1997-05-20 TIF 7
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Development Program approved by
City Council,A1,t}cj 02t) , 1997
TIF Plan, TIF District No. 7 approved by
City Council M ~ ef2(), 1997
TIF Plan, TIF District No. approved by
City Council Jl1 At; :20 , 1997
MODIFIED DEVELOPMENT PROGRAM
DEVELOPMENT DISTRICT NO.1
and
TAX INCREMENT FINANCING PLANS
TAX INCREMENT FINANCING DISTRICT NO.7
and
TAX INCREMENT FINANCING DISTRICT NO.8
CITY OF ALBERTVILLE, MINNESOTA
AI/~ :M ,1997
This Instrument Drafted by:
KENNEDY & GRAVEN, CHARTERED (DJG)
470 Pillsbury Center
200 South Sixth Street
Minneapolis, Minnesota 55402
Telephone: (612) 337-9300
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SECTION I. MODIFIED DEVELOPMENT PROGRAM FOR DEVELOPMENT
DISTRICT NO.1. ...................................... 1
Subsection 1.1.
Subsection 1.2.
Subsection 1.3.
Subsection 1.4.
Subsection 1.5.
Subsection 1.6.
Subsection 1.7.
Subsection 1.8.
Subsection 1.9.
Subsection 1.10.
Subsection 1.11.
Subsection 1.12.
Subsection 1.13.
Subsection 1.14.
SECTION II.
Definitions ....................................... 1
Statement and Finding of Public Purpose. . . . . . . . . . . . . . . . . .. 2
Statutory Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2
Statement of Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2
Estimated Public Costs and Supportive Data. . . . . . . . . . . . . . . .. 3
Environmental Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4
Proposed Reuse of Property . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4
Public Improvements and Facilities to be Constructed
Within Development District No.1. . . . . . . . . . . . . . . . . . . . . .. 4
Administration and Maintenance of the
Development District ................................ 4
Rehabilitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4
Relocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5
Open Space to be Created ............................. 5
Boundaries of the Development District . . . . . . . . . . . . . . . . . . .. 5
Parcels To Be Acquired or May be Acquired In
Whole or In Part Within the Development District ............ 5
TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO.7. . . . . . . . . . . . . . . 6
A. Statutory Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 6
B. Statement of Objectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 6
C. Statement of Public Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
D. Development District Program ................................ 6
E. Description of TIF District . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
F. Development Contracts .................:................... 7
G. Classification of TIF District ................................. 7
H. Modification of TIF Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
I. Use of Tax Increment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1. Excess Tax Increment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
K. Limitation on Collection of Increment . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
L. Limitation on Administrative Expenses .......... '. . . . . . . . . . . . . . . . 9
M. Limitation on Boundary Changes .............................. 9
N. Relocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
O. Parcels to be Acquired Within the TIF District . . . . . . . . . . . . . . . . . . . . . 9
P. TIF Account ............................................ 9
Q. Estimate of Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
R. Estimate of Bonded Indebtedness ............................. 10
S. Original Tax Capacity and Original Tax Capacity Rate .............. 10
T. Estimate of Captured Tax Capacity and Tax Increment .............. 10
U. Duration of the TIF District . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11
V. Estimate of Impact on Other Taxing Jurisdictions .................. 11
W. Annual Financial Report ................................... 11
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X. Notification of Prior Planned Improvements . . . . . . . . . . . . . . . . . . . . . . . .
Y. Assessment Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11
Z. Local Government Aid/Homestead and Agricultural Credit Aid
{LGAlHACA} .......................................... 12
SECTION III.
A.
B.
C.
D.
E.
F.
G.
H.
I.
1.
K.
L.
M.
N.
O.
P.
Q.
R.
S.
T.
U.
V.
W.
X.
Y.
Z.
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TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO.8. . . . . . . . . . . . .. 13
Statutory Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 13
Statement of Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 13
Statement of Public Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 13
Development District Program ............................... 13
Description of TIF District . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 14
Development Contracts ........................ . . . . . . . . . . .. 14
Classification of TIF District ................................ 14
Modification of TIF Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 14
Use of Tax Increment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 15
Excess Tax Increment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 15
Limitation on Collection of Increment . . . . . . . . . . . . . . . . . . . . . . . . .. 15
Limitation on Administrative Expenses ......................... 16
Limitation on Boundary Changes ............................. 16
Relocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 16
Parcels to be Acquired Within the TIF District . . . . . . . . . . . . . . . . . . .. 16
TIF Account ........................................... 16
Estimate of Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17
Estimate of Bonded Indebtedness ............................. 17
Original Tax Capacity and Original Tax Capacity Rate .............. 17
Estimate of Captured Tax Capacity and Tax Increment .............. 18
Duration of the TIF District . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .. 18
Estimate of Impact on Other Taxing Jurisdictions' . . . . . . . . . . . . . . . . .. 18
Annual Financial Report ................................... 18
Notification of Prior Planned Improvements . . . . . . . . . . . . . . . . . . . . .. 19
Assessment Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 19
Local Government Aid/Homestead and Agricultural Credit Aid
{LGAlHACA} .......................................... 19
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SECTION I. MODIFIED DEVELOPMENT PROGRAM FOR DEVELOPMENT
DISTRICT NO.1.
Subsection 1.1. Definitions. For the purposes of the Development District Program, the
following terms shall have the meanings specified below, unless the context otherwise requires:
"City" means the City of Albertville, a municipal corporation under the laws of the State
of Minnesota.
"Comprehensive Plan" means the City's Comprehensive Plan, including the objectives,
policies, standards and programs to guide public and private land use, development,
redevelopment and preservation for all lands and water within the City.
"City Council" or "Council" means the Albertville City Council;
"City Development District Act" or "Act" means Minnesota Statutes. Sections 469.124
through 469.134, as amended.
"County" means Wright County, Minnesota.
"Development District" means Development District No.1 which was initially approved
by the Council in April, 1981 pursuant to and in accordance with the City Development District
Act, and as it has been or may be modified.
"Development District Program" or "Program" means the program for development of the
District adopted by the City pursuant to the Development District Act.
"Project Area" or "Project" means the property within Development District No.1, as
described in the Development Program.
"State" means the State of Minnesota.
"Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, Sections 469.174
through 469.179, inclusive, as amended.
"Tax Increment Bonds" means any general obligation or revenue tax increment bonds or
notes issued by the City to finance the public costs associated with Development District No.1
as stated in the Program and in the Tax Increment Financing Plans for the Tax Increment
Financing Districts within Development District No.1, or any obligations issued to refund the
Tax Increment Bonds.
"Tax Increment Financing District" or "TIF District" means any Tax Increment Financing
District created and established pursuant to the TIF Act within Development District No.1.
"Tax Increment Financing Plan" or "Plan" means the TIF Plan adopted by the Council for
any TIF District within Development District No.1.
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Subsection 1.2. Statement and Finding of Public Purpose. The Council of the City
determines that there is a need for development and redevelopment within the corporate limits
of the City and within the Development District to provide employment and housing
opportunities, to improve the tax base, and to improve the general economy of the State. It is
found that the area within the District is potentially more useful and valuable than is being
realized under existing development, is less productive than is possible under this Program and,
therefore, is not contributing to the tax base to its full potential.
Therefore, the City has determined to exercise its authority to develop a program for
improving the Development District of the City to provide an impetus for private development,
to maintain and increase employment, to utilize existing potential and to provide other facilities
as are outlined in the Development Program adopted by the City.
The Council finds that the welfare of the City as well as the State of Minnesota requires
active promotion, attraction, encouragement and development of economically sound industry,
housing, and commerce to carry out its stated public purpose objectives.
Subsection 1.3. Statutory Authority. The Council reaffirms its determination that it is
desirable and in the public interest to establish, develop and administer a Development Program
for the Development District in the City, pursuant to the provisions of the Act.
Funding of the necessary activities and improvements in the Development District may
be accomplished in whole or in part through tax increment financing in accordance with the TIF
Act.
The City has designated a specific area within the corporate limits of the City as
Development District No. 1 as authorized by Section 469.126 of the Act, as outlined in this
document. Within the Development District, the City has previously created TIF District Nos.
