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Kadler Feasibility - Financial Schedules (3-6-2017)
X:\Bonds\Bond Issues\2017\Kadler Avenue Street\Kadler Financing Taxes Estimated Taxes (Based on 2017 TNT Rates) Estimated Market Value Tax RMV Land Buildings Total Capacity County City School School State Total Tax Rates Phase 1 899,600 2,468,000 3,367,600 66,602 26,377 25,291 24,774 6,522 30,505 113,469 County 39.604 Phase 2 - 1,832,500 1,832,500 City 37.973 School 37.197 Total 5,200,100 103,252 40,892 39,208 38,407 10,071 47,291 175,869 School - RMV 19.367 State 45.802 Total 179.943 2016 Actual Taxes North Lot 1,635 1,551 1,398 404 4,988 South Lot 1,583 1,501 1,332 374 4,790 9,778 X:\Bonds\Bond Issues\2017\Kadler Avenue Street\Kadler Financing Taxes City of Otsego City of Otsego Special Assessments - Amortization Schedule Special Assessments - Amortization Schedule 2 Assessment - Kadler Avenue Construction Assessment - Kadler Avenue Construction Street Access Fee Option - Gross Acreage I ( ? Street Access Fee Option - Net Acreage Y Year Assessed Principal Interest Total Balance Year Assessed Principal Interest Total Balance 2017 844,493.65 - - - 844,493.65 2017 647,079.55 - - - 647,079.55 2018 - 84,449.37 29,557.28 114,006.65 760,044.28 2018 - 64,707.96 22,647.78 87,355.74 582,371.59 2019 84,449.37 26,601.55 111,050.92 675,594.91 2019 64,707.96 20,383.01 85,090.97 517,663.63 2020 84,449.37 23,645.82 108,095.19 591,145.54 2020 64,707.96 18,118.23 82,826.19 452,955.67 2021 84,449.37 20,690.09 105,139.46 506,696.17 2021 64,707.96 15,853.45 80,561.41 388,247.71 2022 84,449.37 17,734.37 102,183.74 422,246.80 2022 64,707.96 13,588.67 78,296.63 323,539.75 2023 84,449.37 14,778.64 99,228.01 337,797.43 2023 64,707.96 11,323.89 76,031.85 258,831.79 2024 84,449.37 11,822.91 96,272.28 253,348.06 2024 64,707.96 9,059.11 73,767.07 194,123.83 2025 84,449.37 8,867.18 93,316.55 168,898.69 2025 64,707.96 6,794.33 71,502.29 129,415.87 2026 84,449.37 5,911.45 90,360.82 84,449.32 2026 64,707.96 4,529.56 69,237.52 64,707.91 2027 84,449.32 2,955.73 87,405.05 - 2027 64,707.91 2,264.78 66,972.69 - Totals 844,493.65 162,565.02 1,007,058.67 Totals 647,079.55 124,562.81 771,642.36 Note - Assumed Interest Rate is 3.50% Note - Assumed Interest Rate is 3.50% Payment Payment Year Assessed Principal Interest Total Balance Year Assessed Principal Interest Total Balance 2017 844,493.65 - - - 844,493.65 2017 647,079.55 - - - 647,079.55 2018 - 56,299.58 38,881.90 95,181.48 788,194.07 2018 - 43,138.64 29,792.62 72,931.26 603,940.91 2019 56,299.58 33,498.25 89,797.83 731,894.49 2019 43,138.64 25,667.49 68,806.13 560,802.27 2020 56,299.58 31,105.52 87,405.10 675,594.91 2020 43,138.64 23,834.10 66,972.74 517,663.63 2021 56,299.58 28,712.78 85,012.36 619,295.33 2021 43,138.64 22,000.70 65,139.34 474,524.99 2022 56,299.58 26,320.05 82,619.63 562,995.75 2022 43,138.64 20,167.31 63,305.95 431,386.35 2023 56,299.58 23,927.32 80,226.90 506,696.17 2023 43,138.64 18,333.92 61,472.56 388,247.71 2024 56,299.58 21,534.59 77,834.17 450,396.59 2024 43,138.64 16,500.53 59,639.17 345,109.07 2025 56,299.58 19,141.86 75,441.44 394,097.01 2025 43,138.64 14,667.14 