HomeMy WebLinkAbout071614 Financial Information Packet (July 2014 meeting)CARMEL REDEVELOPMENT COMMISSION
Financial Information Packet
For the Month Ending June 30, 2014
Carmel Redevelopment Commission
Financial Packet
Table of Contents
Schedule Section
Schedule 1 - Annual Budget Summary Update 1
Revenue Budget Analysis 1A
Expenditure Budget Analysis 1B
Summary of Cash and Cash Rights 1C
Fund Balances and Outstanding Receivables 1D
Schedule 2 - Debt Summary 2
Additional Information 2A
Developer Bonds 2B
Appendix A - Analysis of TIF Collections
Analysis of Actual Spring and Estimated Fall 2014 TIF Collections A -1
Analysis of June 2014 TIF Collections and Disbursements A -2
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Approved
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2,419,000 I
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500,000
200,000
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565,281 I
76,221
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(963,761)
(2,048,538)
(1,367,685)
(244,472)
(4,656,000)
(13,126,000)
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276
323,060
107,899
337,909
200,000
172,753
200,000
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590,000
5,011
10,624
24,900
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250,000
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20,000
37,684
1,119,000
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36,707
450,487
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Approved Budget
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B C D
Actual Actual PROJECTED
May June July
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1,502 1,517 1,517
1,000,000 800,000 800,000
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500,000
200,000
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O 0 (682,894)
O 0 (454,284)
O 0 (134,460)
O 0 (2,328,000)
O 0 (4,618,000)
1 10,265,587 (10,147,523)1
1 10,265,587 (10,147,523)
73 11
26,922 0 53,843
3,589 13,745
O 0 16,285
O 0 _
O 0 172,753
O 0
O 0
O 74,734
30,583 88,490 242,881
30,584 10,354,078 (9,904,642)1
220,880 107,796 21,407
590,000 0
2,394 0 844
2,502 0 1,736
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27,024 10,095 6,677
O 0 3,333
O 2,500 6,831
898,045 157,115 167,072 1
0
0
O 0 1,101
173,166 136,367 1,101
1,071,211 293,482 168,174
170,077 10,930,674 857,858
$2,173,036 $12,233,671 $2,720,3561
BEGINNING BALANCE WITHOUT RESTRICTED FUNDS
RESTRICTED FUNDS BALANCE
Energy Center Consumption Reserve Balance
Interest for Energy Center Consumption Reserve
Parcel 7C Tenant Rent Reserve Balance
Interest for Parcel 7C Tenant Rent Reserve
Supplemental Reserve Fund Balance
Total Restricted Funds Balance
BEGINNING BALANCE WITH RESTRICTED FUNDS
TRANSFERS FROM RESTRICTED FUNDS
Transfer from Energy Center Consumption Reserve
Transfer from Parcel 7C Tenant Rent Reserve
Total Transfers From Restricted Funds
Net Increment
TIF Revenue, Net of Developer Pass Through
One -time Merchants Square Bond Defeasance Funds
Nash PIATT Payments (December 2013 and June 2014)
Village Financial Secondary IPC
2006 COIT Refunding Bond
Certificates of Participation, Series 2010C (Energy Center)
Illinois Street Bond
2013 Illinois Street Bond
2005 PAC Lease
2012 Lease
Net Increment after Debt Service and Developer Pass Through
TOTAL RECEIPTS - NON OPERATING
RECEIPTS - OPERATING
Interest
Energy Payments
2013 and 2014 REI Energy Payments
4CDC Grants
Civic Rent
Keystone Group, LLC Receivable (Bond Enhancement) 2013
Keystone Group, LLC Receivable (Bond Enhancement) 2014
Sale of Buildings - Projected
Miscellaneous Receipts
TOTAL RECEIPTS - OPERATING
TOTAL RECEIPTS
EXPENDITURES - NON OPERATING
Construction
Palladium Construction /Retention and Legal
Contingency Fund
Parcel 73 Streetscape Site Engineering
Mezz Building Site Engineering
3rd Avenue and Monon Connecting Path Engineering
Monon Trail Work Engineering
Park Work at Monon Engineering
Duke Relocation at Pedcor Engineering
Parcel 73 Streetscape
Miscellaneous Construction
City Center Electric Utility Relocation & Expansion l
Mezz Building Site Construction
Project Professional Fees
Legal Fees
Architecture /Engineering Fees
Accounting Fees
Miscellaneous Professional Fees
Bond and Trustee Fees
Transfer to Supplemental Reserve Fund
TOTAL EXPENDITURES - NON OPERATING
EXPENDITURES - OPERATING
Miscellaneous Expenditures
TOTAL EXPENDITURES - OPERATING
TOTAL EXPENDITURES
ENDING BALANCE WITHOUT RESTRICTED FUNDS
ENDING BALANCE WITH RESTRICTED FUNDS
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Carmel Redevelopment Commission
Month and Year to Date Revenue Budget Analysis
For the Month Ending June 30, 2014
Reference
A I B I C 1 D I E I F I G I H I 1 I J I K
Reference
1
Current Month Comments Current Year Budget
1
2
2
3
Budget Actual $ Variance Proposed Adjustments Revised YTD $ Remaining
% YTD
3
Recognized
4
RECEIPTS -NON OPERATING
4
5
Interest
50
$317
$317
$0
210
$210
$452
(5242)
215.27%
5
6
TIF Revenue, Net of Developer Pass Through
8,802,070
10,673,277
1,871,207
Difference is developer pass- through
amounts that will now be paid in July
rather than June.
