Bonds Annual Disclosure Report 2021MUNICIPAL SECONDARY MARKET DISCLOSURE ANNUAL REPORT
T his Annual Report is being f i l ed wi t h the Municipal Secu r i t i es R ul e M aking Board t hrough the Electronic
Municipal Market Access ("EMMA") website pursua nt t o S ecurities and Exchange Commission Rule 15c2-
12(b)(5)(i )(C)and(D).
Obligated Person: City of New Hope, Minnesota
Issues Subj ect to Full Disclosure:
Issue Identification Issue Date 6-Digit
CUSIP No.
$1,330,000 General Obligation Taxable Tax Increment Refunding Bonds,
Series 2012B
1/11/2012 64544P
$2,695,000 General Obligation Tax Increment Refunding Bonds, Series
2012A
1/11/2012 64544P
$5,960,000 General Obligation Tax Increment Bonds, Series 2015A 6/17/2015 64544P
$3,825,000 General Obligation Street Reconstruction Bonds, Ser ies 2015B 12/30/2015 64544P
$4,855,000 General Obligation Street Reconstruction Bonds, Ser ies 2016A 12/29/2016 64544P
$18,435,000 Gener al Obligation Capital Improvement Plan Bonds, Ser ies
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
$2,020,000 General Obligation Tax Abatement Bonds, Series 2021A 3/11/2021 64544P
The Following Have Been Authorized by the Issuer t o Distribute this Inf ormation Publicly:
Dissemination Agent
Contact Name/Title:Sara Beecher, Public Finance Manager
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
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.
City of New Hope, Minnesota Page 1
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022
Type of Filing:online via: http://emma.msrb.org/
Fiscal Period Ending:12/31/2021
Issuer F iling Deadline:12/31/2022
Final Audited Financial Statements, on File with EMMA:
Fiscal Year End: 12/31/2021 - Submitted on 6/15/2022
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
City of New Hope, Minnesota Page 2
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022
CURRENT PROPERTY VALUATIONS
2021/22 Economic Market Value $2,617,492,6651
2021/22
Assessor's Estimated
Market Value
2021/22
Net Tax
Capacity
Real Estate $2,373,864,100 $28,558,297
Personal Property 8,325,600 162,232
Total Valuation $2,382,189,700 $28,720,529
Less:Captured Tax Increment Tax Capacity2 (1,634,255)
Fiscal Disparities Contribution3 (3,682,171)
Taxable Net Tax Capacity $23,404,103
Plus:Fiscal Disparities Distribution3 4,968,941
Adjusted Taxable Net Tax Capacity $28,373,044
1 According to the Minnesota Department of Revenue, the Assessor's Estimated Market Value (the "AEMV") for
the City is about 91.08% 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 $2,617,492,665.
2 The captured tax increment value shown above represents the captured net tax capacity of tax increment
financing districts in the City.
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 det ermined 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 8, 2022
TREND OF VALUATIONS
Levy
Year
Assessor's
Estimated
Market Value
Assessor's
Taxable
Market Value
Net Tax
Capacity4
Adjusted
Taxable
Net Tax
Capacity5
Percent
Increase/Decrease
in Estimated
Market Value
2017/18 $1,921,182,700 $1,831,436,951 $22,781,828 $23,074,453 7.15%
2018/19 2,106,273,300 2,021,382,132 25,296,074 25,362,003 9.63%
2019/20 2,260,053,900 2,180,558,494 27,383,824 27,129,905 7.30%
2020/21 2,257,016,100 2,177,389,934 27,338,807 27,085,553 -0.13%
2021/22 2,382,189,700 2,308,596,615 28,720,529 28,373,044 5.55%
Source:Current Property Valuations and T rend of Valuations have been furnished by Hennepin County.
4 Net Tax Capacity is before fiscal disparities adj ustments 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 8, 2022
DEBT
DIRECT DEBT6
General Obligation Debt (see schedules following)
Total G.O. debt secured by tax abatement revenues $15,060,000
Total G.O. debt secured by tax increment revenues 5,845,000
Total G.O. debt secured by taxes 21,865,000
Total G.O. debt secured by utility revenues 823,000
Total General Obligation Debt $43,593,000
6 Outstanding debt is as of May 19, 2022.
City of New Hope, Minnesota Page 5
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022
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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
2017/18 $12,893,610 $12,833,435 $12,878,695 99.88%
2018/19 15,253,488 15,172,310 15,225,765 99.82%
2019/20 16,797,376 16,662,434 16,766,979 99.82%
2020/21 17,392,896 17,351,675 17,351,675 99.76%
2021/22 18,231,362 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 requirements 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, 2022.
9 Second half tax payments on agricultural property are due on November 15th of each year.
City of New Hope, Minnesota Page 10
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022
TAX CAPACITY RATES10
2017/18 2018/19 2019/20 2020/21 2021/22
Hennepin County 42.808%41.861%41.084%38.210%38.535%
City of New Hope 58.589%67.990%66.089%63.940%64.323%
I.S.D. No. 281 (Robbinsdale Area
Schools)31.957%29.909%26.477%25.529%26.507%
Metro Mosquito 0.456%0.427%0.412%0.381%0.377%
Metropolitan Council 0.844%0.659%0.616%0.631%0.659%
Metro Transit 1.383%1.456%1.433%1.256%1.204%
Three Rivers Park District 3.161%2.961%2.859%2.793%2.787%
Park Museum 0.710%0.705%0.710%0.707%0.722%
Hennepin County Railroad
Authority 1.962%1.807%1.388%1.323%1.329%
Hennepin HRA 0.457%0.535%0.801%0.722%0.771%
Referendum Market Value Rates:
I.S.D. No. 281 (Robbinsdale Area
Schools)0.23433%0.26683%0.25032%0.24121%0.21608%
Source: Tax Levies and Col lections and T ax Capaci ty 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 11
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022
U.S. CENSUS DATA
Population Trend: The City
2010 U.S. Census popul ation 20,339
2020 U.S. Census popul ation 21,986
2021 Metropolitan Council
Population Estimate 21,829
Percent of Change 2010 - 2020 8.10%
Source:2010 and 2020 Census of Population and Housing and 2021 Preliminary Population Estimates,
Metropolitan Council (https://metrocounci l.org/).
EMPLOYMENT/UNEMPLOYMENT DATA
Rates are not compiled for individual communities within counties.
Average Em ployment Average Unemployment
Year Hennepin County Hennepin County State of Minnesota
2018 685,853 2.5%3.1%
2019 691,497 2.8%3.4%
2020 662,530 6.2%6.3%
2021 667,931 3.6%3.4%
2022, April 701,638 1.4%1.6%
Source: Minnesota Department of Employment and Economic Development.
City of New Hope, Minnesota Page 12
Municipal Secondary Market Disclosure Annual Report Date of Report: August 8, 2022