HomeMy WebLinkAboutSt. Croix Mall TIF Commitment 8-29-90 VOTO, TAUTGES, REDPAI& CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
/ Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Fax (612) 426 -5004 \
August 29, 1989 • Phone (612) 426 -3263
ROBERT J. VOTO, CPA
ROBERT G. TAUTGES, CPA
JAMES S. REDPATH, CPA
To the Honorable Mayor and D KENNETH GEORGE, CPA
DAVID I. MOL. CPA
Members of the City Council
City of Oak Park Heights
14168 North 57th Street
Stillwater, Minnesota 55082
RE: ST. CROIX MALL - T.I.F. COMMITMENT
Attached herewith are the following computer schedules summarizing the effects
of last night's commitments (i.e. base value reduction from $4,200,000 to
$3,480,900) for the St. Croix Mall - T.I.F. Agreement:
Exhibit A - Computations of developer assistance (assistance basis) based
upon an $8,000,000 final project value.
Exhibit B - Computations of total tax allocations (county basis) including
City T.I.F. monies based upon an $8,000,000 final project value.
Exhibit C - A repeat of Exhibit A, but based upon an $8,417,300 final pro-
ject value.
Exhibit D - A repeat of Exhibit B, but based upon an $8,417,300 final pro-
ject value.
At an $8,000,000 final project value level (and assuming a 2% annual inflation
factor); the $960,000 commitment will be met in December, 1998. Semi- annual
assistance payments to the developer will average between $63,000 and $71,000
instead of the $42,000 to $48,000 previously projected. More important; T.I.F.
monies available to the City (see Exhibit B) will average $31,000 to $35,000
(sera:_- annually) instead of the $42,000 to $48,000 previously projected.
At an $8,417,300 final project value level (the level estimated by the Assessor
and assuming a 20 annual inflation factor); the $960,000 commitment will be met
by June, 1998. Semi- annual assistance payments to the developer will average
between $69,000 and $76,000). T.I.F. monies available to the City (see Exhibit
D) will average between $34,000 and $38,000 (semi - annually).
As discussed last right, reducing the base value to $3,480,900 will necessitate
certifying this district before the October, 1989 cut -off date. This is man
datory because the $3,480,900 base value is the County Assessor's value for
1989/1990 property taxes.
Certifying this district now will also result in ending or closing this district
in 1998 and returning this tax base to the general tax base with the 1998/1999
tax levy. This timing is one year ahead of our previous projections.
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL, BUSINESS OFFICIALS
City of Oak Park Heights
August 29, 1989
Page 2
The main negative consequence of this course of action is a limitation on the
amount of T.I.F. money available to the City for additional public improvements
within the redevelopment area. I anticipate that such needs will surface
within the next few years because (hopefully) of the additional retail activity
at the Mall. The City will have less T.I.F. money to spend for these items than
was previously projected. However, we will address these concerns as they deve-
lop in the future.
Respectfully submitted,
VOTO, TAUTGES, REDPATH & CO., LTD.
G
Robert J. Voto, CPA
RJV /smm
cc: Mark Vierling (FAX #439 -2923)
Dan Wilson (FAX #925 -2721)
Curtis Gatoske (FAX #925 -2721)
Brad Henning (FAX #544 -1826
Steve Watson (FAX #544 -1826)
T.I.F. File
MALL689C.XL5
CITY OF OAK PARK HEIGHTS EXHIBIT A
T.1. F. PROPOSAL --ST. CROW MALL (BASED UPON PROJECT VALUE OF $8.000.000.)