1, 2, 3, 4, 5, and 6.
The original Development Program for Development District No. 1 was approved in April,
1981 and has been modified subsequently. On July 17, 1989, the Development Program was
modified to expand the area of the Development District. On July 15, 1996, the Development
Program was again modified to expand the area of the Development District.
The City has now determined that, in order to address changing development needs
throughout the City, it is in the public interest to provide for additional expenditures and
development within Development District No.1. This modified Development Program is
intended to restate and expand on the original program and all prior amendments hereto, which
are incorporated herein by reference. Nothing in this modification is intended to supersede or
alter the activities described in the original Development Program.
Subsection 1.4. Statement of Obiectives. The Council determines that the Development
District will provide the City with the ability to achieve certain public purpose goals not
otherwise obtainable in the foreseeable future without City intervention in the normal
development process. The public purpose goals include: restore and improve the tax base and
tax revenue generating capacity of the Development District; increase employment and housing
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opportunities; realize comprehensive planning goals; remove blighted conditions; revitalize the
property within the Development District to create an attractive, comfortable, convenient, and
efficient area for industrial, commercial and related use.
The City and Council seek to achieve the following Development District program
objectives:
1. Promote and secure the prompt development of certain property in the
Development District, which property is not now in productive use or in its highest and best use,
in a manner consistent with the City's Comprehensive Plan and with the minimum adverse impact
on the environrne~t, and thereby promote and secure the development of other land in the City.
2. Promote and secure additional employment and housing opportunities within the
Development District and the City for residents of the City and the surrounding area, thereby
improving living standards, reducing unemployment and the loss of skilled and unskilled labor
and other human resources in the City.
3. Secure the increase of commercial/industrial property subject to taxation by the
City, Independent School District No. 885, Wright County, and other taxing jurisdictions in oider
to better enable such entities to pay for governmental services and programs required to be
provided by them.
4. Provide for the financing and construction of public improvements in the
Development District necessary for the orderly and beneficial development of the Development
District and adjacent areas of the City.
5. Promote the concentration of commercial, office, and other appropriate
development in the Development District so as to maintain the area in a manner compatible with
its accessibility and prominence in the City.
6.
possible.
Encourage local business expansion, improvement, and development, whenever
7. Create a desirable and unique character within the Development District thorough
quality land use alternatives and design quality in new and remodeled, buildings.
8. Encourage and provide maximum opportunity for private redevelopment of existing
areas and structures that are compatible with the Development Program.
9. Encourage redevelopment of substandard buildings, to improve employment
opportunities in the Development District and the City, where compatible with other planning and
development goals.
Subsection 1.5. Estimated Public Costs and Sup~ortive Data. The public costs and
development plans for the Development District have been described in detail in each TIF Plan,
which are incorporated herein by reference.
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The City now anticipates additional public costs to be financed in part with tax increments
from TIF District No.6, TIF District No.7, and TIF District No.8. Estimated costs and related
data for such efforts are set forth in the TIF Plans for TIF District No.6, TIF District No.7, and
TIF District No.8. The TIF Plan for TIF District No. 6 was previously approved by the City
and is on file with the City. The TIF Plans for TIF District No.7 and TIF District No.8 are
attached to this modified Development Program.
Subsection 1.6. Environmental Controls. The proposed development activities in the
Development District do not present significant environmental concerns. All municipal actions,
public improvements and private development shall be carried out in a manner consistent with
existing environmental. standards.
Subsection 1.7. Proposed Reuse of Prooertv. The proposals for reuse of property within
the Development District are described in the documents referenced in Section 1.5 herein. The
City may acquire additional parcels for development, as identified in Subsection 1.14 herein.
Unless otherwise specified, the Development Program does not contemplate the acquisition
of private property until such time as a private developer presents an economically feasible
program for the reuse of that property. Proposals, in order to be considered, must be within the
framework of the above cited goals and objectives, and must clearly demonstrate feasibility as
a public program. Prior to formal consideration of the acquisition of any property, the City
Council will require a binding contract, performance bond and/or other evidence or guarantees
that a supporting tax increment or other funds will be available to repay the public cost associated
with the proposed acquisition. It is the intent of the City to negotiate the acquisition of property
whenever necessary. Appropriate restrictions regarding the reuse and redevelopment of property
shall be incorporated into any land sale contract to which the City is a part.
Subsection 1.8. Public Improvements and Facilities to be Constructed Within
Development District No.1. The public improvements and facilities to be constructed within
Development District No.1 include: (a) off-site improvements, including streets, water, sanitary
sewer and storm sewer; and (b) on-site utilities, soils correction, parking and landscaping. All
public improvements are more particularly described in the documents referenced in Subsection
1.5 herein.
Subsection 1.9. Administration and Maintenance of the Development District.
Maintenance and operation of the public improvements will be the responsibility of the
Administrator of the City who shall serve as Administrator of the Development District. The
Administrator will administer the Development District pursuant to the provisions of Section
469.131 of the Act; provided, however, that such powers may only be exercised at the direction
of the Council. No action taken by the Administrator pursuant to the above-mentioned powers
shall be effective without authorization by the Council.
Subsection 1.10. Rehabilitation. Owners of properties within the Development District
will be encouraged to rehabilitate their property to conform with the applicable state and local
codes and ordinances, as well as any design standards. Owners of the properties who purchase
property within the Development District from the City may be required to rehabilitate their
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properties as a condition of sale of land. The City will provide such rehabilitation assistance as
may be available from federal, state or local sources.
Subsection 1.11. Relocation. The City does not anticipate the need to relocate any
residents or businesses, but if such need arises, provisions for relocation will be made in
accordance with Minnesota Statutes, Section 117.50 through 117.56 and any rules adopted by the
City Council.
Subsection 1.12. Open Space to be Created. The City, in carrying out the objectives of
the Development Pro~am, proposes to encourage the beautification of open spaces through the
development of criteria which shall be incorporated into any land sale or development agreements
entered into by the City of Albertville.
Subsection 1.13. Boundaries of the Development District. Boundaries of Development
District No. 1 include the boundary of the City as a whole and are unchanged by this
modification. A map of the Development District is attached at Exhibit A.
Subsection 1.14. Parcels To Be Acauired or Mav be Acauired In Whole or In Part Within
the Development District. The City may acquire any parcels in any TIF District or in the
Development District as a whole if necessary to carry out the goals and objectives of the
Development Program.
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II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO.7
A. StatutOry Authoritv
Pursuant to the TIF Act, the Authority seeks to create TIF District No. 7 and adopt a TIF
Plan for that TIF District.
B. Statement of Objectives
The objectives' for the Development District set forth In Subsection 1.4 of the
Development Program are incorporated herein by reference.
C. Statement of Public Purpose
In adopting the TIF Plan for TIF District No.7, the City Council will make the following
findings:
1. Anticipated development would not reasonably be expected to occur solely
through private investment within the reasonably foreseeable future and therefore the use
of TIF is necessary;
2. The TIF Plan will afford maximum opportunity, consistent with the sound
needs of the Authority as a whole, for development of the District by private enterprise;
and
3.
whole.
The TIF Plan conforms to general plans for development of the City as a
Finding No. 1 is demonstrated by the economic analysis on file at City Hall and the
Council's knowledge of the site and development within the City generally. The proposed
development consists of rental housing for low and moderate income seniors, which is not
economically feasible without substantial public assistance. The City has determined that such
housing is needed in the City and has not been developed in the past without public assistance.
D. Development District Program
Actions taken with regards to TIF District No. 7 will be fully consistent with the Plan for
Development District No.1, as modified.
E. Description of TIF District
TIF District No. 7 consists of the property described in Exhibit B. A map of the
approximate boundaries of TIF District No. 7 is included in Exhibit A.
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F. Development Contracts
The Authority has not yet entered any development contracts regarding property within
the TIF District.
G. Classification of TIF District
The City finds that TIF District No.7 is a housing district pursuant to Section 469.174,
Subd. 11 and 469.1761 of the TIF Act. All of the development anticipated within the TIF district
consists of housing intended for occupancy by persons or families of low and moderate income
as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing
Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of
1949, as amended, any other similar present or future federal, state, or municipal legislation, or
the regulations promulgated under any of those acts.
