Loading...
HomeMy WebLinkAbout091714 CRC Financial Packet CA R M E L R E D E V E L O P M E N T C O M M I S S I O N Fi n a n c i a l I n f o r m a t i o n P a c k e t Fo r t h e M o n t h E n d i n g A u g u s t 3 1 , 2 0 1 4 Sc h e d u l e Se c t i o n Sc h e d u l e 1 - A n n u a l B u d g e t S u m m a r y U p d a t e 1 Re v e n u e B u d g e t A n a l y s i s 1A Ex p e n d i t u r e B u d g e t A n a l y s i s 1B Su m m a r y o f C a s h a n d C a s h R i g h t s 1C Fu n d B a l a n c e s a n d O u t s t a n d i n g R e c e i v a b l e s 1D Sc h e d u l e 2 - D e b t S u m m a r y 2 Ad d i t i o n a l I n f o r m a t i o n 2A De v e l o p e r B o n d s 2B Ap p e n d i x A - A n a l y s i s o f T I F C o l l e c t i o n s An a l y s i s o f A c t u a l S p r i n g a n d E s t i m a t e d F a l l 2 0 1 4 T I F C o l l e c t i o n s A- 1 An a l y s i s o f J u n e 2 0 1 4 T I F C o l l e c t i o n s a n d D i s b u r s e m e n t s A- 2 Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n Fi n a n c i a l P a c k e t Ta b l e o f C o n t e n t s Carmel Redevelopment Commission Annual Budget Summary Update as of 8/31/14 Reference B C D E F G H 1 Actual Actual PROJECTED Amended % Complete Variance of Revised Budget 2 July August September Total Approved Approved 3 Projections Budget6/18/2014 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $10,930,674 $887,523 $546,845 5 6 RESTRICTED FUNDS BALANCE 7 Energy Center Consumption Reserve Balance 500,000 500,000 500,000 500,000 500,000 8 Interest for Energy Center Consumption Reserve 1,588 1,642 1,642 1,642 9 Parcel 7C Tenant Rent Reserve Balance 800,000 800,000 800,000 800,000 800,000 10 Interest for Parcel 7C Tenant Rent Reserve 1,594 1,680 1,680 1,680 11 Supplemental Reserve Fund Balance 584,459 584,459 785,481 1,119,000 12 Interest for Supplemental Reserve Fund 63 63 63 13 Total Restricted Funds Balance 1,303,182 1,887,844 1,887,781 2,088,803 2,419,000 14 15 BEGINNING BALANCE WITH RESTRICTED FUNDS 12,233,855 2,775,366 2,434,626 16 17 TRANSFERS FROM RESTRICTED FUNDS 18 Transfer from Energy Center Consumption Reserve 500,000 500,000 19 Transfer from Parcel 7C Tenant Rent Reserve 200,000 200,000 20 Total Transfers From Restricted Funds 700,000 700,000 21 22 RECEIPTS - TIF 23 Interest 57 0 585 279%375 210 24 Net Increment 25TIF Revenue, Net of Developer Pass Through (1,871,180)0 17,532,007 50%17,532,007 26 One-time Merchants Square Bond Defeasance Funds 0 0 565,281 100%0 565,281 27 Nash PIATT Payments (December 2013 and June 2014)0 0 76,221 100%0 76,221 28Village Financial Secondary IPC (58,699)0 (238,659) 52%(276,210) 29 2006 COIT Refunding Bond 0 0 (963,761) 50%(963,761) 30 Certificates of Participation, Series 2010C (Energy Center)(682,894)0 (2,048,538) 