(WITH A 7/1190 P. V. STARTING DATE)
R.E. TAX ALLOC. -- ASSIST_ BASIS
TAX CITY/
P. V_ @ F.M.Y. -- ASSIST. BASIS CAPAC. TAX @ P. A. Y. G. PAYMENT CTY. CITY DEVEL F. DIS_
PER. "9.0%' YEAR BASE INCR. TOTAL VALUE 0.92031 AMT. P. V. ACCUM. YEAR SCH. T. 1. F. T. I. F. "LM40%' TOTAL
1990 3,480,900 0 3,480,900 180,797 83,195 1990
! 0.5 0.957826 1990 3,480,900 0 3,480,900 180,797 83,195 1990
1 0.917431 1991 3,550,518 1,449,482 5,000,000 260,550 119,893 20,854 19,132 19,132 1991 51,082 0 20,854 47,957 119,893
1.5 0.87874 1991 3,550,518 1,449,482 5,000,000 260,550 119,893 20,854 18,325 37,457 1991 51,082 0 20,854 47,957 119,893
2 0.84168 1992 3,621,528 4,378,472 8,000,000 418,050 192,368 63,171 53,170 90,627 1992 52.250 0 63.171 76.947 192.368
2.5 0.806183 1992 3,621,528 4,378,472 8,000,000 418,050 192,368 63,171 50,927 141,554 1992 52,250 0 63,171 76,947 192,368
3 0.772183 1993 3,693,959 4,466,041 8,160,000 426,450 196,233 64.440 49,760 191,314 1993 53,300 0 64,440 78,493 196,233
3.5 0.739618 1993 3,693,959 4,466,D41 8,160,000 426,450 196,233 64,440 47,661 238,975 1993 53,300 0 64,440 78,493 196,233 )
4 0.708425 1994 3,767,838 4,555,362 8,323,200 435,018 260,176 65,735 46,568 285,543 1994 54,371 0 65,735 80,070 200,176
4.5 0.678548 1994 3,767,838 4,555,362 8,323,200 435,018 200,176 65,735 44,604 330,147 1994 54,371 0 65,735 80,070 200,176
5 0.649931 1995 3,843,195 4,646,469 8,489,664 443,757 204,197 67,055 43,581 373,728 1995 55,463 0 67,055 81,679 204,197
5.5 0.622621 1995 3,843,196 4,646,469 8,489,664 443,767 204,197 67,055 41,743 415,471 1995 55,463 0 67,056 81,679 204,197
6 0.596267 1996 3,920,059 4.739,398 8,659,457 452,671 208,299 68,402 40,786 456,257 1996 56,577 0 68,402 83,320 208,299
6.5 0.571121 1996 3,920,059 4,739,398 8,659,457 452,671 208,299 68,402 39,066 495,323 1996 56,577 0 68,402 83,320 208,299
7 0.547034 1997 3,998,460 4,834,186 8,832,646 461,764 212,483 69,776 38,170 533,493 1997 57,713 0 69,776 84,993 212,482
7.5 0.523964 1997 3,998,460 4,834,186 8,832,646 461,764 212,483 69,776 36,560 570,053 1997 57,713 0 69,776 84,993 212,482
8 0.501866 1998 4,078,429 4,930,870 9,009,299 471,038 216,750 71,178 35,722 605,775 1998 58,872 0 71,178 86,700 216,750
8.5 0.480701 1998 4,078,429 4,930,870 9,009,299 471,038 216,750 49,956 24,014 629,789 1998 58,872 21,222 49,956 86,700 216,750
TOTALS - -8 YEARS ONLY 3,100,798 960,000 629,789 879,256 21,222 960.000 1,240,318 3,100,796
NOTE: BASE VALUE EQUALS THE 1989/1990 REAL ESTATE TAX VALUE AS FOLLOWS:
1 ,
BLK 2 / LOT 1 1,161,600 PARKING / MALL EXPANSION
BLK 2 / LOT 2 1,654,700 MAIN MALL
BL K 2 / LOT 3 471,100 MALL/ MALL EXPANSION
BLK 2/ LOT 4 28,500 MALL / MALL EXPANSION )
BLK 2 / LOT 5 165,000 MALL-- THEATER
TOTAL 3,480,900
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MALL889D.XLS '