The City also reasonably anticipates that the TIF District will be a "qualified housing
district" as defined in Minnesota Statutes, Section 273.1399, Subd. 1 (c) because the only property
receiving tax increment assistance will be residential rental property that meets all the
requirements for a low-income housing credit under Section 42 of the Internal Revenue Code of
1986, as amended.
H. Modification of TIF Plan
The TIF Plan for TIF District No.7 may be modified by the City, provided that any
reduction or enlargement of geographic area of TIF District No.7, increase in amount of bonded
indebtedness to be incurred, including a determination to capitalize interest on the debt if that
determination was not a part of the original plan, or to increase or decrease the amount of interest
on the debt to be capitalized, increase in the portion of the captured assessed value to be retained
by the City, increase in total estimated tax increment expenditures, or designation of additional
property to be acquired by the City, shall be approved upon the notice and after the discussion,
public hearing and findings required for approval of the original plan.
I. Use of Tax Increment
1. Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived from
the tax increment from TIF District No. 7 shall be used in accordance with the TIF Plan. The
revenues shall be used to finance or otherwise pay the capital and administrative costs of
development activities within the Development District as identified in the TIF Plan.
2. All revenue derived from tax increments from TIF District No.7 will be used
solely to finance the cost of "housing projects" as defined in Section 469.174, Subd. 11 of the
TIF Act, which costs may include the cost of public improvements directly related to the
"housing project" and allocated administrative expenses. All such expenditures, anywhere within
the Development District, will be considered activities within the TIF District, as provided in
Section 469.1763, subd. 2(b) of the TIF Act (requiring that 80% of revenues derived from tax
increment be spent within the TIF District).
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3. Revenues derived from tax increment will be expended in accordance with the
five-year rule as set forth in Section 469.1763 of the Tax Increment Act.
J. Excess Tax Increment
Pursuant to Sections 469.176, Subd. 2 of the TIF Act, in any year in which the increment
exceeds the amount necessary to pay the costs authorized by the TIF Plan, the City will use the
excess amount to do any of the following, in the order determined by the City:
1. Prepay ~e outstanding bonds;
2. Discharge the pledge of tax increment therefor;
3. Pay into an escrow account dedicated to the payment of bonds;
4. Retained by the City for future development purposes; or
5. Return the excess amount to the Wright County auditor, who shall distribute the
excess amount to the City, the County and Independent School District No. 885
in direct proportion to their respective tax capacity rates.
In addition, and subject to the limitations set forth in Subsection I herein, the City may
choose to modify the TIF Plan in order to provide for other public improvements within the TIF
District.
K. Limitation on Collection of Increment
1. No increment shall be paid to the City from TIF District No. 7 after three years
from the date of certification of the original tax capacity of the taxable real property in the TIF
District by the county auditor unless within the three year period (a) bonds have been issued in
aid of Development District No.1 pursuant to Section 469.178 of the TIF Act or any other law
except revenue bonds issued pursuant to Minnesota Statutes, Sections 469.152 to 469.165, or (b)
the City has acquired property within TIF District No.7 or (c) the. City has constructed or caused
to be constructed public improvements within TIF District No.7.
2. If, after four years from the date of certification of the original tax capacity of TIF
District No.7, no demolition, rehabilitation, or renovation of property or other site preparation,
including qualified improvement of a street or right-of-way adjacent to a parcel but not
installation of underground utility service, including sewer or w~ter systems, have been
commenced on a parcel located within TIF District No.7 by the City, or by the owner of the
parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel,
and the original tax capacity of that parcel shall be excluded from the original tax capacity of the
TIF District. If these activities subsequently commences, the City will so certify to the county
auditor, and the tax capacity of the property as most recently certified by the commissioner of
revenue will be added to the TIF District's original tax capacity.
3. No tax increment will in any event be paid to the City from TIF District No.7
after 25 years from the date of receipt of the first increment.
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L. Limitation on Administrative Expenses
Pursuant to Section 469.176, Subd. 3 of the TIF Act, administrative expenses are limited
to 10 percent of the total tax increment expenditures for Development District No.1. Each time
the City increases the budget of TIF District No.7, the amount of tax increment money allocated
to administrative costs may be increased as long as the total of administrative expenditures does
not exceed 10 percent of the total budget of the TIF District.
M. Limitation on Boundary Changes
The geographic area of TIF District No. 7 may be reduced, but it may not be enlarged
after five years following the date of certification of the original tax capacity by the Wright
County auditor. Thus, the TIF District may not be enlarged after approximately June 1, 2002.
N. Relocation
While no relocation is currently anticipated, the City accepts as binding its obligations
under state law for relocation and will administer relocation services for families, individuals and
businesses displaced by public action.
O. Parcels to be Acquired Within the TIF District
The City may acquire any property within the TIF District in order to carry out the
objectives of this TIF Plan.
P. TIF Account
The tax increment received with respect to TIF District No.7 shall be segregated by the
City in a special account on its official books and records or held by a trustee for the benefit of
holders of bonds issued to finance development activities.
Q. Estimate of Proiect Costs
The City intends to facilitate development of a rental housing facility for low and
moderate income seniors. The total estimated costs to be financed in, part with tax increments
are as follows:
Land Acquisition
Site Improvements
(grading, excavation, landscaping)
Soil corrections
Parking
Sewer, water and storm sewer utilities
TOTAL
$390,000
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The above are estimates, which may shift among categories, provided that the total costs
will not exceed the total listed. Costs within each category are deemed to include capitalized
interest which will vary depending on when or if bonds are issued, but in any event will not exceed
three years as required by Minn. Stat. Ch. 475.
In addition to the costs listed above, the City may retain ten percent of the total tax
increment collected each year for administrative expenses, subject to the limitation that no more
than 10 percent of total tax.increment expenditures may be expended for administrative costs, as
described in Subsection L hereof.
R. Estimate of Bonded Indebtedness
The City may finance the project costs identified in this TIP Plan through issuance of
revenue notes, pay as you go obligations in any form, or general obligation bonds in a principal
amount not to exceed approximately $390,000.
S. OrilZinal Tax Caoacitv and Original Tax Capacity Rate
At the time of the request for certification, the original tax capacity of property within TIF
District No.7 is expected to be $971. This is the value of the property as of January 2, 1996, and
assumes that the request for certification will be filed before July 1, 1997.
The original tax capacity rate of TIF District No.7 is estimated to be 123.582%. This rate
is an estimate of the aggregate tax capacity rate applicable to property within the TIF District for
taxes payable in 1997.
The County auditor will increase or decrease the original tax capacity of TIF District No.
7 as a result of:
1. Change in the tax exempt status of property within the TIF District;
2. Reduction or enlargement of the geographic boundaries of the TIF District;
3. Reduction of valuation by means of a court-ordered abatement, stipulation
agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota
commissioner of revenue; or '
4. Change in the classification of property within the TIF District to a classification
that has a different class rate.
T. Estimate of Caotured Tax Ca9acitv and Tax Increment
The City expects the first phase of improvements in the TIF District to be completed by
January 2, 1998. As of that date, the captured capacity is estimated to be $36,910. Accordingly,
the first full tax increment is estimated to be $45,615, payable in 1999. A complete schedule of
estimated tax increment from the TIF District is shown in Exhibit C.
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Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared that all of
the captured tax capacity generated within TIF District No.7 is necessary to finance or otherwise
make permissible expenditures authorized by Section 469.176, Subd. 4 of the TIF Act.
U. Duration of the TIF District
In accordance with Section 469.176, Subd. l(b) of the TIF Act, the City may continue to
receive TIF payments until 25 years after the date of receipt of the first increment.
V. Estimate of Impact on Other TaxiOlZ Jurisdictions
The City believes that, because the development would not have occurred without tax
increment assistance, the TIF District has no impact on other taxing jurisdictions. However,
assuming the development would have occurred without tax increment assistance, making the
anticipated captured tax capacity available to other jurisdictions, the hypothetical impacts on other
jurisdictions are presented in Exhibit D.
