ITEM 1 Great River CentreTY 0
ot CI e F 0
MINNESOTA g
DEPARTMENT -I-NFORMATION
Request for
City Council Action
ORGINATING DEPARTMENT:
REQUESTOR:
MEETING DATE:
Legal
Andy MacArthur, City Attorney
February 20, 2013
Daniel Licht, City Planner
Gary Groen, Finance Director
Lori Johnson, City Administrator
PRESENTER(s)-
ITEM al
City Attorney
AGENDA ITEM DETAILS
RECOMMENDATION:
City CO Li n cil is requested to provide direction to City staff regard i ng a response to letter from 2
Century Bank as well as tax forfeit eligible property within Great River Centre.
ARE YOU S EE KI N G APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED?
No, No.
PAG RO U N D/J U STI F [CAT ION:
The City has recently received correspondence from 21't Century Bank regarding a proposal to pay off
the current delinquent property taxes on the Appello owned properties within Great River Centre and
convey two of the lots to the City with the understanding that all delinquent and future special
assessments on the Appello owned properties within the plat would be transferred to these parcels
conveyed to the City. Additionally, the current $300,,000 Letter of Credit would be used for purposes of
completing the street reconstruction work within the Plat rather than being used to reduce special
assessments. City staff has met with 21't Century Bank for them to present their proposal in detail, as
well as met with Wright County staff to gather information on the tax forfeit status, process, and
timeline and to have the bank proposal explained in detail including providing the rationale for the
proposal.
Of the six parcels owned by Appello that are not stormwater drainage outlots, five are currently eligible
for tax forfeiture this year as they have not paid property taxes for three years. The 13.91 acre o utlot
adjacent to Thi 101 will be eligible for tax forfeiture in 2014 d u e to the property taxes h avi ng keen pa id
when the lot for Twin Cities Orthopedic was subdivided. The County Attorney and the County Auditor
have indicated that they would follow the direction of the City as to whether the City wants to act on
the five eligible parcels in 2013 or 2014.
In order for the properties to go tax forfeit, the County must serve the property owners with a Notice of
Expiration of Redemption Period. After 60 days following notice, the County Auditor would sign a
Certificate of Tax Forfeiture which would convey title to the properties to the State of Minnesota. At
that time the are removed from the tax rolls and all special assessments on the property would also be
removed — (cancelled?), subject to reassessment by the City at such time that the property was
purchased and conveyed back to private ownership. The County, acting on behalf of the State, would
then determine an appraised minimum value for the properties and would place them on sale at
auction. The property must be sold for at least the County appraised value. County staff indicated that
they would welcome a request from the City to have a p[VfeSS/0Ua( appraisal of the property completed
to determine a value for the parcels as the County has not dealt with this type of commercial property in
forfeiture before. The County must be notified by the end of March if the City wants to include any of
these parcels |nthe 2Ol3tax forfeiture procedure.
If the City reqmeststhe County include the parcels with the 2013forfeiture process, the sale would most
likely occur sometime in tile late Fall of 2013 and COUnty staff indicated they would be open to
considering using aprofessional auction company tohandle the sale. There /snoguarantee that on
offer meeting the minimum value will be received at that time. The property would remain for sale until
avalid offer isreceived. Upon sale ofthe property, the County would take their adm|nisteratkocosts
from the sale proceeds and they would then pay off any municipal assessments on the property to the
extent of the proceeds. |fthe proceeds were less than the assessed amoun�the City would receive
that amount but could reassess any remainder of the assessments owed against the properties after the
ovvner(u)received title from the State. The City will receive the majority ofthe current assessments
from a ny tax forfeit sale, assuming the property is va I ued correctly a nd also assuming that someone
purchases the property.
