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HomeMy WebLinkAboutMemo - Read Before Packet - 11/5/2013 - Memorandum From Mike Beckstead Re: Ura Loan - Cashflow Forecast For South Prospect Ura District (Agenda Item # 17)difference in the actual loan interest rate (2.68%) and the interest rate which would have been required by policy. Section 6 captures the revenue share agreement. Please let me know if I can provide any further explanation on the cash flow forecast for the South Prospect URA District. Urban Renewal Authority / Midtown Plan Area Prospect South TIF District Base year 2011 TIF Rev through 2037 Financial Forecast 2% 2% 2% 2% 2% 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 Tax Collection Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Inflows Property Tax Increment Capstone 58,268 268,946 274,325 274,325 279,812 279,812 285,408 285,408 291,116 291,116 296,938 296,938 Prospect Station - 3,916 39,156 39,156 39,939 39,939 40,738 40,738 41,553 41,553 42,384 42,384 Non-Project District Amount 25,021 25,021 25,522 25,522 26,032 26,032 26,553 26,553 27,084 27,084 27,626 27,626 Property Tax Increment - 83,289 297,883 339,003 339,003 345,783 345,783 352,698 352,698 359,752 359,752 366,947 366,947 Interest - 108 194 370 498 760 925 1,282 1,487 1,948 2,200 2,774 Loan Proceeds Loan 1 - Capstone (General Fund) 5,000,000 Loan 2 - Prospect Station (Water Fund) 247,000 Total Cash Inflows 5,000,000 330,289 297,992 339,197 339,373 346,281 346,543 353,623 353,980 361,240 361,700 369,148 369,722 3 4 5 6 7 8 9 10 11 12 13 14 15 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Outflows Operating Personnel - - - - - - - - - - - - - Goods & Services - - - - - - - - - - - - - County Fee - (1,666) (5,958) (6,780) (6,780) (6,916) (6,916) (7,054) (7,054) (7,195) (7,195) (7,339) (7,339) subtotal operating - (1,666) (5,958) (6,780) (6,780) (6,916) (6,916) (7,054) (7,054) (7,195) (7,195) (7,339) (7,339) Project Costs Project 1 - Capstone (5,000,000) Project 2 - Prospect Station (247,000) subtotal project costs (5,000,000) (247,000) - - - - - - - - - - - Developer Payback Project 2 - Prospect Station (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) subtotal Developer Payback (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) Debt Service Debt 1 Principal Capstone 75,732 (132,916) (141,858) (145,659) (155,050) (159,205) (169,068) (173,599) (183,959) (188,889) (199,774) (205,128) Debt 1 Interest (134,000) (136,030) (132,467) (128,666) (124,762) (120,607) (116,340) (111,809) (107,157) (102,226) (97,164) (91,810) Debt 2 Principal (Prospect Station) (6,227) (6,554) (6,898) (7,260) (7,642) (8,043) (8,465) (8,909) (9,377) (9,870) Debt 2 Interest (12,968) (12,641) (12,296) (11,934) (11,553) (11,152) (10,730) (10,285) (9,818) (9,325) subtotal debt service - (58,268) (268,946) (293,520) (293,520) (299,006) (299,006) (304,603) (304,603) (310,311) (310,309) (316,133) (316,133) Revenue Sharing Share 1 : 50% (Capstone / General Fund) (12,511) (14,523) (16,957) (17,045) (17,756) (17,888) (18,629) (18,808) (19,583) (19,815) (20,626) (20,913) Total Cash Outflows (5,000,000) (319,444) (289,427) (329,019) (329,107) (335,440) (335,571) (342,048) (342,227) (348,851) (349,081) (355,860) (356,147) Net Change in Cash - 10,845 8,565 10,177 10,265 10,841 10,972 11,575 11,754 12,388 12,620 13,287 13,574 Ending Cash & Investments - 10,845 19,410 