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HomeMy WebLinkAbout1998-04-01 PACKET 13.A.RECIUEST Ci� CI1Y COURtCIL ACTIC1Pd COUtdCIL RGENDA AflEETlNG 17EM # DATE 4/1l9� � �J. , Pf2EP.4RED �Y: FinanCe Elizabe=tti �ohnson ORIGINATING DEPARTiUENT STAFF AUTHOR @«....��.�.�...�.*���...�a�ke.��...�4...�..�.,�� COl1NGtL ACTION F2EQUEST: Receive information ior workshop session concerning the debt levy. SUPPOftTItdG DOCUMEM1ITS � PJIEMO/LETTER: Liz Johnson, Acting Finance Director, 3/26/98 ❑ RESOLUTION: ❑ ORDINAPICE: ❑ EiVGINEERiNG RECOMMENDATION: ❑ LEGAL RECOIViMENDATION: ❑ OTHER: ,4DMINISTRAI'ORS COMMENTS The enciosed alerts Council that we have both a short and long-term concern regarding deb4 issuance for existing and proposed projects. We will be proposing that projects such as an ice arena, community center, field house, pubiic safefy training facility and others provide significant stress upon the operation and should be avoided in the near term. We also need to review the pevement management staging prior to 1999 as weil as the assessment policy (which Council determined to discuss this summer}. Due to scheduled debt issuance this year we will alsa have a smali issue versus large issue debt probiem which needs to be addressed (we need to keep annual issuance below $5 million}. As a result of that we are considering private infrastructure projects with public inspectipn �ch as Centex and others that came along this year. . j � �� ; � ; I 5 / � � . ;/' Lb���� / n ' �� i 'JJ I� / 1 �- ` City Administrator Date Y 6 h R R A+F h 4 A 4 R@ A k P 4/* 4 tr 4 4 R 4 F rt C C k B# 4 rt! Q tr#* C'R k k rt k* O* CC1UNCil. AC710N TAKE6�: ❑ APPRC7i/�D ❑ DEfVIECD ❑ OTFiEt�. To: Ryan Schroeder, City Administrator From: Elizabeth Johnson, Acting Finance Director � Date: 03/26/98 Re: Info for workshop session on debtlevy Attached is my memo of March 17`� and the supporting worksheets which compile the debt ]evy figures. The second set, if you can bear looking at one more schedule with tiny numbers, adds pavement management debt for construction in 1999 and 2000 out to collect year 2005. If you compare the two schedules, you can see that that the tax rate increases by 5.5% from 200Q to'2001 on the second schedule versus 2.6% on the first schedule. Ths second schedule only adds debt for 1999 and 2000. The debt levy will be over $1.1 miltian if 2001 debt is added. I wish to bring this to Council's attention to make sure that they concur with the direction we aze heading. Requested Action Provide information Yo Council for discussion of the debt levy. To: Ryan Schroeder, City Administrator From: Elizabeth Johnson, Acting Finance Directo� Date: 03/17/98 Re: Updated debt levy I received updated debt levy information from Sean Lentz, Ehlers and Associates, today conceming the 1998 �roposed general obligation bond issue. This