67%(2,048,538) 31 Illinois Street Bond (454,284)0 (1,367,685) 67%(1,367,685) 32 2013 Illinois Street Bond (134,460)0 (244,472) 55%(244,472) 33 2005 PAC Lease (2,328,000)0 (4,656,000) 50%(4,656,000) 34 2012 Lease (4,618,000)0 (13,126,000) 65%(13,126,000) 35 Net Increment after Debt Service and Developer Pass Through (10,147,460) 0 (4,471,020) (4,509,157) 36 TOTAL RECEIPTS - TIF (10,147,460)0 (4,471,020) (4,509,157) 37 38 RECEIPTS - NON TIF 39 Interest 68 59 414 129%138 276 40 Energy Payments 53,843 26,922 26,922 323,060 58%323,060 41 2013 and 2014 REI Energy Payments 14,050 24,512 146,461 113%38,562 107,899 42 4CDC Grants 16,285 0 94,635 337,909 31%337,909 43 Civic Rent 0 0 200,000 0%200,000 44 Keystone Group, LLC Receivable (Bond Enhancement) 2013 0 172,753 172,753 0%172,753 45 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 200,000 0%200,000 46 Sale of Buildings - Projected 0 65,000 1,065,000 0%1,000,000 47 Miscellaneous Receipts 67,445 0 142,179 0%0 48 TOTAL RECEIPTS - NON TIF 151,691 289,246 121,557 2,587,776 2,341,897 49 TOTAL RECEIPTS (9,995,768)289,246 121,557 (1,883,244) 50 51 EXPENDITURES - TIF 52 Construction 53 Palladium Construction/Retention and Legal 34,401 16,717 161,648 1,517,067 69%1,100,000 54 Contingency Fund 0 0 590,000 100%0 590,000 55 Parcel 73 Streetscape Site Engineering 0 0 4,167 83%5,011 56 Mezz Building Site Engineering 0 0 8,888 84%10,624 57 3rd Avenue and Monon Connecting Path Engineering 0 2,000 1,815 24,900 0%24,900 58 Monon Trail Work Engineering 0 6,712 24,900 0%24,900 59 Park Work at Monon Engineering 0 0 24,900 0%24,900 60 Duke Relocation at Pedcor Engineering 0 2,900 8,900 0%8,900 61 Parcel 73 Streetscape 0 0 203,890 0%100,000 62 Miscellaneous Construction 0 0 20,000 0%20,000 63 City Center Electric Utility Relocation & Expansion 0 0 250,000 0%250,000 64 Mezz Building Site Construction 0 0 310,000 0%310,000 65 Project Professional Fees 66 Legal Fees 428 9,363 55,000 310,923 70%195,000 67 Architecture/Engineering Fees 0 0 10,000 0%10,000 68 Accounting Fees 12,554 7,773 4,888 90,000 69%90,000 69 Miscellaneous Professional Fees 0 0 20,000 0%20,000 70 Bond and Trustee Fees 0 0 1,750 30,903 64%37,684 71 Transfer to Supplemental Reserve Fund 584,459 785,481 0%1,119,000 72 TOTAL EXPENDITURES - TIF 47,383 629,923 225,101 4,234,919 3,940,919 73 74 EXPENDITURES - NON TIF 75 Projected Reimbursement of Department Expenses 0 0 5,000 0%104,246 76 Sophia Square Garage Expenses (2013)0 0 309,534 100%0 309,534 77 Miscellaneous Expenditures 0 0 36,707 41%36,707 78 TOTAL EXPENDITURES - NON TIF 0 0 0 351,241 450,487 79 TOTAL EXPENDITURES 47,383 629,923 225,101 4,586,160 80 81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 887,523 546,845 443,302 $188,218 $99,165 82 ENDING BALANCE WITH