19,240,440
(1,708,433)
17,532,007
10,677,034
$6,854,973
60.90%
6
7
One -time Merchants Square Bond Defeasance Funds
0
0
0
513,000
52,281
565,281
565,281
$0
100.00%
7
8
Nash PIATT Payments (December 2013 and June 2014)
0
76,221
76,221
In order to keep conservative estimates
for revenues, these payments were not
budgeted.
0
76,221
76,221
76,221
$0
100.00%
8
9
Village Financial Secondary IPC
0
0
0
(276,210)
0
(276,210)
(83,710)
($192,500)
30.31%
9
10
2006 COIT Refunding Bond
(484,228)
(484,228)
0
(963,761)
0
(963,761)
(484,228)
($479,534)
50.24%
10
11
COPS, Series 2010 C (Energy Center)
0
0
0
(2,048,538)
0
(2,048,538)
(683,069)
(51,365,469)
33.34%
11
12
Illinois Street Bond
0
0
0
(1,564,251)
196,566
(1,367,685)
(456,931)
($910,754)
33.41%
12
13
2013 Illinois Street Bond
0
0
0
(244,472)
0
(244,472)
0
($244,472)
0.00%
13
14
2005 PAC Lease
(2,328,000)
0
2,328,000
The PAC Lease payment was made in
early July rather than late June.
(5,775,000)
1,119,000
(4,656,000)
0
($4,656,000)
0.00%
14
15
2012 Lease
0
0
0
(13,126,000)
0
(13,126,000)
(3,886,000)
(59,240,000)
29.61%
15
16
TOTAL RECEIPTS - NON OPERATING
5,989,843
10,265,588
4,275,745
(4,244,792)
(264,155)
(4,508,947)
5,725,051
(510,233,998)
- 126.97%
16
17
17
18
RECEIPTS - OPERATING
18
19
Interest
0
11
11
0
276
276
234
42
84.62%
19
20
Energy Payments
26,922
0
(26,922)
Energy payments for June were made in
early July.
323,060
0
323,060
134,609
188,451
41.67%
20
21
2013 and 2014 RE! Energy Payments
13,745
13,745
0
Only the Office Building portion of March
energy payments were paid.
0
107,899
107,899
107,899
0
100.00%
21
22
4CDC Grants
66,053
0
(66,053)
The 4CDC grant that was anticipated to
be paid in June was paid in early July.
400,000
(62,091)
337,909
89,933
247,976
26.61%
22
23
Civic Rent
0
0
0
200,000
0
200,000
0
200,000
0.00%
23
24
Keystone Group, LLC Receivable (Bond Enhancement) 2(
172,753
0
(172,753)
Payment from Keystone Group was
expected by the end of May and still
hasn't been paid.
200,000
(27,247)
172,753
0
172,753
0.00%
24
25
Keystone Group, LLC Receivable (Bond Enhancement) 2(
0
0
0
200,000
0
200,000
0
200,000
0.00%
25
26
Sale of Buildings
0
0
0
0
1,000,000
1,000,000
0
1,000,000
0.00%
26
27
Miscellaneous Receipts
0
74,734
74,734
This payment was not anticipated.
0
0
0
74,734
(74,734)
0.00%
27
28
TOTAL RECEIPTS - OPERATING
279,473
88,490
(190,983) 1,323,060 1,018,837 2,341,897 407,409 1,934,488 17.40%
28
29
TOTAL REVENUES
$6,269,316 510,354,078 $4,084,762
(52,921,732) $754,682 ($2,167,050) $6,132,459 ($8,299,509) - 282.99%
29
30
30
Carmel Redevelopment Commission
Month and Year to Date Expenditure Budget Analysis
For the Month Ending June 30, 2014
Reference
A I B 1 C 1 D 1 E I F I G I H I I I J 1 K
Reference
1
Current Month Comments Current Year Budget
1
2
2
3
Budget Actual $ Variance Proposed Adjustments Revised YTD $ Remaining % YTD
3
4
EXPENDITURES: NON OPERATING
4
5
Construction
5
6
Palladium Construction Retention /Legal
58,790
107,796
($49,006)
Difference is two Walter P Moore invoices, which can't be paid
until their contract is approved by the City Council.