issue finances tcvo 100% assessed projects, 80 Street and 1998 Pavement Management. Sean has computed the projected new level of debt service required for the partially assessed projects. I have updated the tax rate projection worksheeu. As you can see from the attached schedules, the debt levy is greatly impacted by the 1998 proposed bond issue. The debt lery jumps to approximately $827,000 and remains at that lery forcollect year 2000 to 2013. This does not factor in any future pavement management projects. I'have incfuded a schedule from the addendum to the 1994 pavement management report which was presented at a workshop session on November 19, 1997. The debt levy could be over $I,100,000 if pavement management continues according to the original 1994 plan. 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O O O O O O O O O O N N N N N N N N tV N N N N N N m m� b°o � g� � g o 0 0 0 0 0 N N N N N N N N N N N N N N T a � N $ � y N � N N � G N N Q C � � L W a � n � a r a _ � s . d N a � N O O S O 9�;'oo�m c H� J W� H w � � E p c � m� J �q � ca � � /�- G O � O � m S � '"' � E o m o F �p O � q O p � r G x E $ m o�h ui ' � Q "' E IC OAO �' A I � O�� O o� e'J � fO �� N� e- p Y�D t+1 Q V t0 p� �� a�DCO� G�fOm 01 �A n nt+f O�0 M.�.- e-�-�-� � � �-.-�-e-N 884F8�88�8888� M N m��� o o� i n� i M� n u a ' � � � N N N N N N N N< O l0 000 �i N�ff O N p� � L� O� t0 � N T t� O O Q� �� l7 t� N N CmN Ct0 N ! °'�����.'-��� ? m mn7rim �rn'S'imo�' �� � � � � N N N N N N N N N N N N N N N � � � � � � � � � � � � > > � � � � � � � � � � � � o $'i�'imm m�g'iS' �?' � N N N N N N N N N N N N N N � o �mmrn w n�S'im�m'o Y�- � � � N N N N N N N N N N N N N �nmo r �i��mv�i��m rnm u�irn na r e�(on ro �e �� n r � p c � py � � ic�� ac ae �c �+i . oi 1�A M M W H H N q H W W W H N V i H ame N N O t0 N N t�l � � N O O O O tn O i� t0 Q� 0 N OD 1p tp V Of Q O O O M M t� O� th O> N t+� W�p O� M {p W O O� tD H p <N MM��t�O�Nl+f Q V QNO re�o�on t�p � Y1 ��} n n f0 O� �� �� W m W N m O� N�� W 0 W 19 19 W H W 19 W 19 IA 19 19 N M 19 tl! 19 H IA M H(A c v � � � a c � � L W a � a a � ►AVEMENT AIANABFMENT TA% pIPACf i WG9 REVISED PL/�N TAX IWAR MVEMENT MANAOEMENT REV6EC OCfWEN, 1Y07 HII.SIHO: TOTAL UNBAN OTV 7996 E1A MS,S�I,1 t9G6 E2B � E2C 2.071.lOS 19G7 Wqitl�.M$ 0 /!9! 1,165.600 i Y99 4M.600 2000 t.f/2.I00 lOOS � qf�l00 OEBT DElT DE�T OEST OE ►AY YEAR tY86 1!8! 1l07 . 1fY! �oae 1997 199! iaas t000 100t Y7.96'f 2002 t30.�)6 xooa ize.o�o 2004 1Y6,085 1005 123.95a 2006 /20,700 2007 t18,�B6 2008 112,386 2009 183.310 3070 t7t,855 20tt 2072 2013 201t I01�. 2016 3017 ao�a 301H 3020 20ti 26.17Y lqNE 106.�07 D7.l73 ies.au 334.l97 1lt,9/7 �ss.sea 1l9,065 217,073 x+e,oTe 223,tOD uia�a M3.03S 46{,325 l67.�26 TOTAL T.307.0/7 2.�30,131 117.7M +�a.sas uo.zze 1/D.67! ixi,eea 1/Y.117 �u,ma �io.xoa 121,316 +za.00s 11 �.261 124,�/3 12J.