CITY OF OAK PARK HEIGHTS EXHIBIT B
T. I. F. PROPOSAL - -ST. CROIX MALL {BASED UPON PROJECT VALUE OF $8,000,000 .)
1 COUNTY ASSESSER'S OFFICE BASIS
R.E. TAX ALLOC. -- COUNTY BASIS
TAX CITY/
1 F.M.Y. -- COUNTY BASIS CAPAC. TAX 0 CTY. CITY DEVEL F. DIS.
YEAR BASE INCR. TOTAL VALUE 0.92031 YEAR SCH. T. 1. F. T. I. F. V 18 %' TOTAL
BASE 1990 3,480,900 0 3,480,900 180,797 83,195 1990
(SEE 1990 3,480,900 0 3,480,900 180,797 83,195 1990
NOTE)
j 1991 3,550,518 1,449,482 5,000,000 260,550 119,893 1991 76,623 10,427 20,854 11,989 119,893
1991 3,550,518 1,449,482 5,000,000 260,550 119,893 1991 76,623 10,427 20,854 11,989 119,893
1992 3,621,528 4,378,472 8,000,000 418,050 192,368 1992 78,375 31,585 63,171 19,237 192,368
1992 3,621,528 4,378,472 8,000,000 418,050 192,368 1992 78,375 31,585 63,171 19,237 192,368
1993 3,693,959 4,466,041 8,160,000 426,450 196,233 1993 79,950 32,220 64,440 19,623 196,233
1993 3,693,959 4,466,041 8,160,000 426,450 196,233 1993 79,950 32,220 64,440 19,623 196,233
1994 3,767,838 4,555,362 8,323,200 435,018 200,176 1994 81,556 32,867 65,735 20,018 200,176
1994 3,767,838 4,555,362 8,323,200 435,018 200,176 1994 81,556 32,867 65,735 20,018 200,176
' 1995 3,843,195 4,646,469 8,489,664 443,757 204,197 1995 83,194 33,528 67,055 20,420 204,197
1995 3,843,195 4,646,469 8,489,664 443,757 204,197 1995 83,194 33,528 67,055 20,420 204,197
1996 3,920,059 4,739,398 8,659,457 452,671 208,299 1996 84,866 34,202 68,402 20,830 208,300
1996 3,920,059 4739,398 8,659,457 452,671 208,299 1996 84,866 34,202 68,402 20,830 208,300
1997 3,998,460 4,834,186 8,832,646 461,764 212,483 1997 86,570 34,888 69,776 21,248 212,482
1997 3,998,460 4,834,186 8,832,646 461,764 212,483 1997 86,570 34,888 69,776 21,248 212,482
1998 4078,429 4,930,870 9,009,299 471,038 216,750 1998 88,309 35,588 71,178 21,675 216,750
1998 4,078,429 4,930,870 9,009,299 471,038 216,750 1998 88,309 56,810 49,956 21,675 216,750
TOTALS - -8 YEARS ONLY 3,100,798 1,318,888 511,832 960,000 310,080 3,100,798
Y
NOTE. BASE VALUE EQUALS THE 1989/1990 REAL ESTATE TAX VALUE AS FOLLOWS:
BLK 2 / LOT 1 1,161,600 PARKING / MALL EXPANSION
BLK 2 / LOT 2 1,654,700 MAIN MALL
BLK 21 LOT 3 471,100 MALL / MALL EXPANSION
BU, 2 / LOT 4 28,500 MALL / MALL EXPANSION
BLK 2 / LOT 5 165,000 MALL-- THEATER
TOTAL 3,480,900
1 Page 1
MALL889E.XL5
CITY OF OAK PARK HEIGHTS EXHIBIT C
T. I. F. PROPOSAL - -ST. CROW MALL (BASED UPON PROJECT VALUE OF $8,417,300 _}
(WITH A 7/1/90 P. V. STARTING DATE)
R.E. TAX ALLOC.-- ASSIST- BASIS
TAX CITY/
P_ V_ L1 F.M.V. - ASSIST- BASIS CAPAC. TAX LID P. A. Y. G_ PAYMENT CTY. CITY DEYEL F. DIS_
PER_ "9.0%" YEAR BASE INCR. TOTAL VALUE 0.92031 AMT. P. V. ACCUM. YEAR SCH. T. 1. F. T. 1. F. "040 %" TOTAL
1990 3,480,900 0 3,480,900 180,797 83,195 1990
