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081522 Work Session Meeting Packet CITY COUNCIL WORK SESSION MEETING New Hope City Hall, 4401 Xylon Avenue North Northwood Conference Room Monday, August 15, 2022 6:00 p.m. - dinner 6:30 p.m. - meeting Mayor Kathi Hemken Council Member John Elder Council Member Andy Hoffe Council Member Michael Isenberg Council Member Jonathan London 1. CALL TO ORDER – August 15, 2022 2. ROLL CALL 11. UNFINISHED & ORGANIZATIONAL BUSINESS 11.1 Update on Tax Increment Finance (TIF) 2022 cash flow projections 11.2 Discuss West Metro Fire-Rescue District 2023 Budget 11.3 Discussion regarding 2023 preliminary general fund budget and tax levy 11.4 Resolution calling for a closed meeting of the New Hope City Council authorized by Minn. Stat §13D.05 to conduct acting city manager’s performance evaluation 12. OTHER BUSINESS 13. ADJOURNMENT I:\RFA\COMM DEV\2022\Work Session\08‐15‐22 TIF Cash Flow Analysis\11.1 Q ‐ WS ‐ Update on TIF Cash Flow 6‐15‐20.docx Request for Action August 15, 2022 Approved by: Tim W. Hoyt, Acting City Manager Originating Department: Community Development By: Jeff Sargent, Director Agenda Title Update on Tax Increment Finance (TIF) 2022 cash flow projections Requested Action Staff requests to have the city’s TIF consultants provide the City Council with an update on the city’s TIF program and cash flow projections. Representatives from the city’s financial consultant, Abdo, will be in attendance for the presentation. Policy/Past Practice It is a staff past practice to provide occasional updates to the Council on existing TIF programs/funding and to have the consultants provide recommendations on the activities necessitated by changes in TIF regulations and applicable timelines. Background This is the annual update to the Council regarding the city’s use of TIF. The consultants are present to update the Council on the city’s overall TIF program, proposed amendments to the existing program and answer questions on how TIF might be used to assist in future redevelopment efforts. Attachments  2022 Cash Flows Projections (TIF) Agenda Section Work Session Item Number 11.1 2022 Cash Flow Projections City of New Hope New Hope, Minnesota June 30, 2022 City of New Hope, Minnesota 2020 Cash Flow Projections Table of Contents Page No. Introductory Section Executive Summary 3 Market Value Overview 4 Available Development Resources : EDA and Districts 5 EDA Future Costs and Revenues 6 Cash Balances 7 TIF Districts Pre-90 Districts 9 Administrative Fees 10 Other Key Highlights 10 City of New Hope Program Overview 11 Financial Section TIF Districts TIF District Index 85-1 Elderly Apartments (Project #6) 12 85-2 42nd Ave (Project #8) 13 86-1 36th Ave Apartments (Project #7) 14 03-1 Ryland/East Winnetka /CVS 15 04-1 Old Frank's Nursery Site 17 04-2 PPL (Boone Ave) 19 11-1 Bass Lake Road Apartments 21 1615 Compass Pointe Housing 23 1616 Centra Homes 25 1617 City Center 27 1618 Industrial Equities 29 1619 Good Samaritan 31 Economic Development Authority Fund 33 HRA Construction Fund 35 HRA Bond Fund 36 Other Schedules Assumptions 37 Interfund Loan Schedule 38 Revenue Notes 41 2 Executive Summary We have updated the development funds and cash flow analysis for the City of New Hope, Minnesota (the City). Assumptions are used throughout the report. Detail of the assumptions used can be found on the Assumptions page in the exhibits section. The following is a summary of the City’s active TIF Districts available cash, outstanding obligations and projected cash remaining at the end of each District’s life: Cash Outstanding Available Cash Available Name Required Projected (3)Balance Obligation(1)Pooling Balance Pooling Active Districts 03-1 Ryland/East Winnetka /CVS 2031 2025 1,929,100$ 994,279$ 1,169,687$ 3,078,538$ 1,398,944$ 04-1 Old Frank's Nursery Site 2031 2031 (297,697) 712,695 - 239,654 239,654 04-2 PPL (Boone Ave)2032 2032 (118,308) 1,059,775 - (14,728) - 11-1 Bass Lake Road Apartments 2044 2044 (2,245,519) 13,941,920 - 841,684 841,684 1615 Compass Pointe Housing 2041 2031 (79,413) 917,682 - 213,655 128,539 (2) 1616 Centra Homes 2043 2027 (1,264,052) 1,374,717 - 163,283 163,283 1617 City Center 2042 2042 (2,119,856) 5,462,123 - 332,726 332,726 1618 Industrial Equities 2033 2027 (2,626) 304,447 - 34,588 - 1619 Good Samaritan 2044 2029 22,302 574,904 - 747,493 747,493 (2) Total Active Districts (4,176,068)$ 25,342,542$ 1,169,687$ 5,636,893$ 3,852,324$ (1) Outstanding obligations include projected future bond, pay-as-you-go note and interfund loan and principal and interest payments. (2) Restricted for development that is intended for occupancy, in part, by low- and moderate-income individuals, as defined under a federal, state, or municipal law. (3) Districts are expected to be decertified after all outstanding obligations have been satisfied. Projected at TerminationAs of December 31, 2021 TIF # District Termination Year The following is a summary of the City’s inactive TIF Districts available cash and outstanding loans: Available Name Termination Cash Loans Pooling Inactive Districts 85-1 Elderly Apartments (Project #6)2012 433,753$ 377,279$ 433,753$ 85-2 42nd Ave (Project #8)2012 2,648,899 1,572,514 2,648,899 86-1 36th Ave Apartments (Project #7)2014 116,877 2,812,918 116,877 Total Inactive Districts 3,199,529$ 4,762,711$ 3,199,529$ 3 Market Value Overview By using tax increment as an economic development tool, total market value within the TIF Districts has increased $206,728,400 . Below is a summary of the increase for each active district. 3-1 Ryland/East Winnetka/CVS $39,320,300 Increase 4-1 Olf Frank's Nursery Site $9,005,000 Increase 4-2 PPL (Boone Ave) $11,591,900 Increase 11-1 Bass Lake Road Apartments $41,694,000 Increase Compass Pointe Housing $10,477,000 Increase Centra Homes $21,067,000 Increase City Center $12,429,000 Increase Industrial Equities $3,616,000 Increase Good Samartian $3,433,000 Increase 4 Available Development Resources: EDA and Districts $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Available Cash for Development Districts EDA Note: The EDA tax levy included in the above cash balance is expected to increase five percent annually. Source •Tax Increment received •Interfund Loan Interest Uses •Scattered Site Housing (Land aquisition and demolition costs) •Developer Loans Limits •Restricted •Limited Source District Funds Source •Tax Levy •Interfund Loan Interest Uses •Operations (Payroll, adminstration services) •Scattered Site Housing (General Development) Limits •Tax Levy limit •Cash Needed for Operations EDA Funds 5 Economic Development Authority (EDA): Future Costs and Revenues The EDA budget includes a significant amount of payroll and other operating costs and is also used to fund development needs through the scattered site housing program. Below is the projection of operating and scattered site housing costs over the next five years. $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2021 2022 2023 2024 2025 EDA General Fund Costs Payroll Other operating Scattered Site Program • The Scattered Site Housing Program has a target annual investment of $500,000. • Other Operating Costs include utilities, repair and maintenance costs, equipment and other capital purchases and professional service charges. Operating costs and payroll are expected to increase 2% annually while the EDA tax levy is expected to increase 5% annually. Below is the projection of total costs compared to revenues. $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EDA General Fund Revenues & Costs Total Costs Revenues (Tax Levy + Interest) Revenues consists mostly of taxes and interest received from investments and interfund loans. The EDA had previously received partial funding for the Scattered Site Program through Community Development Block Grants (CDBG), but consistent CDBG funding has not been received since 2017. 6 Economic Development Authority (EDA): Cash Balances $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 EDA Cash Flow (Next 10 Years) + Interfund Loan Repayments + Operating Receipts (Tax Levy + Interest) - Operating Costs - Scattered Site Program $- $750,000 $1,500,000 $2,250,000 $3,000,000 $3,750,000 $4,500,000 $5,250,000 $6,000,000 2021 2022 2023 2024 2025 2026 2031 2036 2041 EDA Cash Balances (Next 5 Years and 5 year increments to 2040) Cash Balance Minimum Cash Reserve 50% Operating Costs $250,000 Development Reserve Target Minimum Cash Reserve 7 Economic Development Authority (EDA): Cash Balances (Continued) To ensure sufficient cash balances are available for operations and development funding, we recommend a minimum cash reserve of 50% of next year’s anticipated operating costs and $250,000 for future development costs. Over the next ten years, the cash balance is expected to decrease, largely due to ongoing support of the City’s Scattered Site Housing Program and increasing operating costs. The Scattered Site Housing Program is expected to need more City support as funding from Community Development Block Grants decreases. To improve the EDA’s cash position, the following opportunities should be considered: • Reallocating excess increment received to the EDA budget will provide additional funding of about $30,000 annually. • Utilize available district funds to support the scattered site housing program. • Review payroll cost allocations and payroll documentation procedures for r eallocation of TIF related payroll expenses to the related districts • Reconsider shifting payroll allocations to the general fund. 8 TIF Districts: Pre-90 Districts In the development accounts, $4,090,983 is available to be spent (pooled) anywhere in the City’s project area for TIF eligible costs. As of December 31, 2021, estimated pooled resources are available in the following districts: • Elderly Apartments (85-1) - $433,753 • 42nd Avenue (85-2) - $2,648,899 • 36th Ave Apartments (86-2) - $116,877 • Ryland/East Winnetka/CVS (3-1) - $1,169,687 In addition to the available cash, these districts have made interfund loans to other TIF Districts totaling $6,757,576 . As the interfund loans are repaid, cash available for pooling will increase. The below chart illustrates restricted cash, available cash for pooling and interfund receivables, for these districts as a whole, over the next ten years. $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Districts with Available Pooling -Cash Balance Cash available for pooling Interfund Receivable Suggested uses for the pooled resources include the following: • Scattered site housing program, specifically demolition and land purchases. • TIF eligible costs; including land acquisition costs, demolition and environmental remediation costs and, on a limited basis, eliminating deficit balances in other TIF Districts. • Other initiates determined by the EDA’s strategic plan 9 TIF Districts: Administrative Fees Through 2021, administrative fees charged to the combined active TIF Districts were about eight percent of TIF revenues collected. TIF Districts are allowed to charge up to ten percent for allowable administrative costs. Non captured administrative costs total about $500,000. Currently, administrative fees being charged to the Districts include professional service billings, county processing fees and publishing costs. To fully capture administrative costs associated with each district, EDA staff time and other intern al resources used on TIF projects should be charged to the related districts. Going forward, an annual transfer from the combined TIF Districts of $80,000 to $100,000 could be made to reimburse the EDA fund for admin costs. To ensure proper reimbursement documentation exists, the City should consider the following recommendations: •Employee timecards should identify time spent working on TIF Districts or related projects, specifically stating the TIF District or project. •When deposits are received and planning is started, costs incurred as part of the development process should be charged to the related TIF District. TIF Districts: Other Key Highlights •Interfund loans are recorded in most TIF Districts to either cover cash deficits or record costs associated with the purchase and sale of redevelopment property. See page 37 for a detailed schedule of the projected interfund loan balances. •Future Projects – The cash flow analysis has been updated with project activity that has occurred to-date. We have not included project expenses for the year 2021 and thereafter. Please keep this in mind when reviewing the projected cash balances. •Pre-90 Districts have begun generating excess increment and a portion of the interest earned through interfund loans will be remitted annually to the county for redistribution. We would be pleased to further discuss any of the information contained in this memo or any other concerns that you would like us to address. We would also like to express our thanks for the courtesy and assistance extended to us by City staff during the course of our services. 