29,588 39,853 50,694 61,666 73,241 84,994 97,383 110,002 123,289 136,864 5 6 4 TIF Growth Assumption 1 2 2 3 Page 1 Printed 11/4/2013 Urban Renewal Authority / Midtown Plan Area Prospect South TIF District Base year 2011 TIF Rev through 2037 Financial Forecast Tax Collection Year Cash Inflows Property Tax Increment Capstone Prospect Station Non-Project District Amount Property Tax Increment Interest Loan Proceeds Loan 1 - Capstone (General Fund) Loan 2 - Prospect Station (Water Fund) Total Cash Inflows Cash Outflows Operating Personnel Goods & Services County Fee subtotal operating Project Costs Project 1 - Capstone Project 2 - Prospect Station subtotal project costs Developer Payback Project 2 - Prospect Station subtotal Developer Payback Debt Service Debt 1 Principal Capstone Debt 1 Interest Debt 2 Principal (Prospect Station) Debt 2 Interest subtotal debt service Revenue Sharing Share 1 : 50% (Capstone / General Fund) Total Cash Outflows Net Change in Cash Ending Cash & Investments 5 6 4 TIF Growth Assumption 1 2 2 3 2% 2% 2% 2% 2% 2% 14 15 16 17 18 19 20 21 22 23 24 25 Cumulative 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total - 302,877 302,877 308,935 308,935 315,113 315,113 321,415 321,415 327,844 327,844 334,401 334,401 7,003,580 43,231 43,231 44,096 44,096 44,978 44,978 45,877 45,877 46,795 46,795 47,731 47,731 956,872 28,178 28,178 28,742 28,742 29,316 29,316 29,903 29,903 30,501 30,501 31,111 31,111 671,176 374,286 374,286 381,772 381,772 389,408 389,408 397,196 397,196 405,140 405,140 413,242 413,242 8,631,628 3,079 3,779 4,144 4,982 5,416 6,406 6,919 8,078 8,679 10,026 10,729 12,284 97,068 - 5,000,000 247,000 - 377,366 378,065 385,917 386,754 394,824 395,814 404,114 405,273 413,819 415,166 423,971 425,527 13,975,696 16 17 18 19 20 21 22 23 24 25 26 27 Cumulative 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total - - - - - - - - - - - - - - - - - - - - - - - - - - (7,486) (7,486) (7,635) (7,635) (7,788) (7,788) (7,944) (7,944) (8,103) (8,103) (8,265) (8,265) (172,633) (7,486) (7,486) (7,635) (7,635) (7,788) (7,788) (7,944) (7,944) (8,103) (8,103) (8,265) (8,265) (172,633) (5,000,000) (247,000) - - - - - - - - - - - - (5,247,000) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (247,002) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (247,002) (216,564) (222,368) (234,385) (240,667) (253,295) (260,083) (273,356) (280,682) (294,632) (302,529) (317,193) (324,873) (5,000,000) (86,313) (80,509) (74,549) (68,268) (61,818) (55,030) (48,060) (40,734) (33,211) (25,315) (17,207) (8,707) (2,002,759) (10,388) (10,933) (11,507) (12,111) (12,747) (13,416) (14,121) (14,862) (15,642) (16,463) (17,328) (18,237) (247,000) (8,807) (8,262) (7,688) (7,084) (6,448) (5,779) (5,074) (4,333) (3,553) (2,731) (1,867) (957) (175,285) - - (322,072) (322,072) (328,129) (328,130) (334,308) (334,308) (340,611) (340,611) (347,038) (347,038) (353,595) (352,774) (7,425,043) (21,766) (22,116) (23,013) (23,431) (24,377) (24,872) (25,871) (26,450) (27,509) (28,183) (29,307) (36,377) (528,325) (363,086) (363,435) (370,539) (370,958) (378,235) (378,730) (386,187) (386,767) (394,412) (395,086) (402,929) (397,415) (13,620,003) 14,280 14,630 15,377 15,796 16,589 17,084 17,927 18,507 19,406 20,080 21,042 28,112 355,693 151,144 165,774 181,151 196,946 213,535 230,619 248,546 267,052 286,459 306,539 327,581 355,693 Page 2 Printed 11/4/2013