The City also has a written Agreement with Appe|lo which includes a $300,000.00 Letter ofCredit. The
Letter of Credit may be be utilized by the City at its discretion to either pay offspecial assessments owed
ortocomplete the street work within the Plat. AopeUohas complied with the Agreement sofar and
made required assessment payments to the City as agreed in 2012. The Agreement requires them to
make the May ZO13payments for special assessment due and owing. The letter received from Zl^^
Century Ba n k ind icates that Appel lo wi I I most likely not be a ble to make those payments,, which would
put them 1ndefault under the Agreement. The City could then collect the Letter ofCredit and use the
funds to either pay down special assessments or complete the street work.
City staff has outlined the following options for the City Council to consider:
Comment: The proposal from 21't Century Bank would convey all of the outstanding special
assessments to two parcels within GRC. The 2.72 acre parcel is marketable property but
would be|ncompetition with other sites within GRCorother commercial projects foruseo.
The 13.91 acre parcel adjacent to TH 101 requires substantial fill and/or soil corrections to be
readied for development and the City would need to build the extension of Quaday Avenue
south of 85 th Street at a cost estimated by the City Engineer to be approximately $600,000.00.
Furthermore, the scenario of loading all of the outstanding special assessments onto two parcels
w|th|nthedeve|opmentmaNngthemeasendaUyuncornpedtk/evvhUe21"Centuryreta|ns
ownership ofother properties within the same development was aconcern specifically
o:presoeddur/ngnagot1at\onofthepresentagreementbetvveentheC(b6AppeUoend21"
Century. City staff does not recommend the City Council accept the offer from 21" Century as
presented.
7.Direct City staff to request the County initiate tax forfeiture of the eligible parcels |n2013o[
2014.
Comment: The City must consider a couple oflegal issues related topotential forfeiture. First,
the status of the Developers Agreement is problematic after tax forfeiture which wipes out aU
roadwork with the intent of assessing it against the tax forfeited properties,itvvouk]bemaking
that assessment against the State of Minnesota while the property was in forfeiture or after
forfeiture and sale against a third party. These part|esvvou|d be able to appeal any assessment.
Thirdly, the auction of the property does not guarantee that it will sell. If it does not sell, it
remains off of the tax rolls until someone buys it and the City will receive no taxes or
assessments until after b|ssold. Wright County has rarely dealt with the sale ofcommercial
property of this value.
However, for 21't. Century toretain ownership ofany orall ofthe parcels eligible fo[forfeiture
to protect their investment, the delinquent property taxes and special assessi-nerts would need
to be paid in full. Therefore, the potential that the bank would want to hold oil to one or more
of the marketable parcels within GRC would reduce the risks to the City of the tax forfeiture
process noted above. Whether the City requests Wright County toinitiate the tax forfeiture
process in 2013 or 2014 COUld be a point Of fUrther negotiation with 21« Century Bank related to
immediate payment ofspecial assessments and completion of the street work. City staff
believes that unless there are immediate payments made towards the delinquent assessments
and the street work is undertaken, there is no reason to delay the tax forfeiture process as this
vvU| likely remove the barriers to establishing market rate prices for the parcels as has been the
case with other foreclosed properties within the City.
3. Present a counter proposal to 21" Century Bank.
Comment: City staff believes that 21't Century Batik has reached an end point with regards to
Appe||oand 2fnCentury Bank's investments |nGRZ. The current proposal isall attempt io
shed the liabilities to adjust the price of the remaining parcels to marketable values. Within the
frarnework of the current proposal, the City could counter offer to accept transfer of other or
additional parcels. However, City staff believes that the total amoun\ofthe outstanding
assessments WOUld require a sale value that would limit the City's ability to quickly turn the
property for development.
SUPPORTING DOCUMENTS: xo ATTACHED c NONE
A. Proposal from 21uCentury Bank dated January 18,2O13.
B. Plat mapshowing tax and assessment data
C. Bond, levy, and special assessment data for Great River Centre project andassodatedbondissues.
POSS113LE MOTIONS
Please word motion as you would like it to appear In the minutes.
A. Motion to direct the City Attorney to inform arid request Wright COL111ty initiate the tax forfeiture
process in 2013.