10 Type Name Development Creation Termination Existing TIF Districts 85-1 Redevelopment Elderly Apartments (Project #6)Apartments 1985 2012 85-2 Redevelopment 42nd Ave (Project #8)Apartments & Commercial 1985 2012 86-1 Redevelopment 36th Ave Apartments (Project #7)Apartments 1986 2014 03-1 Redevelopment Ryland/East Winnetka /CVS 175 Townhomes, CVS Pharmacy 2003 2031 04-1 Redevelopment Old Frank's Nursery Site Winnetka Townhomes - 44 units 2004 2031 04-2 Housing PPL (Boone Ave)Apartments & 44 condos 2004 2032 11-1 Redevelopment Bass Lake Road Apartments Planned for Housing 2011 2040 1615 Housing Compass Pointe Housing 68-Unit Affordable Housing 2014 2041 1616 Redevelopment Centra Homes 34 Single Family Homes & 27 Townhomes 2014 2043 1617 Redevelopment City Center Commercial & Multi-Family Housing 2015 2042 1618 Renewal and Renovation Industrial Equities Commercial & Multi-Family Housing 2016 2033 1619 Housing Good Samaritan Apartments 2017 2044 TIF # City of New Hope, Minnesota New Hope Program Overview 11 City of New Hope, Minnesota TIF District #85-1 (Funds 9112(closed), 9213) Elderly Apartments (Proj. #6) Redevelopment District 1605 1985 - 12/31/2012 TIF Plan Totals 2012 Modified Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 3,000,000$ 2,722,903$ 2,722,903$ -$ -$ -$ -$ -$ Bond proceeds 400,000 407,750 407,750 - - - - - Investment earnings *300,000 167,686 167,686 - - - - - Sales/lease proceeds - 370,096 370,096 - - - - - Other revenues - 331,785 61,585 13,429 13,429 13,466 13,467 13,467 Annual revenues 3,700,000 4,000,220 3,730,020 13,429 13,429 13,466 13,467 13,467 Expenses Land & bldg acq. and site improvements 1,250,000 1,223,545 1,223,545 - - - - - Interest reduction - 633,104 633,104 - - - - - Bond principal 400,000 499,236 499,236 - - - - - Bond interest 750,000 251,337 251,337 - - - - - Interest expense - 48,981 48,981 - - - - - Admin fees - City/EDA 300,000 298,689 296,423 573 543 - 550 600 Admin Adjustment - - - - - - - - Other expenses 1,000,000 5,570 5,570 - - - - - Tax increment returned to the County - 89,527 - - - - 76,061 13,467 Annual expenses 3,700,000 3,049,989 2,958,196 573 543 - 76,611 14,067 Annual increase/decrease - 950,231 771,824 12,856 12,886 13,466 (63,144) (600) Ending fund balance -$ 950,231$ 771,824$ 784,680$ 797,566$ 811,032$ 747,888$ 747,288$ Excess increment generated 314,740$ 22,270$ 13,429$ 13,429$ 13,466$ 13,467$ 13,467$ Cash balances (exluding interfund loans)771,824$ 784,680$ 797,566$ 811,032$ 747,888$ 747,288$ Cash balances (including interfund loans)397,023 409,357 423,219 433,753$ 375,211 379,334 Loan to City Center 374,801 375,323 374,347 377,279 372,677 367,954 *interest earnings (on beg of yr balance)0.00%0.00%0.00%N/A N/A Administrative fees (based on non-admin expenses)10.86%11.14%N/A N/A N/A N/A N/A Original market value N/A N/A N/A N/A N/A N/A Original tax capacity N/A N/A N/A N/A N/A N/A Total market value N/A N/A N/A N/A N/A N/A Estimated tax capacity N/A N/A N/A N/A N/A N/A Captured tax capacity N/A N/A N/A N/A N/A N/A Prior Year Notes: - Other revenues of $18,170 and transfers in of $89,052 identified as unspent and were returned to the EDA fund in 2012. Revised land sale proceeds of $200,000 were returned to the EDA in 2015. - $343,322 in project costs for the K-Mart Project were originally paid out of District 86-1, with the intent to be reimbursed once the City Center district was set-up. A transfer occurred in 2017 to reimburse District 85-1 from the City Center District. Due to the reimbursement, interfund loan interest has been adjusted. - A transfer of $25,751 will occur in 2017 to correct the 2015 miscoding of tax increment returned to the county. Cash was erroneously paid out of 85-1 instead of 85-2. Projected 12 City of New Hope, Minnesota TIF District #85-2 (Funds 9114(closed), 9215) 42nd Ave (proj. 8) Redevelopment District 1606 1985 - 12/31/2012 TIF Plan Totals 2012 Modified Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 12,000,000$ 9,511,786$ 9,511,786$ -$ -$ -$ -$ -$ Market value homestead credit - 2,207 2,207 - - - - - Bond proceeds 3,000,000 2,356,501 2,356,501 - - - - - Investment earnings *1,200,000 1,132,945 1,132,945 - - - - - Sales/lease proceeds 800,000 3,041,570 3,041,570 - - - - - Non-tax increment revenues - Grants - 227,652 227,652 - - - - - Other revenues - 1,845,803 664,549 82,855 55,003 56,122 56,478 56,566 Annual revenues 17,000,000 18,118,464 16,937,210 82,855 55,003 56,122 56,478 56,566 Expenses Land & bldg acq. and site improvements 9,000,000 7,802,373 7,802,373 - - - - - Bond principal 3,000,000 3,070,923 3,070,923 - - - - - Bond interest 1,000,000 729,776 729,776 - - - - - Admin fees - City/EDA 1,272,727 737,462 732,897 2,271 543 551 600 600 Other expenses 2,727,273 16,328 16,328 - - - - - Transfers out - 521,079 521,079 - - - - - Tax increment returned to the County - 902,798 33,036 - - - - - Annual expenses 17,000,000 13,780,739 12,906,412 2,271 543 551 600 600 Annual increase/decrease - 4,337,725 4,030,798 80,584 54,460 55,571 55,878 55,966 Ending fund balance -$ 4,337,725$ 4,030,798$ 4,111,382$ 4,165,842$ 4,221,413$ 4,277,291$ 4,333,257$ Excess increment generated 869,762$ -$ -$ -$ -$ -$ -$ Cash balances (exluding interfund loans)4,030,798$ 4,111,382$ 4,165,842$ 4,221,413$ 4,277,291$ 4,333,257$ Cash balances (including interfund loans)2,544,014 2,549,625 2,606,908 2,648,899$ 2,720,857 2,793,316 Loan to 11-1 - 72,904 73,951 75,900 78,074 80,317 Loan to City Center 1,486,784 1,488,853 1,484,983 1,496,614 1,478,360 1,459,624 *interest earnings (on beg of yr balance)0.00%0.00%0.00%N/A N/A Administrative fees 7.75%7.70%N/A N/A N/A N/A N/A Original market value 15,702,100 N/A N/A N/A N/A N/A Original tax capacity 241,814 N/A N/A N/A N/A N/A Total market value 41,977,900 N/A N/A N/A N/A N/A Estimated tax capacity 707,058 N/A N/A N/A N/A N/A Captured tax capacity 429,882 N/A N/A N/A N/A N/A Prior Year Notes: -Transfers in of 500,002 identified as unspent and were returned to the EDA fund in 2012. Revised land sale proceeds of $595,299 were returned to the EDA in 2015. - $1,361,910 in project costs for the K-Mart Project were originally paid out of District 86-1, with the intent to be reimbursed once the City Center district was set-up. A transfer occurred in 2017 to reimburse District 85-2 from the City Center District. Due to the reimbursement, interfund loan interest has been adjusted. Projected 13 City of New Hope, Minnesota TIF District #86-1 (Funds 9113(closed), 9214) 36th ave Apartments Redevelopment District 1607 1986 - 12/31/2014 TIF Plan Totals 2012 Modified Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 8,000,000$ 5,322,700$ 5,322,700$ -$ -$ -$ -$ -$ Bond proceeds 6,800,000 1,734,229 1,734,229 - - - - - Investment earnings *800,000 779,050 779,050 - - - - - Sales/lease proceeds - 40,745 40,745 - - - - - Other revenues - 3,665,030 23,688 961,694 61,193 92,526 104,060 106,888 Annual revenues 15,600,000 11,541,754 7,900,412 961,694 61,193 92,526 104,060 106,888 Expenses Land & bldg acq. and site improvements 3,500,000 2,058,095 2,058,095 - - - - - Public park facilities & ice arena 2,000,000 520,000 520,000 - - - - - Bond principal 6,800,000 2,127,390 2,127,390 - - - - - Bond interest 2,000,000 913,158 913,158 - - - - - Admin fees - City/EDA 800,000 456,523 454,207 573 543 - 600 600 Other expenses 500,000 7,407 7,407 - - - - - Transfers out - 4,655 4,655 - - - - - Tax increment returned to the County - 983,837 - - - - - - Annual expenses 15,600,000 7,071,065 6,084,912 573 543 - 600 600 Annual increase/decrease - 4,470,689 1,815,500 961,121 60,650 92,526 103,460 106,288 Ending fund balance -$ 4,470,689$ 1,815,500$ 2,776,621$ 2,837,271$ 2,929,797$ 3,033,257$ 3,139,545$ Excess increment generated 983,837$ -$ -$ -$ -$ -$ -$ Cash balances (exluding interfund loans)1,815,500 2,776,621 2,837,271 2,929,797 3,033,257 3,139,545 Cash balances (including interfund loans)1,374,898 9,932 12,793 116,877$ 189,114 261,551 Loan to 4-1 296,440 265,109 289,413 213,715 176,401 139,556 Loan to 11-1 - 2,357,216 2,391,075 2,454,088 2,524,394 2,596,907 Loan to City Center 144,162 144,363 143,987 145,115 143,345 141,528 Total loans to other districts 440,602 2,766,688 2,824,476 2,812,918 2,844,140 2,877,992 *interest earnings (on beg of yr balance)0.00%0.00%0.00%N/A N/A Administrative fees 8.58%8.53%N/A N/A N/A N/A N/A Original market value 153,000 N/A N/A N/A N/A N/A Original tax capacity 2,130 N/A N/A N/A N/A N/A Total market value 10,008,000 N/A N/A N/A N/A N/A Estimated tax capacity 125,100 N/A N/A N/A N/A N/A Captured tax capacity 122,970 N/A N/A N/A N/A N/A Prior Year Notes: - Revised land sale proceeds of $64,779 were returned to the EDA in 2015. - $132,054 in project costs for the K-Mart Project were originally paid out of District 86-1, with the intent to be reimbursed once the City Center district was set-up. A transfer occurred in 2017 to reimburse District 86-1 from the City Center District. Due to the reimbursement, interfund loan interest has been adjusted. Projected 14 City of New Hope, Minnesota City of New Hope, Minnesota TIF District #03-1 (Funds 9117, 9217) Ryland/East Winnetka/CVS Redevelopment District 1610 2003 - 12/31/2031 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 24,600,000$ 7,842,205$ 4,412,184$ 419,796$ 471,381$ 500,984$ 509,465$ 509,465$ Market value homestead credit - 110,359 110,359 - - - - - Bond proceeds 11,187,500 6,097,500 6,097,500 - - - - - Investment earnings *2,460,000 406,622 236,916 70,200 - - 21,329 23,707 Sales/lease proceeds 2,600,000 787,500 787,500 - - - - - Non-tax increment revenues Other revenues (including bond premium)- 163,141 163,141 - - - - - Transfers in 1,160,000 - - - - - - - Annual revenues 42,007,500 15,407,327 11,807,600 489,996 471,381 500,984 530,794 533,172 Expenses Land & bldg acq. and site improvements 10,000,000 4,275,204 4,275,204 - - - - - Bond principal 11,187,500 6,097,500 4,482,000 216,000 225,000 225,000 229,500 234,000 Bond interest 8,362,500 1,383,708 1,255,259 32,330 27,920 23,420 18,875 14,065 Debt service - rev. notes 6,712,500 - - - - - - - Interest expense - 4 4 - - - - - Admin fees - City/EDA (includes issuance costs)2,460,000 561,607 348,079 2,731 3,389 3,620 50,947 50,947 Admin adjustment - - - - - - - - Other expenses (includes county admin fees)- 10,766 10,766 - - - - - Transfers out 3,285,000 - - - - - - - Tax increment returned to the County - 1,679,594 - - - - - - Annual expenses 42,007,500 14,008,383 10,371,312 251,061 256,309 252,040 299,322 299,012 Annual increase/decrease - 1,398,944 1,436,288 238,935 215,072 248,944 231,472 234,160 Ending fund balance -$ 1,398,944$ 1,436,288$ 1,675,223$ 1,890,295$ 2,139,239$ 2,370,711$ 2,604,871$ Less next years debt service (including interfund loan)- - 248,330 252,920 248,420 248,375 248,065 247,307 Fund balance available -$ 1,398,944$ 1,187,958$ 1,422,303$ 1,641,875$ 1,890,864$ 2,122,646$ 2,357,564$ Cash balances (exluding interfund loans)1,436,156$ 1,680,227$ 1,885,065$ 2,132,859$ 2,370,711$ 2,604,871$ Cash balances (including interfund loans)1,190,291 1,441,316 1,635,198 1,929,100 2,170,669 2,399,691 Loan to 4-1 (1)103,971 103,971 113,423 83,984 83,984 83,984 Loan to 4-2 (1)141,894 134,940 136,444 119,775 116,058 121,196 *interest earnings (on beg of yr balance)4.89%0.00%0.00%1.00%1.00% Administrative fees 7.06%7.70%0.65%0.72%0.72%10.00%10.00% Original market value 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 Original tax capacity 39,856 39,856 39,856 39,856 39,856 39,856 Total market value 34,693,000 35,465,000 37,819,700 42,196,000 42,196,000 42,196,000 Estimated tax capacity 347,626 355,446 378,499 425,455 408,475 408,475 Captured tax capacity 307,770 315,590 338,643 385,599 368,619 368,619 (1)Loans reported to cover negative cash balances in noted districts. Prior Year Notes: -In 2017, it was determined that $2,189,845 in land expense and a related interfund loan, originally recorded in 2008/2009 for the purchase of the Bass Lake Road Apartments, was related to parcels located within district 11-1. The land expense, interfund loan and related interest expense have been reclassified to district 11-1, resulting in an increase in cash of $1,289,060. Projected 15 City of New Hope, Minnesota TIF District #03-1 (Funds 9117, 9217) (Continued) Ryland/East Winnetka/CVS Redevelopment District 1610 2003 - 12/31/2031 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 509,465$ 509,465$ -$ -$ -$ -$ -$ -$ - - Market value homestead credit - - - - - - - - - - Bond proceeds - - - - - - - - - - Investment earnings *26,049 28,421 - - - - - - - - Sales/lease proceeds - - - - - - - - - - Non-tax increment revenues Other revenues (including bond premium)- - - - - - - - - - Transfers in - - - - - - - - - - Annual revenues 535,514 537,886 - - - - - - - - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Bond principal 238,500 247,500 - - - - - - - - Bond interest 8,807 3,032 - - - - - - - - Debt service - rev. notes - - - - - - - - - - Interest expense - - - - - - - - - - Admin fees - City/EDA (includes issuance