W. Annual Financial Report
The City will file the annual reports with the State Auditor regarding all TIF Districts in
the City, as required in Sections 469.175, subds. 5, 6, and 6a of the TIF Act.
X. Notification of Prior Planned Improvements
Pursuant to Section 469.177, Subdivision 4 of the TIF Act, the City reviewed its records
with regard to the property within TIF District No. 7 and found that no building permits were
issued during the 18 months immediately preceding approval of the TIF Plan by the City.
Y. Assessment Agreements
Pursuant to Section 469.177, Subdivision 8 of the TIF Act, the City may execute an
assessment agreement in recordable form with the developer which establishes a minimum Market
value of land and improvements for the duration of TIF District No.7. The Assessment
agreement, if any, shall be presented to the Wright County assessor who shall review the plans and
specifications for the improvements to be constructed, review the mark~t value previously assigned
to the land upon which the improvements are to be constructed and so long as the minimum
market value contained in the assessment agreement appears in the judgment of the assessor to be
a reasonable estimate, the assessor may certify the minimum market value agreement. The
assessment agreement shall be filed of record in the office of the county recorder or the registrar
of titles of Wright County. Recording or filing of an assessment agreement complying with the
terms of Section 469.177, Subd. 8 of the TIF Act shall constitute notice of the agreement to any
subsequent purchaser or encumbrance of the land or any part thereof, whether voluntary or
involuntary, and shall be binding upon them.
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z. Local Government AidIHomestead and Agricultural Credit Aid (LGAlHACA)
The City anticipates that the TIF District will be a qualified housing district, and will thus
be exempt from loss of local government aid and homestead and agricultural credit aid, in
accordance with Minnesota Statutes, Section 273.1399, subd. 6(c).
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III. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO.8
A. Statutory Authority
Pursuant to the TIF Act, the Authority seeks to create TIF District No.8 and adopt a TIF
Plan for that TIF District.
B. Statement of Objectives
The objectives for the Development District set forth in Subsection 1.4 of the Development
Program are incorporated herein by reference.
C. Statement of Public Purpose
In adopting the TIF Plan for TIF District No.8, the City Council will make the following
findings:
1. Anticipated development would not reasonably be expected to occur solely
through private investment within the reasonably foreseeable future and the increased
market value of the site that could reasonably be expected to occur without the use of tax
increment fmancing would be less than the increase in the market value estimated to result
from the proposed development after subtracting the present value of the projected tax
increments for the maximum duration of the district permitted by the TIF Plan;
2. The TIF Plan will afford maximum opportunity, consistent with the sound
needs of the Authority as a whole, for development of the District by private enterprise;
and
3.
whole.
The TIF Plan conforms to general plans for development of the City as a
Finding No. 1 is demonstrated by the economic analysis on file at City Hall and the
Council's knowledge of the site and development within the City generally. Without tax increment
financing assistance, public improvements necessary to serve the site would not be feasible, and
no other development would be expected to occur. Further, the site is characterized by severe soil
problems that make development infeasible without substantial cost. Thus, no market value
increase would be reasonably expected absent tax increment financing.
D. Development District ProlZram
Actions taken with regards to TIF District No.8 will be fully consistent with the Plan for
Development District No. I, as modified.
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E. Descriotion of TIF District
TIF District No. 8 consists of the property described in Exhibit E. A map of the
approximate boundaries of TIF District No.8 is included in Exhibit A.
F. Development Contracts
The Authority has not yet entered any development contracts regarding property within the
TIF District. The Authority expects to enter a development contract with Vetsch Cabinets
providing for the development described in more detail in Section Q of this TIF Plan.
G. Classification of TIF District
The City finds that TIF District No.8 is an economic development district pursuant to
Section 469.174, subdivision 12 of the TIF Act because the proposed tax increment assistance will
discourage commerce, industry, and manufacturing from moving their operations from the City,
will result in increased employment within the State, and will result in the preservation and
enhancement of the tax base of the State. Further, revenue derived from tax increment from the
TIF District will not be used for to provide assistance in any form to developments consisting of
buildings or ancillary facilities if more than 15 percent of the buildings and facilities (determined
on a square footage basis) are used for a purpose other than:
1. the manufacturing, storage and distribution of tangible personal property,
including processing resulting in the change in condition of the property;
2. warehousing, storage and distribution of tangible personal property, excluding
retail sales;
3. research and development related to the activities listed in clause 1 or 2;
4. telemarketing, if that activity is the exclusive use of the property;
5. tourism facilities (if the conditions specified in Section 469.174, subd. 22 are
met); and
6. space necessary for and related to the activities listed in clauses 1 to 5.
H. Modification of TIF Plan
The TIF Plan for TIF District No.8 may be modified by the City, provided that any
reduction or enlargement of geographic area of TIF District No.8, increase in amount of bonded
indebtedness to be incurred, including a determination to capitalize interest on the debt if that
determination was not a part of the original plan, or to increase or decrease the amount of interest
on the debt to be capitalized, increase in the portion of the captured assessed value to be retained
by the City, increase in total estimated tax increment expenditures, or designation of additional
property to be acquired by the City, shall be approved upon the notice and after the discussion,
public hearing and findings required for approval of the original plan.
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I. Use of Tax Increment
1. Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived from the
tax increment from TIF District No. 8 shall be used in accordance with the TIF Plan. The
revenues shall be used to finance or otherwise pay the capital and administrative costs of
development activities within the Development District as identified in the TIF Plan.
2. Pursuant to Section 469.1763, Subd. 2 of the TIF Act, at least 80 percent of the
revenue derived from tax increments paid by properties in TIF District No.8 will be expended on
activities ("Activities") in the TIF District or to pay bonds, to the extent that the proceeds of the
bonds were used to finance Activities in the TIF District or to pay, or secure payment of, debt
service on credit enhanced bonds (as defined in the TIF Act). No more than 20 percent of the
revenue derived from tax increments paid by properties in TIF District No.8 will be expended,
through a development fund or otherwise, on Activities outside of the TIF District but within
Development District No.1 except to pay, or secure payment of, debt service on credit enhanced
bonds.
3. Revenues derived from tax increment will be expended in accordance with the
five-year rule as set forth in Section 469.1763 of the Tax Increment Act.
1. Excess Tax Increment
Pursuant to Sections 469.176, Subd. 2 of the TIF Act, in any year in which the increment
exceeds the amount necessary to pay the costs authorized by the TIF Plan, the City will use the
excess amount to do any of the following, in the order determined by the City:
1. Prepay the outstanding bonds;
2. Discharge the pledge of tax increment therefor;
3. Pay into an escrow account dedicated to the payment of bonds;
4. Retained by the City for future development purposes; or
5. Return the excess amount to the Wright County auditor, who shall distribute the
excess amount to the City, the County and Independent School District No. 885 in
direct proportion to their respective tax capacity rates.
In addition, and subject to the limitations set forth in Subsection I herein, the City may
choose to modify the TIF Plan in order to provide for other economic development activities
within the TIF District.
K. Limitation on Collection of Increment
1. No increment shall be paid to the City from TIF District No.8 after three years
from the date of certification of the original tax capacity of the taxable real property in the TIF
District by the county auditor unless within the three year period (a) bonds have been issued in aid
of Development District No. 1 pursuant to Section 469.178 of the TIF Act or any other law except
revenue bonds issued pursuant to Minnesota Statutes, Sections 469.152 to 469.165, or (b) the City
has acquired property within TIF District No. 8 or (c) the City has constructed or caused to be
constructed public improvements within TIF District No.8.
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2. If, after four years from the date of certification of the original tax capacity of TlF
District No.8, no demolition, rehabilitation, or renovation of property or other site preparation,
including qualified improvement of a street or right-of-way adjacent to a parcel but not installation
of underground utility service, including sewer or water systems, have been commenced on a
parcel located within TlF District No.8 by the City, or by the owner of the parcel in accordance
with the TIF Plan, no additional increment may be taken from that parcel, and the original tax
capacity of that parcel shall be excluded from the original tax capacity of the TIF District. If these
activities subsequently commences, the City will so certify to the county auditor, and the tax
capacity of the property as most recently certified by the commissioner of revenue will be added
to the TIF District's or~ginal tax capacity.