57,805.78 301,970.43 2026 56,299.58 16,749.12 73,048.70 337,797.43 2026 43,138.64 12,833.74 55,972.38 258,831.79 2027 56,299.58 14,356.39 70,655.97 281,497.85 2027 43,138.64 11,000.35 54,138.99 215,693.15 2028 56,299.58 11,963.66 68,263.24 225,198.27 2028 43,138.64 9,166.96 52,305.60 172,554.51 2029 56,299.58 9,570.93 65,870.51 168,898.69 2029 43,138.64 7,333.57 50,472.21 129,415.87 2030 56,299.58 7,178.19 63,477.77 112,599.11 2030 43,138.64 5,500.17 48,638.81 86,277.23 2031 56,299.58 4,785.46 61,085.04 56,299.53 2031 43,138.64 3,666.78 46,805.42 43,138.59 2032 56,299.53 2,392.73 58,692.26 0.00 2032 43,138.59 1,833.39 44,971.98 (0.00) Totals 844,493.65 290,118.75 1,134,612.40 Totals 647,079.55 222,298.77 869,378.32 Note - Assumed Interest Rate is 4.25% Note - Assumed Interest Rate is 4.25% X:\Bonds\Bond Issues\2017\Kadler Avenue Street\Kadler Financing Assessment Amortization 3 City of Otsego, Minnesota $1,170,000 General Obligation Improvement Bonds, Series 2017A (Preliminary AA, NBQ rates as of 2/23/17) Assessment of Street Access Fee (Gross Acreage) Less: Equals: Assessment City Net Levy Collection Date Total P+I CIF 105% Levy Revenues* Levy Year Year 02/01/2018 18,496.67 (18,496.67) - - - - - 02/01/2019 107,745.00 113,132.25 95,181.48 17,950.77 2017 2018 02/01/2020 106,825.00 112,166.25 89,797.82 22,368.43 2018 2019 02/01/2021 105,785.00 111,074.25 87,405.10 23,669.15 2019 2020 02/01/2022 104,585.00 109,814.25 85,012.36 24,801.89 2020 2021 02/01/2023 103,225.00 108,386.25 82,619.64 25,766.61 2021 2022 02/01/2024 101,665.00 106,748.25 80,226.90 26,521.35 2022 2023 02/01/2025 99,945.00 104,942.25 77,834.16 27,108.09 2023 2024 02/01/2026 98,105.00 103,010.25 75,441.44 27,568.81 2024 2025 02/01/2027 96,145.00 100,952.25 73,048.70 27,903.55 2025 2026 02/01/2028 89,025.00 93,476.25 70,655.98 22,820.27 2026 2027 02/01/2029 86,925.00 91,271.25 68,263.23 23,008.02 2027 2028 02/01/2030 84,712.50 88,948.13 65,870.49 23,077.64 2028 2029 02/01/2031 82,387.50 86,506.88 63,477.77 23,029.11 2029 2030 02/01/2032 79,987.50 - 83,986.88 61,085.03 22,901.85 2030 2031 02/01/2033 77,512.50 81,388.13 58,692.31 22,695.82 2031 2032 Total $1,443,071.67 (18,496.67) $1,495,803.75 $1,134,612.41 $361,191.34 *Assumes $844,493.65 in principal spread in even principal payments for a term of 15 years with an interest rate of 4.25%, which is 1.5% over the average coupon. Average Annual City Levy = $24,079.42 GO Improvement 2017A - 15 1 SINGLE PURPOSE I 2/23/2017 1 10:46 AM Northland Securities, Inc. Public Finance Page 3 City of Otsego, Minnesota $1,170,000 General Obligation Improvement Bonds, Series 2017A (Preliminary AA, NBQ rates as of 2/23/17) Assessment of Street Access Fee (Net Acreage) Less: Equals: Date Total P+I CIF 105% Levy Assessment Revenues* City Net Levy Levy Year Collection Year 02/01/2018 18,496.67 (18,496.67) - - - - 02/01/2019 107,745.00 113,132.25 72,931.26 40,200.99 2017 2018 02/01/2020 106,825.00 112,166.25 68,806.12 43,360.13 2018 2019 02/01/2021 105,785.00 111,074.25 66,972.74 44,101.51 2019 2020 02/01/2022 104,585.00 109,814.25 65,139.34 44,674.91 2020 2021 02/01/2023 103,225.00 108,386.25 63,305.96 45,080.29 