costs)50,947 50,947 - - - - - - - - Admin adjustment - - - - - - - - - - Other expenses (includes county admin fees)- - - - - - - - - - Transfers out - - - - - - - - - - Tax increment returned to the County - - 1,679,594 - - - - - - - Annual expenses 298,254 301,479 1,679,594 - - - - - - - Annual increase/decrease 237,260 236,407 (1,679,594) - - - - - - - Ending fund balance 2,842,131$ 3,078,538$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944 1,398,944 Less next years debt service (including interfund loan)250,532 - - - - - - - - - Fund balance available 2,591,599$ 3,078,538$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944 1,398,944 - Cash balances (exluding interfund loans)2,842,131$ 3,078,538$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944$ 1,398,944 1,398,944 Cash balances (including interfund loans)2,629,876 2,857,612 1,173,004 1,224,705 1,244,121 1,246,663 1,253,755 1,270,381 1,384,216 1,384,216 Loan to 4-1 (1)83,984 83,984 83,984 21,225 - - - - - - Loan to 4-2 (1)128,271 136,942 141,956 153,015 154,823 152,281 145,189 128,563 14,728 14,728 *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 2,875,700 Original tax capacity 39,856 39,856 39,856 39,856 39,856 39,856 39,856 39,856 39,856 39,856 Total market value 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 42,196,000 Estimated tax capacity 408,475 408,475 408,475 408,475 408,475 408,475 408,475 408,475 408,475 408,475 Captured tax capacity 368,619 368,619 368,619 368,619 368,619 368,619 368,619 368,619 368,619 368,619 (1)Loans reported to cover negative cash balances in noted districts. Projected (Continued) 16 City of New Hope, Minnesota City of New Hope, Minnesota TIF District #04-1 (Funds 9118, 9218) Old Frank's Nursery Site Redevelopment District 1611 2004 - 12/31/2031 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 6,000,000$ 2,105,111$ 771,920$ 91,295$ 96,414$ 102,512$ 104,297$ 104,297$ Market value homestead credit - 12,165 12,165 - - - - - Bond proceeds 2,687,500 677,500 677,500 - - - - - Investment earnings *600,000 13,139 9,892 - - - - - Non-tax increment revenues - Grants - 5,000 5,000 - - - - - Other revenues (including bond premium)- 5,400 5,400 - - - - - Annual revenues 9,287,500 2,818,315 1,481,877 91,295 96,414 102,512 104,297 104,297 Expenses Land & bldg acq. and site improvements 2,150,000 892,793 892,793 - - - - - Bond principal 2,687,500 677,000 498,000 24,000 25,000 25,000 25,000 26,000 Bond interest 1,612,500 175,183 160,911 3,592 3,102 2,602 2,097 1,563 Debt service - rev. notes 1,612,500 652,804 246,235 32,350 33,320 35,879 30,502 30,502 Interest expense - - - - - - - - Admin fees - City/EDA (includes issuance costs)600,000 172,261 75,729 22 1,126 1,514 9,387 9,387 Other expenses (includes county admin fees)- 8,620 8,620 - - - - - Transfers out 625,000 - - - - - - - Tax increment returned to the County - - - - - - - - Annual expenses 9,287,500 2,578,661 1,882,288 59,964 62,548 64,995 66,986 67,452 Annual increase/decrease - 239,654 (400,411) 31,331 33,866 37,517 37,311 36,845 Ending fund balance -$ 239,654$ (400,411)$ (369,080)$ (335,214)$ (297,697)$ (260,386)$ (223,541)$ Less next years debt service (including interfund loan)- - 27,592 28,102 27,602 27,097 27,563 57,981 Fund balance available -$ 239,654$ (428,003)$ (397,182)$ (362,816)$ (324,794)$ (287,949)$ (281,522)$ Cash balances (excluding cashflow loans)(400,411)$ (369,080)$ (335,214)$ (297,697)$ (260,386)$ (223,541)$ Cash balances (including cashflow loans)- (1,870) 67,622 - - - Loan from 3-1 (max $150K) (1) 103,971 103,971 113,423 83,984 83,984 83,984 Loan from 86-1 (max $500K) (1)296,440 265,109 289,413 213,715 176,401 139,556 *interest earnings (on beg of yr balance)0.00%0.00%0.00%1.00%1.00% Administrative fees 8.14%9.66%0.02%1.17%1.48%9.00%9.00% Original market value 750,000 750,000 750,000 750,000 750,000 750,000 Original tax capacity 12,290 12,290 12,290 12,290 12,290 12,290 Total market value 7,866,000 8,540,000 8,840,000 9,755,000 9,755,000 9,755,000 Estimated tax capacity 73,094 79,607 82,302 91,865 87,753 87,753 Captured tax capacity 60,804 67,317 70,012 79,575 75,463 75,463 (1)Loan reported to cover negative cash balance. Prior Year Notes: - In 2017, it was determined that $243,315 in land expense and a related interfund loan, originally recorded in 2008/2009 for the purchase of the Bass Lake Road Apartments, was related to parcels located within district 11-1. The land expense, interfund loan and related interest expense have been reclassified to district 11-1, resulting in an increase in cash of $143,229. Projected 17 City of New Hope, Minnesota TIF District #04-1 (Funds 9118, 9218) (Continued) Old Frank's Nursery Site Redevelopment District 1611 2004 - 12/31/2031 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 104,297$ 104,297$ 104,297$ 104,297$ 104,297$ 104,297$ 104,297$ 104,297$ -$ -$ Market value homestead credit - - - - - - - - - - Bond proceeds - - - - - - - - - - Investment earnings *- - - - - 432 1,080 1,735 - - Non-tax increment revenues Grants - - - - - - - - - - Other revenues (including bond premium)- - - - - - - - - - Annual revenues 104,297 104,297 104,297 104,297 104,297 104,729 105,377 106,032 - - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Bond principal 26,500 27,500 - - - - - - - Bond interest 979 337 - - - - - - - Debt service - rev. notes 30,502 30,502 30,502 30,502 30,502 30,502 30,502 30,502 - - Interest expense - - - - - - - - - - Admin fees - City/EDA (includes issuance costs)9,387 9,387 9,387 9,387 9,387 9,387 9,387 9,387 - - Other expenses - - - - - - - - - - Transfers out - - - - - - - - - - Tax increment returned to the County - - - - - - - - - - Annual expenses 67,368 67,726 39,889 39,889 39,889 39,889 39,889 39,889 - - Annual increase/decrease 36,929 36,571 64,408 64,408 64,408 64,840 65,488 66,143 - - Ending fund balance (186,612)$ (150,041)$ (85,633)$ (21,225)$ 43,183$ 108,023$ 173,511$ 239,654 239,654 239,654 Less next years debt service (including interfund loan)27,479 27,837 - - - - - - - - Fund balance available (214,091)$ (177,878)$ (85,633)$ (21,225)$ 43,183$ 108,023$ 173,511$ 239,654 239,654 239,654 Cash balances (excluding cashflow loans)(186,612)$ (150,041)$ (85,633)$ (21,225)$ 43,183$ 108,023$ 173,511$ 239,654$ 239,654$ 239,654$ Cash balances (including cashflow loans)- - - - 43,183 108,023 173,511 239,654 239,654 239,654 Loan from 3-1 (1)83,984 83,984 83,984 21,225 - - - - - - Loan from 86-1 (1)102,627 66,056 1,648 - - - - - - - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 9.00%9.00%9.00%9.00%9.00%9.00%9.00%9.00%9.00%9.00% Original market value 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 Original tax capacity 12,290 12,290 12,290 12,290 12,290 12,290 12,290 12,290 12,290 12,290 Total market value 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 9,755,000 Estimated tax capacity 87,753 87,753 87,753 87,753 87,753 87,753 87,753 87,753 87,753 87,753 Captured tax capacity 75,463 75,463 75,463 75,463 75,463 75,463 75,463 75,463 75,463 75,463 (1)Loan reported to cover negative cash balance. Projected (Continued) 18 City of New Hope, Minnesota City of New Hope, Minnesota TIF District #04-2 (Funds 9119, 9219) PPL (Boone Avenue) Housing District 1612 2004 - 12/31/2032 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 6,000,000$ 2,459,605$ 853,218$ 105,835$ 111,811$ 114,556$ 115,835$ 115,835$ Market value homestead credit - 15,807 15,807 - - - - - Bond proceeds 2,625,000 2,700,000 2,700,000 - - - - - Investment earnings *600,000 51,628 50,599 1,029 - - - - Non-tax increment revenues - Transfers in 150,000 300,000 300,000 - - - - - Annual revenues 9,375,000 5,527,040 3,919,624 106,864 111,811 114,556 115,835 115,835 Expenses Land & bldg acq. and site improvements 1,400,000 1,321,213 1,321,213 - - - - - Public park facilities & ice arena 700,000 - - - - - - - Bond principal 2,625,000 2,700,000 1,580,000 55,000 60,000 65,000 75,000 85,000 Bond interest 1,575,000 1,314,763 985,215 41,848 40,410 38,685 36,585 33,973 Debt service - rev. notes 1,575,000 - - - - - - - Admin fees - City/EDA (includes issuance costs)600,000 199,643 169,911 2,092 2,668 2,972 2,000 2,000 Other expenses (includes county admin fees)- 6,149 6,149 - - - - - Transfers out 900,000 - - - - - - - Annual expenses 9,375,000 5,541,768 4,062,488 98,940 103,078 106,657 113,585 120,973 Annual increase/decrease - (14,728) (142,864) 7,924 8,733 7,899 2,250 (5,138) Ending fund balance -$ (14,728)$ (142,864)$ (134,940)$ (126,207)$ (118,308)$ (116,058)$ (121,196)$ Less next years debt service - - 96,848 100,410 103,685 111,585 118,973 120,910 Fund balance available -$ (14,728)$ (239,712)$ (235,350)$ (229,892)$ (229,893)$ (235,031)$ (242,106)$ Cash balances (exluding interfund loans)(142,864)$ (134,940)$ (126,146)$ (118,308)$ (116,058)$ (121,196)$ Cash balances (including interfund loans)(970) - 10,298 - - - Loan from 3-1 141,894 134,940 136,444 119,775 116,058 121,196 *interest earnings (on beg of yr balance)-0.72%0.00%0.00%1.00%1.00% Administrative fees 8.07%19.55%1.98%2.39%2.59%10.00%10.00% Original market value 381,100 381,100 381,100 381,100 381,100 381,100 Original tax capacity 4,166 4,166 4,166 4,166 4,166 4,166 Total market value 10,150,000 11,110,000 11,502,000 11,973,000 11,973,000 11,973,000 Estimated tax capacity 76,093 87,267 92,006 94,634 94,790 94,790 Captured tax capacity 71,927 83,101 87,840 90,468 90,624 90,624 Prior Year Notes: -$300,000 transfer in 2011 approved by Council from TIF District 85-2. Projected 19 City of New Hope, Minnesota TIF District #04-2 (Funds 9119, 9219) (Continued) PPL (Boone Avenue) Housing District 1612 2004 - 12/31/2032 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 115,835$ 115,835$ 115,835$ 115,835$ 115,835$ 115,835$ 115,835$ 115,835$ 115,835$ -$ Market value homestead credit - - - - - - - - - - Bond proceeds - - - - - - - - - - Investment earnings *- - - - - - - - - - Non-tax increment revenues Transfers in - - - - - - - - - - Annual revenues 115,835 115,835 115,835 115,835 115,835 115,835 115,835 115,835 115,835 - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Public park facilities & ice arena - - - - - - - - - - Bond principal 90,000 95,000 95,000 105,000 100,000 100,000 100,000 95,000 - - Bond interest 30,910 27,506 23,849 19,894 15,643 11,293 6,743 2,209 - - Debt service - rev. notes - - - - - - - - - - Admin fees - City/EDA (includes issuance costs)2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 - Other expenses - - - - - - - - - - Transfers out - - - - - - - - - - Annual expenses 122,910 124,506 120,849 126,894 117,643 113,293 108,743 99,209 2,000 - Annual increase/decrease (7,075) (8,671) (5,014) (11,059) (1,808) 2,542 7,092 16,626 113,835 - Ending fund balance (128,271)$ (136,942)$ (141,956)$ (153,015)$ (154,823)$ (152,281)$ (145,189)$ (128,563)$ (14,728) (14,728) Less next years debt service (including interfund loan)122,506 118,849 124,894 115,643 111,293 106,743 97,209 - - - Fund balance available (250,777)$ (255,791)$ (266,850)$ (268,658)$ (266,116)$ (259,024)$ (242,398)$ (128,563)$ (14,728) (14,728) Cash balances (exluding interfund loans)(128,271)$ (136,942)$ (141,956)$ (153,015)$ (154,823)$ (152,281)$ (145,189)$ (128,563)$ (14,728)$ (14,728)$ Cash balances (including interfund loans)- - - - - - - - - - Loan from 3-1 128,271 136,942 141,956 153,015 154,823 152,281 145,189 128,563 14,728 14,728 *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 381,100 381,100 381,100 381,100 381,100 381,100 381,100 381,100 381,100 381,100 Original tax capacity 4,166 4,166 4,166 4,166 4,166 4,166 4,166 4,166 4,166 4,166 Total market value 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 11,973,000 Estimated tax capacity 94,790 94,790 94,790 94,790 94,790 94,790 94,790 94,790 94,790 94,790 Captured tax capacity 90,624 90,624 90,624 90,624 90,624 90,624 90,624 90,624 90,624 90,624 Projected (Continued) 20 City of New Hope, Minnesota City of New Hope, Minnesota TIF District #11-1 (Fund 9220, 9225) Bass Lake Road Apartments Redevelopment District 1614 2011 - 12/31/2044 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 10,300,000$ 15,599,001$ -$ 434$ 457,090$ 606,341$ 631,962$ 631,962$ Bond proceeds 7,500,000 - - - - - - - Investment earnings *1,030,000 (927) 2,835 (3,762) - - - - Sales/lease proceeds - 1,443,000 1,443,000 - - - - - Annual revenues 18,830,000 17,041,074 1,445,835 (3,328) 457,090 606,341 631,962 631,962 Expenses Land & bldg acq. and site improvements 5,000,000 2,858,214 2,828,072 - 30,142 - - - Public park facilities & ice arena 1,000,000 - - - - - - - Bond principal 7,500,000 - - - - - - - Bond interest 2,150,000 - - - - - - - Debt service - rev. notes - 9,619,782 - - 217,118 505,130 588,194 600,364 Interest expense 2,150,000 3,596,471 876,610 57,656 57,760 90,047 101,938 104,854 Admin fees - City/EDA 1,030,000 121,945 74,125 3,045 6,917 1,858 1,500 1,500 Other expenses (includes county admin fees)- 2,977 2,977 - - - - - Annual expenses 18,830,000 16,199,389 3,781,784 60,701 311,937 597,035 691,632 706,718 