�63 uz.eea �x�.e�a OEBT DEST DEtT DWT 1NY 200p 3001 2002 a,aw u,saa 1M,tY6 �M.t74 14R273 61.0)t as.oss u�,ess aa.aee �a�,m 46,774 146,943 bt.716 tOt293 �6,299 /46,l90 l3J41 t00.D97 16.073 ti0.44t tI.647 tOS.67� Jb,t98 t�t6,616 �l.s33 102,7l6 a�,as �a.eaa sa.eu ioo.s�s 4?.066 /4l.11! t3.t30 t03.849 46,6�t itt,620 �6,�69 101,429 49.l1� 160.7�0 µ.1l4 1Q1.93t s�,oea ++a.�os es.zss +m,osa 60.163 1�7.746 t6.680 106.W! 47,6lC 160J45 , Q,�06 /06,63! tY.060 t3,6T6 t06,920 i4.000 100.060 106.)60 TAX wNACT TOTAL o.0000 o.00u 0.0074 O.Ott6 o.oxos o.ws� 0.040! o.ass 0.0443 0.04t6 O.Otl2 O.ONi aoaos 0.0624 0.061) 0.0617 o.oxn OAtil 0.0168 0.0133 0.0071 O.OD99 TASK �i0.000 iiOME MAPACT 1.09 e.oa 16.E3 nne 41.17 44.11 i9.10 17.71 t8.01 /6.61 tb.t9 a3.e� iT.72 65.64 f6.lt 13.43 42A9 �e.ee 14.02 7.69 �.23 AV8G6E �tA9 0 9.9Pi,4Y2 611.t26 1.47�.7Y0 766.60f t70.2{{ OIIK3RU1l �YO.WO MOME IMPACT 76.06 I�.a7 u.eo t7.lt 24.70 47.88 83.5! 60.68 47.93 46.33 u.es 40.60 se.n 08.15 3f.t3 26.7! 40.�9 79.00 1535 13.I7 6.�2 0.00 SO.D9 DIFF6RENCE -16.OE -21.�! •u.�a 4231 3.P4 -0Ji -9.45 -1.49 a.0 2.68 3.78 4.75 a.se 20.97 2L�1 30.0� J.Pt 9.88 1.87 1.11 i.�t a.0 /.06 -liC_TGDt1LL wln.'7 " . MRR 16 '98 05�18PM EH�ERS & RSSOCIATES City of Cottage Grove, MN Genenl0btigaGon Improvement Bonds ot 1998 5¢ing Worksheet PROJECT CO&'fS West Draw Meadows (15t) 559,240 Pine Forest 3rd Addition 464,3t� 80th Street 1,979,356 1998 Pavement Mangement 1,896,000 Subtolal� 4,898,913 U¢�RONT REV NUE tnterest Eamed TIF Revenues Funds on Hantl COSTS OFISSUANC£ 21,438 67.200 85,00 Subtotal 173,638 OTHER FUNDAB�E COSTS Capitatized Irtterest Number ot Months Ave2ge Coupon (Rate) Discount Oebt Service Reserve Other 34,725 0.0 MTHS 0.000 % Amount OR °% �s,000 o.000 0 0.000 p 0.000 S rc Par Amo�nt of Bonds 5,00�,000 Inte�est Eamed 21,438 Ttf Revenues 67,200 Funds on Hand 85,000 Total So 5,173,638 _ Total Project Cost less: TlF Revenues less: Funds on Hand Issue Related Expenses Oiscount Aliowance Gapita(ized Interest bebt Resenre Subtotal Less: Interest Eemed issue 517,e __ 4,898.913 t67200 34,�25 �s,000 165,000 SL� Projea CoSts Costs of Issuance Discount Interest Capitalizetl Debt Service Fieserve Other Tosal Us For Dii'.2�3on Only 4,896,913 34,725 75,000 165,000 0 0 _ .. _.. _ _ _, .----'—•— _ 03l16/9s > .� 0 � � n LL �` � 0 � $ �� j `m O E V 0 � �� v� O w A 6 � .� � y*' � � . � 8 � � � � R R & R R & r R .' m M n $ "n� e : i� o .�.� $ &' � $ A, � "�, � � �� � � �. � S }A, '�, '�, &. b�., : � f '., � m P n e. ° w � y , N ry R b N 4 �S N � O li O$ N m 0 m W W m L C W m m 6Z a 7 O� S n $ ��'1 n N g g 8 � 8 g a a ��+, M S; � m o'= S e3, 4 � � o F W� � h S & � � � a � � � 3 � �d S e a � e N � � `� 8 g w� �r, e�i �q R $� b � �. m S � i R N � i{, o id � a n � gz� � � � a m ; s ^ g s" � � � � & � o � - � ° ,e w � R 8 � . a 'S 8 �✓, � ' a B � I r � 1.' 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