RESTRICTED FUNDS $2,190,705 $2,434,689 $2,331,082 $2,277,021 $2,518,165 A -1- Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n Mo n t h a n d Y e a r t o D a t e R e v e n u e B u d g e t A n a l y s i s Fo r t h e M o n t h E n d i n g A u g u s t 3 1 , 2 0 1 4 Re f e r e n c e B C D E F G H IJKReference 1 1 2 Co m m e n t s 2 3 Bu d g e t Ac t u a l $ V a r i a n c e Pr o p o s e d Ad j u s t m e n t s Re v i s e d YTD$ Remaining% YTD Recognized 3 4 RE C E I P T S - T I F 4 5 In t e r e s t $0 $0 $0 $0 21 0 $2 1 0 $586($376)278.90%5 6 TI F R e v e n u e , N e t o f D e v e l o p e r P a s s T h r o u g h 0 0 0 19 , 2 4 0 , 4 4 0 (1 , 7 0 8 , 4 3 3 ) 17 , 5 3 2 , 0 0 7 8,805,854$8,726,15350.23%6 7 On e - t i m e M e r c h a n t s S q u a r e B o n d D e f e a s a n c e F u n d s 0 0 0 51 3 , 0 0 0 52 , 2 8 1 56 5 , 2 8 1 565,281$0100.00%7 8 Na s h P I A T T P a y m e n t s ( D e c e m b e r 2 0 1 3 a n d J u n e 2 0 1 4 ) 0 0 0 0 76 , 2 2 1 76 , 2 2 1 76,221$0100.00%8 9 Vi l l a g e F i n a n c i a l S e c o n d a r y I P C 0 0 0 (2 7 6 , 2 1 0 ) 0 (2 7 6 , 2 1 0 ) (142,409)($133,801)51.56%9 10 20 0 6 C O I T R e f u n d i n g B o n d 0 0 0 (9 6 3 , 7 6 1 ) 0 (9 6 3 , 7 6 1 ) (484,228)($479,534)50.24%10 11 CO P S , S e r i e s 2 0 1 0 C ( E n e r g y C e n t e r ) 0 0 0 (2 , 0 4 8 , 5 3 8 ) 0 (2 , 0 4 8 , 5 3 8 ) (1 , 3 6 5 , 9 6 3 ) ($682,575)66.68%11 12 Il l i n o i s S t r e e t B o n d 0 0 0 (1 , 5 6 4 , 2 5 1 ) 19 6 , 5 6 6 (1 , 3 6 7 , 6 8 5 ) (911,215)($456,470)66.62%12 13 20 1 3 I l l i n o i s S t r e e t B o n d 0 0 0 (2 4 4 , 4 7 2 ) 0 (2 4 4 , 4 7 2 ) (134,460)($110,012)55.00%13 14 20 0 5 P A C L e a s e 0 0 0 (5 , 7 7 5 , 0 0 0 ) 1, 1 1 9 , 0 0 0 (4 , 6 5 6 , 0 0 0 ) (2 , 3 2 8 , 0 0 0 ) ($2,328,000)50.00%14 15 20 1 2 L e a s e 0 0 0 (1 3 , 1 2 6 , 0 0 0 ) 0 (1 3 , 1 2 6 , 0 0 0 ) (8 , 5 0 4 , 0 0 0 ) ($4,622,000)64.79%15 16 TO T A L R E C E I P T S - T I F 0 0 0 (4 , 2 4 4 , 7 9 2 ) (2 6 4 , 1 5 5 ) (4 , 5 0 8 , 9 4 7 ) (4 , 4 2 2 , 3 3 3 ) ($86,614)98.08%16 17 17 18 RE C E I P T S - N O N T I F 18 19 In t e r e s t 0 59 59 0 27 6 27 6 415(139)150.26%19 20 En e r g y P a y m e n t s 26 , 9 2 2 26 , 9 2 2 0 32 3 , 0 6 0 0 32 3 , 0 6 0 215,374107,68666.67%20 21 20 1 3 a n d 2 0 1 4 R E I E n e r g y P a y m e n t s 24 , 5 1 2 24 , 5 1 2 0 0 10 7 , 8 9 9 10 7 , 8 9 9 146,461(38,562)135.74%21 22 4C D C G r a n t s 0 0 0 40 0 , 0 0 0 (6 2 , 0 9 1 ) 33 7 , 9 0 9 106,218231,69131.43%22 23 Ci v i c R e n t 0 0 0 20 0 , 0 0 0 0 20 0 , 0 0 0 0200,0000.00%23 24 Ke y s t o n e G r o u p , L L C R e c e i v a b l e ( B o n d E n h a n c e m e n t ) 2 0 1 3 17 2 , 7 5 3 17 2 , 7 5 3 0 20 0 , 0 0 0 (2 7 , 2 4 7 ) 17 2 , 7 5 3 172,7530100.00%24 25 Ke y s t o n e G r o u p , L L C R e c e i v a b l e ( B o