Annual increase/decrease - 841,684 (2,335,949) (64,029) 145,153 9,306 (59,670) (74,756) Ending fund balance -$ 841,684$ (2,335,949)$ (2,399,978)$ (2,254,825)$ (2,245,519)$ (2,305,189)$ (2,379,945)$ Cash balances (excluding interfund loans)(2,366,091)$ (2,430,120)$ (2,254,825)$ (2,245,519)$ (2,305,189)$ (2,379,945)$ Cash balances (including interfund loans)3,762 - 210,201 284,469 297,279 297,279 Loan from EDA / 85-2 / 86-1 (max $4 Million)2,369,853 2,430,120 2,465,026 2,529,988 2,602,468 2,677,224 *interest earnings (on beg of yr balance)0.00%0.00%0.00%0.00%0.00% Administrative fees 0.00%0.00%0.00%0.00%$1,500 $1,500 Original market value - 3,280,000 3,280,000 3,280,000 3,280,000 Original tax capacity - 22,875 22,875 22,875 22,875 Total market value 28,200,000 28,200,000 44,974,000 44,974,000 44,974,000 Estimated tax capacity 23,188 352,500 562,175 469,225 469,225 Captured tax capacity 23,188 329,625 539,300 446,350 446,350 (1)Loans reported to cover negative cash balances in noted districts. Prior Year Notes: - In 2019, the interfund loan from the EDA was reclassified to Districts 85-2 / 86-1. - The loan from 3-1 was paid back in 2017 and combined with the loan from the EDA. - In 2017, it was determined that $2,433,161 in land expense and a related interfund loan, originally recorded in 2008/2009 to districts 3-1 and 4-1 for the purchase of the Bass Lake Road Apartments, was related to parcels located within district 11-1. The land expense, interfund loan and related interest expense have been reclassified to district 11-1, resulting in a an increase in the interfund loan of $3,112,558. The formentioned property was sold in 2017, decreasing the interfund loan by the sale proceeds. This loan will be paid back after the TIF Note is paid in full. Projected 21 City of New Hope, Minnesota City of New Hope, Minnesota TIF District #11-1 (Fund 9220, 9225) (Continued) Bass Lake Road Apartments Redevelopment District 1614 2011 - 12/31/2044 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ 631,962$ Bond proceeds - - - - - - - - - - Investment earnings *- - - - - - - - - - Sales/lease proceeds - - - - - - - - - - Annual revenues 631,962 631,962 631,962 631,962 631,962 631,962 631,962 631,962 631,962 631,962 Expenses Land & bldg acq. and site improvements - - - - - - - - - - Public park facilities & ice arena - - - - - - - - - - Bond principal - - - - - - - - - - Bond interest - - - - - - - - - - Debt service - rev. notes 600,364 600,364 600,364 600,364 600,364 600,364 600,364 600,364 600,364 600,364 Interest expense 107,874 111,016 114,285 117,686 121,225 124,906 128,737 132,722 136,868 141,181 Admin fees - City/EDA (includes issuance costs)1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Other expenses - - - - - - - - - - Annual expenses 709,738 712,880 716,149 719,551 723,089 726,771 730,601 734,586 738,732 743,045 Annual increase/decrease (77,776) (80,918) (84,187) (87,588) (91,127) (94,808) (98,638) (102,623) (106,769) (111,083) Ending fund balance (2,457,720)$ (2,538,638)$ (2,622,825)$ (2,710,413)$ (2,801,540)$ (2,896,348)$ (2,994,987)$ (3,097,610) (3,204,379) (3,315,462) Cash balances (excluding interfund loans)(2,457,720)$ (2,538,638)$ (2,622,825)$ (2,710,413)$ (2,801,540)$ (2,896,348)$ (2,994,987)$ (3,097,610)$ (3,204,379)$ (3,315,462)$ Cash balances (including interfund loans)297,279 297,279 297,279 297,279 297,279 297,279 297,279 297,279 297,279 297,279 Loan from EDA / 85-2 2,755,000 2,835,918 2,920,105 3,007,693 3,098,819 3,193,628 3,292,266 3,394,889 3,501,659 3,612,742 *interest earnings (on beg of yr balance)0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% Administrative fees $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Original market value 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 3,280,000 Original tax capacity 22,875 22,875 22,875 22,875 22,875 22,875 22,875 22,875 22,875 22,875 Total market value 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 44,974,000 Estimated tax capacity 469,225 469,225 469,225 469,225 469,225 469,225 469,225 469,225 469,225 469,225 Captured tax capacity 446,350 446,350 446,350 446,350 446,350 446,350 446,350 446,350 446,350 446,350 (1)Loans reported to cover negative cash balances in noted districts. Projected (Continued) 22 City of New Hope, Minnesota City of New Hope, Minnesota TIF District Compass Pointe (Fund 9226) Compass Pointe Housing District 1615 2014 - 12/31/2041 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 2,727,273$ 1,253,402$ 165,074$ 92,196$ 99,181$ 101,942$ 115,146$ 115,146$ Bond proceeds 1,714,207 - - - - - - - Investment earnings *272,727 1,252 3,778 (1,040) - - - - Annual revenues 4,714,207 1,254,654 168,852 91,156 99,181 101,942 115,146 115,146 Expenses Land & bldg acq. and site improvements 1,441,480 - 149,300 - - - - - Bond principal 1,714,207 - - - - - - - Bond interest 1,285,793 - - - - - - - Debt service - rev. notes - 778,615 107,487 72,420 87,617 90,505 91,748 91,748 Interest expense - 62,357 5,972 5,972 5,972 5,972 5,972 5,972 Admin fees - City/EDA 272,727 122,141 1,781 3,223 553 1,435 11,515 11,515 Other expenses (includes county admin fees)- - 1,055 634 646 - - - Tax increment returned to the County - 85,116 - - - - - - Annual expenses 4,714,207 1,048,229 265,595 82,249 94,788 97,912 109,235 109,235 Annual increase/decrease - 206,425 (96,743) 8,907 4,393 4,030 5,911 5,911 Ending fund balance -$ 206,425$ (96,743)$ (87,836)$ (83,443)$ (79,413)$ (73,502)$ (67,591)$ Cash balances (exluding interfund loans)(96,743)$ (87,836)$ (83,443)$ (79,413)$ (73,502)$ (67,591)$ Cash balances (including interfund loans)58,529 73,408 83,773 93,775 105,658 117,541 Loan from EDA (max $149,300)155,272 161,244 167,216 173,188 179,160 185,132 - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00% Original market value 811,000 811,000 811,000 811,000 811,000 811,000 Original tax capacity 4,775 4,775 4,775 4,775 4,775 4,775 Total market value 9,048,000 10,158,000 10,306,000 11,288,000 11,288,000 11,288,000 Estimated tax capacity 65,558 71,575 74,875 83,350 79,818 79,818 Captured tax capacity 60,783 66,800 70,100 78,575 75,043 75,043 Prior Year Notes: - A loan from the EDA for $149,300 was recorded in 2017 to reflect the forberance of the full market value of EDA parcels upon conveyance to the developer, which took place in 2014. See Resolution 2014-07 for further information. Projected 23 City of New Hope, Minnesota TIF District Compass Pointe (Fund 9226) (Continued) Compass Pointe Housing District 1615 2014 - 12/31/2041 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 115,146$ 115,146$ 115,146$ 115,146$ 115,146$ 115,146$ 115,146$ 115,146$ -$ -$ Bond proceeds - - - - - - - - - - Investment earnings *- - - - - - 137 1,115 - - Annual revenues 115,146 115,146 115,146 115,146 115,146 115,146 115,283 116,261 - - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Bond principal - - - - - - - - - - Bond interest - - - - - - - - - - Debt service - rev. notes 91,748 91,748 91,748 91,748 91,748 45,874 - - - - Interest expense 5,972 5,972 5,972 5,972 5,972 5,972 5,972 2,637 - - Admin fees - City/EDA (includes issuance costs)11,515 11,515 11,515 11,515 11,515 11,515 11,515 11,515 - - Other expenses - - - - - - - - - - Tax increment returned to the County - - - - - - - - 85,116 - Annual expenses 109,235 109,235 109,235 109,235 109,235 63,361 17,487 14,152 85,116 - Annual increase/decrease 5,911 5,911 5,911 5,911 5,911 51,785 97,796 102,109 (85,116) - Ending fund balance (61,680)$ (55,769)$ (49,858)$ (43,947)$ (38,036)$ 13,749$ 111,545$ 213,655 128,539 128,539 Cash balances (exluding interfund loans)(61,680)$ (55,769)$ (49,858)$ (43,947)$ (38,036)$ 13,749$ 111,545$ 213,655$ 128,539$ 128,539$ Cash balances (including interfund loans)129,424 141,307 153,190 165,073 176,956 188,839 177,461 213,655 128,539 128,539 Loan from EDA (max $149,300)191,104 197,076 203,048 209,020 214,992 175,090 65,916 - - - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 811,000 811,000 811,000 811,000 811,000 811,000 811,000 811,000 811,000 811,000 Original tax capacity 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 Total market value 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 11,288,000 Estimated tax capacity 79,818 79,818 79,818 79,818 79,818 79,818 79,818 79,818 79,818 79,818 Captured tax capacity 75,043 75,043 75,043 75,043 75,043 75,043 75,043 75,043 75,043 75,043 Projected (Continued) 24 City of New Hope, Minnesota City of New Hope, Minnesota TIF District Centra Homes (Fund 9222) Centra Homes Redevelopment District 1616 2014 - 12/31/2043 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 9,500,000$ 2,689,539$ 130,493$ 286,360$ 284,280$ 278,406$ 285,000$ 285,000$ Bond proceeds 6,650,000 - - - - - - - Investment earnings *950,000 10,532 6,102 4,430 - - - - Annual revenues 17,100,000 2,700,071 136,595 290,790 284,280 278,406 285,000 285,000 Expenses Land & bldg acq. and site improvements 5,700,000 1,660,097 - 1,660,097 - - - - Bond principal 6,650,000 - - - - - - - Bond interest 3,800,000 - - - - - - - Interest expense - 695,688 111 462,384 65,402 57,126 42,335 32,531 Admin fees - City/EDA 950,000 178,646 2,215 935 1,632 1,864 28,500 28,500 Other expenses (includes county admin fees)- 2,357 1,806 551 - - - - Tax increment returned to the County - - - - - - - - Annual expenses 17,100,000 2,536,788 4,132 2,123,967 67,034 58,990 70,835 61,031 Annual increase/decrease - 163,283 132,463 (1,833,177) 217,246 219,416 214,165 223,969 Ending fund balance -$ 163,283$ 132,463$ (1,700,714)$ (1,483,468)$ (1,264,052)$ (1,049,887)$ (825,918)$ Cash balances (exluding interfund loans)132,463$ (1,700,714)$ (1,483,468)$ (1,264,052)$ (1,049,887)$ (825,918)$ Cash balances (including interfund loans)132,463 4,914 29,922 - 0 0 Loan from EDA (max $2.4M)- 1,705,628 1,513,390 1,264,052 1,049,887 825,918 *interest earnings (on beg of yr balance)0.00%0.00%0.00%0.00%1.00%1.00% Administrative fees 0.00%0.00%0.00%0.00%10.00%10.00% Original market value 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Original tax capacity 3,955 3,955 3,955 3,955 3,955 3,955 Total market value 10,225,700 20,124,000 20,833,000 22,067,000 22,067,000 22,067,000 Estimated tax capacity 99,217 197,394 204,881 218,031 209,226 209,226 Captured tax capacity 95,262 193,439 200,926 214,076 205,271 205,271 Projected 25 City of New Hope, Minnesota TIF District Centra Homes (Fund 9222) (Continued) Centra Homes Redevelopment District 1616 2014 - 12/31/2043 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 285,000$ 285,000$ 285,000$ 285,000$ -$ -$ -$ -$ -$ -$ Bond proceeds - - - - - - - - - - Investment earnings *- - - - - - - - - - Annual revenues 285,000 285,000 285,000 285,000 - - - - - - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Bond principal - - - - - - - - - - Bond interest - - - - - - - - - - Interest expense 22,332 11,720 1,747 - - - - - - - Admin fees - City/EDA (includes issuance costs)28,500 28,500 28,500 28,500 1,000 - - - - - Other expenses - - - - - - - - - - Tax increment returned to the County - - - - - - - - - - Annual expenses 50,832 40,220 30,247 28,500 1,000 - - - - - Annual increase/decrease 234,168 244,780 254,753 256,500 (1,000) - - - - - Ending fund balance (591,750)$ (346,970)$ (92,217)$ 164,283$ 163,283$ 163,283$ 163,283$ 163,283 163,283 163,283 Cash balances (exluding interfund loans)(591,750) (346,970) (92,217) 164,283 163,283 163,283 163,283 163,283 163,283 163,283 Cash balances (including interfund loans)0 0 0 164,283 163,283 163,283 163,283 163,283 163,283 163,283 Loan from EDA (max $2.4M)591,750 346,970 92,217 (0) (0) (0) (0) (0) (0) (0) *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Original tax capacity 3,955 3,955 3,955 3,955 3,955 3,955 3,955 3,955 3,955 3,955 Total market value 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 22,067,000 Estimated tax capacity 209,226 209,226 209,226 209,226 209,226 209,226 209,226 209,226 209,226 209,226 205,271 205,271 205,271 205,271 205,271 205,271 205,271 205,271 205,271 205,271 Projected (Continued) 26 City of New Hope, Minnesota City of New Hope, Minnesota TIF District City Center (Fund 9121) City Center Redevelopment District 1617 2015 - 12/31/2042 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 31,240,446$ 7,533,695 503,485$ 279,441$ 300,941$ 293,174$ 293,174$ 293,174$ Bond proceeds 22,213,381 1,859,000 1,859,000 - - - - - Investment earnings *3,124,045 3,301 2,459 - - - - - Non-tax increment revenues - Other revenues (including bond premium)- 28,700 28,700 - - - - - Annual revenues 56,577,872 9,424,696 2,393,644 279,441 300,941 293,174 293,174 293,174 Expenses Land & bldg acq. and site improvements 19,089,336 4,016,502 4,016,502 - - - - - Bond principal 22,213,381 1,859,000 105,918 109,165 110,725 113,844 115,403 116,963 Bond interest 12,151,110 480,549 138,432 41,551 39,352 37,107 34,814 32,491 Debt service - rev. notes - - - - - - - - Interest expense - 2,086,746 387,334 84,460 84,460 84,697 84,697 84,697 Admin fees - City/EDA (includes issuance costs)3,124,045 649,173 31,294 - 