Bonds Annual Disclosure Report 2019MUNICIPAL SECONDARY MARKET DISCLOSURE ANNUAL REPORT
This Annual Report is being filed with the Municipal Securities Rule Making Board through the Electronic
Municipal Market Access ("EMMA") website pursuant to Securities and Exchange Commission Rule 15c2-
12(b)(5)(i)(C)and(D).
Obligated Person: City of New Hope, Minnesota
Issues Subject to Full Disclosure:
Issue Identification Issue Date 6-Digit
CUSIP No.
$1,850,000 General Obligation Certificates of Indebtedness and Refunding
Bonds, Series 2010B
11/23/2010 64544P
$3,505,000 Taxable Lease Revenue Bonds (Qualified Energy Conservation
Bonds), Series 2011A
12/1/2011 645449
$1,330,000 General Obligation Taxable Tax Increm ent Refunding Bonds,
Series 2012B
1/11/2012 64544P
$2,695,000 General Obligation Tax Increm ent Refunding Bonds, Series
2012A
1/11/2012 64544P
$5,960,000 General Obligation Tax Increm ent Bonds, Series 2015A 6/17/2015 64544P
$3,825,000 General Obligation Street Reconstruction Bonds, Series 2015B 12/30/2015 64544P
$4,855,000 General Obligation Street Reconstruction Bonds, Series 2016A 12/29/2016 64544P
$18,435,000 General Obligation Capital Improvement Plan Bonds, Series
2017A
12/28/2017 64544P
$9,520,000 General Obligation Tax Abatement Bonds, Series 2018A 12/20/2018 64544P
$5,235,000 General Obligation Tax Abatement Bonds, Series 2019A 7/18/2019 64544P
Issues Subject to Limited Disclosure:
Issue Identification Issue Date 6-Digit
CUSIP No.
$1,580,000 General Obligation Utility Revenue Bonds Series 2010A 5/6/2010 64544P
The Following Have Been Authorized by the Issuer to Distribute this Information Publicly:
Dissemination Agent
Contact Name/Title:Sara Beecher, Manager, Senior Public Finance Analy st
Company:Ehlers & Associates, Inc.
Address:N21 W23350 Ridgeview Parkway West, Suite 100 Waukesha, WI 53188
Phone:(262) 785-1520
Email Address:sbeecher@ehlers-inc.com
This Annual Financial Information Report (this Annual Report) has been prepared and is being provided to the secondary market
only in compliance with the contractual agreement of the Issuer, entered into in accordance with Rule 15c2-12 promulgated by
the U.S. Securities and Exchange Commission, to update annually the following financial information and operating data which
was provided in the Final Official Statement relating to the above noted obligations. The information provided in this Annual
Report speaks only as of its date and is subject to change without notice. The delivery of this Annual Report may not under any
circumstances, create an implication that there has been no other change to the information provided about the Issuer or
City of New Hope, Minnesota Page 1
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
otherwise in the Final Official Statement. The presentation of information in this Annual Report is intended to show recent
historical information and is not intended to indicate future or continuing trends with respect to the Issuer. The Issuer has not
agreed in any way to notify the secondary market of subsequent changes to the information in this Annual Report, other than an
undertaking to provide notice of certain specific reportable events.
Type of Filing:online via: http://emma.msrb.org/
Fiscal Period Ending:12/31/2019
Issuer Filing Deadline:12/30/2020
Final Audited Financial Statements, on File with EMMA:
Fiscal Year End: 12/31/2019
ANNUAL FINANCIAL INFORMATION REPORT UPDATE
Reporting Requirements
Current Property Valuations
Trend of Valuations
Direct Debt
Tax Levies and Collections
Tax Capacity Rates
Population Trend
Employment/Unemployment Data
Impact of the Spread of COVID-19: In late 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan,
Hubei Province, China. COVID-19 has spread throughout the world, including to the United States, resulting in the
World Health Organization proclaiming COVID-19 to be a pandemic and President Trump declaring a national
emergency. In response to the spread of COVID-19, the United States government, state governments, local
governments and private industries have taken measures to limit social interactions in an effort to limit the spread of
COVID-19. The effects of the spread of COVID-19 and the government and private responses to the spread continue
to rapidly evolve. COVID-19 has caused significant disruptions to the global, national and State economy. The extent
to which the coronavirus impacts the City and its financial condition will depend on future developments, which are
highly uncertain and cannot be predicted by the City, including the duration of the outbreak and measures taken to
address the outbreak.