n d E n h a n c e m e n t ) 2 0 1 4 0 0 0 20 0 , 0 0 0 0 20 0 , 0 0 0 0200,0000.00%25 26 Sa l e o f B u i l d i n g s 65 , 0 0 0 65 , 0 0 0 0 0 1, 0 0 0 , 0 0 0 1, 0 0 0 , 0 0 0 65,000935,0006.50%26 27 Mi s c e l l a n e o u s R e c e i p t s 0 0 0 0 0 0 142,179(142,179)0.00%27 28 TO T A L R E C E I P T S - N O N T I F 28 9 , 1 8 7 28 9 , 2 4 6 59 1, 3 2 3 , 0 6 0 1, 0 1 8 , 8 3 7 2, 3 4 1 , 8 9 7 848,4001,493,49736.23%28 29 TO T A L R E V E N U E S $2 8 9 , 1 8 7 $2 8 9 , 2 4 6 $5 9 ($ 2 , 9 2 1 , 7 3 2 ) $7 5 4 , 6 8 2 ($ 2 , 1 6 7 , 0 5 0 ) ($ 3 , 5 7 3 , 9 3 3 ) $1,406,883164.92%29 30 30 Cu r r e n t M o n t h Cu r r e n t Y e a r B u d g e t A -1 A - Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n Mo n t h a n d Y e a r t o D a t e E x p e n d i t u r e B u d g e t A n a l y s i s Fo r t h e M o n t h E n d i n g A u g u s t 3 1 , 2 0 1 4 Re f e r e n c e B C D E F G H IJKReference 1 1 2 Co m m e n t s 2 3 Bu d g e t Ac t u a l $ V a r i a n c e Pr o p o s e d Ad j u s t m e n t s Re v i s e d YTD$ Remaining% YTD 3 4 EX P E N D I T U R E S : T I F 4 5 Co n s t r u c t i o n 5 6 Pa l l a d i u m C o n s t r u c t i o n R e t e n t i o n / L e g a l 16 , 7 1 7 16 , 7 1 7 $0 $9 0 0 , 0 0 0 $2 0 0 , 0 0 0 $1 , 1 0 0 , 0 0 0 $772,676$327,32470.24%6 7 Co n t i n g e n c y F u n d 0 0 0 59 0 , 0 0 0 $0 $5 9 0 , 0 0 0 590,000$0100.00%7 8 Pa r c e l 7 3 S t r e e t s c a p e S i t e E n g i n e e r i n g 0 0 0 5, 0 1 1 $0 5, 0 1 1 4,167$84483.16%8 9 M e z z B u i l d i n g S i t e E n g i n e e r i n g 1 , 3 9 2 0 1 , 3 9 2 Am o u n t w a s e x p e c t e d t o b e p a i d i n A u g u s t b u t w o n ' t u n t i l a t le a s t S e p t e m b e r . 10 , 6 2 4 $ 0 1 0 , 6 2 4 8 , 8 8 8 $ 1 , 7 3 6 8 3 . 6 6 % 9 10 3r d A v e n u e a n d M o n o n C o n n e c t i n g P a t h E n g i n e e r i n g 2, 0 0 0 2, 0 0 0 0 0 $2 4 , 9 0 0 24 , 9 0 0 2,000$22,9008.03%10 11 Mo n o n T r a i l W o r k E n g i n e e r i n g 6, 7 1 2 6, 7 1 2 0 0 $2 4 , 9 0 0 24 , 9 0 0 6,712$18,18826.96%11 12 Pa r k W o r k a t M o n o n E n g i n e e r i n g 0 0 0 0 $2 4 , 9 0 0 24 , 9 0 0 0$24,9000.00%12 13 Du k e R e l o c a t i o n a t P e d c o r E n g i n e e r i n g 2, 9 0 0 2, 9 0 0 0 0 $8 , 9 0 0 8, 9 0 0 2,900$6,00032.58%13 14 Pa r c e l 7 3 S t r e e t s c a p e 0 0 0 30 0 , 0 0 0 ($ 2 0 0 , 0 0 0 ) 10 0 , 0 0 0 0$100,0000.00%14 15 Mi s c e l l a n e o u s C o n s t r u c t i o n 0 0 0 20 , 0 0 0 $0 20 , 0 0 0 0$20,0000.00%15 16 Ci t y C e n t e r e l e c t r i c U t i l i t y R e l o c a t i o n & E x p a n s i o n 0 0 0 25 0 , 0 0 0 $0 25 0 , 0 0 0 0$250,0000.00%16 17 Me z z B u i l d i n g S i t e C o n s t r u c t i o n 0 0 0 50 0 , 0 0 0 ($ 1 9 0 , 0 0 0 ) 31 0 , 0 0 0 0$310,0000.00%17 18 Pr o j e c t P r o f e s s i o n a