B. Motion to direct the City Attorney to draft an agreement to accept the proposal from 21" Century
C. Motion to not accept the proposal of 21'� Century Bank to direct City staff to meet with their
representatives to discuss alternatives including delay of a request to process tax forfeiture in 2014.
BUDGET INFORMATION
FUNDING- BUDGETED: YES
NA
ACTION. TAKEN
n APPROVED AS RETESTED n DENIED DTABLED
COMMENTS:
u NO
OTHER (List changes)
Co:
Subject:
Aceunrrmnze:
All:
Jon Dolphin 1 k.
Thursday, January 24, 2013 4:25 PM
'D. DANIEL LIGHT' (ddl@planningco.com); Loh Johnson; Andy MaoAdhur,
(aj m aca rth u r@q. co m)
wfd@donn| 1 | Thomas Dolphin
FW* Great River Center
20130118_130930.odf
We have been working on our- end with our bank partners and the guarantor group of Appello arid feel that we have
adequate conceptual approval to begin discussions with the City on our proposal which is attached.
Please let me know if you shOUld have any cluestions related to the above.
]on
Jonathan F. Dolphin
President -Chief operating Officer
2lstCentury Bank
Direct phone (763) 792-3716
Owl
g -(m- n Em w�n, c
Note: The information in this e-mail is confidential and may be legally
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a1g,crcncLw iv�n<c
Corporate Office: 9300Ceiitr(il fluenue CIE, BlahieMR 55434 t; Td: Y63-7674-ZIST Fam: 763 -?B3-7140
January 18, 2013
Lori Johnson) City Adminish,cator
City of Otsego
13 40 0 9 0 ") Street NE
Otsego, MN 55330
RE: Unsold Lots in Great River Contre of -Otsogo
Dear Ms. Jolinson:
I I
"mis C01TOSI)Q11donce is being wi-itten on behalf of 21' Ceiilury Bank, the lead lender for the
financing group on the Great River Centre of Otsego, Over the last moat s, the bauk has been
working with thu developer, Appollo Group, LLC., and has Nad several nicefings with :its st(el
ff
as well. The object of otir recent activity has been to ascertain the best. course, of cactimi to ale ill
attempting to either market tho unsold lots hi the development, or to find a way to ease the roal
c
estate tax and sj)eeial assessment burden that threatens to overwhelm the market value of the,
mime elope pro perfies.
Marketing the lots is subject to many variables, Chief RMODg WhiCh is the C01111)efitloli that is
present in nearby oommunifies, including Rogems, Elk River and Ramsey. All citics have the
potential to offer developer incenthres, sitch as Tax Increment Finanoing, but the true driving
force, belihid any cominercial land sale is the Presence of a buyer who believes that there is ra
stiffi6wit nuarkot for their product to justify the prico of the land. Th Q price can be adjuslod by
TIF, hit it oars also bo adjusted by the, seller, Thus far, no buyers Invve appeared in the, Otsego
market for any of the platted Goniniercial lots in the development in t1w past year,
III the 111call time, just ill the PC -18t You, wal estate taxes of over $17-5,000 havo �tcci,nc- d on the
lots. Since the dQveloper has generated jic) revenuo, hit rest and penalties liave also accrued,
bringing the total amount of increase iti the tax wicumbrance tip to over $200,000.00. This is in
addition to unl)aid taxes for Prior year'. All told, the real, estate tax bill on the fmir platiod lots
and the two outlots now exceed's $800)000.00.