On March 13, 2020, Minnesota Governor Tim Walz signed Emergency Executive Order 20-01 and declared a
peacetime emergency. On April 23, 2020, the Governor also signed Emergency Executive Order 20-41 which
directed the Commissioner of Education to extend the Distance Learning Period for Minnesota's students through the
end of the 2019-2020 school year. On June 5, 2020, the Governor signed Emergency Executive Order 20-74 which
outlines guidelines for continuing to safely reopen Minnesota's economy and ensuring safe non-work activities during
the COVID-19 peacetime emergency. This order is effective as of June 10, 2020 and outlines the guidelines for
continuing to lift the restrictions that were identified in prior Executive Orders signed by the Governor. On July 22,
2020, the Governor signed Emergency Executive Order 20-81 which requires individuals to wear a face covering in
certain settings across Minnesota to prevent the spread of COVID-19. This order is effective July 25, 2020, and
rescinds paragraph 3 of Emergency Executive Order 20-74 which recommended the wearing of masks and face
coverings.
City of New Hope, Minnesota Page 2
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
CURRENT PROPERTY VALUATIONS
2019/20 Economic Market Value $2,228,721,179 1
2019/20
Assessor's Estimated
Market Value
2019/20
Net Tax
Capacity
Real Estate $2,092,223,400 $25,019,326
Personal Property 14,049,900 276,748
Total Valuation $2,106,273,300 $25,296,074
Less:Captured Tax Increment Tax Capacity2 (1,378,781)
Fiscal Disparities Contribution3 (2,941,213)
Taxable Net Tax Capacity $20,976,080
Plus:Fiscal Disparities Distribution3 4,385,923
Adjusted Taxable Net Tax Capacity $25,362,003
1 According to the Minnesota Department of Revenue, the Assessor's Estimated Market Value (the "AEMV") for
the City of New Hope is about 94.64% of the actual selling prices of property most recently sold in the City. The
sales ratio was calculated by comparing the selling prices with the AEMV. Dividing the AEMV of real estate
by the sales ratio and adding the AEMV of personal property and utility, railroads and minerals, if any, results
in an Economic Market Value ("EMV") for the City of $2,228,721,179.
2 The captured tax increment value shown above represents the captured net tax capacity of tax increment financing
districts in the City of New Hope.
3 Each community in the seven-county metropolitan area contributes 40% of the growth in its commercial-
industrial property tax base since 1972 to an area pool which is then distributed among the municipalities on the
basis of population, and fiscal capacity indicated market value as determined by the Minnesota Department of
Revenue. Each governmental unit makes a contribution and receives a distribution--sometimes gaining and
sometimes contributing net tax capacity for tax purposes.
City of New Hope, Minnesota Page 3
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
TREND OF VALUATIONS
Levy
Year
Assessor's
Estimated
Market Value
Assessor's
Taxable
Market Value
Net Tax
Capacity4
Adjusted
Taxable
Net Tax
Capacity5
Percent +/- in
Estimated
Market Value
2015/16 $1,534,397,300 $1,430,939,117 $18,124,568 $18,921,948 +6.51%
2016/17 1,636,865,900 1,535,054,114 19,438,906 20,127,382 +6.68%
2017/18 1,792,927,900 1,697,092,365 21,403,803 21,948,221 +9.53%
2018/19 1,921,182,700 1,831,436,951 22,781,828 23,074,453 +7.15%
2019/20 2,106,273,300 2,021,382,123 25,296,074 25,362,003 +9.63%
Source:Current Property Valuations and Trend of Valuations have been furnished by Hennepin County.
4 Net Tax Capacity is before fiscal disparities adjustments and includes tax increment values.
5 Adjusted Taxable Net Tax Capacity is after fiscal disparities adjustments and does not include tax increment
values.