l F e e s 18 19 Le g a l F e e s 9, 3 6 3 9, 3 6 3 0 19 5 , 0 0 0 0 19 5 , 0 0 0 145,92449,07674.83%19 20 Ar c h / E n g i n e e r i n g 0 0 0 40 , 0 0 0 (3 0 , 0 0 0 ) 10 , 0 0 0 010,0000.00%20 21 Ac c o u n t i n g F e e s 7, 7 7 3 7, 7 7 3 0 10 0 , 0 0 0 (1 0 , 0 0 0 ) 90 , 0 0 0 70,26619,73478.07%21 22 Mi s c e l l a n e o u s P r o f e s s i o n a l F e e s 0 0 0 25 , 0 0 0 (5 , 0 0 0 ) 20 , 0 0 0 020,0000.00%22 23 Bo n d a n d T r u s t e e F e e s 0 0 0 34 , 0 8 4 3, 6 0 0 37 , 6 8 4 24,09313,59163.93%23 24 Tr a n s f e r t o S u p p l e m e n t a l R e s e r v e F u n d 58 4 , 4 5 9 58 4 , 4 5 9 0 0 1, 1 1 9 , 0 0 0 1, 1 1 9 , 0 0 0 584,459534,54152.23%24 25 TO T A L E X P E N D I T U R E S - T I F 63 1 , 3 1 6 62 9 , 9 2 4 1, 3 9 2 2, 9 6 9 , 7 1 9 97 1 , 2 0 0 3, 9 4 0 , 9 1 9 2,212,0851,728,83456.13%25 26 26 27 EX P E N D I T U R E S : N O N T I F 27 28 Pr o j e c t e d R e i m b u r s e m e n t o f D e p a r t m e n t E x p e n s e s 0 0 0 38 3 , 1 7 8 (2 7 8 , 9 3 2 ) 10 4 , 2 4 6 0104,2460.00%28 29 So p h i a S q u a r e G a r a g e E x p e n s e s 0 0 0 0 30 9 , 5 3 4 30 9 , 5 3 4 309,5331100.00%29 30 Mi s c e l l a n e o u s E x p e n d i t u r e s 0 0 0 51 , 6 0 7 (1 4 , 9 0 0 ) 36 , 7 0 7 15,22421,48341.47%30 31 TO T A L E X P E N D I T U R E S - N O N T I F 0 0 0 43 4 , 7 8 5 15 , 7 0 2 45 0 , 4 8 7 324,757125,73072.09%31 32 TO T A L E X P E N D I T U R E S $6 3 1 , 3 1 6 $6 2 9 , 9 2 4 $1 , 3 9 2 $3 , 4 0 4 , 5 0 4 $9 8 6 , 9 0 2 $4 , 3 9 1 , 4 0 6 $2,536,8421,854,56457.77%32 Cu r r e n t M o n t h Cu r r e n t Y e a r B u d g e t A -1 B - Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n Su m m a r y o f C a s h Fo r t h e M o n t h E n d i n g A u g u s t 3 1 , 2 0 1 4 Re f e r e n c e A B Reference 1 1 2 De s c r i p t i o n Ac t u a l Bu d g e t Va r i a n c e 2 3 Ca s h B a l a n c e 8 / 1 / 1 4 3 4 1 1 0 1 C a s h 4 8 2 , 9 4 2 . 6 3 $ 4 8 2 , 9 4 2 . 6 3 $ - $ 4 5 1 1 1 0 T I F 4 0 4 , 5 8 0 . 0 3 4 0 4 , 5 8 0 . 0 3 - 5 6 To t a l C a s h 8 8 7 , 5 2 2 . 6 6 $ 8 8 7 , 5 2 2 . 6 6 $ - $ 6 7 7 8 Re c e i p t s 8 9 1 1 0 1 C a s h 2 8 9 , 2 4 5 . 6 9 $ 2 8 9 , 1 8 6 . 5 9 $ 5 9 . 1 0 $ 9 10 1 1 1 0 T I F - - - 10 11 D e v e l o p e r P a y m e n t s - - - 11 12 To t a l R e c e i p t s 2 8 9 , 2 4 5 . 6 9 $ 2 8 9 , 1 8 6 . 5 9 $ 5 9 . 1 0 $ 12 13 13 14 Di s b u r s e m e n t s 14 15 1 1 0 1 C a s h 2 2 5 , 3 4 2 . 9 3 $ 2 2 6 , 7 3 4 . 4 7 $ 1 , 3 9 1 . 5 4 $ 15 16 1 1 1 0 T I F 4 0 4 , 5 8 0 . 0 3 4 0 4 , 5 8 0 . 0 3 - 16 17 To t a l D i s b u r s e m e n t s 6 2 9 , 9 2 2 . 9 6 $ 6 3 1 , 3 1 4 . 5 0 $ 1 , 3 9 1 . 5 4 $ 17 18 18 19 1 1 0 1 C a s h 5 4 6 , 8 4 5 . 3 9 $ 5 4 5 , 3 9 4 . 7 5 $ 1 , 4 5 0 . 6 4 $ 19 20 1 1 1 0 T I F 0 . 0 0 0 . 0 0 - $ 20 21 Ca s h B a l a n c e 8 / 3 1 / 1 4 5 4 6 , 8 4 5 . 