Ill additIOD to the re ci I estate t -c-mos, the sp e Gi a I assessments aga 'I n s t t ho lots tot( el
I overs $ 1.5
1111111011, This is mono y adwmiced by the City for road improvenionts and othor infrastriwWro
designed to attmot develolmnont, and created a kind of Ixartnership between the public, and
priwato sector for the, common benefit of both compononts. Regretfully, wQ are not blessed with
the gift of 20-20 hindsight, and had we. all known what the. economy was going to do, this project
would have been postponed,
Filially, 1110 lack of activity ill the Pr *cot has adversely affected the quality of Dart of the existing
0J
roadway. As with most devolopments of this nattire, the developu installed the first lift of
bituminous pavement, in anticipation of se,11ing off the lots cand gene -rating reyenue, The re nue
Banimig from (iii gtuiiere Iii gour tuorld. 0 tukutu.2i stmiturghanit-com
ONLINE SAN KIHO C1111110 bill paying (D
dace Click,)
did not materialize, and the City Enginnis now advises that due to cracking in the first lift, the,
scoond lift Griot be added without the likelihood of the. Gracks appearing oil the Second lift,
That nicans that about 2000 litical feet of asphalt must be milled and Tepaved with two lifts, at aii
estimated cost of tip to $300,000.00,
The aspect of a public/private partnership of this nature, thftt diffbi,s from a normal partneyship is
that the public does not really have to make a contribution of capital, Tho public investnient hi
the form of special assessments is really akin to a loan, which is to be ropaid from project
revelwes, and which has priority for repayment evon ahead of the banks that also incrike loans,
The public does this with the expectation of ivaping the benefits of increased tax base, jobs and
the convenience of nearby retail facilities. But the; developer ties all of fliQ real risk. This is
statod not as it complaint, but as a fact of life. Every cloveloper knows this risk going in to a deal,
and no one expected the Gi-ecrit Recession to be as deep or Eis havinfOl as it has been.
In a normal partnorship, whon tho revenue stops Coming 1,115 the partilors have to dig into their
pockets to keel) the par nefship afloat. 1wii the poekds are ompty, the partnership sinks, The
Oreat River Centre project has reached the stage wbete the great wol"glif of the real ostate taxes
and speoial assessments now ffireaten to scuttle the development, We, are proposing a program to
reotify this situation, involving the public sector onee again, not ras an inve9tor, but as a rscum
We believe we have doveloped crt plan that will bvnefit both the City -Und the Comity, and impose
no burden on the taxpayers, We hope that the City will consider this proposial crind work with the
lenders and the developer to stabilize the project.
Pi,esent Status
At the present time, the hvelopor is under a contractual obligation to the City to pay the
histallments of special assessnionts that arc due on May 15, 2013. The banks lisave issued a letter
of oredit for $300,000,00 to guarmitee that obligation. he letter of orodit expires on June 30,
2013. Another way of putting. this is that if thu developor does not n1, -rake the instalhiienfs, the
banks will turn over $300,000.00 to the City on receipt of ca timely claim un&. -r the letter of
credit. In the pa8t, the City has applicd these prclyme,11-ts to (issessnients, not to real estato taxes or
to proie'Qt cost -s,
It is extremely unlikely that tho devoloper will be able to indepmdently raise the hinds to mako
the spring instcallment, The banks have reaohed a decision flial if this happens, Ificy will not
r(-.-,iicw the letter of credit, an(l will honor a properly made ch -din on the existing letter of credit.
DefiquIt
Outlot A, GRC 3"Addition the "Undeveloped Aemage") is an undcveloped parcel consisfing of
about 14 aores. It sits alojigside T.H. 101 and has excollent visibility from the freeway.
However, any commerci-al development will complete with Clic existing plawd lots for buyers,
1 w piece of recal
and industrial or high density residenflal use has not be oxplored, It is ra prin
estate best owned by can entity ealxrible of holding it un it it is ripe for do-velopmont, The true
Value is not rcalty known and may depend on the approved mage for the parcel, We brave
received a brand now appraisal estinicating fair magi valve, at $5.35 per sqiiare foot, P,rt of the
marl etimg problem as we see it is that the tax dclinqttent stattis stands as a beacon to potential
It i
buyers, advortisng a distress situation that wakcs it appear that the lots should cappy fire -sale
prices. The sittiation also does iiot tend to instill confidwico in tho financial viability of the
projects a Whole.