City of New Hope, Minnesota Page 4
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
DEBT
DIRECT DEBT6
General Obligation Debt (see schedules following)
Total g.o. debt being paid from tax abatement revenues $14,755,000
Total g.o. debt being paid from tax increment revenues 7,225,000
Total g.o. debt being paid from taxes 24,825,000
Total g.o. debt being paid from utility revenues 1,185,000
Total General Obligation Debt $47,990,000
Lease Purchase Obligations (see schedule following)
Total lease purchase obligations paid by annual appropriations (EDA)$3,505,000
6 Outstanding debt is as of May 19, 2020.
City of New Hope, Minnesota Page 5
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
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TAX RATES, LEVIES AND COLLECTIONS
TAX LEVIES AND COLLECTIONS
Tax Year
Net Tax
Levy7
Total Collected
Following Year
Collected
to Date8 % Collected
2015/16 $10,810,747 $10,754,708 $10,801,593 99.92%
2016/17 11,920,080 11,894,553 11,909,324 99.91%
2017/18 12,893,610 12,833,435 12,877,039 99.87%
2018/19 15,253,488 15,172,310 15,172,310 99.47%
2019/20 16,844,889 In process of collection
Property taxes are collected in two installments in Minnesota--the first by May 15 and the second by October 15.9
Mobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes and special
assessments) for debt service be at least 105% of the actual debt service requirem ents to allow for delinquencies.
The spread of COVID-19 and responses taken by the United States government, state governments, local governments
and private industries have caused significant disruptions to the national and State economy. Certain states have
announced extended deadlines for payment of property taxes, although as of this date Minnesota has not taken such
measures. The City cannot predict whether and how much payment of property taxes will be impacted. Any delays
or reduction in the receipt of property taxes may materially adversely impact the City's finances and payment of debt
obligations.
7 This reflects the Final Levy Certification of the City after all adjustments have been made.
8 Collections are through January 1, 2020.
9 Second half tax payments on agricultural property are due on November 15th of each year.
City of New Hope, Minnesota Page 11
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
TAX CAPACITY RATES10
2015/16 2016/17 2017/18 2018/19 2019/20
Hennepin County 45.356%44.087%42.808%41.861%41.084%
City of New Hope 57.405%59.931%58.589%67.990%66.089%
I.S.D. No. 281 (Robbinsdale Area Schools)33.833%31.612%31.957%29.909%26.447%
Metro Mosquito 0.483%0.475%0.456%0.427%0.412%
Metropolitan Council 0.925%0.883%0.844%0.659%0.616%
Metro Transit 1.491%1.463%1.383%1.456%1.433%
Three Rivers Park District 3.601%3.365%3.161%2.961%2.859%
Park Museum 0.712%0.711%0.710%0.705%0.710%
Hennepin County Railroad Authority 1.879%1.925%1.962%1.807%1.388%
Hennepin HRA 0.439%0.497%0.457%0.535%0.801%
Referendum Market Value Rates:
I.S.D. No. 281 (Robbinsdale Area Schools)0.28216%0.24959%0.23433%0.26683%0.25032%
Source: Tax Levies and Collections and Tax Capacity Rates have been furnished by Hennepin County.
LEVY LIMITS
The State Legislature has periodically imposed limitations on the ability of municipalities to levy property taxes. For
taxes levied in 2013, payable in 2014, only, the Legislature imposed a one year levy limit on all counties with a
population greater than 5,000, and all cities with a population greater than 2,500. While these limitations have
expired, the potential exists for future legislation to limit the ability of local governments to levy property taxes. All
previous limitations have not limited the ability to levy for the payment of debt service on bonded indebtedness. For
more detailed information about Minnesota levy limits, contact the Minnesota Department of Revenue or Ehlers and
Associates.
10 After reduction for state aids. Does not include the statewide general property tax against commercial/industrial,
non-homestead resorts and seasonal recreational residential property.
City of New Hope, Minnesota Page 12
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020
U.S. CENSUS DATA
Population Trend: The City
2000 U.S. Census population 20,873
2010 U.S. Census population 20,339
2019 Preliminary Metropolitan Council Estimate 22,376
Percent of Change 2000 - 2010 -2.56%
Source:2000 and 2010 Census of Population and Housing
EMPLOYMENT/UNEMPLOYMENT DATA
Rates are not compiled for individual communities within counties.
Average Employment Average Unemployment
Year Hennepin County Hennepin County State of Minnesota
2016 664,578 3.3%3.9%
2017 677,696 3.0%3.4%
2018 685,853 2.5%2.9%
2019 691,497 2.8%3.2%
2020, June 654,433 9.8%8.5%
Source: Minnesota Department of Employment and Economic Development .
City of New Hope, Minnesota Page 13
Municipal Secondary Market Disclosure Annual Report Date of Report: August 17, 2020