3 9 $ 5 4 5 , 3 9 4 . 7 5 $ 1 , 4 5 0 . 6 4 $ 21 22 22 23 To t a l U s a b l e F u n d s $ 5 4 6 , 8 4 5 . 3 9 $ 5 4 5 , 3 9 4 . 7 5 $ 1 , 4 5 0 . 6 4 23 -1 C - Restricted Funds Energy Center Reserve $501,588 Civic Rent Reserve 801,594 Supplemental Reserve Fund 584,459 Sub-total:1,887,641 Cash TIF 0 Operating 546,787 Sub-total:546,787 Total Funds $2,434,427 Outstanding Receivables Energy Consumption Payments (1)10,462 Total Outstanding Receivables $10,462 (1) Amounts due reflects September 2014 for Office Building One and September 2014 for the Tarkington. REI Real Estate Services, LLC acts as property manager on behalf of the CRC and collects the Energy Consumption Payments to be forwarded. Carmel Redevelopment Commission Fund Balances and Outstanding Receivables as of 8/31/14 Fund Balances Outstanding Receivables -1D- Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n De b t S u m m a r y Fo r t h e Y e a r E n d i n g D e c e m b e r 3 1 , 2 0 1 4 Re f e r e n c e A B C D E F G H I J K R e f e r e n c e 9/ 1 / 1 4 Re v e n u e O r i g i n a l O u t s t a n d i n g 2 0 1 4 2 0 1 4 T o t a l F i r s t S e c o n d Is s u a n c e T y p e S o u r c e D e b t A m o u n t I n t e r e s t R a t e P a r A m o u n t P r i n c i p a l D u e ( 1 ) I n t e r e s t D u e ( 1 ) D e b t S e r v i c e I n s t a l l m e n t Installment 1 T a x I n c r e m e n t R e v e n u e B o n d s , S e r i e s 2 0 0 4 A ( I l l i n o i s S t r e e t ) B o n d T I F $ 9 , 5 0 0 , 0 0 0 6 . 6 5 0 % $ 6 , 3 6 0 , 0 0 0 $ 4 8 0 , 0 0 0 $ 4 3 0 , 7 5 4 $ 9 1 0 , 7 5 4 $ 4 5 4 , 2 8 4 $ 4 5 6 , 4 7 0 1 2 C O I T R e v e n u e R e f u n d i n g B o n d s , S e r i e s 2 0 0 6 B o n d T I F 8 , 7 8 5 , 0 0 0 5 . 2 5 0 - 5 . 2 7 0 % 3 , 8 0 0 , 0 0 0 7 5 5 , 0 0 0 2 0 8 , 7 6 1 9 6 3 , 7 6 1 4 8 4 , 2 2 8 4 7 9 , 5 3 4 2 3 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 0 5 ( P A C C A B ) L e a s e T I F 2 7 , 7 9 8 , 2 2 7 4 . 6 2 5 - 1 0 . 2 0 0 % 1 9 , 6 4 9 , 1 5 0 1 , 5 8 3 , 6 0 8 1 , 5 9 6 , 3 9 2 3 , 1 8 0 , 0 0 0 0 3 , 1 8 0 , 0 0 0 3 4 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 1 2 A L e a s e T I F 1 1 5 , 9 0 0 , 0 0 0 2 . 6 2 5 - 4 . 0 0 0 % 1 1 5 , 9 0 0 , 0 0 0 0 4 , 3 9 2 , 5 8 2 4 , 3 9 2 , 5 8 2 2 , 1 9 6 , 2 9 1 2 , 1 9 6 , 2 9 1 4 5 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 1 2 B L e a s e T I F 6 9 , 2 4 5 , 0 0 0 0 . 6 0 8 - 3 . 0 0 0 % 6 6 , 5 1 0 , 0 0 0 3 , 4 8 0 , 0 0 0 1 , 3 5 6 , 0 3 0 4 , 8 3 6 , 0 3 0 2 , 4 1 6 , 0 1 2 2 , 4 2 0 , 0 1 8 5 6 R e d e v e l o p m e n t D i s t r i c t B o n d s o f 2 0 1 3 ( I l l i n o i s S t r e e t ) B o n d T I F 6 , 5 3 5 , 0 0 0 2 . 0 0 0 - 4 . 