I
While a developor defrault is cortainly possible, we prefer to remam posifivc for the time being,
but we believe that the ThideveloPed Parcel is the key tole pin the overall project froin fiffling
into tax forfeiture, We bave, devised a proposal that we thhA bonefits the City and the County.
P1,0posal
Otir Proposal is to request that the City re -assess the. project, shifting all of the, present
cissessnient's) interest and penalties to the Undeveloped Parcel crind to Lot 2, Block 3 of CIRC 2`0
Addition, a lot of 2.7 acres that lies on die south side of NE 87"' Street, smithoast of the Target
store (tho "2.7 Acre Parcel"). This wild involve about $1,5 million in total assessnients to bo
levied against the thidevclop ed Parcel and the 2.7 Acre Parcel, by ragreetucjit w1fli the
Developer. At $5,35 per square foot over the 16.62 acres proposed, equates to —$ 3,875,000 in
Value,
The participating bars would then -advanoe all of the mirrontly dolinquent wal estate traxes '111
Rill, through tax year 2012, This would include all of the interest and penalties that have aCUUM
on taxes and assessnients. This is a crash outlay of abmit $ 8 14,000.00, In addition, the lenders
would advance, about $753,000 to pay the 2013 tercil estate taxes on the Unduveloped Parcel, and
also mi the 2.7 Acro Parcel.
At this time, the, developer would deed the Undeveloped Parcel and the 2.7 Acre Parcel to the
City, to hold until such time wid for such purposes as tho City deenned appfopriate. If the, City
were to immediately find a buyer for the two pc-trcels at $1.5 million, there would be 011011
Rinds to pay up the assessments in full, Any increased price would bo profit to the City, to
covet, ongoliig interest accruals or other holding costs, The batiks wovId releaso the
Undeveloped Rcreel and the 2.7 Acre Parcel from the liell of its mortgage's, SC that the two
parce-Is would be No and clear of all enownbrances except for the assessments k The deed Could
EIISO R111 10 tin EDA if tho City ma atahis such an wifity.
We, wmild also ask that tho $300,000,00 Letter of Credit be modiflod, so that we may its those
Rinds toward the reconstruction of the, road. Five, of the six parcels will bu lax-forfelt in J11A a
few months, and if that happens the assessniciits are eliminated, subject to the right of the City to
rc-asscm Part of otic logic is tbat if there is to be a ro-assessment ariy";cay, why iiot load the
assessments on the Undevclopcd Lot and the 2.7 dere parcel wbioll have the acrea-ge Tull VC11110 to
absorb those ass essinctit s?
The eiid produd of our prof)salis alit the. City will hold a wriluable devolopmeDt assot for iio
cash outlay, and recover all of its assessments in tho future, also calurl"jig wheatoiler addilional
equity ovists or which subsequently develops, Tho rewcaining parcels will be ciirrej)t in their tax
obligations, and fliete will be sufficientfunds to finish the road paving, The 2013 taxes will be
paid m the two conveyed parcels, and after 2013 they will be in municipal. ownership an(I not
IP
subject to the ongoing annual red eral estate tax burdon until returnto the private Sector for,
development. The "fire, sale" aura now prosont due to the delinquencics will be remove(l, and
more aggivissive marketing oars fake place
We 1101)('2' Ille, City will Soriously comider this proposal, and look forward to meeting with
YOU to discuss tho matter in morn (Ictail. on Jmivary 30, 2013.
Sincerely,
iic ritliaii K Dolphin, President
21't Century Bai��
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.� K R ' ." t L 1 i I S e , .� S' q I ��e:_ �„ �*'� P� • ,
118-252-002010
2--004010
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Tic: `i [ , .
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Spec.: $ 9 450.68$172,998-354, J� t , ,r, tip',,• e
}`
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,91 .
69 •{ - Pc:I r . ,'V Ai�^"I.. tY air, I _ ' - - ` �?-`4J' "r{}J� lJ - ; _-+•' t ':,� ' a
_ ,}.. Tax: $108,449.68
, `s M1
_235921.12 � j . a ■�� , r4,'.