$900,000
$200,000
$1,100,000
$721,558
$378,442
65.60%
6
7
Contingency Fund
0
0
0
590,000
$0
$590,000
590,000
$0
100.00%
7
8
Parcel 73 Streetscape Site Engineering
844
0
844
Amount has not yet been paid.
5,011
$0
5,011
4,167
$844
83.16%
8
9
Mezz Building Site Engineering
0
0
0
10,624
$0
10,624
8,888
$1,736
83.66%
9
10
3rd Avenue and Monon Connecting Path Engineering
0
0
0
0
$24,900
24,900
0
$24,900
0.00%
10
11
Monon Trail Work Engineering
0
0
0
0
$24,900
24,900
0
$24,900
0.00%
11
12
Park Work at Monon Engineering
0
0
0
0
$24,900
24,900
0
$24,900
0.00%
12
13
Duke Relocation at Pedcor Engineering
0
0
0
0
$8,900
8,900
0
$8,900
0.00%
13
14
Parcel 73 Streetscape
0
0
0
300,000
($200,000)
100,000
0
$100,000
0.00%
14
15
Miscellaneous Construction
0
0
0
20,000
$0
20,000
0
$20,000
0.00%
15
16
City Center electric Utility Relocation & Expansion
0
0
0
250,000
$0
250,000
0
$250,000
0.00%
16
17
Mezz Building Site Construction
0
0
0
500,000
($190,000)
310,000
0
$310,000
0.00%
17
18
Project Professional Fees
18
19
Legal Fees
27,407
36,724
(9,317)
Difference is several Barnes & Thornburg invoices that were paid
once their engagement letter was approved.
195,000
0
195,000
136,133
58,867
69.81%
19
20
Arch /Engineering
0
0
0
40,000
(30,000)
10,000
0
10,000
0.00%
20
21
Accounting Fees
10,095
10,095
0
100,000
(10,000)
90,000
49,939
40,061
55.49%
21
22
Miscellaneous Professional Fees
0
0
0
25,000
(5,000)
20,000
0
20,000
0.00%
22
23
Bond and Trustee Fees
2,500
2,500
0
34,084
3,600
37,684
24,093
13,591
63.93%
23
24
Transfer to Supplemental Reserve Fund
0
0
0
0
1,119,000
1,119,000
0
1,119,000
0.00%
24
25
TOTAL EXPENDITURES - NON OPERATING
99,636
157,115
(57,479)
2,969,719
971,200
3,940,919
1,534,778
2,406,141
38.94%
25
26
26
27
EXPENDITURES: OPERATING
27
28
Projected Reimbursement of Department Expenses
0
0
0
383,178
(278,932)
104,246
0
104,246
0.00%
28
29
Sophia Square Garage Expenses
136,367
136,367
0
0
309,534
309,534
309,533
1
'' 100.00%
29
30
Miscellaneous Expenditures
0
0
0
51,607
(14,900)
36,707
0
36,707
0.00%
30
31
TOTAL EXPENDITURES - OPERATING
136,367
136,367
0
434,785
15,702
450,487
309,533
140,954
68.71%
31
32
TOTAL EXPENDITURES
$236,003
$293,482
($57,479)
$3,404,504
$986,902
$4,391,406
$1,844,311
2,547,095
42.00%
32
Carmel Redevelopment Commission
Summary of Cash
For the Month Ending June 30, 2014
Reference
A 1 B 1 1
Reference
1
1
2
Description
Actual
Budget
Variance
2
3
Cash Balance 6/1/14
3
4
1101 Cash
$ 160,384.14
$ 160,384.14
$ -
4
5
1110 TIF
9,693.30
9,693.30
-
5
6
Total Cash
$ 170,077.44
$ 170,077.44
$ -
6
7
7
8
Receipts
8
9
1101 Cash
$ 364,711.90
$ 479,473.00
$ (114,761.10)
9
10
1110 TIF
10,689,365.84
6,489,842.50
4,199,523.34
10
11
Developer Payments
-
-
-
11
12
Total Receipts
$ 11,054,077.74
$ 6,969,315.50
$ 4,084,762.24
12
13
13
14
Disbursements
14
15
1101 Cash
$ 146,462.07
$ 87,041.00
$ (59,421.07)
15
16
1110 TIF
147,019.61
148,962.00
1,942.39
16
17
Total Disbursements
$ 293,481.68
236,003.00
$ (57,478.68)
17
18
_$
18
19
1101 Cash
$ 378,633.97
$ 552,816.14
$ (174,182.17)
19
20
1110 TIF
10,552,039.53
6,350,573.80
$ 4,201,465.73
20
21
Cash Balance 6/30/14
$ 10,930,673.50
$ 6,903,389.94
$ 4,027,283.56
21
22
Total Usable Funds
22
23
$10,930,673.50 $6,903,389.94 $4,027,283.56
23