0 0 0 % 6 , 5 3 5 , 0 0 0 0 2 4 4 , 4 7 2 2 4 4 , 4 7 2 1 3 4 , 4 6 0 1 1 0 , 0 1 3 6 7 L e a s e R e n t a l R e v e n u e R e f u n d i n g B o n d s , S e r i e s 2 0 1 4 ( P A C ) L e a s e T I F 5 5 , 6 8 5 , 0 0 0 2 . 2 5 0 - 5 . 0 0 0 % 5 5 , 6 8 5 , 0 0 0 0 1 , 4 7 0 , 7 9 3 1 , 4 7 0 , 7 9 3 3 7 6 , 8 1 5 1 , 0 9 3 , 9 7 8 7 $2 9 3 , 4 4 8 , 2 2 7 $2 7 4 , 4 3 9 , 1 5 0 $6 , 2 9 8 , 6 0 8 $8 , 2 2 8 , 9 9 1 $1 4 , 5 2 7 , 5 9 9 $6,062,089$9,936,303 9 / 1 / 1 4 R e v e n u e O r i g i n a l O u t s t a n d i n g 2 0 1 4 2 0 1 4 T o t a l Ce r t i f i c a t e o f P a r t i c i p a t i o n ( C O P ) o r I n s t a l l m e n t C o n t r a c t T y p e S o u r c e D e b t A m o u n t I n t e r e s t R a t e A m o u n t P r i n c i p a l D u e ( 1 ) I n t e r e s t D u e ( 1 ) F e e s ( 2 ) D e b t S e r v i c e R e f e r e n c e 8 C e r t i f i c a t e o f P a r t i c i p a t i o n , S e r i e s 2 0 1 0 C ( E n e r g y C e n t e r ) C O P T I F 1 6 , 3 0 0 , 0 0 0 5 . 7 5 0 - 6 . 5 0 0 % 1 5 , 5 9 0 , 0 0 0 3 7 5 , 0 0 0 9 9 0 , 4 6 9 3 1 , 5 8 7 1 , 3 9 7 , 0 5 6 8 9 S e c o n d a r y V i l l a g e F i n a n c i a l C o n t r a c t 1 - C C C L L C ( 3 ) In s t a l l m e n t Co n t r a c t T I F 4 , 5 0 0 , 0 0 0 L I B O R + 2 . 8 % 4 , 5 0 0 , 0 0 0 0 1 5 7 , 5 0 0 1 5 7 , 5 0 0 9 10 S e c o n d a r y V i l l a g e F i n a n c i a l C o n t r a c t 2 - I D C L L C ( 3 ) In s t a l l m e n t Co n t r a c t T I F 1 , 0 0 0 , 0 0 0 L I B O R + 2 . 8 % 1 , 0 0 0 , 0 0 0 0 3 5 , 0 0 0 0 3 5 , 0 0 0 1 0 $2 1 , 8 0 0 , 0 0 0 $2 1 , 0 9 0 , 0 0 0 $3 7 5 , 0 0 0 $1 , 1 8 2 , 9 6 9 $3 1 , 5 8 7 $1,589,556 $3 1 5 , 2 4 8 , 2 2 7 $2 9 5 , 5 2 9 , 1 5 0 $6 , 6 7 3 , 6 0 8 $9 , 4 1 1 , 9 6 0 $3 1 , 5 8 7 $17,587,948 (1 ) T o t a l d e b t s e r v i c e a m o u n t i s p e r a m o r t i z a t i o n s c h e d u l e s o f I s s u a n c e (2 ) R e p r e s e n t A d m i n i s t r a t i v e f e e s p a i d o n e a c h c o n t r a c t . (3 ) I n t e r e s t a m o u n t s a r e e s t i m a t e s s i n c e t h e i n t e r e s t r a t e a c c o u n t s f o r L I B O R . Gr a n d T o t a l Su b T o t a l s Su b T o t a l s -2 - Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n De b t S u m m a r y - A d d i t i o n a l I n f o r m a t i o n Fo r t h e Y e a r E n d i n g D e c e m b e r 3 1 , 2 0 1 4 Re f e r e n c e A B C D E F Reference Fi n a l Is s u a n c e Y e a r I s s u e d 1 s t C a l l M a t u r i t y P a y m e n t D a t e s Pu r p o s e o f I s s u a n c e 1 T a x I n c r e m e n t R e v e n u e B o n d s , S e r i e s 2 0 0 4 A ( I l l i n o i s S t r e e t ) 2 0 0 4 7 / 1 5 / 2 0 1 4 7 / 1 5 / 2 0 2 4 7 / 1 5 / 1 4 , 1 / 1 5 / 1 5 T o f i n a n c e r o a d a n d i n t e r s e c t i o n i m p r o v e m e n t s 1 2 C O I T R e v e n u e R e f u n d i n g B o n d s , S e r i e s 2 0 0 6 2 0 0 