HomeMy WebLinkAbout1989-08-21 BRAA Ltr to OPH (2) q,ar— • :2-9 -8 TUF_ 0- 0g VYR • F• _ r 2
VOTO, TAUTGES, R,EDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS vlrtql�aw
8i Lakq?rft5 i0fV &Iding a 1310 E. Hwy, 96 White Bear Lake, MN 55110 *Fax (612) 426 -5004 gus ♦ Phone(612)426 - 3263
"I fir K l WI1 ). 4 VA I
k�;nry ( rAI Ir I,, r r-N
JAMES 5 RMPATI 1, i f h
l
To the Honorable Mayor and I) KIIVNIIIfc 1016,1 (rn
Members of the City CoUnoi.l DAVID) mop cF.N
City of Oak Park Heights
14168 North 57th Street
Stillwater, Minnesota 55082
I
RE: ST. CROIX MALL - T.I.F. COMMITMENT
i
Attached herewith are the following computer schedules summarizing the effects
of last night's commitments (i.e. base value reduction f rQm $4,200,000 to
$3,4800900) f the St. Croix Mall - T.Z.F. Agreement:
Exhibit A W Computations of developer assistance (assistance basis) based
upon an $8,000,000 final project value6
Exhibit 8 - Computations of total tax allocations (county basis) inclLAdi.ng
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 $, but based upon an $8,417,300 final pro -
ject value.
At an $8,000,000 final project value level (arid 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 importanta T.I.F.
monies available to the City (see Exhibit B) will average $31,000 to $35,000
(Semi - 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 2% 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. zmQnie5 available to the City (see Exhibit
D) will average between $34,000 and $38,000 (semiannually).
As discussed last night, reducing the base value to $3,480,900 will necessitate
certifying this district before the October, 1989 cut -off date. This is man
datpry because the $3,480,900 base value is the County. Asse530V$ v4l.le fax
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 1996/1999
tax levy. This timing is one year ahead of our previous projections.
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS q PRIV 4TE r ( ° ' ` "` 11 RgCTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PLIBLIC ,ACr(`
MUNICIPAL FINANCE OFFICERS ASSCK e MINNESOTA ASSOCIA: Lsb OFFICiA0
City of oak Park Heights
August 29, 1959
Page 2
The main negative consequence of this course of action is a limitation on the
amount of w *i #ro money available to the City for additional public improvements
within the redevelopmdnt area. I anticipate that such needs will surface
within the next few Fears because (hopefully) of the additional retail activity
at the Mall. The City will have less T.I.F. money to apend far these items than
was previously projected. However, we will address these concerns as they deve-
lop in the future.
Respectfully submitted,
VoT TAUTGES, XEDPATH & M LTD.
4
Robert J. Veto, CPA
RJV /smm
cc: Mark V,ierling (FAX #439 -2923)
Dan Wilson (FAX #925 -2721)
Curtis Gatoske (FAX 4925-2721)
Brad Henning (FAX #544 -1826
Steve Watson (FAX #544 -1826)
T.I.F. File
D
C
MJ4LLBBS �
CLTY OF OAK PARK 11EIG US 1MBFF A
T_ L F PROPOSAL. -ST: CROIX MALL {BAS£11 UPON PROJECT VALUE Of SB - 017.1 _] �
1WLTH A 711130 P_ Y_ STARTING DATE)
FLE- TAX MOC.- ASSIST_ BASIS 0)
TAX C[TY! 0
Tx Y_ p F KY. ASMST_ BASt$ GAPAQ TAX @ P A. Y_ G PAYMENT CTY CFrY DEYLL F 013.