„�� 'T�, -•r-� I�I��.�1 l�. `"J'9,54 1 5 - ;� r!. t5pe{�+ �� ,a:• 1 v�,
�'1y $206,193.08 {l� $385$
912.27
Pen. - _ .. -- ' - -! Ir
Total , To tat , ,. _ . .yg. __ - --• - , I , iC� '
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■ Bal.: $199,952.15 - Spl3 Bal.: i./ 751 ■11
16
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Wright County Assessors Estimated Market Value
PID
Owner
Acres
Est. Market
Value
Est. Market
Value/ f.
118-239-000090
APPELLO GROUP LLC
7.35
$844.,600-00
$2.64
118-252-002010
APPELLO GROUP LLC
5.14
$6511800.00
$2.91
118-252-003010
APPELLO GROUP LLC
4.46
$595,200.00
$3.06
118-252-003020
APPELLO GROUP LLC
2.72
$492,100.00
$4.x.5
118-252-004010
APPELLO GROUP LLC
8.73
$964,300.00
$2.54
118-266-000010 jAPPELLO
GROUP LLC
13.91
$1.393,0700-00
$2.30
TOTAL
I 42.31F—$4,941,700-001
$1,553,816.531
$2.68
Special Assessment Amounts Including Delinquent 2013 Payment and Remaining Balance
PID
Owner
Acres
Special
Assessment
Special
Assessment /sf.-
118-239-000090
APPELLO GROUP LLC
7.35
$3181020.57
$0.99
118-252-002010
APPELLO GROUP LLC
5.14
$199.,952.15
$0.89
118-252-003010
APPELLO GROUP LLC
4.46
$175..026-57
$0.90
118-252-003020
APPELLO GROUP LLC
2.72
$105.0161.04
$0.89
118-252-004010
APPELLO GROUP LLC
8.73
$353,751-11
$0.93
118-266-000010
APPELLO GROUP LLC
13.91
$401;905.09
$0.661
TOTAL (not including penalties/interest) LI
42.311
$1,553,816.531
$0.841
1
r
otTY 0 C1 kJ
e F 0
MINNESOTA g
MEMORANDUM
TO: Mayor and City Council
FROM: Gary Groen
DATE: February 13, 2013
SUBJECT: Cash Flow Analysis of the 2006 Bond Issue
Project Summary
The General Obligation Improvement Bonds, Series 2006B totaling $5,985,000 were issued to
finance the construction of Queens Avenue and the CSAH 42 improvements. (The bond issue
was approved the same night as the $8,,875,000 bond issue to finance the water and sewer
improvements in the southeast area of the City.) The bond issue was intended to be financed
0
with the special assessments against the benefitting properties, road development fees and
general property tax levies. The following is a brief recap of the financing:
The Queens Avenue improvements were to be financed by special assessments against the
Dukeproperty and the road development/access fees for properties developed on the east
side of Queens Avenue.
The Duke property was assessed $533,930 for the Queens Avenue
improvements.
Road development fees charged to developers on the east side of Queens was
intended to pay the balance. According to the financing schedule, the road
development fees were intended to generate approximately $190,000 - $195,000
per year, Road development fees were $1,300 per lot at the time which would
equate to approximately 60 acres per year or 150 lots paying road development
fees each year, totaling nearly $2.91VI over 15 years.
The CSAH 42 improvements were financed by special assessments levied against benefitting
properties on both sides of CSAH 42 and the south side of CSAH 39. The assessments
totaled $2.41VI of which $660,000 was deferred, and still is deferred, until rezoned for
commercial development.
e Apello Group LLC properties were originally assessed approximately $1,550,000,
of which three parcels were sold for Klein Bank, Otsego Autocare and Twin Cities
Orthopedic Clinic. The City received almost $150,000 for the sale of the two lots.
@ Residential/farm properties on the west side of CSAH 42 and the south side of
CSAH 39 were assessed $650,000. (Of this total one has been paid so the
remaining deferred total approximately $600,000). All are deferred until rezoned.