Fund Balances
Restricted Funds
N r-1 00
c-I CO rn
u1 d' Ol
c-I c-1 N
O co O
i/} '
Energy Center Reserve
Civic Rent Reserve
o d' d'
d' m h
o Lo
CV- CO o
Lf1 m Ql
O O
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ro '4Z as
0 L au
CL) +J
Is LL CL IS
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512,233,671
Total Funds
Receivables
Outstandin
Receivables
Outstandin
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Total Outstanding Receivables
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Carmel Redevelopment Commission
Debt Summary
For the Year Ending December 31, 2014
Reference
A
6
C
D
E
F
G
H
I
1
K
Reference
Certificate of Participation, Series 2010 C (Energy Center)
Issuance
Type
Revenue
Source
Original
Debt Amount
Interest Rate
7/1/14
Outstanding
Par Amount
2014
Principal Due (1)
2014
Interest Due (1)
Total
Debt Service
First
Installment
Second
Installment
Secondary Village Financial Contract 1- CCC LLC (3)
1
Tax. Increment Revenue Bonds, Series 2004 A (Illinois Street)
Bond
TIF
$9,500,000
6.650%
$6,595,000
$480,000
$430,754
$910,754
$454,284
$456,470
1
2
COIT Revenue Refunding Bonds, Series 2006
Bond
TIF
8,785,000
5.250 - 5.270%
3,800,000
755,000
208,761
963,761
484,228
479,534
2
3
Lease Rental Revenue Bonds, Series 2005 (PAC CAB)
Lease
TIF
27,798,227
4.625 - 10.200 %
19,649,150
1,583,608
1,596,392
3,180,000
0
3,180,000
3
4
Lease Rental Revenue Bonds, Series 2012 A
Lease
TIF
115,900,000
2.625 - 4.000%
115,900,000
0
4,392,582
4,392,582
2,196,291
2,196,291
4
5
Lease Rental Revenue Bonds, Series 2012 B
Lease
TIF
69,245,000
0.608 - 3.000%
68,245,000
3,480,000
1,356,030
4,836,030
2,416,012
2,420,018
5
6
Redevelopment District Bonds of 2013 (Illinois Street)
Bond
TIF
6,535,000
2.000 - 4.000%
6,535,000
0
244,472
244,472
134,460
110,013
6
7
Lease Rental Revenue Refunding Bonds, Series 2014. (PAC)
Lease
TIF
55,685,000
2.250 - 5.000%
55,685,000
0
1,470,793
1,470,793
376,815
1,093,978
7
Sub Totals
$293,448,227
5276,409,150
$6,298,608
$8,228,991 $14,527,599
$6,062,089
$9,936,303
(1) Total debt service amount is per amortization schedules of Issuance
(2) Represent Administrative fees paid on each contract.
(3) Interest amounts are estimates since the interest rate accounts for LIBOR.
Sub Totals
$21,800,000
Grand Total $315,248,227
521,275,000
$375,000 51,182,969
531,587 $1,589,556
$297,684,150 $6,673,608 $9,411,960 $31,587 $17,587,948
Certificate of Participation (COP) or Installment Contract
Type
Revenue
Source
Original
Debt Amount
interest Rate
7/1/14
Outstanding
Amount
2014
Principal Due (1)
2014
Interest Due (1)
Fees (2)
Total
Debt Service
Reference
8
Certificate of Participation, Series 2010 C (Energy Center)
COP
TIF
16,300,000
5.750 - 6.500%
15,775,000
375,000
990,469
31,587
1,397,056
8
9
Secondary Village Financial Contract 1- CCC LLC (3)
Installment
Contract
TIF
4,500,000
LIBOR + 2.8%
4,500,000
0
157,500
157,500
9
10
Secondary Village Financial Contract 2 - IDC LLC (3)
Installment
Contract
TIF
1,000,000
LIBOR + 2.8%
1,000,000
0
35,000
0
35,000
10
(1) Total debt service amount is per amortization schedules of Issuance
(2) Represent Administrative fees paid on each contract.
(3) Interest amounts are estimates since the interest rate accounts for LIBOR.