3. No tax increment will in any event be paid to the City from TIF District No.8 after
9 years from the date of receipt of the first increment, or II years from the date of approval of this
TlF Plan, whichever occurs first.
L. Limitation on Administrative Expenses
Pursuant to Section 469.176, Subd. 3 of the TIF Act, administrative expenses are limited
to 10 percent of the total tax increment expenditures for Development District No. I. Each time
the City increases the budget of TIF District No.8, the amount of tax increment money allocated
to administrative costs may be increased as long as the total of administrative expenditures does
not exceed 10 percent of the total budget of the TIF District.
M. Limitation on Boundary Changes
The geographic area of TlF District No.8 may be reduced, but it may not be enlarged after
five years following the date of certification of the original tax capacity by the Wright County
auditor. Thus, the TIF District may not be enlarged after approximately June I, 2002.
N. Relocation
While no relocation is currently anticipated, the City accepts as binding its obligations under
state law for relocation and will administer relocation services for families, individuals and
businesses displaced by public action.
O. Parcels to be Acauired Within the TlF District
The City may acquire any property within the TlF District in order to carry out the
objectives of this TIF Plan.
P. TIF Account
The tax increment received with respect to TlF District No. 8 shall be segregated by the
City in a special account on its official books and records or held by a trustee for the benefit of
holders of bonds issued to finance development activities.
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Q. Estimate of Proiect Costs
The City intends to facilitate development of a cabinet manufacturing facility at a site that
is managed by poor soils and inadequate public services. The total estimated costs to be financed
in part with tax increment are as follows:
Land acquisition
Site improvements (grading, excavation, landscaping)
Soil corrections
Sanitary sewer,. water and storm sewer utilities
Footings (necessitated by soil problems)
Parking
TOTAL
$75,000
The above are estimates, which may shift among categories, provided that the total costs
will not exceed the total listed. Costs within each category are deemed to include capitalized
interest which will vary depending on when or if bonds are issued, but in any event will not exceed
three years as required by Minn. Stat. Ch. 475.
In addition to the costs listed above, the City may retain ten percent of the total tax
increment collected each year for administrative expenses, subject to the limitation that no more
than 10 percent of total tax increment expenditures may be expended for administrative costs, as
described in Subsection L hereof.
R. Estimate of Bonded Indebtedness
The City may finance the project costs identified in this TIP Plan through issuance of
revenue notes, pay as you go obligations in any form, or general obligation bonds in a principal
amount not to exceed approximately $75,000.
S. Original Tax Capacity and Original Tax Cat;>acity Rate
The property in the TIF District has been owned by the City for at least five years, and
therefore will have a tax-exempt value of zero until the property ,is transferred to a private
developer. Upon such transfer, the City anticipates that the estimated market value of the property
as determined by the assessor as of the date of transfer will be approximately $13,000, for an
adjusted original tax capacity of $390.
Because the property has been tax exempt for the past five years, there has been no increase
in market value for the purposes of determining the "inflation adjustment factor" under Section
469.177, subd. 1(t) of the TIF Act, and no inflation adjustment is anticipated.
The original tax capacity rate ofTIF District No.8 is estimated to be 123.582%. This rate
is an estimate of the aggregate tax capacity rate applicable to property within the TIF District for
taxes payable in 1997.
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The County auditor will increase or decrease the original tax capacity of TIF District No.
8 as a result of:
1. Change in the tax exempt status of property within the TIF District;
2. Reduction or enlargement of the geographic boundaries of the TIF District;
3. Reduction of valuation by means of a court-ordered abatement, stipulation
agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota
commissioner of revenue; or
4. Change in the classification of property within the TIF District to a classification
that has a different class rate.
T. Estimate of Captured Tax Caoacity and Tax Increment
The City expects the improvements in the TIF District to be completed by January 2, 1998.
As of that date, the captured capacity is estimated to be $10,301. Accordingly, the first full tax
increment is estimated to be $12,730, payable in 1999. A complete schedule of estimated tax
increment from the TIF District is shown in Exhibit F.
Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared that all of
the captured tax capacity generated within TIF District No. 8 is necessary to finance or otherwise
make permissible expenditures authorized by Section 469.176, Subd. 4 of the TIF Act.
U. Duration of the TIF District
In accordance with Section 469.176, Subd. l(b) of the TIF Act, the City may continue to
receive TIF payments until the earlier of 9 years after the date of.receipt of the first increment, or
11 years after the date of approval of this TIF Plan.
v. Estimate of Impact on Other Taxing Jurisdictions
The City believes that, because the development would not have occurred without tax
increment assistance, the TIF District has no impact on other taxing jurisdictions. However,
assuming the development would have occurred without tax increment assistance, making the
anticipated captured tax capacity available to other jurisdictions, the hypothetical impacts on other
jurisdictions are presented in Exhibit G.
W. Annual Financial Reoort
The City will file the annual reports with the State Auditor regarding all TIF Districts in
the City, as required in Sections 469.175, subds. 5, 6, and 6a of the TIF Act.
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X. Notification of Prior Planned Improvements
Pursuant to Section 469.177, Subdivision 4 of the TIF Act, the City reviewed its records
with regard to the property within TIF District No.8 and found that no building permits were
issued during the 18 months immediately preceding approval of the TIF Plan by the City.
Y. Assessment Agreements
Pursuant to Section 469.177, Subdivision 8 of the TIF Act, the City may execute an
assessment agreement i~ recordable form with the developer which establishes a minimum Market
value of land and improvements for the duration of TIF District No.8. The Assessment
agreement, if any, shall be presented to the Wright County assessor who shall review the plans and
specifications for the improvements to be constructed, review the market value previously assigned
to the land upon which the improvements are to be constructed and so long as the minimum
market value contained in the assessment agreement appears in the judgment of the assessor to be
a reasonable estimate, the assessor may certify the minimum market value agreement. The
assessment agreement shall be filed of record in the office of the county recorder or the registrar
of titles of Wright (jaunty. Recording or filing of an assessment agreement complying with the
terms of Section 469.177, Subd. 8 of the TIF Act shall constitute notice of the agreement to any
subsequent purchaser or encumbrance of the land or any part thereof, whether voluntary or
involuntary, and shall be binding upon them.
Z. Local Government Aid/Homestead and Agricultural Credit Aid (LGAlHACA)
Pursuant to Minnesota Statutes, Section 273.1399, subd. 6(d), the City elects to make a
local contribution to pay costs of the project financed under this TIF Plan, in the amount equal to
10 percent of the annual tax increment. Therefore, the City anticipates that the TIF District will
be exempt from LGAlHACA loss.
The local contributions will be made from unrestricted funds of the City, and not from tax
increments or developer payments. The local contribution will not be used for general government
purposes or for improvements or costs that the City or the City planned absent the project.
The City currently anticipates that the contribution will be made in part in the form of
conveyance at less than market value of the property now owned by th~ City, which property was
not acquired with tax increments. Any additional contributions, if necessary will be paid to the
developer for costs specified in Section Q of this plan or for any other costs in connection with
the proposed development that are authorized by law.
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EXHIBIT A
MAP OF DEVELOPMENT DISTRICT NO.1
and
TAX INCREMENT FINANCING DISTRICT NO.7
and
TAX INCREMENT FINANCING DISTRICT NO.8
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APR-17-97 SUN 10:21 tltC1TY OF ALBERTVILLE
. 497 3210
P.02
f'''''n\IO,1 A
CITY OF ALBERTVILLE
WRIGHT COUNTY, MINNESOTA
~ 'IF &1
m
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1)ev~\t'P(Y1n.+ \),5ti:(}. Mtl.1
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NOArt1WEST ASSOCIATED (X1NSU\.fANTS. IN(.