1,574 640 29,317 29,317 Other expenses (includes county admin fees)- - - - - - - - Annual expenses 56,577,872 9,091,970 4,679,480 235,177 236,111 236,288 264,232 263,468 Annual increase/decrease - 332,726 (2,285,836) 44,264 64,830 56,886 28,942 29,706 Ending fund balance -$ 332,726$ (2,285,836)$ (2,241,572)$ (2,176,742)$ (2,119,856)$ (2,090,914)$ (2,061,208)$ Less next years debt service (including interfund loan)- - 235,177 234,537 235,648 234,915 234,150 234,899 Fund balance available -$ 332,726$ (2,521,013)$ (2,476,109)$ (2,412,390)$ (2,354,770)$ (2,325,064)$ (2,296,107)$ Cash balances (exluding interfund loans)(2,285,836)$ (2,241,572)$ (2,176,742)$ (2,119,856)$ (2,090,914)$ (2,061,208)$ Cash balances (including interfund loans)71,943 118,998 177,691 253,147 253,019 253,019 Loan from 85-1 (max $8M - Landwrite down)374,801 375,323 374,347 377,279 372,677 367,954 Loan from 85-2 (max $8M - Landwrite down)1,486,784 1,488,853 1,484,983 1,496,614 1,478,360 1,459,624 Loan from 86-1 (max $8M - Landwrite down)144,162 144,363 143,987 145,115 143,345 141,528 Loan from EDA (max $8M - Landwrite down)352,031 352,031 351,116 353,866 349,550 345,120 Total Loan 2,357,779 2,360,570 2,354,433 2,372,874 2,343,932 2,314,226 *interest earnings (on beg of yr balance)0.00%1.00%0.00%1.00%1.00%1.00% Administrative fees 0.00%10.00%0.00%10.00%10.00%10.00% Original market value 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 Original tax capacity 127,470 127,470 127,470 127,470 127,470 127,470 Total market value 20,382,000 21,495,000 22,272,000 22,565,000 22,565,000 22,565,000 Estimated tax capacity 405,390 427,650 443,190 449,050 453,990 453,990 Captured tax capacity 277,920 300,180 315,720 321,580 326,520 326,520 Prior Year Notes: - $40,476 in demo costs for the K-Mart Project were originally paid out of District 86-1, with the intent to be reimbursed once the City Center district was set-up. A transfer will occur in 2017 to reimburse District 86-1 from the City Center District. Projected 27 City of New Hope, Minnesota TIF District City Center (Fund 9121) (Continued) City Center Redevelopment District 1617 2015 - 12/31/2042 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ 293,174$ Bond proceeds - - - - - - - - - - Investment earnings *- - - - - - - - - - Non-tax increment revenues Other revenues (including bond premium)- - - - - - - - - - Annual revenues 293,174 293,174 293,174 293,174 293,174 293,174 293,174 293,174 293,174 293,174 Expenses Land & bldg acq. and site improvements - - - - - - - - - - Bond principal 120,082 121,641 124,760 127,879 130,998 134,117 138,796 141,915 146,797 - Bond interest 30,120 27,673 24,866 21,708 18,309 14,663 10,737 6,527 2,199 - Debt service - rev. notes - - - - - - - - - - Interest expense 84,697 84,697 84,697 84,697 84,697 84,697 84,697 84,697 84,697 83,148 Admin fees - City/EDA (includes issuance costs)29,317 29,317 29,317 29,317 29,317 29,317 29,317 29,317 29,317 29,317 Other expenses (includes county admin fees)- - - - - - - - - - Annual expenses 264,216 263,328 263,641 263,602 263,321 262,795 263,547 262,456 263,011 112,466 Annual increase/decrease 28,958 29,846 29,533 29,572 29,853 30,379 29,627 30,718 30,163 180,708 Ending fund balance (2,032,250)$ (2,002,404)$ (1,972,871)$ (1,943,299)$ (1,913,447)$ (1,883,068)$ (1,853,441)$ (1,822,723) (1,792,559) (1,611,851) Less next years debt service (including interfund loan)234,011 234,324 234,285 234,004 233,478 234,230 233,138 233,693 83,148 76,827 Fund balance available (2,266,261)$ (2,236,728)$ (2,207,156)$ (2,177,303)$ (2,146,924)$ (2,117,298)$ (2,086,579)$ (2,056,416) (1,875,708) (1,688,678) Cash balances (exluding interfund loans)(2,032,250)$ (2,002,404)$ (1,972,871)$ (1,943,299)$ (1,913,447)$ (1,883,068)$ (1,853,441)$ (1,822,723)$ (1,792,559)$ (1,611,851)$ Cash balances (including interfund loans)277,270 301,520 325,770 350,020 374,269 398,519 422,769 447,018 396,770 349,124 Loan from 85-1 (max $8M - Landwrite down)367,206 366,316 365,476 364,630 363,739 362,765 361,910 360,882 348,097 311,789 Loan from 85-2 (max $8M - Landwrite down)1,456,655 1,453,126 1,449,794 1,446,437 1,442,903 1,439,037 1,435,646 1,431,566 1,380,849 1,236,822 Loan from 86-1 (max $8M - Landwrite down)141,241 140,898 140,575 140,250 139,907 139,532 139,204 138,808 133,890 119,925 Loan from EDA (max $8M - Landwrite down)344,418 343,584 342,796 342,002 341,166 340,252 339,450 338,485 326,493 292,439 2,309,520 2,303,924 2,298,641 2,293,319 2,287,715 2,281,586 2,276,210 2,269,741 2,189,329 1,960,975 *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 10,136,000 Original tax capacity 127,470 127,470 127,470 127,470 127,470 127,470 127,470 127,470 127,470 127,470 Total market value 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 22,565,000 Estimated tax capacity 453,990 453,990 453,990 453,990 453,990 453,990 453,990 453,990 453,990 453,990 Captured tax capacity 326,520 326,520 326,520 326,520 326,520 326,520 326,520 326,520 326,520 326,520 Projected (Continued) 28 City of New Hope, Minnesota City of New Hope, Minnesota TIF District Industrial Equities (Fund 9224) Industrial Equities Redevelopment District 1618 2015 - 12/31/2033 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 800,823$ 573,478$ 42,130$ 41,912$ 50,327$ 61,505$ 62,934$ 62,934$ Bond proceeds - - - - - - - - Investment earnings *80,082 2,665 238 (83) - - - 263 Annual revenues 880,905 576,143 42,368 41,829 50,327 61,505 62,934 63,197 Expenses Land & bldg acq. and site improvements 564,280 - - - - - - - Debt service - rev. notes 236,543 480,773 18,959 41,507 37,819 78,040 27,677 55,354 Interest expense - - - - - - - - Admin fees - City/EDA 80,082 59,035 18,131 (3,050) 4,856 1,341 6,293 6,293 Other expenses (includes county admin fees)- 1,052 526 526 - - - Annual expenses 880,905 540,860 37,616 38,983 42,675 79,381 33,970 61,647 Annual increase/decrease - 35,283 4,752 2,846 7,652 (17,876) 28,964 1,550 Ending fund balance -$ 35,283$ 4,752$ 7,598$ 15,250$ (2,626)$ 26,338$ 27,888$ Cash balances (exluding interfund loans)4,752$ 7,598$ 15,250$ (2,626)$ 26,338$ 27,888$ Cash balances (including interfund loans)21,785 7,598 15,250 (2,626) 26,338 27,888 Loan from EDA 17,033 - - - - - *interest earnings (on beg of yr balance)0.00%0.00%1.00%1.00%1.00%1.00% Administrative fees 0.00%0.00%10.00%10.00%10.00%10.00% Original market value 400,000 400,000 400,000 400,000 400,000 400,000 Original tax capacity 7,250 7,250 7,250 7,250 7,250 7,250 Total market value 2,640,000 2,640,000 3,040,000 4,016,000 4,016,000 4,016,000 Estimated tax capacity 52,050 52,050 60,050 79,570 75,750 75,750 Captured tax capacity 44,800 44,800 52,800 72,320 68,500 68,500 Projected 29 City of New Hope, Minnesota TIF District Industrial Equities (Fund 9224) (Continued) Industrial Equities Redevelopment District 1618 2015 - 12/31/2033 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 62,934$ 62,934$ 62,934$ 62,934$ -$ -$ -$ -$ -$ -$ Bond proceeds - - - - - - - - - - Investment earnings *279 295 310 326 342 - - - - - Annual revenues 63,213 63,229 63,244 63,260 342 - - - - - Expenses Land & bldg acq. and site improvements - - - - - - - - - - Debt service - rev. notes 55,354 55,354 55,354 55,354 - - - - - - Interest expense - - - - - - - - - - Admin fees - City/EDA (includes issuance costs)6,293 6,293 6,293 6,293 - - - - - - Other expenses - - - - - - - - - - Annual expenses 61,647 61,647 61,647 61,647 - - - - - - Annual increase/decrease 1,566 1,582 1,597 1,613 342 - - - - - Ending fund balance 29,454$ 31,036$ 32,633$ 34,246$ 34,588$ 34,588$ 34,588$ 34,588 34,588 34,588 Cash balances 29,454$ 31,036$ 32,633$ 34,246$ 34,588$ 34,588$ 34,588$ 34,588$ 34,588$ 34,588$ 29,454 31,036 32,633 34,246 34,588 34,588 34,588 34,588 34,588 34,588 Loan from EDA - - - - - - - - - - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 Original tax capacity 7,250 7,250 7,250 7,250 7,250 7,250 7,250 7,250 7,250 7,250 Total market value 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 4,016,000 Estimated tax capacity 75,750 75,750 75,750 75,750 75,750 75,750 75,750 75,750 75,750 75,750 68,500 68,500 68,500 68,500 68,500 68,500 68,500 68,500 68,500 68,500 Projected (Continued) 30 City of New Hope, Minnesota City of New Hope, Minnesota TIF District Good Samaritan (Fund 9227) Good Samaritan Redevelopment District 1619 2017 - 12/31/2044 Totals TIF Plan Entire Length 2018 Budget of District and Prior 2019 2020 2021 2022 2023 Revenues Tax increment 2,638,139$ 1,550,827$ -$ 535$ 47,433$ 58,779$ 60,170$ 60,170$ Investment earnings *263,814 418 (5) - - - 223 168 Non-tax increment revenues - Other revenues - 10,000 10,000 - - - - - Annual revenues 2,901,953 1,561,245 9,995 535 47,433 58,779 60,393 60,338 Expenses Land & bldg acq. and site improvements 1,626,749 - - - - - - - Debt service - rev. notes - 681,863 - 37,819 21,345 47,795 59,875 67,892 Interest expense 1,011,390 - - - - - - - Admin fees - City/EDA 263,814 121,889 10,426 (37,379) 3,058 1,376 6,017 6,017 Other expenses (includes county admin fees)- 10,000 10,000 - - - - - Annual expenses 2,901,953 813,752 20,426 440 24,403 49,171 65,892 73,909 Annual increase/decrease - 747,493 (10,431) 95 23,030 9,608 (5,499) (13,571) Ending fund balance -$ 747,493$ (10,431)$ (10,336)$ 12,694$ 22,302$ 16,803$ 3,232$ Cash balances (exluding interfund loans)(10,431)$ (10,336)$ 12,694$ 22,302$ 16,803$ 3,232$ Cash balances (including interfund loans)- - 12,694 22,302 16,803 3,232 Loan from EDA (Max $20,000)10,431 10,336 - - - - *interest earnings (on beg of yr balance)0.00%0.00%1.00%1.00%1.00%1.00% Administrative fees 0.00%0.00%10.00%10.00%10.00%10.00% Original market value 190,000 190,000 190,000 190,000 190,000 190,000 Original tax capacity 2,000 2,000 2,000 2,000 2,000 2,000 Total market value 190,000 190,000 2,829,000 3,623,000 3,623,000 3,623,000 Estimated tax capacity 2,000 2,375 35,363 45,288 45,288 45,288 Captured tax capacity - 375 33,363 43,288 43,288 43,288 Projected 31 City of New Hope, Minnesota TIF District Good Samaritan (Fund 9227) Good Samaritan Redevelopment District 1619 2017 - 12/31/2044 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Tax increment 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ 60,170$ Investment earnings *32 - - - - - - - - - Non-tax increment revenues Other revenues (including bond premium)- - - - - - - - - - Annual revenues 60,202 60,170 60,170 60,170 60,170 60,170 60,170 60,170 60,170 60,170 Expenses Land & bldg acq. and site improvements - - - - - - - - - - Debt service - rev. notes 68,934 71,080 73,292 75,587 77,915 80,330 - - - - Interest expense - - - - - - - - - - Admin fees - City/EDA (includes issuance costs)6,017 6,017 6,017 6,017 6,017 6,017 6,017 6,017 6,017 6,017 Other expenses - - - - - - - - - - Annual expenses 74,951 77,097 79,309 81,604 83,932 86,347 6,017 6,017 6,017 6,017 Annual increase/decrease (14,749) (16,927) (19,139) (21,434) (23,762) (26,177) 54,153 54,153 54,153 54,153 Ending fund balance (11,517)$ (28,444)$ (47,582)$ (69,016)$ (92,778)$ (118,955)$ (64,802)$ (10,649) 43,504 97,657 Cash balances (11,517)$ (28,444)$ (47,582)$ (69,016)$ (92,778)$ (118,955)$ (64,802)$ (10,649)$ 43,504$ 97,657$ (11,517) (28,444) (47,582) (69,016) (92,778) (118,955) (64,802) (10,649) 43,504 97,657 Loan from EDA - - - - - - - - - - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Administrative fees 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00% Original market value - - - - - - - - - - Original tax capacity 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Total market value - - - - - - - - - - Estimated tax capacity 45,288 45,288 45,288 45,288 45,288 45,288 45,288 45,288 45,288 45,288 43,288 43,288 43,288 43,288 43,288 43,288 43,288 43,288 43,288 43,288 Projected (Continued) 32 EDA Fund 2019 2020 2021 2022 2023 Revenues Investment earnings *-$ 18,953$ (15,053)$ 21,871$ 16,742$ Non-tax increment revenues EDA tax levy 300,000 348,000 365,000 570,000 598,500 Sales/lease proceeds 459,276 - - - - Grants - 76,250 - - - Interest on interfund Loans (834,312) 86,892 75,729 54,966 45,162 Other revenues 1,636 22,900 102,028 - - Transfers in - - - 100,000 - Annual revenues (73,400) 552,995 527,704 746,837 660,404 - Expenses Land & bldg acq. and site improvements - - - - - Operating expenses:- - Payroll 300,951 336,358 344,901 351,799 358,835 Professional services 28,292 30,362 21,807 22,243 22,688 Utilities 1,502 - - - - IT Transfer 4,935 14,182 14,412 14,700 14,994 Repair and Maint. - - - - - Miscellaneous 18,634 95,621 22,451 25,000 25,500 Capital Outlay 77,821 68,272 25,963 - - Curbside Appeal Program - - - 25,000 25,000 Scattered Site Program 127,977 373,884 169,642 500,000 500,000 Transfers out 34,750 35,619 36,504 34,750 34,750 Annual expenses 594,862 954,298 635,680 973,492 981,767 Annual increase/decrease (668,262) (401,303) (107,976) (226,655) (321,363) Ending fund balance 4,721,757$ 4,320,455$ 4,212,479$ 3,985,823$ 3,664,460$ Cash balances (Due to other funds)1,284,403$ 2,004,366$ 2,187,136$ 1,674,188$ 1,578,252$ Loan to 11-1 - - - - - Loan to Compass Pointe 