2021 2022 02/01/2024 101,665.00 106,748.25 61,472.56 45,275.69 2022 2023 02/01/2025 99,945.00 104,942.25 59,639.16 45,303.09 2023 2024 02/01/2026 98,105.00 103,010.25 57,805.78 45,204.47 2024 2025 02/01/2027 96,145.00 100,952.25 55,972.38 44,979.87 2025 2026 02/01/2028 89,025.00 93,476.25 54,139.00 39,337.25 2026 2027 02/01/2029 86,925.00 91,271.25 52,305.59 38,965.66 2027 2028 02/01/2030 84,712.50 88,948.13 50,472.19 38,475.94 2028 2029 02/01/2031 82,387.50 86,506.88 48,638.81 37,868.07 2029 2030 02/01/2032 79,987.50 83,986.88 46,805.41 37,181.47 2030 2031 02/01/2033 77,512.50 81,388.13 44,972.03 36,416.10 2031 2032 Total $1,443,071.67 (18,496.67) $1,495,803.75 $869,378.33 $626,425.42 *Assumes $647,079.55 in principal spread in even principal payments for a term of 15 years with an interest rate of 4.25%, which is 1.5% over the average coupon. Average Annual City Levy = $41,761.69 GO Improvement 2017A -15 1 SINGLE PURPOSE 1 2/23/2017 I 10:51 AM Northland Securities, Inc. Public Finance Page 3 City of Otsego Cash Flow Summary Kadler Avenue Construction i Street Access Fee Options Gross Acreage Revenues Special Assessments Property Taxes Interfund Loan Total 5 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 $ - $ 95,181 $ 89,798 $ 87,405 $ 85,012 $ 82,620 $ 80,227 $ 77,834 $ 75,441 $ 73,049 $ 70,656 $ 68,263 $ 65,871 $ 63,478 $ 61,085 $ 58,692 1,134,612 - - - - - - - - - - - - - - - - - 1,106,150 1,106,150 95,181 89,798 87,405 85,012 82,620 80,227 77,834 75,441 73,049 70,656 68,263 65,871 63,478 61,085 58,692 Expenses Capital Outlay 1,106,150 - - - - - - - - - - - - - - - InterfundLoan- Repayment 84,805 84,067 83,330 82,593 81,855 81,118 80,380 79,643 78,905 78,168 77,431 76,693 75,956 75,218 74,481 1,194,642 Total 1,106,150 84,805 84,067 83,330 82,593 81,855 81,118 80,380 79,643 78,905 78,168 77,431 76,693 75,956 75,218 74,481 Cash Balance - Beginning - - 10,377 16,107 20,182 22,602 23,367 22,476 19,930 15,728 9,872 2,360 (6,807) (17,630) (30,108) (44,241) Revenues 1,106,150 95,181 89,798 87,405 85,012 82,620 80,227 77,834 75,441 73,049 70,656 68,263 65,871 63,478 61,085 58,692 Expenditures (1,106,150) (84,805) (84,067) (83,330) (82,593) (81,855) (81,118) (80,380) (79,643) (78,905) (78,168) (77,431) (76,693) (75,956) (75,218) (74,481) Cash Balance- Ending $ - $ 10,377 $ 16,107 $ 20,182 $ 22,602 $ 23,367 $ 22,476 $ 19,930 $ 15,728 $ 9,872 $ 2,360 $ (6,807) $ (17,630) $ (30,108) $ (44,241) $ (60,030) - - - - - - - - - Interfund Loan 1,106,150 - - Annual Levy 4,002 X:\Bonds\Bond Issues\2017\Kadler Avenue Street\Kadler Financing Cash Flow - Internal 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Revenues Special Assessments $ - $ 72,931 $ 68,806 $ 66,973 $ 65,139 $ 63,306 $ 61,473 $ 59,639 $ 57,806 $ 55,972 $ 54,139 $ 52,306 $ 50,472 $ 48,639 $ 46,805 $ 44,972 869,378 Property Taxes - - - - - - - - - - - - - - - - - Interfund Loan 1,106,150 - - - - - - - - - - - - - - - Total 1,106,150 72,931 68,806 66,973 65,139 63,306 61,473 59,639 57,806 55,972 54,139 52,306 50,472 48,639 46,805 44,972 Expenses Capital Outlay 1,106,150 - - - - - - - - - - - - - - - InterfundLoan- Principal 84,805 84,067 83,330 