HomeMy WebLinkAbout1997-073
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RESOLUTION NO. 97-73
A RESOLUTION AMENDING THE
BUDGETS FOR TAX INCREMENT
FINANCING DISTRICTS NOS. 1 THROUGH 6,
DEVELOPMENT DISTRICT NO.1
FOR THE YEAR ENDED DECEMBER 31, 1996
WHEREAS, the City Finance Director has prepared an amended budget for Tax
Increment Financing Districts Nos. 1 through 6, all located within the Development District No.
1, all within the City of Stillwater; and,
WHEREAS, the City Attorney has reviewed the amended budgets to determine whether
the amendments to the plan require the City to follow the procedure set forth in 9469.174 to
9469.174 for the adoption of a new plan and the City Attorney has reported that none of the
modifications to the budget prepared in the amended budget constitute a triggering event as
defined in Minn. Stat. 9469.17S, Subd. 4; and,
WHEREAS, the Finance Director has reported that the amendments to the budget
constitute an actual and accurate reflection of actual conditions within the Tax Increment
Financing Districts.
NOW, THEREFORE, BE IT RESOLVED:
1. That the budget amendments as prepared by the Finance Director and reviewed by
the City Attorney, be and the same here are approved effective nuc pro tunc for
the year ended December 31, 1996.
Enacted by the City Council ofthe City of Stillwater this 18th day of March, 1997.
CITY OF STILL WATER
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ATTEST:
Modi Weldon, Clerk
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CITY OF STILLWATER, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #1,
DOWNTOWN AND INDUSTRIAL PARK SCATTERED SITES
A TAX INCREMENT FINANCING DISTRICT
Year Ended December 31, 1996
Original Amended
Budget Budget
Sources of funds:
Bond proceeds $1,450,000 $16.547,500
Tax increments 5,560,000 20,310,000
Direct charges to
developer 0 0
Refunds and reimburse-
ments 0 0
Interest
Sale of property 0 0
Total sources of
funds $7,010,000 $36,857,500
~es of funds: $1,050,000 $7,750,000
Land acquisition
Site improvements or
preparation costs 2,432,000 7,205,264
Installation of public
utilities and
improvements 9,350,000 15,285,700
Bond payments:
Principal 1,450,000 16,547,500
Interest 1,419,555 12,342.332
Fees 0 0
Loan program 250,000 250,000
Administrative costs 1,308,000 1,387,500
Total uses of
funds ~7.259,555_ _~60,768,296
District balance
(deficiency) ($10,249,555) ($23,910,796)
Transfer from other
district 7,668,36~_ ~~,!~~85,225 _
edS remaining
( deficient) _~58:L1~Q) c~~~?~,p-l12
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CITY OF STILLWATER, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #2,
NELLE PROJECT
A TAX INCREMENT FINANCING OISTRICT
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Year Ended December 31, 1996
Original Amended
Budget Budget
Sources of funds:
Bond proceeds $3,500,000 $3,500,000
Tax increments 6,322,080 6,322,080
Oirect charges to
developer 0 0
Interest 0 0
Total sources of
funds $9,822,080 $9,822,080
Uses of funds:
Land acquisition $500,000 $500,000 e
Installation of public
utilities and
improvements 2,815,000 2,315,000
Bond payments:
Principal 3,500,000 3,500,000
Interest 3,822,080 3,822,080
Administrative costs 185,000 185,000
Total uses of
funds $10,822,080 $10,322,080
District balance
( deficiency) ($1,000,000) ($500,000)
Transfer to other
district 0 (500,000)
Funds remaining
( deficient) ~1,000,000) ($1 ,000,000)
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CITY OF STILLWATER, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #3,
ARKELL PROJECT
A TAX INCREMENT FINANCING DISTRICT
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Year Ended December 31,1996
Original Amended
Budget Budget
Sources of funds:
Bond proceeds $1,200,000 $1,200,000
Tax increments 2,166,776 2,166.776
Refunds and reimburse-
ments 0 0
Interest 0 0
Total sources of
funds $3,366,776 $3,366,776
Uses of funds:
e Land acquisition $574,000 $488,000
Site improvements or
preparation costs 0 225,000
Installation of public
utilities and
improvements 535,000 370,000
Bond payments:
Principal 1.200,000 1,200,000
Interest 966,776 681,989
Fees 0 5,067
Administrative costs 91,000 114,220
Total uses of
funds ~9!~66, 776_ 13,084.276
District balance
(deficiency) $0 $282,500
Transfer to other
district 0 _____~~~_5qQ2
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. Funds remaining
( deficient) --~~- -----~Q ----------~Q
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CITY OF STILLWATER, MINNESOTA
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SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #4,
WOODLAND LAKES
A TAX INCREMENT FINANCING DISTRICT
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Year Ended December 31, 1996
Original Amended
Budget Budget
Sources of funds:
Bond proceeds $4,800,000 $4,800,000
Tax increments 13,495,615 13,495,615
Special assessments 0 0
Refunds and reimburse-
ments 0 0
Interest 0 0
Total sources of
funds $18,295,615 $18,295,615
Uses of funds: e
Land acquisition $0 $300,000
Site improvements or
preparation costs 1,818,181 3,500,000
Installation of public
utilities & improvements 0 4,000,000
Bond payments:
Principal 4,800,000 4,800,000
Interest 3,827,250 3,214,146
Fees 0 8,500
Administrative costs 181,819 250,000
Total uses of
funds $10,627,250 $16,072,646
District balance
(deficiency) $7,668,365 $2,222,969
Transfer to other
district (7,668,365) (2,222,969)
Funds remaining .
(deficient) _____~-'L $0
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CITY OF STILLWATER, MINNESOTA
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SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #5,
BRICK POND PROJECT
A TAX INCREMENT FINANCING DISTRICT
Year Ended December 31, 1996
Original
Budget
Sources of funds:
Bond proceeds
Tax increments
Interest
$616,000
2,628,976
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Total sources of
funds
$3,244,976
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Uses of funds:
Land acquisition
Site improvements or
preparation costs
Installation of public
utilities and
improvements
Bond payments:
Principal
Interest
Administrative costs
616,000
412,720
56,000
$60,000
300,000
200,000
Total uses of
funds
Amended
Budget
$616,000
2,628,976
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$3,244,976
$60,000
200,000
300,000
616,000
412,720
56,000
~1 ,644,720 $1,644,720
District balance
( deficiency)
$1,600,256 $1,600,256
Transfer to other
district
___J1~90,2~~ (1,600~~?J
Funds remaining
( deficient)
.__________~$O_
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$0
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CITY OF STILLWATER, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
DEVELOPMENT DISTRICT #1, TAX INCREMENT #6,
JR. HIGH/CUB PROJECT
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Year Ended December 31, 1996
Original Amended
Budget Budget
Sources of funds:
Bond proceeds $1,350,000 $1,350,000
Tax increments 3,795,000 3,795,000
Interest 0 0
Total sources of
funds $5,145,000 $5,145,000
Uses of funds:
Land acquisition $0 $0
Site improvements 1,000,000 1,322,000
Public utilities 1,122,000 414,500 e
Bond payments:
Principal 1 ,350,000 1,350,000
Interest 525,706 525,706
Fees 0 6,000
Administrative costs 175,000 175,000
Total use of
funds $4,172,706 $3,793,206
Transfer to other
district 0 (379,500)
District balance $972,294 $972,294
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