PFfL "B YEAR BASE INCH- TOTAL VALUE 0.94031 AMT- P_ Y_ ACCUM. YEAR SC1L T- I. F. T. L F "1940X' TOTAL �
199D 3.480.900 D 14 0 1811.797 83.135 1990
05 8.9'37826 1990 34.900 0 34049710 1611.797 83,195 l� �
m
1 &917431 1991 355%518 1.4491482 5 D 26tL550 11913 2DA54 1 %132 19,132 1991 51.82 D 20.054 47,957 119M
1.5 4.97874 1991 3,5.516 1.44%48P 5,M .M 2mm 11si693 2985# 18,3I5 37,457 1931 51.084 D 20AS4 47.957 lIU93
2 7.84168 1992 3621.528 4.378.412 8.000,000 410,wo 192,368 53.171 53,174 90.1127 1992 52.250 D €,3.1711 76.947 192360
2-6 B.BI16T83 1992 3.621.528 4378,472 "MOOD 418.050 1923m SX171 510,927 14LS64 1997 5?„Y30 0 53,171 76.947 19USO •
3 0.712f83 1593 3.993,959 4486.41 kl%D00 426;450 196,233 114:440 49,760 191,314 1993 53.3110 0 K440 78.493 156,233 0
3 - 5 0_7` i8 1993 INU59 44BWMI kISB DD 4M450 196.233 64440 4701 23ILWA 1933 53300 0 6040 76,493 196,233
+
(k78B425 1984 3757"S 4-TSM 1$3232.10 435�1110 2KI76 fi5 45,50 285,543 19914 54,371 0 55,735 68.078 2110.176
0.8'76548 18941 3,767.38 kWjtW 8 1.200 435A18 209176 16.735 44fA4 330,147 1994 54,TM 0 65.735 80.074 280 L
5
oj6m3l 19M 384 ,195 4W40 k4R664 413,757 204197 61.055 43,551 373„7''10 INS 55483 8 67.055 81.670 21KI97
a 6 9.6221521 INS 3.843 4W469 11.489,6£4 449757 204197 RAU 41.743 4154471 1995 55„463 0 67.M 8I.M 2D4197 �
6 1596257 1995 3927.1159 4.739.39$ U59 452.671 20" S%40 41786 4%,79 1996 66.577 0 18,402 83,320 206,M
6-5 9.571121 1996 3920,055 4739,39$ 8.659.457 452871 208.299 K402 3%M 4 3'.1.323 1996 56577 0 W,402 8332(1 488,.295
1 O.547T134 1997 3.996.450 0:14.186 81 046 481.764 212483 69778 38;170 SM493 1997 557.713 0 x.776 84993 212.482
71f 0- 523954 1997 3"&460 4634,186 8"2S46 481,764 212483 69.775 37656!1 570,1053 1997 67,713 0 89176 84993 212.482
0 0,.501968 1998 4.M.429 493£7,870 9.89299 471.038 216,750 71.170 35,742 6 U5 1998 58.572 0 71,178 881,700 21Q75Q
8.5 0.48D7i11 1998 407$449 4930.870 9 9.299 471.38 21£6759 49956 24014 SM769 199E 59072 21.224 496959 86,7DD 2iQ758
TOTALS --B YEARS OINLY . 3,100.796 MAN SM785 879ZS 21.722 98QDI1II 1.240.328 3- IM-79S V
NOTE EASE VALUE EQUALS TUE 190911991! REALESTATETAX (MANE AS FO€LOVM. •
BLX 21 LOT 1 1,181.600 PARl9M 1 MALI. E>SIMON
BLK2ILOT 2 1.6547(90 HNN MALL
OLK21LOT 3 471_100 VIALL_IM0i13_E%P ON
BLK 21 LOT 4 28-W MALLI M14LLEXPMSM
BLK 2 LOT 5 165,080 MALL -WATER
TOTAL :141Et1,90D
Page I A
r
c
HALLGa2DXS m
CRY OF OAK PARK HHGKM
E3aHuRrrE
L L F_ PROPOSAL -ST. CROIX MALI. [BASED UPON PROJECT VALUE OF S8,0DD.8DD _) �
COUNTY ASSE99EWS OFFICE BASIS
FLE. TAXALLM- COUNTY BASIS fYi
TAX C31Yf tp
F M.Y_ -- COUNTY BASIS CAPAC. TAX IR CTY. C11'Y DEYEL F_ U1S '
YEAR BASE IRCIL TOTAL VALUE OMB31 YEAR Mt T_ L F_ T_ L F: "PTM TOTAL �
BASE 1990 3.4MM D 3,48QSDD IR797 83.195 1990
tSEE 1560 3.480.913D D 148010 180.797 83.195 1990 �
m
1991 3.551X518 1,449,462 S,ilOD4DDD 26Q-%D 119" 1991 76.523 10,427 2D,864 11,999 113.893
1991 WAL518 1,449.444 500„000 M50 119.B9tii 1933 7603 14427 M954 11,989 159.893
1992 1821.528 4378,472 8L17WN 418fiSO 192.368 1992 78,375 31.685 63.171 10"7 1SZ368 ..