82,593 81,855 81,118 80,380 79,643 78,905 78,168 77,431 76,693 75,956 75,218 74,481 1,194,642 Total 1,106,150 84,805 84,067 83,330 82,593 81,855 81,118 80,380 79,643 78,905 78,168 77,431 76,693 75,956 75,218 74,481 Cash Balance - Beginning - - (11,874) (27,135) (43,492) (60,945) (79,494) (99,140) (119,881) (141,718) (164,651) (188,680) (213,804) (240,025) (267,342) (295,755) Revenues 1,106,150 72,931 68,806 66,973 65,139 63,306 61,473 59,639 57,806 55,972 54,139 52,306 50,472 48,639 46,805 44,972 Expenditures (1,106,150) (84,805) (84,067) (83,330) (82,593) (81,855) (81,118) (80,380) (79,643) (78,905) (78,168) (77,431) (76,693) (75,956) (75,218) (74,481) Cash Balance - Ending $ - $ (11,874) $ (27,135) $ (43,492) $ (60,945) $ (79,494) $ (99,140) $ (119,881) $ (141,718) $ (164,651) $ (188,680) $ (213,804) $ (240,025) $ (267,342) $ (295,755) $ (325,264) Annual Levy 21,684 X:\Bonds\Bond Issues\2017\Kadler Avenue Street\Kadler Financing Cash Flow - Internal CITY OF OTSEGO COMBINED CASH INVESTMENT JANUARY 31, 2017 COMBINED CASH ACCOUNTS 001-10000 CASH & INVESTMENTS TOTAL COMBINED CASH 001-10100 CASH ALLOCATED TO OTHER FUNDS TOTAL UNALLOCATED CASH CASH ALLOCATION RECONCILIATION 101 ALLOCATION TO GENERAL FUND 201 ALLOCATION TO STREET PAVEMENT MANAGEMENT 202 ALLOCATION TO TRAIL PAVEMENT MANAGEMENT 203 ALLOCATION TO PARK DEVELOPMENT 204 ALLOCATION TO INSURANCE RESERVE 205 ALLOCATION TO PARK EQUIPMENT CAPITAL FUND 206 ALLOCATION TO CAPITAL EQUIPMENT REVOLVING 208 ALLOCATION TO COMMUNITY FACILITIES FUND 209 ALLOCATION TO COLLECTOR STREET RECONSTRUCTIO 214 ALLOCATION TO FIRE CAPITAL RESERVE FUND 220 ALLOCATION TO STORMWATER (OUT OF DISTRICT) 222 ALLOCATION TO STORMWATER (IN DISTRICT) 225 ALLOCATION TO STREET LIGHT UTILITY FEE 255 ALLOCATION TO DEVELOPMENT LOAN FUND 261 ALLOCATION TO TIF #1 - GREAT RIVER CENTRE 350 ALLOCATION TO 2003A IMPROVEMENT BONDS 360 ALLOCATION TO WEST W&S DEBT SERVICE FUND 361 ALLOCATION TO SEWER DEBT (REPORTING ONLY) 365 ALLOCATION TO QUADAY DEBT SERVICE -2004 BOND 375 ALLOCATION TO WATERFRONT EAST & MISSISSIPPI 380 ALLOCATION TO 206 STREET IMPROVEMENT 385 ALLOCATION TO 2007 PUBLIC WORKS FACILITY 395 ALLOCATION TO QUANTRELLE & 88TH STREET DEBT 399 ALLOCATION TO GO EQUIPMENT C OF 1 403 ALLOCATION TO COLLECTOR ROADS FUND 405 ALLOCATION TO NO MISSISSIPPI WATERSHED 406 ALLOCATION TO LEFEBVRE WATERSHED 408 ALLOCATION TO OTSEGO CREEK WATERSHED 410 ALLOCATION TO CROW RIVER WATERSHED 413 ALLOCATION TO 1998 ODEAN PROJECT 414 ALLOCATION TO REVOLVING CAPITAL IMPROVEMENTS 431 ALLOCATION TO SLAB TOWN W & S 433 ALLOCATION TO 80TH STREET IMPROVEMENTS 441 ALLOCATION TO OTSEGO MUNICIPAL BUILDING FUND 601 ALLOCATION TO WATER FUND 602 ALLOCATION TO SEWER FUND 701 ALLOCATION TO DEVELOPMENT ESCROWS FUND 702 ALLOCATION TO BUILDERS ESCROW FUND FOR ADMINISTRATION USE ONLY 30,274,811.59 30,274,811.59 ( 30,274,811.59) .00 3,310,527.50 466,097.03 3,234.73 490,627.64 171,396.70 229,307.15 575,801.00 481,651.83 835,898.06 2,049,489.64 77,242.57 82,280.72 107,905.28 294,205.02 16,277.90) 2,008.37 2,984,263.58 6,016,516.39 149,234.13) 632,436.17 876,977.90 239,014.35 187,882.84) 187.23) 172,830.99 301,222.32) 11,090.79 904,459.24 