S77'5 WA'fZATA llOUlEVAAC. SUITE Sii$
~ '. ~OUIS PARI<. ~INNeg.'fA 5S~lcl
'>HONE, 612.$OS-9Il311 FAll ~1.:l595.9837
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EXHIBIT B
DESCRIPTION OF TAX INCREMENT FINANCING DISTRICT NO.7
B-1
.
LEGAL DESCRIPTION
.
That part oCtile East 500.00 at of the Northeast Quarter or Section 2, Township \20
North, Rangc,.~ West, Wright County, Mi~ta, that lies south of Parkside Third
Addition, a duly recorded plat on file and of record in the Office of the county R~order.
Wright County, M~Nl'Mlta (less County Road 19 Right of Way, to be taken by the City of
Albertlville)j .
To be platted as:
Lot 38, Block 1, CottageS of AlbertVille; aDd
Outlot B, Cottages of Albertville
.
.
EXHIBIT C
TAX INCREMENT SCHEDULE
TAX INCREMENT FINANCING DISTRICT NO.7
OJGl21132
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'-
Ir-----rax Increment FinanCing- ---I
Summa~ Report
City of AlberTville. Minnesota
Tax tncrement Flnane;n; (HouelllS) Olltrl<:t No 7
SenIor HousIng Prc;eet
Type of Tax IncreMant Financing Oistrict Qloialified Housing
Maximum CloIrelt:cn of TIF Di&trlc~ 25 years from 1Itinerement
Certl1\clltion Requeet 0.:. 08/0t/97
Oecertlficatton ;:)lI.t8 01 JIF District 12/01/2023 (25 Ve.rs of Inc::rerr.ent)
L~n Amount @ 8.00t)(, $386.600 F:Jture P.V.
Vlll~. @ 8.00'!'
Bond Inu. @ 0000'% (NIC) NA --
(Taxable) Admin (1 O.OO~) $1 ~ 4,050 $43.948
Loss of L.GA/HACA 0 0
Eligibi. Project Costs NA Loe.: ContrlbutlOn$ 0 0
Capitalized Intere5t NA . .. .....---.
Underwriters Dlsco",nt NA Grols S:4rplus (S"ortag~j $114,050 $43.948
COIiAdministrati". NA I.ocal- Elfor~ T1F 0 0
Other NA .....-.....--.
Net Surplus (ShO"a~.) $1 t 4,050 $43.94 !
!..I IS' Less: Plu5; I
Annual Annual J.d nil'. State Auditor Annl.Oa: AMual Local Annual Projocted
I
P.rl~d Gross iax Refa (lase Oe:llolct;on Nst Tax Contribution /'.let Loss of
Ending I lncrs""..,t 0.00% :UO'i'a I ncr 8"l ent 0.00% Revenwe I LGA/HACA
(1) I (2) ( ) (4) (5) (6) (ll o 1____~8)--~
.--.-...,....--- -_..:. -. -..--..--
12/31/97 :) 0 0 0 0
'2/31/98 . 0 " 0 0 0 C 0
\J
12/31/99 45.615 4.562 46 41.007 0 41.007 0
~2i31/20oa i 45.615 4,562 46 41.:>07 0 41,007 i 0
12/31/20011 45.61 5 4.!:B2 46 4'.007 0 41.0071 0
12/31/2002 ~S.615 4,562 4Q 41.007 0 4~,oa71 0
12/3 H~0031 45.6\5 4.562 46 41.007 :) 41,007 C
t 2/31/~O041 45.615 4.562 46 41.007 0 4 ~ 007 . 0
12131:20C5 45.615 4.562 46 41.C07 0 41.007 0
1 2/31/2006 45.615 4,562 ole 41.C07 0 41,C07 0
12/31/20071 45.615 4,562 48 41.007 :> 41.C071 "
"
12/31;20081 45,61S 4,582 46 41,~7 0 41.007 0
12/31/200g 45.615 4. 56:! 46 41.007 c 41.007 0
12/31/2010 45,615 4.502 46 41,007 0 41,007 . 0
12/31/2011 4!S.e~5 4.562 46 41,007 0 41, 007 :)
12/3112012 45.615 4.5G2 46 41.007 0 41.007 0
12/31/2013 45.015 4. 5132 46 41,007 0 41.0071 0
12/31/20141 45.615 4.502 46 41.001 0 41,007 i 0
12/31/2015 : 45.S15 4,562 46 41.007 0 41,007. 0
12/31/2016 45.815 4562 46 41.007 0 41.007 0
12/S1/2C 17 45.615 4,562 46 41.007 0 41.007 0
12/31/2018 45.515 4.582 46 4' ,007 0 41.0071 0
12/31..2ot91 45.615 4.Se2 46 41 .007 0 41,007 C
12/31,'2020 45.6t S 4,562 48 41 007 C 41,007 0
1213"202' I 45,615 4,562 46 4100i 0 41.007 0
12/31/2022 45.615 4.582 46 4',00" 0 41.007. 0
12131120231 .5_" 5 4.562 46 41.007 0 41,CO~i C
12/31/2024 0 :) 0 0 0 0
12/31,'2025 0 0 0 0 0 0: 0
I -----.-----. -- --- ----.-. .-- - .- .-.-...-
$1.140.375 SC $1.150 $1.025.175 SO $1.025.175 $0
Prepared by: Sprtngsted Incolpetaled (' 7-Apr-97)
U~.li.J1
15:u5 FAX dl~} 3uu2
':pU" ..""E' " .
" ..1 "J:)' V ,.(.
~ ..I).:
r- Assum~tions~rt'--'
City of Albertville, Minnesota
Tax I.,crement Financing (HouSII'9) Distr;ct NO.1
SenIor Housing Project
Type ot Tax :ncre:nent Financing Oistrict
Maximum D".JratJon of T1F District
Qualified ,""ouslng
25 years from 1St 'nc'e:'T'lent
C.rtification Request Date
Decertification Date
06;01/97
12/01/2023 (25 Years of Increment)
1996!1997
Base Estimated Market Value
Times: Section 42 Class P.ate
Structures
Land
Original Net :ax Capacity
$28,545
2.30"-
3.40"",
o
971
$971
1_ - - - - - - Assessment/CollectJon Year ------[
'991/1996 1998/1999 , 999/2-:)00 20~0/200 1
----- ---- ---'"' -----
ease Estimated Market Value $28,545 $28,545 $28.545 528.545
Increase in Estimated MarKet Value (1) 0 1,505.455 1,505,455 1.505.455
--- ---- --.------ -------
Total Estlmatea Marl<et Vaiue $28.545 $1,534,OCO $1,534,o-~C $' ,534.000
Times: Section 42 Class Rate
Str;J(;tures 2.30'",. 0 29.847 29,847 29,847
Land 3.40"- 971 6,034 8.034 eC~4
--.--- --- -----. ----..
Total Net Tax Capacity $911 $37,66~ $37,881 $37.881
NA'
123.582%
COOOO%
10.00%
0.00%
NA
Sase InflatIon Factor
Local Tax Capacity F4ate
Fiscal Disparities Contribution From TIF DlSt~ic:t
Admif'llst~ative Retainage Pe'cent (::.axi:num "" 10%)
Pooling Percent
City Tax Rate (Only if L.ocal-Effort TiF)
~9nds
Sonds Dated
First Interest Date
Underwriters Discount
Principal & I/'Iterest@
NA
NA
NA
NA
Loan (Pav-As-Ycu-Go).
Loan Dated 06/01197
'-oan Ra~e 8.00%
LGAlHACA LOSS:
Will AMual L.ocal Contrlout;on Se Made (Yes or Nc:?