Sub Totals
$21,800,000
Grand Total $315,248,227
521,275,000
$375,000 51,182,969
531,587 $1,589,556
$297,684,150 $6,673,608 $9,411,960 $31,587 $17,587,948
Carmel Redevelopment Commission
Debt Summary - Additional Information
For the Year Ending December 31, 2014
Reference A B C D E F Reference
Bond Additional Information
Issuance
Year Issued
1st Cali
Final
Maturity
Payment Dates
Purpose of Issuance
1
Tax Increment Revenue Bonds, Series 2004 A (Illinois Street)
2004
7/15/2014
7/15/2024
7/15/14, 1/15/15
To finance road and intersection improvements
1
2
COIT Revenue Refunding Bonds, Series 2006
2006
12/15/2012
12/15/2018
6/15/14, 12/15/14
To refund COIT. Revenue Bonds of 1998 , which were originally issued for the acquisition and redevelopment of
property in the City Center Redevelopment Area
2
3
Lease Rental Revenue Bonds, Series 2005 (PAC CAB)
2005
2/1/2011
2/1/2033
7/1/14, 1/1/15
To finance the design and construction of a new performing arts center complex
3
4
Lease Rental Revenue Bonds, Series 2012 A (Refinance)
2012
8/1/2026
2/1/2038
7/1/14, 1/1/15
To consolidate and refinance a majority of CRC debt at a lower interest rate
4
5
Lease Rental Revenue Bonds, Series 2012 B (Refinance)
2012.
2/1/2014
2/1/2025
7/1/14, 1/1/15
To consolidate and refinance a majority of CRC debt at a lower interest rate
5
6
Redevelopment District Bonds of 2013 (Illinois Street)
2013
7/15/2024
1/15/2035
7/15/14, 1/1/15
To finance various improvements to Illinois Street
6
7
Lease Rental Revenue Refunding Bonds, Series 2014 (PAC)
2014
2/1/2024
2/1/2033
7/1/14, 1/1/15
To advance refund the outstanding PAC Capital Interest Bonds, which were used to construct the PAC
7
Certificate of Participation and Installment Contracts - Additional Information
Issuance
Year Issued
1st Call
Final
Maturity
Payment Dates
Purpose of Issuance
8
Certificate of Participation, Series 2010 C (Energy Center)
2010
7/15/2022
7/15/2035
7/15/14, 1/15/15
To Provide for the development and construction of a portion of the regional performing arts center
8
9
Secondary Village Financial Contract 1 - CCC LLC
2011.
N/A
7/15/2034
7/15/14, 1/15/15
To acquire existing improvements for the City Center garage
9
10
Secondary Village Financial Contract 2 - IDC LLC
2011
N/A
7/15/2034
7/15/14, 1/15/15
To acquire existing improvements for the Indiana Design Center garage
10
-2A-
Carmel Redevelopment Commission
Developer Bonds (Informational Purposes Only)
As of July 1, 2014
Reference
A
B
C
D
E
F
G
Reference
Original Issuance
Outstanding
December 2013
June 2014
1
Issuance (1)
TIF Area (2)
Amount
Balance
Maturity
Collections (2)
Collections (2)
1
2
Taxable Economic Development Revenue Bonds, Series 2006 (Parkwood West Project)
Parkwood Crossing
4,800,000
3,830,000
2026
627,315
641,008
2
3
Taxable Economic Development Revenue Bonds, Series 20068 (Buckingham - Gramercy Project) (3)
Gramercy
20,000,000
148,107
2027
4
4
3
4
Taxable Economic Development Revenue Bonds of 2011 (116th Street Centre Project)
116th St. Centre
2,050,000
2,050,000
2036
15,317
133,105
4
5
Taxable Economic Development Revenue Bonds of 2011 (Indiana Spine Group Project) (4)
Meridian and Main
751,500
735,300
2031
133,401
74,882
5
6
Senior Economic Development Revenue Bonds, Series 2011A
Arts District Lofts & Shoppes
9,630,000
9,200,000
2031
454,348
432,720
6
7
Subordinate Economic Development Revenue Bonds, Series 20118 (5) (Arts District Lofts & Shoppes Project)
Arts District Lofts & Shoppes
0
0
2035
0
0
7
8
Taxable Economic Development Revenue Bonds, Series 2013A (Legacy)
Legacy
4,500,000
4,500,000
2035
63,945
204,429
8
9
Total
$41,731,500 $20,463,407
$1,294,331 $1,486,149
9
10
10
11
(1) The. CRC Payable portion of the debt service Is limited up to the total incremental revenues of the designated TIF area. Any debt service in excess of the increment revenues is liable to the developer. The total outstanding principal amounts seen above do not reflect a direct
11
12
obligation to the Carmel Redevelopment Commission.
12
13
13
14
(2)AI/collections are allocated to the developer payments with the exception of the Taxable Economic Development Revenue Bonds of 2011, only 50% of the total of the increment generated is pledged towards payment of the bonds.