199? 1641,528 4.378,472 ILMMM 41BA50 M360 VW2 78.375 3105 63.171 19137 19?.36S µ
1993 3,693,958 4:4 11 B;1SQM 426.450 196'2 1933 791950 32210 H446 19623 198"3 �
1993 3.6008 4.AM041 BASO M 416,43D IBM; IBM 79.90 3 M K44B 19 23 196.233
1494 3.767.= 45W IM SM3205 436,€118 201 176 1954 SL556 3ZB67 65.735 2MAIB 2011.176
1594 3.767,= - 4555.362 8,313,24[1 435 118 20(.176 1934 81.WS 32,867 65,735 2(1L018 201L176 <
1595 $849195 4W469 8.481X664 443,757 204187 1595 53.199 31518 67.M 2(#,420 2KI97 �
1995 3.$x,195 4 &41X469 0,499.664 4431757 204197 1995 83.194 33.928 67 20.424 2141,197
1995 3L320059 {739,3 $659,457 452 Y08,299 1955 84866 34201 68_4112 20.$313 M30D
1986 3.320M 473,9.398 8JM457 452.871 20.299 19% 8096 34.202 6k442 2R= 20008
IN? 190.490 4W189 B83?W 461.764 212.483 5997 86.578 lk= 6917& 21,246 212482
1947 3.398,489 4834.186 8.832,646 461.764 21? -493 1997 W6711 34.488 69,176 21.248 212.482
19910 4M.429 4930 9,D)9299 471.035 219750 1998 8309 35,568 71,1?8 21167 215,750
]998 4D79429 4930LB70 90S" 471.038 216,750 1996 88.309 51 WO 49,956 21.575 21E750
T"ALS --8 YEARS ONLY 3.101X793 1.338AS 511.832 969.WD 310)M 3LIOEL798
NOTE SASE VALUE EQUALSTW T9664!990 REAL ESTATE TAX VAMEAS MLLMS:
SIX21LOT 1 1.1fil.500 pJ1R10H6lMA(1.EXPANSION
BL K 21 LOT 2 I.GK760 MAIN HALL
OLK21LOT 3 471.100 MAU.fMALLEXPAWSION
BLK2 f LOT 4 29.590 MALL) MALL EXPANSM
BLK 2 [LOT 5 1wQD0 MALL- THEATER
TOTAL 3.48Q.9D0
T
iAl
Page i
I�
M,4LUME.70_s
• I
CITY OF OAK PARK HEIGHTS EXHIBIT C N
T. L f_ PROPOSAL - ST. CROIX MALL. (BASED UPON PROJECT VALUE OF $6,417.300 _} 0
(WTTH A 711190 P_ V. STAR71NU DATE} I
TT_E. TAX AUGM- ASSIST. BASIS 9�
TAX CITY/ �
P_ Y. Lis F_KV.- ASSIST: BASIS CAPAC. TAX 0 P- 1L Y. G_ PAYME114 T OTY. C" DEVEL F DIG- p
PEA. ''_i_T17G YEAR BASE I1iC1L TOTAL VA4.UE 11 -92031 Al4T_ P_ Y_ AOCum- YEAR SC1L T. L F T. L F. 'LM49 ' TOTAL
1990 3.48891111 I13.481i.908 18[.797 03.135 l9w
0.5 0.957626 5990 3,480-W D 3,480,9170 ]80,797 83.iss
m
1 0.917431 1991 3.55U I8 1.599.412 5.150,= 2&11.423 173„517 23017 21.117 21.117 1931 51A93 0 2307 4%487 123.317