161,244 167,216 173,188 179,160 185,132 Loan to Centra Homes 1,705,628 1,513,390 1,264,052 1,049,887 825,918 Loan to City Center 352,031 351,116 353,866 349,550 345,120 Total TIF Interfund Loan Receivables 2,218,903 2,031,722 1,791,106 1,578,597 1,356,170 Notes receivable - - 237,500 234,500 231,500 Land held for resale 582,763 - - 498,538 498,538 Other Receivables 702,398 322,715 8,650 - - Other Payables 66,707 11,104 15,352 - - *interest earnings (on beg of yr balance)0.00%1.48%-0.75%1.00%1.00% Prior Year Notes: - In 2019, the loan to 11-1 was transferred and payable to district 85-2 / 86-1. - In 2019, an interfund loan was issued with Centra Homes to account for the land held for resale write down related to the Winnetka Learning Center The loan and related cost adjustments should have been completed in 2015 when the learning center property was sold. - Combined revised land sale proceeds of $860,078 were returned to the EDA in 2015 from TIF Districts 85-1, 85-2 and 86-2. - In 2018, the EDA transferred $95,354 to the CEE Fund in accordance with the Loan Originzation Agreement between the Center for Energy and Enviroment and the EDA. City of New Hope, Minnesota Projected 33 EDA Fund (Continued) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenues Investment earnings *15,783$ 15,051$ 14,541$ 14,518$ 13,079$ 10,976$ 9,601$ 9,209$ 8,673$ 7,899$ Non-tax increment revenues EDA tax levy 628,425 659,846 692,839 727,480 763,855 802,047 842,150 884,257 928,470 974,893 Sales/lease proceeds - - - - - - - - - - Grants - - - - - - - - - - Interest on interfund Loans 40,935 30,323 20,350 18,603 18,603 18,603 18,603 15,268 12,631 12,400 Other revenues - - - - - - - - - - Transfers in - - - - - - - - - - Annual revenues 685,143 705,220 727,730 760,601 795,536 831,626 870,353 908,734 949,774 995,192 Expenses Land & bldg acq. and site improvements - - - - - - - - - - Operating expenses:- - - - - - - - - - Payroll 366,012 373,332 380,799 388,415 396,183 404,106 412,189 420,432 428,841 437,418 Professional services 23,142 23,605 24,077 24,558 25,049 25,550 26,061 26,583 27,114 27,657 Utilities - - - - - - - - - - IT Transfer 15,294 15,600 15,912 16,230 16,555 16,886 17,224 17,568 17,920 18,278 Repair and Maint. - - - - - - - - - - Miscellaneous 26,010 26,530 27,061 27,602 28,154 28,717 29,291 29,877 30,475 31,084 Capital Outlay - - - - - - - - - - 25,000 25,000 - - - - - - - - Scattered Site Program 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Transfers out 34,750 34,750 34,750 34,750 34,750 34,750 34,750 34,750 34,750 34,750 Annual expenses 990,208 998,817 982,598 991,555 1,000,691 1,010,010 1,019,515 1,029,210 1,039,100 1,049,187 Annual increase/decrease (305,065) (293,597) (254,868) (230,954) (205,155) (178,384) (149,162) (120,477) (89,326) (53,994) Ending fund balance 3,359,395$ 3,065,798$ 2,810,930$ 2,579,976$ 2,374,821$ 2,196,438$ 2,047,276$ 1,926,799$ 1,837,473$ 1,783,479$ Cash balances (Due to other funds)1,505,085$ 1,454,130$ 1,451,831$ 1,307,916$ 1,097,625$ 960,058$ 920,872$ 867,276$ 789,942$ 770,002$ Loan to 11-1 - - - - - - - - - - Loan to Compass Pointe 191,104 197,076 203,048 209,020 214,992 175,090 65,916 - - - Loan to Centra Homes 591,750 346,970 92,217 - - - - - - - Loan to City Center 344,418 343,584 342,796 342,002 341,166 340,252 339,450 338,485 326,493 292,439 Total TIF Interfund Loan Receivables 1,127,272 887,630 638,061 551,022 556,158 515,342 405,366 338,485 326,493 292,439 Notes receivable 228,500 225,500 222,500 222,500 222,500 222,500 222,500 222,500 222,500 222,500 Land held for resale 498,538 498,538 498,538 498,538 498,538 498,538 498,538 498,538 498,538 498,538 Other Receivables - - - - - - - - - - Other payables - - - - - - - - - - *interest earnings (on beg of yr balance)1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Projected (Continued) City of New Hope, Minnesota 34 City of New Hope, Minnesota HRA Construction Fund (CAFR) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Revenues Tax increment 670,723$ 1,232,410$ 1,357,465$ 1,490,948$ 1,428,014$ 1,428,014$ 1,428,014$ 1,173,282$ 1,173,282$ 888,282$ 888,282$ Market value homestead credit - - - - - - - - - - - Bond proceeds - - - - - - - - - - - Investment earnings *71,284 1,317 - 21,329 23,970 26,328 28,716 310 326 342 432 Sales/lease proceeds - - - - - - - - - - - Non-tax increment revenues EDA tax levy - - - - - - - - - - - Grants - - - - - - - - - - - Other revenues (including bond premium)1,006,361 92,691 162,114 174,005 176,920 179,940 183,082 186,352 189,753 193,291 196,973 Transfers in - - - - - - - - - - - Annual revenues 1,748,368 1,326,418 1,519,579 1,686,282 1,628,905 1,634,283 1,639,813 1,359,944 1,363,361 1,081,916 1,085,687 Expenses Land & bldg acq. and site improvements 4,037,917 1,690,239 - - - - - - - - - Public park facilities & ice arena - - - - - - - - - - - Interest reduction - - - - - - - - - - - Bond principal 8,043 16,764 1 - - - 1,000 - - - - Bond interest 122,975 (4,561) (84,698) - - - (642) (337) - - - Debt service - rev. notes 183,046 396,169 756,300 797,996 845,860 846,902 849,049 851,260 853,555 800,529 757,071 Interest expense 51,471 510,419 301,464 234,943 228,054 220,875 213,405 206,702 208,356 211,894 215,576 Admin fees - City/EDA (23,684) 26,705 14,378 147,226 147,276 145,476 145,476 94,529 94,529 60,736 59,736 Admin adjustments - - - - - - - - - - - Other expenses 2,966 1,197 - - - - - - - - - Transfers out - - - - - - - - - - - Tax increment returned to the County - - - 76,061 13,467 52,188 56,751 1,736,442 56,951 57,057 57,167 Annual expenses 4,382,734 2,636,930 987,444 1,256,226 1,234,657 1,265,442 1,265,039 2,888,596 1,213,391 1,130,217 1,089,550 Annual increase/decrease (2,634,366) (1,310,512) 532,135 430,057 394,247 368,841 374,774 (1,528,652) 149,971 (48,301) (3,863) Ending fund balance 1,947,304$ 636,791$ 1,168,926$ 1,598,983$ 1,993,230$ 2,362,071$ 2,736,845$ 1,208,193$ 1,358,163$ 1,309,862$ 1,306,000$ Less next years debt service 697,600 542,080 626,611 450,481 449,773 453,405 455,934 295,395 206,758 256,392 515,342 Fund balance available 1,249,704$ 94,711$ 542,315$ 1,148,502$ 1,543,457$ 1,908,666$ 2,280,911$ 912,798$ 1,151,405$ 1,053,471$ 790,658$ Cash balances 2,708,950$ 3,511,834$ 4,096,540$ 4,598,869$ 5,129,958$ 5,607,230$ 6,120,454$ 4,759,947$ 5,052,842$ 5,088,131$ 5,170,616$ Loan from EDA 2,218,903 2,031,722 1,791,106 1,578,597 1,356,170 1,127,272 887,630 638,061 551,022 556,158 515,342 *interest earnings (on beg of yr balance)2.26%0.05%0.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% Projected 35 City of New Hope, Minnesota HRA Bonds Fund (CAFR) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Revenues Tax increment 647,081$ 686,448$ 760,734$ 626,865$ 626,865$ 626,865$ 626,865$ 372,132$ 372,132$ 372,132$ 372,132$ Market value homestead credit - - - - - - - - - - - Bond proceeds - - - - - - - - - - - Investment earnings *(510) (1,317) - - - - - - - - - Non-tax increment revenues Other revenues (including bond premium)51,617 36,934 - - - - - - - - - Annual revenues 698,188 722,065 760,734 626,865 626,865 626,865 626,865 372,132 372,132 372,132 372,132 Expenses Land & bldg acq. and site improvements - - - - - - - - - - - Bond principal 396,122 404,165 428,843 444,903 461,963 475,082 490,641 247,260 232,879 230,998 234,117 Bond interest 132,445 120,371 187,562 92,371 82,092 70,816 59,190 49,052 41,602 33,952 25,956 Interest expense 152,073 155,503 - - - - - - - - - Admin fees - City/EDA (includes issuance costs)- - 2,560 - - - - - - - - Annual expenses 680,640 680,039 618,965 537,274 544,054 545,898 549,831 296,312 274,481 264,950 260,073 Annual increase/decrease 17,548 42,026 141,769 89,591 82,811 80,967 77,034 75,820 97,651 107,182 112,059 Ending fund balance (312,704)$ (270,678)$ (128,909)$ (39,318)$ 43,493$ 124,460$ 201,494$ 277,314$ 374,965$ 482,147$ 594,206$ Less next years debt service 680,039 616,405 537,274 544,054 545,898 549,831 296,312 274,481 264,950 260,073 Fund balance available (992,743)$ (887,083)$ (666,183)$ (583,372)$ (502,405)$ (425,371)$ (94,818)$ 2,833$ 110,015$ 222,074$ 594,206$ Cash balances (312,704)$ (270,678)$ (128,909)$ (39,318)$ 43,493$ 124,460$ 201,494$ 277,314$ 374,965$ 482,147$ 594,206$ *interest earnings (on beg of yr balance)0.15%0.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% Projected 36 Projected 2022 2019 2020 2021 & Beyond Interest earnings (on positive fund balance)2.00%2.00% Administrative fees 10.00% District 4-2 $2,000 annually Bass Lake Road $1,500 annually All other 10.00% Administrative fee limitations None None 85-1 to 86-1 02-1 Commercial/industrial Market value base 150,000$ 150,000$ 150,000$ 150,000$ Base rate 1.50%1.50%1.50%1.50% Rate for value above base 2.00%2.00%2.00%2.00% Rental - market rate Market value base - - - - Base rate 1.25%1.25%1.25%1.25% Rate for value above base 1.25%1.25%1.25%1.25% Rental - low income/class 4d Market value base - - - - Base rate 0.75%0.75%0.75%0.75% Rate for value above base 0.75%0.75%0.75%0.75% Residential Homestead Market value base 500,000 500,000 500,000 500,000 Base rate 1.00%1.00%1.00%1.00% Rate for value above base 1.25%1.25%1.25%1.25% Tax Collection Rate 100.00%100.00%100.00%100.00% Less State Auditor Fee -0.36%-0.36%-0.36%-0.36% Net collection percentage 99.64%99.64%99.64%99.64% Inflation 0.00%0.00%0.00%0.00% Local Tax Rates City of New Hope 0.59931 0.58589 0.63940 0.64323 Hennepin County 0.44087 0.42808 0.38210 0.38525 School District #281 0.31612 0.31957 0.25529 0.26507 Misc.0.10214 0.09849 0.08656 0.09217 Total local tax rate 1.45844 1.43203 1.36335 1.38572 TIF 86-1 local tax rate (1607)N/A N/A N/A N/A Frozen tax rate TIF 3-1, 4-1 (1610, 1611) 1.38209 1.38209 1.38209 1.38209 Frozen tax rate TIF 4-2 (1612) 1.27819 1.27819 1.27819 1.27819 Frozen tax rate TIF 8-1 (1613)1.16082 1.16082 1.16082 1.16082 Frozen tax rate TIF 11-1 (1614)1.39170 1.39170 1.39170 1.39170 Frozen tax rate TIF (1615, 1616)1.53440 1.53440 1.53440 1.53440 Frozen tax rate TIF (1617)1.45341 1.45341 1.45341 1.45341 Frozen tax rate TIF (1618)1.46063 1.46063 1.46063 1.46063 Districts with cert req date before 7/31/01 - lesser of 10% of budgeted expenditures or 10% City of New Hope, Minnesota All TIF Districts Assumptions Pre '79 Districts - cert req date bef 8/1/79 - lesser of 10% of budgeted expenditures or 10% Pre '82 Districts - cert req date bef 8/1/79 - lesser of 5% of budgeted expenditures or 5% of Districts with cert req date before 8/1/01 - lesser of 10% of budgeted expenditures or 10% of 37 City of New Hope, Minnesota City of New Hope, Minnesota Actual Purpose Max $2021 2022 2023 86-1 36th Ave Apartments 4-1 Old Frank's Nursery Site Cash deficit coverage 500,000$ 213,715$ *176,401$ 139,556$ 3-1 Ryland/CVS/ East Winnetka 4-1 Old Frank's Nursery Site Cash deficit coverage 150,000 83,984 *83,984 83,984 3-1 Ryland/CVS/ East Winnetka 4-2 PPL (Boone Ave)Cash deficit coverage To be updated 119,775 116,058 121,196 85-2 42nd Ave (proj. 8)11-1 Bass Lake Rd. Apartments Reimuburse land write-down 75,900 78,074 80,317 86-1 36th Ave Apartments 11-1 Bass Lake Rd. Apartments Reimuburse land write-down 2,454,088 2,524,394 2,596,907 EDA Economic Development Authority 1615 Compass Pointe Reimuburse land write-down 149,300 173,188 179,160 185,132 EDA Economic Development Authority 1616 Centra Homes Reimuburse land write-down 2,400,000 1,264,052 1,049,887 825,918 85-1 Elderly Apartments (Project #6)1617 City Center Reimuburse land write-down 377,279 372,677 367,954 85-2 42nd Ave (Project #8)1617 City Center Reimuburse land write-down 1,496,614 1,478,360 1,459,624 86-1 36th Ave Apartments (Project #7)1617 City Center Reimuburse land write-down 145,115 143,345 141,528 EDA Economic Development Authority 1617 City Center Reimuburse land write-down 353,866 349,550 345,120 EDA Economic Development Authority 1618 Industrial Equities Cash deficit coverage To be updated - - - Total 23,599,300$ 6,757,576$ 6,551,891$ 6,347,237$ Receivable Summary: 36th Ave Apartments 85-1 377,279$ 372,677$ 367,954$ 36th Ave Apartments 85-2 1,572,514 1,556,434 1,539,941 36th Ave Apartments 86-1 2,812,918 2,844,140 2,877,992 Ryland/CVS/ East Winnetka 3-1 203,759 200,042 205,180 Economic Development Authority EDA 1,791,106 1,578,597 1,356,170 6,757,576$ 6,551,891$ 6,347,237$ Payable Summary: Old Frank's Nursery Site 4-1 297,699$ 260,385$ 223,540$ PPL (Boone Avenue)4-2 119,775 116,058 121,196 Bass Lake Rd. Apartments 11-1 2,529,988 2,602,468 2,677,224 Compass Pointe 1615 173,188 179,160 185,132 City Center 1617 2,372,874 2,343,932 2,314,226 6,757,576$ 6,551,891$ 6,347,237$ 8,000,000 Receivable District Payable District Projected 4,000,000 Interfund Loan Schedule 38 City of New Hope, Minnesota City of New Hope, Minnesota 2024 2025 2026 2027 2028 2029 2030 86-1 36th Ave Apartments 4-1 Old Frank's Nursery Site 102,627$ 66,056$ 1,648$ -$ -$ -$ -$ 3-1 Ryland/CVS/ East Winnetka 4-1 Old Frank's Nursery Site 83,984 83,984 83,984 21,225 - - - 3-1 Ryland/CVS/ East Winnetka 4-2 PPL (Boone Ave)128,271 136,942 141,956 153,015 154,823 152,281 145,189 