14
15
15
16
(3) The Bonds were issued as draw bonds. The amount shown represents the amount of principal drawn down and outstanding per the Trustee.
16
17
17
18
(4) The December collections include Spring taxes that were paid late.
18
19
19
20
(5) The Bonds were issued as draw bonds. The amount shown represents the amount of principal drawn down and outstanding per the official draws scheduled in the Issuance Offering Documents.
20
21
21
APPENDIX A
ANALYSIS OF TIF COLLECTIONS
Carmel Redevelopment Commission
Analysis of Actual Spring and Estimated Fall 2014 TIF Collections
Net Spring Projected Net Projected Total Net Gross Gross
County Estimates* Gross Spring (Appeals) Net Spring Less Developer Distribution After Projected Fall Less Developer Fall Disbursement Projected 2014 Percentage Dollars
Area 5 rin Fall Total Distribution TIF Refunds Distribution Pass Through Pass Through Disbursement ** Pass Through Remaining Distribution Variance Variance
116th St, Centre $133,099.28 $133,099.28 $266,198.55 $133,099.27 $5.88 $133,105.15 ($133,105.15) $0.00 $133,099.28 ($133,099.28) $0.00 $0.00 50% $133,099.28
Amended Illinois Street 77,562.56 77,562.56 155,125.11 77,562.55 (4,410.12) 73,152.43 0.00 73,152.43 77,562.56 0.00 77,562.56 150,714.99 50% 77,562.56
Amended 126th Street 3,960,556.03 3,960,556.03 7,921,112.06 3,918,542.12 (122,452.50) 3,796,089.62 0.00 3,796,089.62 4,002,569.94 0.00 4,002,569.94 . 7,798,659.56 49% 4,002,569.94
Arts District Lofts and Shoppes 433,392.58 433,392.58 866,785.16 432,637.46 82.78 432,720.24 (432,720.24) 0.00 434,147.70 (434,147.70) 0.00 0.00 50% 434,147.70
City Center 446,177.75 446,177.75 892,355.49 441,511.12 (11,357,94) 430,153.18 0.00 430,153.18 450,844.37 0.00 450,844.37 880,997.55 49% 450,844.37
Downtown EDA #1 428,842.26 428,842.26 857,684.51 403,326.16 145.17 403,471.33 0.00 403,471.33 454,358.35 0.00 454,358.35 857,829.68 47% 454,358.35
Downtown EDA #2 61,553.28 61,553.28 123,106.56 61,553.28 24.24 61,577.52 0.00 61,577.52 61,553.28 0.00 61,553.28 123,130.80 50% 61,553.28
Carmel Drive 76,156.20 76,156.20 152,312.40 81,326.41 29.29 81,355.70 0.00 81,355.70 70,985.99 0.00 70,985.99 152,341.69 53% 70,985.99
Merchants Square 266,370.44 266,370.44 532,740.87 236,468.28 (6,380.45) 230,087.83 0.00 230,087.83 296,272.59 0.00 296,272.59 526,360.42 44% 296,272.59
CRC Parcel 12 89,547.36 89,547.36 179,094.72 89,547.36 33.90 89,581.26 0.00 89,581.26 89,547.36 0.00 89,547.36 179,128.62 50% 89,547.36
Gramercy 4.16 4.16 8.32 4,16 0.00 4.16 (4.16) 0.00 4.16 (4.16) 0.00 0.00 50% 4.16
Hazel Dell North 146,461.29 146,461.29 292,922.58 157,897.03 (466.84) 157,430.19 0.00 157,430.19 135,025.55 0.00 135,025.55 292,455.74 54% 135,025.55
Hazel Dell South - 453,650.87 453,650.87 907,301.73 551,104.93 80.29 551,185.22 0.00 551,185.22 356,196.80 0.00 356,196.80 907,382.02 61% 356,196.80
Lauth - Walker 316,962.58 316,962.58 633,925.15 316,962.57 (72,812.85) 244,149.72 0.00 244,149.72 316,962.58 0.00 316,962.58 561,112.30 50% 316,962.58
Legacy 213,015.81 213,015.81 426,031.62 214,046.58 (9,617.60) 204,428.98 (204,428.98) 0.00 211,985.04 (211,985.04) 0.00 0.00 50% 211,985.04
Lurie 11,629.78 5,569.64 17,199.41 11,629.78 1.10 11,630.88 0.00 11,630.88 5,569.63 0.00 5,569.63 17,200.51 68% 5,569.63
Merchants Pointe 123,360.06 123,360.06 246,720.12 159,160.76 (7,121.68) 152,039.08 0.00 152,039.08 87,559.36 0.00 87,559.36 239,598.44 65% 87,559.36