1.5 0.87874 1991 3WASS0 1.590,484 EAKOW 1&8,.425 InS17 M17 20,226 41.343 Iasi 51,033 0 23 49.407 123.517
2 0.84168 1992 3,6121.520 4.795772 8.417,300 439.958 202.449 83.207 58.259 9,9.593 1992 52262 8 59297 80.m 282,449
2.5 U.806183 1992 3.62].528 4:7 772 t4t ?.300 439.936 202443 GR207 55.794 155387 19192 fitm 0 6'91207 80.980 202449 •
3 0.772103 1393 3.6000 4891,687 MUM 448.796 2116,5518 74M 54515 2019,902 1993 51317 0 70-%8 8260E 20631& µ
3.5 0.739618 1993 3,693 955 4891.687 8.585,646 448.1% 206,315 711, 52.216 262;118 1993 53,312 0 74X11'98 OZ606 2MI515 µ
4 6.768425 1694 57#37.838 08°MI 0357 4571811 210" 724th 51010 313,136 1934 54203 0 72,016 MR 210.96+5
45 0.6763 1994 5.767038 4989921 0,757.369 457,611 2101864 72,#116 48 362,002 19944 54,3163 0 72418 84LM 210,565
5 (1.649931 7995 3J033I.1gs 5084,311 8.93$,5416 4610117 214096 73,,462 47.745 409747 1995 55476 0 731462 8UW 214895 <
6.6 OS22M 1996 U43.196 GA89,3i1 $,93 696 4&7,007 214896 714&2 45 7M 4K479 1996 55475 8 78462 M959 714695 �
6 &59M7 19% 3 059 5191.097 9,111.155 4m-m 2191211 74938 44M 7 x0[1.162 1956 s6,569 0 74M 87AB4 219,211 ?�
6.5 9.571123 3935 19MM SJ91.!197 9.1 11.156 476386 21%xi 7038 ALL 542,961 Is% 56,589 0 74,938 - 87" 219.211
7 0.547034 1997 3.994.460 SYMI% SMU79 49SiAR 313,613 76.442 41.016 56+X777 5997 ba7.725 0 76442 89.44 221612
75 9.523964 1997 UM460 UMIS 9.2901,379 485,952 223,613 76,442 40A53 524030 7997 6 0 76.442 89.445 225672 �
8 0.50186& 1998 4.0?&t429 5488818 60479247 493 7l9 228r G3 41X640 MIN 545,M 1988 308851 37.337 41#,640 W241 228LI03
8.5 0.4887111 1998 4078,429 5_48[.818 $,473,247 495:710 228,103 0 0 64rtm Im 58 77.977 0 91,24$ 22IL103
TOTALS-8 YEARS ONLY 3.75.938 960.0110 645,226 87%44R 135.314 961X068 ].3D%174 32P.936
MOTIF. BASE VALUE EQUALS THE 19891M0 FE1=ALERATETAX VALUE AS FOLLOWS
BLK 21 LOT 1 1,161.6m PdVXM 1 MALE E]PAIi51ON
MX21L.OT 2 ],854780 MAW MALL _
M2 LOT 3 471.100 MALL ! MALT. EX ARMOR
BLK 2 / LOT 4 28.560 MALI. / M1111T XPAN51O}1
BLK 2 / LOT 6 165,0811 M"-THEATER
T OLL 3 4&Q,91)D
r
Pine 1 T•,
Y
�> I.