85-2 42nd Ave (proj. 8)11-1 Bass Lake Rd. Apartments 82,650 85,078 87,603 90,231 92,965 95,809 98,768 86-1 36th Ave Apartments 11-1 Bass Lake Rd. Apartments 2,672,350 2,750,840 2,832,501 2,917,462 3,005,855 3,097,819 3,193,498 EDA Economic Development Authority 1615 Compass Pointe 191,104 197,076 203,048 209,020 214,992 175,090 65,916 EDA Economic Development Authority 1616 Centra Homes 591,750 346,970 92,217 (0) (0) (0) (0) 85-1 Elderly Apartments (Project #6)1617 City Center 367,206 366,316 365,476 364,630 363,739 362,765 361,910 85-2 42nd Ave (Project #8)1617 City Center 1,456,655 1,453,126 1,449,794 1,446,437 1,442,903 1,439,037 1,435,646 86-1 36th Ave Apartments (Project #7)1617 City Center 141,241 140,898 140,575 140,250 139,907 139,532 139,204 EDA Economic Development Authority 1617 City Center 344,418 343,584 342,796 342,002 341,166 340,252 339,450 EDA Economic Development Authority 1618 Industrial Equities - - - - - - - 6,162,256$ 5,970,870$ 5,741,599$ 5,684,271$ 5,756,350$ 5,802,585$ 5,779,581$ Receivable Summary: 36th Ave Apartments 367,206$ 366,316$ 365,476$ 364,630$ 363,739$ 362,765$ 361,910$ 36th Ave Apartments 1,539,305 1,538,204 1,537,397 1,536,668 1,535,868 1,534,846 1,534,414 36th Ave Apartments 2,916,217 2,957,794 2,974,725 3,057,712 3,145,762 3,237,351 3,332,702 Ryland/CVS/ East Winnetka 212,255 220,926 225,940 174,240 154,823 152,281 145,189 Economic Development Authority 1,127,272 887,630 638,061 551,022 556,158 515,342 405,366 6,162,256$ 5,970,870$ 5,741,599$ 5,684,271$ 5,756,350$ 5,802,585$ 5,779,581$ Payable Summary: Old Frank's Nursery Site 186,611$ 150,040$ 85,632$ 21,225$ -$ -$ -$ PPL (Boone Avenue)128,271 136,942 141,956 153,015 154,823 152,281 145,189 Bass Lake Rd. Apartments 2,755,000 2,835,918 2,920,105 3,007,693 3,098,819 3,193,628 3,292,266 Compass Pointe 191,104 197,076 203,048 209,020 214,992 175,090 65,916 City Center 2,309,520 2,303,924 2,298,641 2,293,319 2,287,715 2,281,586 2,276,210 6,162,256$ 5,970,870$ 5,741,599$ 5,684,271$ 5,756,350$ 5,802,585$ 5,779,581$ Receivable District Payable District Interfund Loan Schedule (Continued) Projected (Continued) 39 City of New Hope, Minnesota 2031 2032 2033 86-1 36th Ave Apartments 4-1 Old Frank's Nursery Site -$ -$ -$ 3-1 Ryland/CVS/ East Winnetka 4-1 Old Frank's Nursery Site - - - 3-1 Ryland/CVS/ East Winnetka 4-2 PPL (Boone Ave)128,563 14,728 14,728 85-2 42nd Ave (proj. 8)11-1 Bass Lake Rd. Apartments 101,847 105,050 108,382 86-1 36th Ave Apartments 11-1 Bass Lake Rd. Apartments 3,293,043 3,396,609 3,504,360 EDA Economic Development Authority 1615 Compass Pointe - - - EDA Economic Development Authority 1616 Centra Homes (0) (0) (0) 85-1 Elderly Apartments (Project #6)1617 City Center 360,882 348,097 311,789 85-2 42nd Ave (Project #8)1617 City Center 1,431,566 1,380,849 1,236,822 86-1 36th Ave Apartments (Project #7)1617 City Center 138,808 133,890 119,925 EDA Economic Development Authority 1617 City Center 338,485 326,493 292,439 EDA Economic Development Authority 1618 Industrial Equities - - - 5,793,193$ 5,705,716$ 5,588,445$ Receivable Summary: 36th Ave Apartments 360,882$ 348,097$ 311,789$ 36th Ave Apartments 1,533,413 1,485,899 1,345,204 36th Ave Apartments 3,431,851 3,530,499 3,624,285 Ryland/CVS/ East Winnetka 128,563 14,728 14,728 Economic Development Authority 338,485 326,493 292,439 5,793,193$ 5,705,716$ 5,588,445$ Payable Summary: Old Frank's Nursery Site -$ -$ -$ PPL (Boone Avenue)128,563 14,728 14,728 Bass Lake Rd. Apartments 3,394,889 3,501,659 3,612,742 Compass Pointe - - - City Center 2,269,741 2,189,329 1,960,975 5,793,193$ 5,705,716$ 5,588,445$ Receivable District Payable District Interfund Loan Schedule (Continued) Projected (Continued) 40 Interest Percent 2018 Principal Rate of T.I.Term and Prior 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TIF District #04-1 Wtka Townhomes 400,000$ 6.75%35.0%12/01/05-08/01/31 271,362$ 32,350$ 33,320$ 35,879$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ 30,502$ TIF District Compass Pointe Compass Pointe Limited Partnership 684,255$ 5.50%90.0%8/1/2016-2/1/2041 113,498 75,058 87,617 90,505 91,748 91,748 91,748 91,748 91,748 91,748 91,748 45,874 - - TIF District Industrial Equities Industrial Equities New Hope 370,000$ 4.50%90.0%3/16/2017-2/1/2033 18,959 37,819 41,507 78,040 27,677 55,354 55,354 55,354 55,354 55,354 - - - - TIF District Bass Lake Road Ironwood Apartments 6,574,000$ 4.50%95.0%8/15/2019-2/1/2042 - - 217,118 505,130 588,194 600,364 600,364 600,364 600,364 600,364 600,364 600,364 600,364 600,364 TIF District Good Samaritan The Lodge of New Hope, LLC 534,000$ 4.50%90.0%8/15/2020-2/1/2035 - - 21,345 47,795 59,875 67,892 68,934 71,080 73,292 75,587 77,915 80,330 - - City of New Hope, Minnesota Schedule of Principal and Interest Payments on Pay-Go Revenue Notes Projected 41 I:\RFA\City Manager\2022\WMFRD\WS 081522\11.2 Q ‐ 2023 WMFRD Budget.docx Request for Action August 15, 2022 Approved by: Tim W. Hoyt, Acting City Manager Originating Department: City Manager By: Valerie Leone, City Clerk‐Treas. Agenda Title Discuss West Metro Fire‐Rescue District 2023 Budget. Requested Action Staff requests that the City Council briefly review and discuss the proposed 2023 West Metro Fire‐Rescue District budget prior to it being placed on the August 22 council agenda for formal action. Chief Larson will be in attendance at the meeting. Policy/Past Practice Past practice has been for the City Council to review the budget after it has been approved by the Fire Board and prior to it being placed on the council agenda for formal consideration. Background Staff and Chief Larson are requesting that the City Council review the WMFRD 2023 budget before it is presented for formal approval at an upcoming council meeting. The Council previously reviewed the budget at the April work session. The budget was presented to the Fire Board at their July 13 annual meeting and the Board unanimously recommended approval of the budget. The Joint Powers Agreement requires both city councils to act on the budget by August 31; or state their objections to the budget. Council Member Elder serves as the New Hope Council Representative on the Board and Marc Berris serves on the Board as the New Hope Citizen Representative. The city managers from both cities also serve on the Board. 2023 Budget The proposed 2023 budget is attached and includes maintaining seven full‐time members serving as daytime duty crew (also responsible for department operations including inspections, public education, community outreach, finance/payroll, records management, IT, human resources, emergency management, apparatus/equipment maintenance and training) and maintaining up to 66 paid on call firefighters (WMFRD currently has 49 paid on call firefighters). The total 2023 budget is $3,031,190, which is a $299,090 increase of 9% over the 2022 budget of $2,782,100. The general operating budget increase is 249,090 or 11%, based on increases in salaries, PERA, health insurance, workers comp. insurance, medical exams, financial services and communications. There is a $20,000 decrease to the special revenue pension fund contribution. The contributions to the budget from cities include a $103,600 lease payment for the aerial truck (tower) and $70,000 lease payment for the new engines. The costs of the budget are split between the two cities based on a cost sharing formula that includes average number of calls over a five‐year period, population, and taxable market value. Based on the 2023 preliminary budget, New Hope’s increase is $133,594 or 9.4%. New Hope’s share of the total budget is $1,551,817 or 51.195%. Crystal’s share of the budget is $1,479,373 or 48.805%. Per the chart below, New Hope’s market Agenda Section Work Session Item Number 11.2 Request for Action, Page 2 values increased more than the market values in Crystal between 2021 and 2022, and the average number of calls for service were greater. Market Values in Millions 2022 Budget 2023 Budget Change New Hope 2,257 2,382 +125 Crystal 2,214 2,402 +188 Average Calls Over 5 Years 2022 Budget 2023 Budget Change New Hope 965 1040 +75 Crystal 803 842 +39 As the Council is aware, the WMFRD budget is incorporated into the city’s general fund budget. Staff recommends that the budget be placed on the August 22 council agenda for approval. It is anticipated that Crystal will approve the budget at their August 16 council meeting. Attachment  2023 West Metro Fire‐Rescue District Budget I:\RFA\City Manager\2022\Budget 2023\ws 081522\11.3 Q ‐ 2023 Preliminary Budget 081522.docx Request for Action August 15, 2022 Approved by: Tim Hoyt, Acting City Manager Originating Department: City Manager By: Valerie Leone, City Clerk‐Treas. Agenda Title Discussion regarding 2023 preliminary general fund budget and tax levy Requested Action Staff requests to begin initial discussions on the preliminary 2023 general fund budget and city tax levy. Budget binders were distributed with the work session agenda packet, and an electronic copy of the budget is attached. The city manager and representatives from Abdo will be present to provide an overview of the budget. Policy/Past Practice In the past the Council has discussed and provided feedback/direction on the general fund budget and city tax levy prior to the September council meeting when the maximum levy must be established. The general fund budget is reviewed and refined during the fall months with the final budget and tax levy adopted in December. All utility and enterprise fund budgets are reviewed and discussed in the fall, a determination is made regarding any necessary rate increases and all budgets adopted in December. Background Per Hennepin County, the City Council needs to adopt the preliminary maximum tax levy for certification to the county auditor by September 30. Staff is recommending that Council certify the preliminary tax levy at the September 12 council meeting. Per the schedule reviewed with the Council earlier this year, it was determined the preliminary budget would be distributed and discussed at the August 15 work session. If a special work session is needed prior to the September 12 council meeting to reach agreement on the initial maximum levy, staff recommends that it be conducted on September 6 (a special work session has not been necessary in the past). All general fund department budgets will be reviewed and discussed at the September 19 work session with department heads in attendance. All enterprise and utility fund budgets, including HRG, will be discussed at the October 17 work session. A final budget presentation that includes results from the city services survey is prepared and reviewed at the November 14 work session in advance of the December 5 public hearing. 2022 Budget The 2022 general fund budget was $16,179,193, and included a $513,889 levy increase (or 4.72% levy increase) over the 2021 budget of $15,936,977 for a total general fund tax levy of $11,393,354. The total city tax levy for 2022 was $18,231,011, which represented a 4.67% or $831,410 increase over the 2021 levy. The major increases in the general fund were for wage and benefit increases (3% wage increase for city employees and council members), IT charges (including software for body worn cameras), West Metro Fire‐Rescue District joint powers agreement, Emerald Ash borer removal/replacement program and 2022 election costs. The city received $866,642 in local government aid (LGA), and it was utilized in the general fund to help fund equipment replacement (not used for general operations). The total tax levy included a 5% increase in the Agenda Section Work Session Item Number 11.3 Request for Action, Page 2 street and park infrastructure levies and a new HRA levy to support the scattered site housing program. Overall, the combined debt levies decreased by $1,797. 2023 Budget The 2023 preliminary general fund budget is $17,235,207, which is an increase of $1,056,014 (6.5%) over the 2022 budget of $16,179,193. The major changes in the budget include:  An increase of $643,628 for wage and benefit increases (see personnel budget memo for additional information). A 3% cost of living adjustment is budgeted for employees along with an increase in the city’s share of health insurance coverage and a comparable cities adjustment. Council salary increases have also been budgeted for 2023.  IT charges to the general fund increased $62,158. Similar to 2022, the charges are based on the new allocation method for indirect charges (number of phones, computers and employees per department), with direct departmental LOGIS IT costs being allocated to the benefitting department. Significant direct allocations to the general fund include the software for body worn cameras (WatchGuard, $30,000), the records management for Police through Law Enforcement Technology Group (LETG, $32,448) and the recreation software ($36,620).  An increase of $145,000 for portable radios for the police department, due to the phase out of their current equipment. It is recommended that a one‐time transfer from the temporary financing fund be utilized for this capital expense.  