' 0.5 0.957826 1990 3,480,900 0 3,480,900 180,797 83,195 1990
1 0.917431 1991 3,550,518 1,599,482 5,150,000 268,425 123,517 23,017 21,117 21,117 1991 51,093 0 23,017 49,407 123,517
1.5 0.87874 1991 3,550,518 1,599,482 5,150,000 268,425 123,517 23,017 20,226 41,343 1991 51,093 0 23,017 49,407 123,517
2 0.84168 1992 3,621,528 4,795,772 8,417,300 439,958 202,449 69,207 58,250 99,593 1992 52,262 0 69,207 80,980 202,449
2.5 0.606183 1992 3,621,528 4,795,772 8,417,300 439,958 202,449 69,207 55,794 155,387 1992 52,262 0 69,207 80,980 202,449
3 0.772183 1993 3,693,959 4,891,687 8,585,646 448,796 206,516 70,598 54,515 209,902 1993 53,312 0 70,598 82,606 206,516
3.5 0.739618 1993 3,693,959 091,687 8,585,646 448,796 206,516 70,598 52,216 262,118 1993 53,312 0 70,598 82,606 206,516 )
4 0.768425 1994 3,767,838 4,989,521 8,757,359 457,811 210,664 72,016 51,018 313,136 1994 54,383 0 72,016 84,266 210,665
4.5 0.678548 .1994 3,767,838 4,989,521 8,757,359 457,611 210,664 72,016 48,866 362,002 1994 54,383 0 72,016 84,266 210,665
5 0.649931 1995 3,843,195 5,089,311 8,932,506 467,007 214,896 73,462 47,745 409,747 1995 55,475 0 73,462 85,958 214,895
6.6 0.622621 1996 3,843,196 6,089,311 8,932,506 467,007 214896 73,462 45,732 455,479 1995 55,475 0 73,462 85,958 214,895
6 0.596267 1996 3,920,059 5,191,097 9,111,156 476,386 219,211 74,938 44,683 500,162 1996 56,589 0 74,938 87,684 219,211
6.5 0.571121 1996 3,920,059 5,191,097 9,111,156 476,386 219,211 7038 42,799 542,961 1996 56,589 0 74,938 - 87,684 219,211
7 0.547034 1997 3,998,460 5,294,919 9,293,379 485,952 223.613 76,442 41,816 584,777 1997 57,725 0 76,442 89,445 223,612
7.5 0.523964 1997 3,998,460 5,294,919 9,293,379 485,952 223,613 76,442 40,053 624,830 1997 57,725 0 76,442 89,445 223,612 )
8 0.501866 1998 4,078,429 5,400,818 9,479,247 495,710 228,103 40,640 20,396 645,226 1998 58,885 37,337 40,640 91,241 228,103
6.5 0.480701 1998 4,078,429 5,400,818 9,479,247 495,710 228,103 0 0 645,226 1998 58,885 77,977 0 91,241 228,103
TOTALS - -8 YEARS ONLY 3,257,938 960,000 645,226 879,448 115,314 960,000 1,303,174 3,257,936
NOTE_ BASE VALUE EQUALS THE 1989/1990 REAL ESTATE TAX VALUE AS FOLLOWS:
BLK 2 /LOT 1 1,161,600 PARKING / MALL EXPANSION
BLK 2 / LOT 2 1,654,700 MAIN MALL
BLK 2 / LOT 3 471,100 MALL I MALL EXPANSION l
BLK 2 / LOT 4 28,500 MALL / MALL EXPANSION J
I BLK 2 / LOT 5 165,000 MALL-- THEATER
TOTAL 3,480,900
1
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MALL889F.XLS
r
CITY OF OAK PARK HEIGHTS EXHIBIT D
T.1. F. PROPOSAL - - ST. CROIX MALL (BASED UPON PROJECT VALUE OF $8,417,300 .}
COUNTY ASSESSER'S OFFICE BASIS
R.E. TAX ALLOC.-- COUNTY BASIS
TAX CITY/
F.M.Y. -- COUNTY BASIS CAPAC. TAX 0 CTY. CITY DEVEL F. DIS.