= MALI.09KYLS i
ICY OF OAK PARK HERMTS E1 Hmrir D
T_ L F PR4POSAL ST. CROW MALL f8ASEII UPON PROJECT VAGUE OF 59,417.3001 � p
COU14TY ASSESSEMS OFFmE BASIS
RE'_ TAX ALLOC_-- -COO!•IfY BASIS co
c"y{
F_NLY_- COLDITY BASIS CAPAC_ TAX Cil' C17Y DE11FL F_ OIS. =
YEAR BASE fFLCR TOTAL VALUE 11_92031
YEAR Sidi T. L F 7_ L F_ "@i11'1.` TOTAL
BASE 1990 3480,906 0 3. 0,980 100,797 831% Im �
(SEE 1990 3,460,$tlp 0 3.488.908 -M797 83.195 1990 c
Nom
m
1391 3.%O-SIB 1. 482 USS DOIf 26B.425 123317 1931 7r%M 11.509 23.017 12,352 IM48
1981 3,6W516 1599482 �,JM t1 268,425 173, 1951 76,,540 11,509 MIT 12,352 423516
1992 3,521.520 4755.77211.417.300 439.958 2OZ449 1592 78.393 34.604 69,207 20,2454 20449
1992 3.621,528 4M n2 8.417.380 439.956 202.419 1992 M393 34604 69,287 2!1246 21)2.449 -
1943 1693969 4891.667 6.585 6 440.795 205.516 1993 79.969 35.299 '0.598 2t%2 286.517 µ
19M 36936 59 489107 85M5ifi4$ 448.79& 205,516 1993 78968 35299 "OMB ?0.552 216,517 � r
4954 3,767.11~46 4980.,521 B75I. i9 457811 214.664 1934 81574 3f M 74015 21.ws 218.664
1994 31767.835 4989.621 8,757.359 454 811 210.654 1994 81.674' 3U0B 72815: 21.055 2100A
1990 3.8#3.'!95 6.689.31f 8.93M6 467.OQ7 214.546 1995 X13 36.732 73.482 21.490 214897 f
199 3.843._195 6888.31? 8.932.5016 4&7.097 214895 199 831213 35732 73462 21.490 214097 a �
1fts 33200.059 5X191,097 4,111 : 156 476,306 215211 1996 84.BB4 37,4611 74,9 - 21,921 219211 r;.
19% 332q,M 51918'37 94111.156 476.386 219.211 19BS StIM4 37.4M 74.938 21.921 219.211
1997 3,998450 5.29 -919 9_593,,379 485.952 223,613 1997 8 508 3$.252 76,442 22361 223,613
1997 U98.460 5;294.919 9293379 485 52 223.613 1997 865$11 38.222 76412 22,361 223.613
1998 4070.!29 5404},818 9,479247 495.710 228,103 1998 88.3'17 76,32& 4(L6* 22,810 729363
1996 4078,429 5 3.40{1856 9;479,247 495.718 22$183 1998 811327 116,.966 0 22818 2281103
TOTALS --B YEARS ONLY 3,257838 1.319.174 652.976 8a"M 3M734 3,2371944 `
HATE_ BASE VALUE EOU ETHEISM9943FE&LESTATETAX YALUEASFOLLf WS.
BIX21LOT 1 11,1451,680 PARKWGIMALLEXPANSM ;
BLK 21 LOT 2 1.S54M MAN MULL
BIX 2 f >__OT 3 471,100 MiM MALL EWANSM
BLK 2 ! LOT 4 28500 MAILI MALL E)IPARMN r ,
BLK 21 LOT 5 155.1180 MALL-THEATER
TOTAL 3.488.90
r
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i 4 ISO li�— - 2 ? - ° '? T IJ E 1* : 0 ;D :' T R
VOTO, TAUTCES, REDPATH & CO., LTD. tt r4,,,.
CERTIFIED AUBLIC ACCOUNTANTS
Birch Lake Professional Building 9 1310 E. Hwy. 96 • White Bear Lake, MN 55110 426 - 3263
FAX #(612) 426 -5004
ROBERT 1 VOTO, CPA
TRANSMITTAL LETTER JAMERTc.TACTA
AMQ$ 6. R @gPATHFI, CPA CPA
TH CEORCF, CPA
Dat e: T i m e, ' /yam'' 0. KENNE
'r/� r l� { � UAVIUI,MLYL,CPA
Company; Al* 6v. -f0c— ATTN;
FAX Number: 9.�X' -
Sending a total of _2 — . pages (including this cover page). If you do
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transmissions, please call Sally at (612) 426 -3263 or ask for the
undersigned.
From: 'Bela
+
0 0000 0000 0000000000000000
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`4E `t8ER5 OF ANAr' CdN INSTITUTE OF CFR11FIED P ' It %�.COUN'A T' • �'R + vKAC.'ICE SECTION
MINNESOTA SOCIE11 ( ,)P _kRriF PLtl.l� At-l- 1
GOVERNMENT FINANCE OFFICERS ASSOCIATION • mININESOTA A550CIATION OF . ,• aI BU$ OFFICIALS