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Page ten of the Executive Summary notes seven districts have decertified in the last three <br />years and five additional districts are expected to decertify in the next three years. By the <br />end of 2018, only nine districts are expected to remain active (assuming no new districts <br />are created). <br /> <br />In summary, New Brighton’s redevelopment program is healthy and districts are meeting <br />their debt obligations based upon TIF revenues. Ehlers has identified two districts, #26 <br />and #33, which may need budget modifications for either TIF revenues exceeding the <br />budget (#26) or the reverse with expenses exceeding TIF revenues (#33). These <br />modifications will require notice to the county and school boards and a City Council <br />public hearing. <br /> <br />New Brighton Exchange Dashboard <br />An updated dashboard for New Brighton Exchange is also attached and provides the <br />financial picture under a “projected development” scenario. Since the last dashboard <br />review in April of 2014, the following revisions have been incorporated: <br /> Estimated TIF totals are based on preliminary 2015 tax values for taxes payable in <br />2016 <br /> Office valuation on future buildings has been adjusted downward from $125/SF <br />to $100/SF <br /> Pulte Home’s unit count was adjusted up from 121 units to 125. <br /> Development of 100,000 SF is assumed for Block B (nothing was included in the <br />2014 dashboard) <br /> Development on Block D was adjusted up from 50,000 SF to 60,000 SF <br /> No building square footage is projected for Block E, only parking for CSI <br />(previous dashboard assumed 36,000 SF). However, when this property becomes <br />taxable, there will be TIF generated from the land value in private ownership. <br /> <br />These financial projections for New Brighton Exchange are based on an attached <br />spreadsheet titled “Projected Development Scenario”. The updated dashboard projects <br />that TIF revenues will repay bonded debt and most (but not all) of the interfund loan from <br />the City’s Municipal Development Fund (460), leaving an estimated Fund 460 balance of <br />just over $9 million at the end of year 2035. <br /> <br />Again, Ehlers’ representatives Mark Ruff and Jeanne Vogt will be available to assist with <br />questions or concerns. Staff looks forward to a good discussion. <br /> <br />Attachments <br />TIF Management Plan Executive Summary <br />New Brighton Exchange Dashboard <br />Projected Development Scenario spreadsheet <br /> <br /> <br /> <br />