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ITEM 1
SCENARIO #1 Estimate - Construction & Engineering 1,527,765 Wetland Mitigation 254,783 Total Project Cost 1,782,548 Less: DEED Grant Award (704,723) Less: 73rd Street Assessment (50%) (206,962) Less: Street Access Fees Assessment (685,786) Funding (Surplus) / Shortage 185,077 Comments 50% of Eligible Costs (See Table) 50% Paid by DEED Grant 100% of SAF for Entire Industrial Park City levv contribution in 2017 — $225k Notes: Amount of Bond 1,077,825 Property Tax Levy -15 Years 12,338 Actual will be higher due to bond interest SCENARIO #2 Estimate - Construction & Engineering Wetland Mitigation Total Project Cost Less: Net Tax Increment (Phase 1 Only) Less: 73rd Street Assessment Less: Street Access Fees Assessment Funding (Surplus) / Shortage Notes: Amount of Bond Property Tax Levy - 15 Years Property Tax Levy - 15 Years (NO TIF) 1,527,765 254,783 1,782,548 (200,772) (413,924) (685,786) 482,066 1,782,548 32,138 45,523 Building size reduced TIF by — $100k 100% of Internal Street (73rd) 100% of SAF for Entire Industrial Park ICity levv contribution in 2017 — $225k I Actual will be higher due to bond interest Actual will be higher due to bond interest Uses Project Activity Grant Eligible Streets Water Utilities Sanitary Sewer Utilties Storm Water Utilities Wetland Mitigation Engineering Sub -Total Not Eligible Streets Storm Water Utilities Engineering Grand Total Sources City DEED Total $ 390,875 $ 390,875 $ 781,750 33,882 33,882 67,764 36,510 36,510 73,020 68,395 68,395 136,790 127,392 127,391 254,783 47,670 47,670 95,340 704,724 704,723 1,409,447 233,807 - 233,807 35,360 - 35,360 103,934 - 103,934 $ 1,077,825 $ 704,723 $ 1,782,548 X:\Grants\DEED\Kadler Avenue\Grant Application Tables Sheetl City of Otsego, Minnesota 1101 11 $2,705,000 General Obligation Improvement Bonds, Series 2018A (Preliminary AA, BQ rates as of 1/26/18) Total Issue Sources And Uses Dated 06/01/2018 1 Delivered 06/01/2018 Mississippi Shores Kadler Avenue Issue Sulmnary Sources Of Funds Par Amount of Bonds $1,605,000.00 $1,100,000.00 $2,705,000.00 Total Sources Uses Of Funds $1,605,000.00 $1,100,000.00 $2,705,000.00 Deposit to Project Construction Fund 1541 760.00 1,058,553.00 2,600,313.00 Deposit to Capitalized Interest (CIF) Fund 21,780.00 16,995.00 38,775.00 Costs of Issuance 22,250.47 15,249.53 37,500.00 Total Underwriter's Discount (0.900%) 14,445.00 9,900.00 24,345.00 Rounding Amount 4,764.53 (697.53) 4,067.00 Total Uses $1,605,000.00 $1,100,000.00 $2,705,000.00 GO Imp 2018A Full I Issue Summary 1 1/31/2018 1 9:55 AM Northland Securities, Inc. Public Finance Page 1 City of Otsego, Minnesota $2,705,000 General Obligation Improvement Bonds, Series 2018A (Preliminary AA, BQ rates as of 1/26/18) Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/01/2018 - - - 02/01/2019 38,775.00 38,775.00 38,775.00 08/01/2019 - 29,081.25 29,081.25 - 02/01/2020 215,000.00 1.600% 29,081.25 244,081.25 273,162.50 08/01/2020 - - 27,361.25 27,361.25 - 02/01/2021 215,000.00 1.700% 27,361.25 242,361.25 269,722.50 08/01/2021 - - 25,533.75 25,533.75 - 02/01/2022 215,000.00 1.750% 25,533.75 240,533.75 266,067.50 08/01/2022 - - 23,652.50 23,652.50 - 02/01/2023 220,000.00 1.850% 23,652.50 243,652.50 267,305.00 08/01/2023 - - 21,617.50 21,617.50 - 02/01/2024 230,000.00 1.950% 21,617.50 251,617.50 273,235.00 08/01/2024 - - 19,375.00 19,375.00 - 02/01/2025 230,000.00 2.050% 19,375.00 249,375.00 268,750.00 08/01/2025- - 17,017.50 17,017.50 —— _.._ ------ 