Meridian & Main 74,856.58 74,856.58 149,713.15 74,856.58 0.00 74,856.58 (37,421.99) 37,434.59 74,856.57 (37,421.99) 37,434.58 74,869.17 50% 74,856.57
National City TTA 1,737.42 1,737.42 3,474.83 1,737.43 0.66 1,738.09 0.00 1,738.09 1,737.40 0.00 1,737.40 3,475.49 50% 1,737.40
North Illinois Street 1,950,617.80 1,950,617.80 3,901,235.60 1,964,388.07 688.39 1,965,076.46 0.00 1,965,076.46 1,936,847.53 0.00 1,936,847.53 3,901,923.99 50% 1,936,847.53
Old Meridian 300,525.72 300,525.72 601,051.44 304,586.37 (8,877.69) 295,708.68 0,00 295,708.68 296,465.07 0.00 296,465,07 592,173.75 51% 296,465.07
Old Methodist 582.11 582.11 1,164.21 584.92 0.22 585.14 0.00 585.14 579.29 0.00 579.29 1,164.43 50% 579.29
Old Town 109,060.93 109,060.93 218,121.86 109,060.93 42.20 109,103.13 0.00 109,103.13 109,060.93 0.00 109,060.93 218,164.06 50% 109,060.93
Old Town Shoppes 46,812.35 46,812.35 93,624.70 46,812.35 (183.96) 46,628.39 0.00 46,628,39 46,812.35 0.00 46,812.35 93,440.74 50% 46,812.35
Parkwood Crossing 666,838.39 666,838.39 1,333,676.78 651,729.64 (10,721.94) 641,007.70 (641,007.70) 0.00 681,947.14 (681,947.14) 0.00 0.00 49% 681,947.14
Parkwood East 422,332.52 422,332.52 844,665.04 422,332.52 159.66 422,492.18 (422,492.18) 0.00 422,332.52 (422,332.52) 0.00 0.00 50% 422,332.52
West Clay * ** 282,424.96 282,424.96 564,849.92 78,350.55 (14,458.60) 63,891.95 0,00 63,891,95 486,499.37 0.00 486,499.37 550,391.32 14% 486,499,37
511 094,131.0 $11 088 070.88 522 182 201.89 510,940,819.18 )$267,568.39). 510,673.250.79 01,871,180.40) $8,802,070.39 S11.241.382.71 151,920.937.831 59 320 444.88 $18 122 515.27 49.32% $11 241,382.71
Reference A C D E F G H
K L M N
Calculation
A +B D +E F +G C_D II ±J HH ±K 2/C CC-D
*County Estimates are per the Hamilton County 2013 Pay 2014 TIF Billing Report. The total amount represents the total actual property taxes billed in each TIF Area. The spring and fall estimates are one -half of the total property tax billed in that TIF Area, The estimate
shown is net of the estimated school referendum impact.
** Total distribution remaining is based upon 100% collections, net of the estimated referendum, and does not take appeals (Fall 2014) into account
A -1
Carmel Redevelopment Commission
Analysis of June 2014 TIF Collections and Disbursements
Reference
A
B
C
D
E
F
G
H
1
J
K
Reference
1
December 2013
June 2014
Spring Developer
Bond /Lease
June 2014
Refunding
PAC
COIT
1
2
Area
Distribution
Distribution
Payments
Payments (11
Subtotal
Bonds (21
COPS C (31
Lease (41
Payment (51
Remainine
2
3
116th St. Centre
15,317.25
133,105.15
($133,105.15)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
3
4
Amended Illinois Street
43,161.46
73,152.43
73,152.43
(41,130.46)
(6,082.23)
(20,734.45)
(4,312.80)
$892.49
4
5
Amended 126th Street
3,681,827.15
3,796,089.62
3,796,089.62
(2,134,377.71)
(315,624.34)
(1,075,970.40)
(223,803.46)
46,313.72
5
6
Arts District Lofts and Shoppes
454,348.05
432,720.24
($432,720.24)
0.00
0.00
0.00
0.00
0.00
0.00
6
7
City Center
458,268.67
430,153.18
430,153.18
(241,856.61)
(35,764.91)
(121,923.38)
(25,360.25)
5,248.03
7
8
Downtown EDA #1
370,261.23
403,471.33
403,471.33
(226,854.55)
(33,546.46)
(114,360.63)
(23,787.18)
4,922.50
8
9
Downtown EDA 92
63,274.96
61,577.52
61,577.52
(34,622.39)
(5,119.84)
(17,453.64)
(3,630.38)
751.27
9
10
Carmel Drive
71,282.64
81,355.70
81,355.70
(45,742.81)
(6,764.29)
(23,059.60)
(4,796.43)