I.S.D Equalized Tax CapacIty ~8te (Ne8S)
I.s.D Sales RatiO (#885)
City Sales Ratio
Taxable Net Tax Capacity
Pre5ent Value Date
Present Value Rate
No
NA
NA
NA
NA
06/01/97
6.000,,"
(1) A5SUl"':8!i 100% construction in 1997
Prepared by: Springsted Incorporated ( 17 -Apr-97)
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City of Albenvllle, MlnnMota
TAlC In~rement Financing (Houalng) Dlldncl No.7
Senior Houolng Projllet
Loao Oato. 08/0' 181
LOtIo ~t.. 8C~
Amount S3118,l5OO
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C21O~ ita 000 000 O.C~ 0.00 20,818.137 407.218.67
ye,'01J8a 0.0Cr coo 000 1).00 HI.28d75 423,507.42
:)2/01/8. 0.00 O.~ O.CO 0.00 ~6.94J.30 4~O.447.72
CS101J99 2.&8559 17,!)17Q~ 20.~3.Se 20,m.~ 0.00 ~7.Sa2.13
02/01/2000 3,'::0101 17,5~ 49 20,~3'O 20.~.o3.SO 0.00 '134.501.12
1J8/01/l0CO 3.12~.06 17,3324. ~O,503.SO 20,503.50 ~.OQ ~1.440.oe
C~i01 :2G01 3 2..5.90 17 .257.80 2:l,50HO 20.50350 COO '~6,194.16
08:0~.r.!CO' 3.315.73 17,127 n 2~.503 50 ~O.5(l3..SO 0.00 .24,81843
~2.1()1.'2002 3.51016 15,~214 20.503.50 20,503.30 ~.CO 421.307.67
OS/01/2OC2 :t ,8:31.1 9 18,6523; 20.S0HO 20.s..~ 50 C.CO 411.1556.48
cr.?/O~ j20CJ 3 7S7.24 ~ 6.7:6.28 :!C.50~.50 20,5\i3.5O 000 4' ~.a5".24
0&/OI/:O;OC3 3.5149.13 16.5M3; 20.503 50 20,503.50 0.00 409,g1~.q
0.2/01.'2004 4.107.10 ~S,3e640 20,503.50 20.503 50 coo 405.aC301
')8/01/2004 4.271 3S 18,21212 20,503.50 20,503.50 ~OO 40 !.~3 ~ .63
~/O' /2005 4442.23 1 S,~1 2? 20,50350 20,501.50 0.00 ~1,C89.40
Qa/O,/2CCS 4.1319.92 15.183.51 20.5~.50 20.503 50 0.00 392,46948
02iO~i2~ 4.8Ni" 15,M3 18 20,503.$0 20.$03.50 0.00 337.584.76
0810'/2008 4,998 9~ 1 5.508 59 20,503.50 20,503 50 0.00 3&2,e67.aS
02/01/2007 5,19679 1!i,3C6.71 20,503.50 ~0,50350 :l.CO 377.411.06
08/')' ;2007 S.404.ClO 15.0:;8.114 20,50350 ::0,503.50 0.00 372.06640
02/0 I ;200& 5.62C 84 14.&a266 20.503.50 20.503.50 COO 366.445.56
Oa,Oli2CC8 5,845.68 14,657.82 2C.~v3SO ~O,~03S0 0.00 360,599.118
02.iO 1 12009 o.C79 SO 14.424.00 20.503.5C 20.503.50 000 354,520.38
:)8iC1/~9 e.:::t2.6S 14.180.!2 ~O,S03.5.) 20.~~~O 0.00 348, i 97.;'0
02:01/2010 <<5,575.59 13.927.0' ;;C.SOBO 20,~(j3.50 0.00 341.e~. '1
08;01/2010 6.8~.62 1,.aS4 eo 20,503~C 20,~03.S0 J.:O 334.783.49
v2j01!2Q~ 1 7.112.113 13,39' :14 20.SOBO 2O.~~.50 0.00 ~27.671.33
0&/01,201 1 ? 3'015 S5 13.1~6e5 :<C.50~ 50 ~,5~350 000 ~Q.2?4 68
~O~i2012 ?692.~1 '2.610 &9 20.503.S0 ZO.S03.S0 0.0;) 3'2,58217
oa:C;1,2012 0.00:.21 12.5C~ 2i 20.50350 20 503.50 0.00 304,581 95
02,01;2013 6,3~Q.22 12,1!l~.28 :20.S03.50 20.503 ~o COO 2ge.26~ .74
caiOl:2013 ~,c3S3:l3 1'.11:;o.~7 20.503 so ;O.5GJ.5O oeo 2!)',608.'1
02/01,2014 8.m.IS n,50435 20,503.50 20,~03 50 o Co 27o,e~5e
C8iOl:a01" 9.~5&. !2 ; 1.144 311 20 503 511 :!O,503.5O 000 289.25!l.44
02/01,-2015 ~.7~3.4a ~ ".770.02 20.503.50 20.501.50 COO 259.516.9G
081i)' /2015 I(} 1~2.82 . 0,38068 2C.S.)3 !(: 20,SO'tSO 000 249,J94.14
~iOl12018 10.5217~ 9,Q?S.17 :20.503.50 20.S03 ~ COO 231,168,41
0810112016 10,948.84 3.~S466 M,S1l3.50 20,50350 OOC 227,91:' 51
02/0' 12017 l' ,:388.00 e.116.70 2C.503.:iO 20,5:)3.50 ~ CO 218,530 n
08/01.';:0' ? 11.84227 8,~ i.23 :!O.503 50 20,503.50 'JOO 2C..,~~.so
~/<:';20'8 12,31s.ga 8.lIl1$4 20.50:!.:JO 20.::03.50 ~.OC 1 ~.372.54
00101:2018 12.8:1860 7.6S49O ::::.50:\350 ~':l.'03 !SO 0.00 179.'563.'34
CY~'-C1.'20' 9 13,320.94 ':' !8258 20.50:150 20 ,5035\l '00 ; E6,243 00
08!01 '20'9 13853.78 II :l49.72 20.50350 20.5~!:0 COC 152,38922
02/0'/2020 14.4'::793 '.l.C~'5 57 2C.~03.50 2M';3~tl 000 ~ 37.981.29
08~' :202C 1l,Q8425 S5'~25 ::~.503 50 :!O,5C3 5.:l oo~ 1~,9a7.04
02/01:2021 '5.583.62 4.e" a.Bll 20.:;03 so 20.~::3.50 0.00 1::'7.4~3';2
08,'0 1 :2~21 16.2CS&6 4.298.54 20,503.50 :lO,~3.5C 0.0:1 g1.208.40
O2iO 1 ,1022 18.85524 ~ 648.26 2Cl,!I03 50 20,5~3 50 0.00 74;~S1 22
C8,01:2022 17 ,5:!9.4S 2,97~.:l5 20,5Q3~0 20$3.50 000 56.82~n
02101/21,)23 ; 8.230.e3 ~.~72.8" 20.503.50 20,503.5C O.CO 38.591 '4
OdiOl ;2023 , &.95985 . .543 6!\ 20,!O3!O 20,SC3 SC oo~ ~ 9.831 2Q
02/01''2024 '9.S:1I.2a 785 25 20.41854 2C.'1'8.54 0.00 000
08i01 ,'2~4 :loo COO /).00 0.00 0.00 OCY.1
02.'01/2025 0.00 Q.CO 0.00 0.00 0.00 000
--- - ----- ---
44C.447.7~ ~e4.e40.32 ' ~25.0811.04 I.C2::.::0.04 53.84772
!.xce.. TIU Increment 8898
------
Tab11 Net "."enlle 1.025.'75.00
F'rep4r~ DY: Sphglled IncorF,clllted; H-Apr-O? I
.
.
EXHIBIT D
IMPACT TABLE
TAX INCREMENT FINANCING DISTRICT NO.7
OJG121132
AL141-23
0-1
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ALl41-23
.
.
EXHIBIT E
DESCRIPTION OF TAX INCREMENT FINANCING DISTRICT NO.8
[to be added]
E-l
.
.
EXHIBIT F
TAX INCREMENT SCHEDULE
TAX INCREMENT FINANCING DISTRICT NO.8
OJG121132
AL141-23
F-l
I I 04/17/31 12:34 FAX 81.3 3002 SPRINGSTED INC..
~ 001/011
~..
I
\ r Tax Increment Financing I
SummarY Report
I
i city of Albertville, Minn..eta
I Tax Inc:rernent Financing (Economic Oevelopment) District No.8
Vetsch Cabinets Project
I
j Type of Tulncrement Financing DIIUict Economic Development
Maximum Duration of T1F DistIiot l.eS8eI' of 11 years from approval of T1F plan
-or - 9 years tram 1 st increment
.