02/01/2026 235,000.00 --------------- 2.150% 17,017.50 252,017.50 269,035.00 08/01/2026 - 14,491.25 14,491.25 - 02/01/2027 240,000.00 2.250% 14,491.25 254,491.25 268,982.50 08/01/2027 - - 11,791.25 11,791.25 - 02/01/2028 245,000.00 2.400% 11,791.25 256,791.25 268,582.50 08/01/2028 - - 8,851.25 8,851.25 - 02/01/2029 250,000.00 2.500% 8,851.25 258,851.25 267,702.50 08/01/2029 - - 5,726.25 5,726.25 - 02/01/2030 80,000.00 2.600% 5,726.25 85,726.25 91,452.50 08/01/2030 - - 4,686.25 4,686.25 - 02/01/2031 80,000.00 2.700% 4,686.25 84,686.25 89,372.50 08/01/2031 - - 3,606.25 3,606.25 - 02/01/2032 80,000.00 2.800% 3,606.25 83,606.25 87,212.50 08/01/2032 - - 2,486.25 2,486.25 - 02/01/2033 85,000.00 2.900% 2,486.25 87,486.25 89,972.50 08/01/2033 - - 1,253.75 1,253.75 - 02/01/2034 85,000.00 2.950% 1,253.75 86,253.75 87,507.50 Total $2,705,000.00 - $471,837.50 $3,176,837.50 - Date And Term Structure Dated 6/01/2018 Delivery Date 6/01/2018_ First available call date 2/01/2026 Call Price 100.000% Yield Statistics Bond Year Dollars $20,118.33 Average Life 7.437 Years Average Coupon 2.3453111% Net Interest Cost (DTIC) 2.4663201% True Interest Cost (TIC) 2.4653350% All Inclusive Cost (AIC) 2.6770169% IRS Form 8038 Net Interest Cost (DTIC) 2.4663201% Weighted Average Maturity 7.437 Years Bond Yield far Arbitrage Purposes 2.3300924% GO Imp 2018A Full I Issue Summary 1/31/2018 1 9:55 AM Northland Securities, Inc. Public Finance Page 2 City of Otsego, Minnesota $1,605,000 General Obligation Improvement Bonds, Series 2018A Mississippi Shores Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/01/2018 - - - 02/01/2019 21,780.00 21,780.00 21,780.00 08/01/2019 - 16,335.00 16,335.00 - 02/01/2020 150,000.00 1.600% 16,335.00 166,335.00 182,670.00 08/01/2020 - - 15,135.00 15,135.00 - 02/01/2021 150,000.00 1.700% 15,135.00 165,135.00 180,270.00 08/01/2021 - - 13,860.00 13,860.00 - 02/01/2022 150,000.00 1.750% 13,860.00 163,860.00 177,720.00 08/01/2022 - - 12,547.50 12,547.50 - 02/01/2023 155,000.00 1.850% 12,547.50 167,547.50 180,095.00 08/01/2023 - - 11,113.75 11,113.75 - 02/01/2024 160,000.00 1.950% 11,113.75 171,113.75 182,227.50 08/01/2024 - - 9,553.75 9,553.75 - 02/01/2025 160,000.00 2.050% 9,553.75 169,553.75 179,107.50 08/01/2025 - - 7,913.75 7,913.75 - 02/01/2026 165,000.00 2.150% 7,913.75 172,913.75 180,827.50 08/01/2026 - - 6,140.00 6,140.00 - 02/01/2027 170,000.00 2.250% 6,140.00 176,140.00 182,280.00 08/01/2027 - - 4,227.50 4,227.50 - 02/01/2028 170,000.00 2.400% 4,227.50 174,227.50 178,455.00 08/01/2028 - - 2,187.50 2,187.50 - 02/01/2029 175,000.00 2.500% 2,187.50 177,187.50 179,375.00 Total $1,605,000.00 $219,807.50 $1,824,807.50 - Date And Term Structure Dated 6/01/2018 Delivery Date 6/01/2018 First available call date 2/01/2026 Call Price 100.000% Yield Statistics Bond Year Dollars $10,145.00 Average Life 6.321 Years Average Coupon 2.1666585% Net Interest Cost (NIC) 2.3090439% True Interest Cost (TIC) 2.3148687% All Inclusive Cost (AIC) 2.5581890% IRS Form 8038 Net Interest Cost (NIC) — 2.3090439% Weighted Average Maturity 6.321 Years Bond Yield for Arbitrage Purposes 2.3300924% GO Imp 2018A Full I Mississippi Shores 1 1/31/2018 1 9:55 AM Northland Securities, Inc. Public Finance Page 3 City of Otsego, Minnesota $1,100,000 General Obligation Improvement Bonds, Series 2018A Kadler Avenue Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/01/2018 - - - 02/01/2019 16,995.00 16,995.00 16,995,00 08/01/2019 - - 12,746.25 12,746.25 - 02/01/2020 65,000.00 1.600% 