11,991.04) 5,425.32) 1,425,368.92 13,568.27 60,289.15) 1,120.05 4,963,791.70 671,860.71 2,764,087.99 152,261.23 8 % OF THE FISCAL YEAR HAS ELAPSED J 24/01/2017 02:24PM PAGE:1 City of Otsego Collector Streets Reconstruction Fund Cash Flow Summary Revised: March 2, 2017 Forecast I Projection - Capital Improvement Plan 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Revenues Development Fees $ 277,456 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 $ 83,350 Special Assessments - - - - - - - - - - - Special Assessments (Levied) 5,064 4,868 4,672 4,477 4,281 4,085 3,889 3,693 - - - Intergovernmental - - - - - - - - - - - Investment Interest - - - - - - - - - - - Miscellaneous - - - - - - - - - - - Transfers In - - - - - - - - - - - Total 282,520 88,218 88,022 87,827 87,631 87,435 87,239 87,043 83,350 83,350 83,350 Expenses Other Charges & Services Capital Outlay Capital Outlay (CIP) Transfers Out Total Cash Balance - Beginning Balance Sheet Effects Revenues Expenditures Cash Balance - Ending 7 Comments 50 New Plats at Avg. 2017 Rate ($1,667) Existing levied assessments - - - - - - - - - - - No Projects in 2017-2026 CIP 553,694 835,898 924,116 1,012,138 1,099,965 1,187,596 1,275,031 1,362,270 1,449,313 1,532,663 1,616,013 (316) 282,520 88,218 88,022 87,827 87,631 87,435 87,239 87,043 83,350 83,350 83,350 $ 835,898 $ 924,116 $ 1,012,138 $ 1,099,965 $ 1,187,596 $ 1,275,031 $ 1,362,270 $ 1,449,313 $ 1,532,663 $ 1,616,013 $ 1,699,363 UABudget\2018\Cash Flows\Capital Funds 209 -Collector Streets City of Otsego Capital Improvements Fund Cash Flow Summary Revised: March 2, 2017 Revenues Property Taxes Intergovernmental Special Assessments Special Assessments (Levied) Investment Interest Sales of Capital Assets Miscellaneous Transfers In Total Expenses Capital Outlay - General Capital Outlay - Public Safety Capital Outlay - Public Works Capital Outlay - Parks Capital Outlay (CIP) Development Incentives Transfers Out Total Cash Balance - Beginning Balance Sheet Effects Revenues Expenditures Cash Balance - Ending Forecast Projection - Capital Improvement Plan 2016 2017 2018 2019 2020 Comments $ $ 160,200 $ 294,000 $ 238,500 $ Temporary - IT/Elections/Trails 51,666 47,521 45,564 37,106 35,539 Existing levied assessments 51,666 207,721 339,564 275,606 35,539 108,180 561,279 110,309 489,240 125,000 50,000 Detailed in 2017-2026 CIP 105,762 775,221 110,309 489,240 125,000 50,000 1,841,526 1,153,539 1,250,951 1,101,275 1,251,881 35,568 51,666 207,721 339,564 275,606 35,539 (775,221) (110,309) (489,240) (125,000) (50,000) $ 1,153,539 $ 1,250,951 $ 1,101,275 $ 1,251,881 $ 1,237,420 Other Cash Needs of this Fund 150,000 Quaday Avenue - 2017 Estimated Expenditures (317,500) DEED Grant - Quaday Avenue 170,052 WFE Incentives - Nystrom 465,026 WFE Incentives - Guardian Angels 108,691 WFE Incentives - Otsego Developments, LLC 30,000 Security System, Cameras, Key Fob Systems 606.269 Total Available Fund Balance 1,237,420 Cash Balance - Post CIP (606,269) Less: Cash Needs from Above 84,101 Add: Assessment Revenue (2021-2029) 715,252 Unassigned Cash Balance of this Fund U:\13udget\2018\Cash Flows\Capital Funds 414 -Capital Imp.