Certification Request Date 06/01197
Oeceltlflcation Date of T1F District 12/01/2007 (9 YeatS of Incf8ment)
lDan Amount @ 8.00% $70,600 Future P.V.
Value @8.00%
Bond Issue @ O.OI)()% (NIC) NA
(Taxable) Admin. (10.~) $11.457 $1,177
....... \..aSS of L.GA/HACA 0 a
Eligible Projed'Cos~ NA Local eontrlbutlons (11.+48) (7,170.
Capitaliad lmerest NA
Underwrite.. Olscount NA Gr088 SUrplus (Shortago) 59 $7
I COI/Administrative NA 1.tJC8l-etrortTlF 0 0
Other NA
I Net surplus (Shortage) $$I $7
4 Less: Less: Plus:
Annual Annual Admin. $t8Ie Auditor AnnUlI I Annual Lacal Annual Projected
period Gross Tax Retainage Deduction Net Tax ContribuUon Net Less of
Ending Increment 10.00-' 0.1CWt Increment 10.00% Revenue LGNHACA
(1) (2) (3) (4) (5) (6) (7) (8)
-- -'
12131/91 0 0 0 0 0 a 0
12/S 1 /9iJ 0 0 0 a 0 0 0
12/911'99 12,730 1,273 13 11,444 1.272 12.716 0
I 1~1/2OCD 12.130 1,278 13 11.444 1,272 12,716 0
I 1 2JSl /2001 12,730 1.273 13 11.444 1,272 12,716 0
I 12/31/2002 12.730 1,279 13 11,444 1,272 12.716 0
12/31/2000 12,7S0 l,Z13 13 11.444 1,2:72 12,716 0
12/51/2004 12.730 1,273 13 11.444 1,272 12,716 0
12131/2OCl6 12.730 1,213 15 11,444 1,272 12,718 0
12/31/20C6 12,730 ',279 13 11,444 1,272 12.7115 0
12/31/2Ot1l 12.730 1,273 19 11.444 1,272 12,716 0
12JS1/2[D 0 0 0 0 0 0 0
-- -
~$114,570 $11.451 $117 $102,9G6 $11,448 $114,444 $0
:
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12:34
FAX 6.23 3002
SPRINGSTED INC..
1aI008/011.
04/17/37
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Assumptions R.port
I
City of Albertville, Minnesota
To Increment Financing (Economic Dnelopment) District No. B
Vewch Cabinet8 Project
Type at Tax Increment FInancing District
Maximum D~on of TIF District
Economic Development
Lesser at 11 years from approval of TIF plan
-or- 9 years from 1 st increment
CenlftcaUon Request Date
Decel1ificatlon Date
06/01/97
12/01/2007 (9 Vears of Increment)
Base estimated Market Value
TImes: First '100,000
ExcellS
Original Net Tu Capacity
3.~
4.80'-
1 Sl98/1 G07
$13,000
390
o
$380
1_ - - - - - - AsSessment/Collection Vear - - - - - -I
'997/1998 1988/1 990 1 GGGj2000 2000f4!001
--
$13,000 $13,000
a 254.200
-Sue Estlmat8d MarlcBt Value
Increas. In Estimated MarlcBt Value (1)
Total Estimat8d MarlcBt Value
TImes: First $100,000 3.00%
Excess 4.60%
Total Net Tax Capacity
Base Inftatidl't'Factor
Local TalC Capacity Rate
Fiscal Disparities COntribution From llF District
Administrative Retainage Percent (maximum .. 1 D1fI)
pooling Percent
City Tax Rate (Only if LocBl-Effort TlF)
$13,000
3GO
o
$990
$261.200
3,000
7.691
$10,691
0.00","
123.582"-
0.0000%.
10.00%
o.~
NA
$13,000
254.200
$267,200
$13,000
254,200
3,000
7,691
$10,691
$267,200
9,000
7,691
$10,691
~
Bonds Dated
First Interwt Date
Underwrlt8r& Discount
Principal & Interest @
NA
NA
NA
NA
Loan (Pay-As-You-Go)
Loan Oated 08/01/97
Loan Rate 8.00%
LGAlHACA LosS:
Will Annuall.ocal Contribution Be Made (Yes or No)?
I.S.O Equalized Tax CapllClty Rate (#885)
_ 1.5.0 Sales Ratio (#885)
City Sales Ratio
Taxable Net Tu Capacity
Present Value Date
Present Value Rate
Yes
NA
NA
NA
NA
08/01/97
8.00""
(1) Assumes 100% construction in 1007.
..... .
Prepared by: Springsted Incorporated ( 17-Apr-Sl7)
,
04/17/37 12:35 FAX 81.3 3002 SPRINGSTED INC.. a 008/011
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04/17/37
12:35 FAX 6l11J23 3002
SPRINGSTED INC..
~ 010/011
[ Loan Cash FloW Repart ,
~-Aa-Yau-Go)
City of AlberMlle, Minnesota
Tax Increment Financing (Economic Development) District No.8
Vetsch Cabinets Projeet
"!oo'"
Loan Date: 06101/97
L.oan Rate: 8.00%
Amount $70.600
Semi-Annual Loan
Net Capitaliad BaI."ce
Date Principal Interest pal Revel'lue Interest Ou1standing
(1) (2) (5) (4) (5) (8) (7)
70.600.00
02/01/518 0.00 0.00 0.00 0.00 3,785.33 7".565.33
08/01/88 0.00 0.00 0.00 0.00 2,974.81 77,SS.94
02/01Jgg 0.00 0.00 0.00 0.00 3,D93.60 80,4$8.54
08/01190 3,140.66 3,217.34 6.358.00 8,358.00 0.00 n,292.ee
02101/2000 3,288.28 3.091.72 8.858.00 6.358.00 0.00 74,028.80
· 08/01/2000 3,396.94 2,961.06 6.368.00 6,358.00 0.00 70,629.88
02/01/2001 3.532.81 2,825.19 6,358.00 6,358.00 0.00 87 ,096.85
0B/01/2001 3,674.13 2,683.87 6,358.00 6.358.00 0.00 83.422.72
02/01/2002 3,821.09 2.538.91 6,358.00 B,Ssa.OO 0.00 59,801.83
08/01/2002 3.973.as 2,384.07 6,368.00 6,358.00 0.00 55,627.70
02/01/2003 4,132.89 2,225.11 6,S58.00 15.358.00 0.00 51.494.81
08/0112003 4,298.21 2,059.79 6.358.00 6.358.00 0.00 47,196.80
02/01/2004 4,470.14 1,887.88 6,358.00 6,858.00 0.00 42.726.46
06/01/2001..... . 4,648.84 1.7OQ.0& 6,358.00 6,358.00 0.00 38,077.52
02/01/2005 4.834.90 1,529.10 6.358.00 6.358.00 0.00 SS.242.82
08/01/2005 5,028.30 1.329.70 6.358.00 6,358.00 0.00 28.214.32
02101/2006 5.229.43 1,128.57 6,358.00 6,358.00 0.00 22,984.89
D8J01/2DOe 5.438.60 91 IUD 6,358.00 6,358.00 0.00 17,5418.29
02101/2007 5,658.15 701.85 15,358.00 6.358.00 0.00 11,890.14
08/01/2007 5.882.39 475.61 6,358.00 6,358.00 0.00 6.007.75
02/0112008 6.007.75 240.31 8,248.06 6.248.08 0.00 0.00
08/0112008 0.00 0.00 0.00 0.00 0.00 0.00
02/01/2QOQ 0.00 0.00 0.00 0.00 0.00 0.00
80,433.54 53,900.52 114,3S<I.06 114,334.06 9,833.54
Excess Tax Incremel'lt 109.94
Total Net Revenue 114.444.00
~..
Prepared by: Springsted Incorporated ( 17-Apr-97)
.
.
EXHmIT G
IMPACT TABLE
TAX INCREMENT FINANCING DISTRICT NO.8
DJG121132
AL141-23
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04/17/37
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