TIF REPORT PART 1 - Laserfiche WebLink

Home Browse Search

Cash Balances and Uses Pre-1990 Districts: TIF 5 — 18 are pre-1990 districts (excluding TIF #9), which are exempt from pooling limitations. All these districts have a positive cash balance as of 12/31/2010. We are estimating these districts will have about $4.3M available for pooling to other districts, including TIF 31 &TIF 32 between 2011 and 2018,when these districts expire. Special Legislation Districts: TIF #9, #20, and #26 have special legislation which allows pooling with TIF #31 and TIF #32. We are estimating these districts will have about$13.7M available for pooling between 2011 and 2024 when these districts expire. Post-1990 Districts: TIF 19—33 (excluding TIF#20 and#26) are subject to pooling limitations,thus will be looked at individually. • TIF#19: This district paid off the interfund loan and the PAYGO note in 2010. There is some room for additional pooling in this district(see below), but this district will need to be decertified early. • TIF #23: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until 2019. • TIF #25: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until 2017. • TIF #27: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until 2024. • TIF #28: This district is expected to have a cash balance of $632,497 at the end of 2011 and it is expected to increase annually. This district is currently paying on two obligations, one of which is outside the district. There is additional room for pooling(see below)to help reduce the balance. • TIF #29: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until 2020. • TIF #30: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until 2018. • TIF #31 & #32: These districts currently have $0 cash balances while paying off an interfund loan from the Municipal Development Fund and other debt obligations. The city is currently exploring options for additional projects in these districts to pay for existing debt. In the meantime, pooling from Special Legislation Districts and Pre-1990 districts are assisting to meet the needs of these districts. • TIF #33: This district currently has a $0 cash balance while paying off an interfund loan from the Municipal Development Fund. This is expected to continue until the district expires. Management Review&Analysis-Tax Increment Financing Districts February 2012 New Brighton, Minnesota Page 17