A compensation study is anticipated for 2023. A one‐time transfer from the employee leave fund is recommended to provide funding for the consulting fees.  There is an increase of $133,595 in the budget for West Metro Fire‐Rescue District. This increase is to provide funding for the payment on two new fire truck leases. Similar to 2019, it is recommended that the increase in the joint powers agreement be funded with a transfer from the Fire Capital Fund.  There is a $62,661 decrease in central garage charges. Similar to 2022, operations and capital will be funded at 100%.  The city is scheduled to receive $847,830 in LGA (local government aid) in 2023, which is a $18,812 decrease over 2022. The revenue will be utilized in the general fund to offset central garage equipment and building replacement charges; it is not used for general operations. 2023 Tax Levy The tax levy for the general fund is $12,076,955, which is $683,601 or a 6% increase over the 2022 general fund levy of $11,393,354. The total tax levy for 2023, including the general fund, street and park infrastructure funds, economic development an housing and redevelopment authorities, and prior debt levies for City Center, Northwood South and Northwood North infrastructure bonds, the 2017 Police Station/City Hall facility bonds, and the 2018/2019 Pool and Park improvement bonds is $19,053,316. This represents a 4.51% or $822,305 increase over the 2022 levy of $18,231,011. The total tax levy includes a 5% increase in the street and park infrastructure levies to support the long‐term funding plans for street and park improvements. An HRA levy of $437,850 is recommended for 2023, which is established as a special taxing district. The EDA levy of $160,650 will be included in the city’s tax rate. Both levies are needed to support the scattered site housing program and other redevelopment due to funding changes in the CDBG program. Overall, the combined debt levies are increasing by $9,070. Request for Action, Page 3 The median home value for taxes payable in 2023 is $325,000, which is an 18% increase from the median value home in 2022. At this time the estimated impact on residential homes based on the proposed 4.51% increase in the city tax levy is 17%. This is primarily attributed to an estimated 18% increase in the market value of residential homes. For homes valued between $150,000 and $400,000 the tax increase estimate is $138 to $436. The city tax rate is projected to decrease from 62.82% in 2022 to 62.42% in 2023. The 2023 budget goals are listed in the preliminary budget binder and are the same goals discussed at the June work session. At the September 12 council meeting, the Council will be asked to set the public hearing date for the proposed 2023 budget. The meeting can be held at a regular council meeting; however, historically the Council has preferred a separate meeting for public input. Staff recommends the meeting be held on Monday, December 5, at 7 p.m. If Council desires an alternate date, please advise and staff will prepare the Request for action accordingly. The budget would then be presented to the Council for final adoption at the December 12 council meeting. Staff feels this is a reasonable place to start for the preliminary maximum budget and tax levy, with the understanding that more detailed discussions will transpire over the next several months. A PowerPoint presentation will be prepared for the September 12 council meeting after feedback is received at this work session. Thanks is extended to the city staff and Abdo that have prepared information for the preliminary budget. As the Council is aware, staff is always open to your comments ‐ the budget is a work in progress. Attachments  2023 Preliminary Budget Workbook  Powerpoint presentation 2023 PRELIMINARY BUDGETNew Hope City Council Work Session • Aug. 15, 2022 Review Budget ProcessAugust 15, 2022 Work SessionHigh level overview of preliminary general fund budget and maximumtax levy. Need Council agreement prior to September 12 Council Meeting.If no agreement reached, special work session may be needed on September 6 (a special work session has not been necessary in the past).Once maximum levy is established/adopted September 12, it cannot be increased; the tax levy can be decreased before final adoption.2 Budget ProcessSeptember 12, 2022 Council MeetingApprove 2023 preliminary tax supported budgetsApprove 2023 preliminary tax levy (maximum amount)Schedule public hearing date for 2023 budget (December 5 at 7:00 pm)City Clerk submits maximum tax levy to county auditor for certification along with public hearing dateSeptember 19, 2022 Work SessionGeneral fund budgets reviewed with city manager, Abdo and department heads3 Budget ProcessOctober 17, 2022 Work SessionUtility and enterprise fund budgets reviewed with city manager, Abdo and department headsHRG budget/program/rates discussedUtility rate recommendations reviewedNovember 21, 2022 Work SessionCounty assessor information reviewedCity services survey results presentedBudget public hearing presentation reviewed4 Budget ProcessDecember 5, 2022 Budget Public HearingPresentation and comments from residentsDecember 12, 2022 Council MeetingFinal budget approvedUtility/recycling rate changes approvedCertify final levy to Hennepin County Auditor and Department of Revenue5 General Fund Budget62021 2022Adopted Adopted 2021 to 2022 2021-2022Budget Budget Increase % Increase$15,936,977 $16,179,193 $242,216 1.5%2022 2023Adopted Preliminary 2022 to 2023 2022-2023Budget Budget Increase % Increase$16,179,193 $17,235,207 $1,056,014 6.5% 2023 Preliminary General FundMajor Budget Changes$643,628 increase to fund 3% increase in wages/benefits; increase includes evidence technician, new union contract rates, adjustment to health insurance contributions, and Council salary increase.$145,000 increase for portable radios, due to phase out of current equipment.$133,595 increase in West Metro Fire-Rescue District joint powers agreement (includes aerial lease and two new truck leases).$62,158 increase in IT charges, including WatchGuard, records management through LETG, and LOGIS software.7 2023 Preliminary General FundMajor Budget Changes$62,661 decrease in central garage charges.$38,000 decrease in elections budget for election judge costs.City to receive $847,830 in Local Government Aid (LGA) which is a decrease of $18,812 over 2022; LGA used for equipment replacement savings – it is not used for general operations. 8 2023 Preliminary Tax LevyGeneral fund tax levy is $12,076,955, which is $683,601 or 6% increase over 2022 general fund levy of $11,393,354 (4.72%).Total tax levy, including:General FundStreet and Park Infrastructure FundsEDA LevyHRA LevyPrior Debt Leviesis $19,053,316, which is $822,305 or 4.51% increase over 2022 total levy of $18,231,011 (4.67%).9 2023 Preliminary Tax LevyTotal tax levy includes:5% (80,887) increase in street infrastructure levy2.24% (20,247) increase in park infrastructure levy 5% (7,650) increase in EDA levy for redevelopment projects5% (20,850) increase in HRA levy to achieve long-term funding plan for scattered site housing program due to CDBG funding changes10 2023 Preliminary Tax LevyTotal tax levy includes:Prior Debt Levies:2015 City Center infrastructure2015 Northwood South infrastructure2016 Northwood North infrastructure2017 Police Department/City Hall2018 Pool and Park2019 Pool and ParkTwo of the bond debt levies are decreasing for a total of $2,993Four of the bond debt levies are increasing for a total of $12,063Overall, the combined debt levies are increasing by $9,07011 Property Tax Levy122022 Levied2023 RequestedIncrease / DecreaseProgram or serviceBase LevyGeneral fund 11,393,354$ 12,076,955$ 683,601$ 6.00 3.75 %Street Improvements 1,617,735 1,698,622 80,887 5.00 0.44 Park Improvements (1)904,938 925,185 20,247 2.24 0.11 Economic Development Authority 153,000 160,650 7,650 5.00 0.04 Housing and Redevelopment Authority 417,000 437,850 20,850 5.00 0.11 Debt Service‐ 2015A GO TIF Bonds (City Center) 235,227 237,853 2,626 1.12 0.01 2015B GO Imp Bonds (Northwoods South) 205,240 208,745 3,505 1.71 0.02 2016A GO Imp Bonds (Northwoods North) 262,502 263,709 1,207 0.46 0.01 2017A GO Bonds (Police Dept/City Hall) 1,706,828 1,705,515 (1,313) (0.08) (0.01) 2018A GO Tax Abatement Bonds (Pool and Park) 862,739 867,464 4,725 0.55 0.03 2019A GO Tax Abatement Bonds (Pool and Park Ph. 2) 472,448 470,768 (1,680) (0.36) (0.01) Total Property Taxes 18,231,011$ 19,053,316$ 822,305$ 4.51 4.51 %(1) Includes an increase of 5% as the annual Park Infrastructure Levy increase, plus an additional $500,000 levy to supportIce Arena debt service.PROPERTY TAX LEVY ‐ ALL FUNDSCOMPARISON OF PROPERTY TAXES% Change from Prior % of Total Change Estimated Tax ImpactMedian home value in 2023 is $325,000, which is an 18% increase from 2022Current estimated impact on residential homes based on 4.51% increase in city tax levy is 17%For homes valued between $150,000 and $400,000 the tax increase estimate is $138 to $436.13 Tax RateBased on current information:The city tax rate is projected to decrease from62.826% in 2022 to 62.420% in 2023The total tax rate is projected to decrease from138.107% in 2022 to 137.739% in 2023*Amounts for County, School, and Other are estimates.14 SummaryStaff feels this is a reasonable place to start for the preliminary maximum budget and tax levy.More detailed discussions to take place over next several months.Council needs to determine if preliminary budget/tax levy is acceptable for September 12 Council Meeting where maximum budget/tax levy will be adopted.15 I:\RFA\City Manager\2022\Closed Mtg 8.15.22\Closed Meeting 081522 Hoyt perf eval.docx Request for Action August 15, 2022 Approved by: Tim W. Hoyt, Acting City Manager Originating Department: City Manager By: Valerie Leone, City Clerk‐Treas. Agenda Title Resolution calling for a closed meeting of the New Hope City Council authorized by Minn. Stat §13D.05 to conduct a performance evaluation for Tim Hoyt, acting city manager Requested Action Per Minnesota State Statute 13D.05 a meeting can be closed to evaluate the performance of an individual who is subject to its authority. The meeting will be recorded and retained for three years. On April 25, 2022, Council approved a Memorandum of Understanding (MOU) appointing Tim Hoyt as acting city manager for a six‐month trial period (June 2 – December 1, 2022). The MOU specified the training and trial period dates, performance goals, pension plan, salary, benefits, professional development, commission appointments and general conditions of employment. One condition of the MOU was that an informal performance review of the Director of Police and Acting City Manager will be conducted by the City Council at the August 15, 2022 Council Work Session. Hoyt agrees to be open to have an ongoing dialogue with the City Council during the term of his serving as Director of Police and Acting City Manager. A copy of the City Manager’s Goals for 2022 is attached. Attachment  Resolution  Goals Agenda Section Work Session Item Number 11.4 City of New Hope Resolution No. 2022‐ Resolution calling for a closed meeting of the New Hope City Council authorized by Minn. Stat §13D.05 to conduct a performance evaluation for Tim Hoyt, acting city manager WHEREAS, Minn. Stat § 1313.05 authorizes and permits the New Hope City Council, by a majority vote taken in a public meeting, to hold a closed meeting to conduct a performance evaluation for an individual who is subject to its authority; and WHEREAS, on April 25, 2022, Council approved a Memorandum of Understanding (MOU) appointing Tim Hoyt as acting city manager for a six‐month trial period (June 2 – December 1, 2022). A condition of the MOU was that an informal performance review of the Director of Police and Acting City Manager will be conducted by the City Council at the August 15, 2022 Council Work Session. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the city of New Hope as follows: 1. That a closed meeting of the New Hope City Council shall be held on August 15, 2022, following an adjournment of the regularly scheduled work session of the New Hope City Council, in the Northwood conference room. 2. That the purpose of the meeting shall be the performance evaluation of Tim Hoyt, acting city manager. 3. That said meeting shall not be open to the public. 4. That the New Hope City Clerk is hereby directed to tape record the meeting at the cityʹs expense and preserve the tape recording for a minimum period of three (3) years. 5. That the New Hope City Clerk shall prepare a written roll of the City Council members and all other persons present at the closed meeting and make said roll available for public inspection upon adjournment of the closed meeting. Adopted by the City Council of the city of New Hope, Hennepin County, Minnesota, this 15th day of August, 2022. Mayor Attest: City Clerk