Approximately $200,000 was assessed against properties that are currently
paying assessments.
Where The City is Today
The City has refinanced the 2006B Improvement Bond in two pieces; the $4,640,000 bond
issue in 2011 and the $1,220,000 issue in 2010. The intent of the refinancing was to provide
more time for the GC properties to be sold..
The road development fees anticipated with the development of properties east of Queens
Avenue has not materialized and the status of the deferred assessments west of CSAH 42 has
not changed.
With the lack of road development fees and the deferred assessments west of CSAH 42, the
lack of development activity in GRC has created a more immediate cash flow issue for the
repayment of this bond issuethe lack of development in GRC has highlighted the cash flow
problems of the bond issue.
The City general property tax levies for the 2006 improvement bond issue to date total
$678,680 for the years 2009 — 2013. (Revised slightly when the refinancing was completed.
Went to more of an overall cash flow need. Levies —about $50,000 more than scheduled thru
2013).
Cash Flow Worksheet
Attached with this memo is a cash flow projection based on the current circumstances. The
cash flow worksheet will also highlight the fact that the cash flow problems of this bond issue
are not entirely the result of GC development. Also included in the cash flow worksheet is
the last two years of the 2003 (85th Street) and the 2004 (Quaday) bond issues. The tax levy
requirements are rolled in with the 2006 bond issue. With only two years remaining, the
overall impact is minimal, except for the fact that there are $151,000 assessments deferred
until development alonuaday Avenue. The attached cash flow worksheet does not
include any payments from Apello/GRC or from any other assessments on properties
that currently carry deferred special assessments. A brief explanation of each column in
the worksheet follows:
Columns I and 2 are the special assessment remaining to be collected on the 2003
Improvement Bond and the 2004 Improvement Bond. The bonds issues are included because
both bond issues are completely paid in 2014. Quaday Avenue improvements include
$151,000 in assessments that are deferred until development.
Column 3 includes the current assessments being collected for the CSAH 42 improvements.
These include the other businesses along CSAH 42 and 85th Street east of CSAH 42 except
GRC/Apello and those that remain deferred.
Column 4 is an estimate of the City's share of unpaid property taxes that are owed by the GC
properties. This is included as a result of the recent bank proposal to pay up all delinquent
property taxes. However, the taxes may or not be paid based on the continuing negotiations
with the bank.
Columns 5 — 7 are the debt service obligations remaining for each of the three issues rolled
into this cash flow worksheet. The 2003 bond for 85th Street and the 2004 bond for Qnaday
will be paid off in 2014. The 2006 bond extends to 2027 with the actual final payment date of
2/1/28, which was also the final maturity date of the original issue. The refinancing only shifted
the schedule to delay the payment of principal on this issue.
Column 8 is the road development fees that were intended to be paid from the development
east of Queens Avenue. The road development fees were estimated based on 150 lots paying
development fees annually. Because the fees have not been collected this becomes part of
the City's obligation to finance the bonds. It is assumed that the road development fees will be
replaced by a general property tax levy.
Column 9 is the annual general property tax levy that was included in the original 2006 bond
issue.
Column 10 is the total for columns 8 and 9. Column 8 is included as part of the property tax
levy since the road development fees have not been collected to date and there is no future
development projected.
Column 11 is the estimated additional general property tax levy necessary at this time to
provide a positive cash flow to meet the City's debt service obligations, The projected City tax
levy for 2014 and future years would include the total of columns 10 and 11 if there are no
special assessments collected.
Column 12 is the cumulative cash flow for the project. The cash flow worksheet does not
include any G special assessments. Apello/GRC properties currently owe the following
special assessments:
Delinquent
$674,225
2013 principal and interest $126,015
Future 2014- to final (principal only) $7539575
Total $1.1.553,814
The information in the current cash flow projection will change with the decision of Apello/GRC
w any future development that occurs that may result in the payment of assessments or road
development fees.
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