,998,232 7,693,836 8,702,140 10,107,854 11.595,177 1 0 , Debt Service Reserve(next yrs Bonds) 0 0 0 0 0 0 0 0 Ending Fund Balance After Debt Service 7,424,754 6.918,430 7.164,133 7,998,232 7,693,836 8.702,140 10,107.854 11,595.177 CASH Balance 8,436,987 7,893,426 8,320,009 9,153,074 8,847,812 9,702,895 '11.060,153 12,547,476 Interfund Loan Balance (5,905.128) (7,186,707) (7,641,361) (11,163.155) (11.454,992) (11 055 174 ,'C 555 330'' (9,966,786) *Interest Earnings(on Beg of Yr balance) 0.8% 0.8% 0.9% 0.5% 0.5% 0.5°k 0.5% 0.5% **Interest Expense(on negative fund balance) Actual Actual Actual _ Administrative Fees-Annual 8.5% 10.0% 11.6% 14.4% 8.6% 9.0% 9.2% 9.2% 9.2% Administrative Fees-Cumulative Estimated 6.3% 6.4% 6.7% 6.8% 6.9% 7.0% 7.1% 7.2% 1 Est.Original Market Value 26,612,820 37,965,660 39.808,860 115,848,663 114,449,763 112,349,563 118,138.563 120.696,063 Original Tax Capacity 508,473 742.149 1.992,506 1,991,293 1,964,815 1,923,561 2,025,654 2.051,229 Total Market Value 101,629,088 114,311,000 '204.020,200 239,546,868 292,889.366 320,959,666 341,778.266 351.358,526 Estimated Tax Capacity 1,901,594 2,156,310 3,836,717 4,148,724 5,127,823 5,676,568 6.029.467 6,125,270 0 0 00 0 0 0 0 Captured Tax Capacity 1,393,121 1,414,162 1,844,211 . 2,157,431 3,163,009 3,753,008 4,003,813 4,074,041 Calculated Tax Increment 1,563,347 1,651,278 2,143,789 2,500,066 3,706,472 4,410,929 4,772,059 4,863,387 Variance (1.859) 11,001 (186,692) 0 0 0 0 0 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% 0.00% 1 Fridley Cash Flow 2018d.xisx Prepared by Greg Johnson, CPA 10/9/2018