YEAR BASE INCRR TOTAL VALUE 0 -92031 YEAR SCH. T.I.F. T- i. F. '1@10x' TOTAL
BASE 1990 3,480,900 0 3,480,900 180,797 83,195 1990
(SEE 1990 3,480,900 0 3,480,900 180,797 83,195 1990
NOTE)
i
1991 3,550,518 1,599,482 5,150,000 268,425 123,517 1991 76,640 11,509 23,017 12,352 123,518
1991 3,550,516 1,599,482 5,150,000 266,425 123,517 1991 76,640 11,509 23,017 12,352 123,518
1992 3,621,528 4,795,772 8,417,300 439,958 202,449 1992 78,393 34,604 69,207 20,245 202,449
1992 3,621,526 4,795,772 8,417,300 439,958 202,449 1992 78,393 34,604 69,207 20,245 202,449
1993 3,693,959 4,891,687 8,585,646 448,796 206,516 1993 79,968 35,299 70,598 20,652 206,517
1993 3,693,959 4,891,687 8,585,646 448,796 206,516 1993 79,968 35,299 70,598 20,652 206,517 }.
1994 3,767,838 4,989,521 8,757,359 457,811 210,664 1994 81,574 36,008. 72,016 21,066 210,664
1994 3,767,838 4,989,521 8,757,359 457,811 210,664 1994 81,574 36,008 72,016 21,066 210,664
1995 3,643,195 5,089,311 8,932,506 467,007 214,896 1995 83,213 36,732 73,462 21,490 214897
1995 3,843,195 5,089,311 8,932,506 467,007 214,896 1995 83,213 36,732 73,462 21,490 214897
1996 3,920,059 5,191,097 9,111,156 476,386 219,211 1996 84,884 37,468 74,938 21,921 219,211
1996 3,920,059 5,191,097 9,111,156 476,386 219,211 1996 84,884 37,468 74,938 21,921 219,211
1997 3,998,460 5,294,919 9,293,379 485,952 223,613 1997 86,588 38,222 76,442 22,361 223,613
1997 3,998,460 5,294,919 9,293,379 485,952 223,613 1997 86,588 38,222 76,442 22,361 223,613
1998 4078,429 5,400,818 9,479,247 495,710 228,103 1998 88,327 76,326 40,640 22,810 228,103
1998 4,078,429 5,400,816 9,479,247 495,710 228,103 1998 88,327 116,966 0 22810 228,103
TOTALS - -8 YEARS ONLY 3,257,938 1,319,174 652,976 960,000 325,794 3,257,944
NOTE: BASE VALUE EQUALS THE 1989/1990 REAL ESTATE TAX VALUE AS FOLLOWS:
BLK 2 / LOT 1 1,161,600 PARKING / MALL EXPANSION
BLK 2 / LOT 2 1,654,700 MAIN MALL
BL.K 21 LOT 3 471,100 MALL / MALL EXPANSION
BL K 2 /LOT 4 28,500 MALL / MALL EXPANSION l
BLK 2 / LOT 5 165,000 MALL-- THEATER /
TOTAL 3,480,900
I
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