12,746.25 77,746.25 90,492.50 08/01/2020 - - 12,226.25 12,226.25 - 02/01/2021 65,000.00 1.700% 12,226.25 77,226.25 89,452.50 08/01/2021 - - 11,673.75 11,673.75 02/01/2022 65,000.00 1.750% 11,673.75 76,673.75 88,347.50 08/01/2022 - - 11,105.00 11,105.00 - 02/01/2023 65,000.00 1.850% 11,105.00 76,105.00 87,210.00 08/01/2023 - - 10,503.75 10,503.75 - 02/01/2024 70,000.00 1.950% 10,503.75 80,503.75 91,007.50 08/01/2024 - - 9,821.25 9,821.25 - 02/01/2025 70,000.00 2.050% 9,821.25 79,821.25 89,642.50 08/01/2025 9,103.75 9,103.75 02/01/2026 70,000.00 2.150% 9,103.75 79,103.75 88,20250 08/01/2026 - - 8,351.25 8,351.25 - 02/01/2027 70,000.00 2.250% 8,351.25 78,351.25 86,702.50 08/01/2027 - - 7,563.75 7,563.75 - 02/01/2028 75,000.00 2.400% 7,563.75 82,563.75 90,127.50 08/01/2028 - - 6,663.75 6,663.75 - 02/01/2029 75,000.00 2.500% 6,663.75 81,663.75 88,327.50 08/01/2029 - - 5,726.25 5,726.25 - 02/01/2030 80,000.00 2.600% 5,726.25 85,726.25 91,452.50 08/01/2030 - - 4,686.25 4,686.25 - 02/01/2031 80,000.00 2.700% 4,686.25 84,686.25 89,372.50 08/01/2031 - - 3,606.25 3,606.25 - 02/01/2032 80,000.00 2.800% 3,606.25 83,606.25 87,212.50 08/01/2032 - - 2,486.25 2,486.25 - 02/01/2033 85,000.00 2.900% 2,486.25 87,486.25 89,972.50 08/01/2033 - - 1,253.75 1,253.75 - 02/01/2034 85,000.00 2.950% 1,253.75 86,253.75 87,507.50 Total $1,100,000.00 - $252,030.00 $1,352,030.00 - Date And Term Structure Dated 6/01/2018 Delivery Date 6/01/2018 First available call date 2/01/2026 Call Price 100.000% Yield Statistics Bond Year Dollars $9,973.33 Average Life 9.067 Years Average Coupon 2.5270388% Net Interest Cost (NIC) 2.6263035% -----..._.. - True Interest Cost (TIC) -- —— — -- - ...—_- ---- ... -- -- -- 2.6242396% All Hlclusive Cost (AIC) 2.80294341/o IRS Form 8038 Net Interest Cost (NIC) 2.6263035% Weighted Average Maturity 9.067 Years Bond Yield for Arbitrage Purposes 2.3300924% GO Imp 2018A Full I Kadler Avenue 1 1/31/2018 1 9:55 AM Northland Securities, Inc. Public Finance Page 5 ig 11; City of Otsego, Minnesota $1,100,0000 General Obligation Improvement Bonds, Series 2018A Kadler Avenue 105% Levy Less. Equals: Special Assessment City Net Collection Date Total P+I CIF 105% Levy Revenues* Levy Le y Year Year 02/01/2019 16,995,00 (16,995.00) - - - - - 02/01/2020 90,492.50 95,017.13 80,689.35 14,327.78 2018 2019 02/01/2021 89,452.50 93,925.13 80,689.35 13,235.78 2019 2020 02/01/2022 88,347.50 92,764.88 80,689.35 12,075.53 2020 2021 02/01/2023 87,210.00 91,570.50 80,689.35 10,881.15 2021 2022 02/01/2024 91,007.50 95,557.88 80,689.34 14,868.54 2022 2023 02/01/2025 89,642.50 94,124.63 80,689.35 13,435.28 2023 2024 02/01/2026 88,207.50 92,617.88 80,689.35 11,928.53 2024 2025 02/01/2027 86,702.50 91,037.63 80,689.36 10,348.27 2025 2026 02/01/2028 90,127.50 94,633.88 80,689.35 13,944.53 2026 2027 02/01/2029 88,327.50 92,743.88 80,689.34 12,054.54 2027 2028 02/01/2030 91,452.50 96,025.13 80,689.34 15,335.79 2028 2029 02/01/2031 89,372.50 93,841.13 80,689.35 13,151.78 2029 2030 02/01/2032 87,212.50 91,573.13 80,689.36 10,883.77 2030 2031 02/01/2033 89,972.50 94,471.13 80,689.36 13,781.77 2031 2032 02/01/2034 87,507.50 91,882.88 80,689.35 11,193.53 2032 2033 Total $1,352,030.00 (16,995.00) $1,401,786.75 $1,210,340.25 $191,446.50 *Assumes $892,748 in principal spread in even payments for a term of 15 years wit an interest rate of 4.00%, which is 1.5% over the average coupon. Average Levy $12,763 GG Imp 2018A Full I Kadler Avenue 1 1/31/2018 9:55 AM Northland Securities, Inc. Public Finance Page 6