992.57
10
11
Merchants Square
243,902.55
230,087.83
230,087.83
(129,368.48)
(19,130.56)
(65,216.50)
(13,565.13)
2,807.16
11
12
CRC Parcel 12
88,442.50
89,581.26
89,581.26
(50,367.68)
(7,448.20)
(25,391.07)
(5,281.38)
1,092.92
12
13
Gramercy
4.22
4.16
(4.16)
0.00
0.00
0.00
0.00
0.00
0.00
13
14
Hazel Dell North
126,868.26
157,430.19
157,430.19
(88,516.22)
(13,089.47)
(44,622.29)
(9,281.50)
1,920.71
14
15
Hazel Dell South
421,935.31
551,185.22
551,185.22
(309,907.71)
(45,828.07)
(156,228.92)
(32,495.85)
6,724.67
15
16
Lauth - Walker
323,372.92
244,149.72
244,149.72
(137,274.87)
(20,299.73)
(69,202.23)
(14,394.17)
2,978.72
16
17
Legacy
63,945.40
204,428.98
(204,428.98)
0.00
0.00
0.00
0.00
0.00
0.00
17
18
Lurie
0.00
11,630.88
11,630.88
(6,539.54)
(967.04)
(3,296.68)
(685.71)
141.90
18
19
Merchants Pointe
121,299.26
152,039.08
152,039.08
(85,485.03)
(12,641.23)
(43,094.23)
(8,963.66)
1,854.93
19
20
Meridian & Main
99,608.83
74,856.58
(37,421.99)
37,434.59
(21,047.86)
(3,112.48)
(10,610.53)
(2,207.01)
456.72
20
21
National CityTTA
1,753.53
1,738.09
1,738.09
(977.25)
(144.51)
(492.65)
(102.47)
21.21
21
22
North Illinois Street
1,882,681.01
1,965,076.46
(588,743.47)
1,376,332.99
(773,852.77)
(114,434.65)
(390,110.27)
(81,143.52)
16,791.78
22
23
Old Meridian
194,613.26
295,708.68
295,708.68
(166,264.26)
(24,586.58)
(83,816.19)
(17,433.89)
3,607.76
23
24
Old Methodist
584.45
585.14
585.14
(329.00)
(48.65)
(165.85)
(34.50)
7.14
24
25
Old Town
110,144.13
109,103.13
109,103.13
(61,343.99)
(9,071.34)
(30,924.39)
(6,432.32)
1,331.10
25
26
Old Town Shoppes
46,888.77
46,628.39
46,628.39
(26,217.14)
(3,876.90)
(13,216.43)
(2,749.04)
568.88
26
27
Parkwood Crossing
627,314.79
641,007.70
(641,007.70)
0.00
0.00
0.00
0.00
0.00
0.00
27
28
Parkwood East
416,754.00
422,492.18
(422,492.18)
0.00
0.00
0.00
0.00
0.00
0.00
28
29
West Clay (6)
283,378.10
63,891.95
63,891.95
(35,923.69)
(5,312.27)
(18,109.65)
(3,766.83)
779.51
29
30
Totals
$10,211,232.70
510,673,250.79
(1,871,180.40)
(588,743.47)
$8,213,326.92
($4,618,000.00)
($682,893.75)
($2,328,000.00)
($484,227.50)
$100,205.67
30
31
A
B
C
D
31
32
First Tier
Second Tier
Third Tier
32
33
33
34
Debt Service Coverage
34
35
(1) Semi annual bond payments 5454,283.75 and $134,459.72 (due and scheduled to be paid by 7/15/14) for the Tax Increment Revenue Bonds of 2004A (Clarian Hospital - Illinois Street
First Tier (A) /Subtotal 1.78
35
36
Project) and Redevelopment District Bonds of 2013 (Illinois Street Project)
Second Tier (A and B) /Subtotal 1.55
36
37
Third Tier (A,B,C,D) /Subtotal 1.01
37
38
(2) Semi annual payment $4,618,000.00 (due to be paid by 7/15/14) for the Lease Rental Revenue Multipurpose Bonds, Series 2012A &B
38
39
39
40
(3) Semi annual payment $682,893.75 (due to be paid by 7/15/14) for the Certifications of Participation, Series C
40
41
41
42
(4) Semi Annual lease payment 52,328,000 (due and scheduled to be paid by 7/1/14) for the Lease Rental Revenue Bonds of 2014 (Performing Arts Center)
42
43
43
44
(5) Semi annual bond payment $484,227.50 (due and scheduled to be paid by 6/15/14) for the COIT Revenue refunding Bonds, Series 2006 (1998 City Center, Refunded in 2006)
44
45
45
46
(6) Low June 2014 collection is due to a late payment made by Stratford Retirement, LLC on May 20, 2014. The late payment will be distributed to the CRC in the December 2014 distribution.
46
47
47
48
48
49
49
50
50
51
51
52
52