6 1 2 / 1 5 / 2 0 1 2 1 2 / 1 5 / 2 0 1 8 6 / 1 5 / 1 4 , 1 2 / 1 5 / 1 4 To r e f u n d C O I T R e v e n u e B o n d s o f 1 9 9 8 , w h i c h w e r e o r i g i n a l l y i s s u e d f o r t h e a c q u i s i t i o n a n d r e d e v e l o p m e n t o f pr o p e r t y i n t h e C i t y C e n t e r R e d e v e l o p m e n t A r e a 2 3 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 0 5 ( P A C C A B ) 2 0 0 5 2 / 1 / 2 0 1 1 2 / 1 / 2 0 3 3 7 / 1 / 1 4 , 1 / 1 / 1 5 T o f i n a n c e t h e d e s i g n a n d c o n s t r u c t i o n o f a n e w p e r f o r m i n g a r t s c e n t e r c o m p l e x 3 4 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 1 2 A ( R e f i n a n c e ) 2 0 1 2 8 / 1 / 2 0 2 6 2 / 1 / 2 0 3 8 7 / 1 / 1 4 , 1 / 1 / 1 5 T o c o n s o l i d a t e a n d r e f i n a n c e a m a j o r i t y o f C R C d e b t a t a l o w e r i n t e r e s t r a t e 4 5 L e a s e R e n t a l R e v e n u e B o n d s , S e r i e s 2 0 1 2 B ( R e f i n a n c e ) 2 0 1 2 2 / 1 / 2 0 1 4 2 / 1 / 2 0 2 5 7 / 1 / 1 4 , 1 / 1 / 1 5 T o c o n s o l i d a t e a n d r e f i n a n c e a m a j o r i t y o f C R C d e b t a t a l o w e r i n t e r e s t r a t e 5 6 R e d e v e l o p m e n t D i s t r i c t B o n d s o f 2 0 1 3 ( I l l i n o i s S t r e e t ) 2 0 1 3 7 / 1 5 / 2 0 2 4 1 / 1 5 / 2 0 3 5 7 / 1 5 / 1 4 , 1 / 1 / 1 5 T o f i n a n c e v a r i o u s i m p r o v e m e n t s t o I l l i n o i s S t r e e t 6 7 L e a s e R e n t a l R e v e n u e R e f u n d i n g B o n d s , S e r i e s 2 0 1 4 ( P A C ) 2 0 1 4 2 / 1 / 2 0 2 4 2 / 1 / 2 0 3 3 7 / 1 / 1 4 , 1 / 1 / 1 5 T o a d v a n c e r e f u n d t h e o u t s t a n d i n g P A C C a p i t a l I n t e r e s t B o n d s , w h i c h w e r e u s e d t o c o n s t r u c t t h e P A C 7 Fi n a l Is s u a n c e Y e a r I s s u e d 1 s t C a l l M a t u r i t y P a y m e n t D a t e s Pu r p o s e o f I s s u a n c e 8 C e r t i f i c a t e o f P a r t i c i p a t i o n , S e r i e s 2 0 1 0 C ( E n e r g y C e n t e r ) 2 0 1 0 7 / 1 5 / 2 0 2 2 7 / 1 5 / 2 0 3 5 7 / 1 5 / 1 4 , 1 / 1 5 / 1 5 T o P r o v i d e f o r t h e d e v e l o p m e n t a n d c o n s t r u c t i o n o f a p o r t i o n o f t h e r e g i o n a l p e r f o r m i n g a r t s c e n t e r 8 9 S e c o n d a r y V i l l a g e F i n a n c i a l C o n t r a c t 1 - C C C L L C 2 0 1 1 N / A 7 / 1 5 / 2 0 3 4 7 / 1 5 / 1 4 , 1 / 1 5 / 1 5 T o a c q u i r e e x i s t i n g i m p r o v e m e n t s f o r t h e C i t y C e n t e r g a r a g e 9 10 S e c o n d a r y V i l l a g e F i n a n c i a l C o n t r a c t 2 - I D C L L C 2 0 1 1 N / A 7 / 1 5 / 2 0 3 4 7 / 1 5 / 1 4 , 1 / 1 5 / 1 5 T o a c q u i r e e x i s t i n g i m p r o v e m e n t s f o r t h e I n d i a n a D e s i g n C e n t e r g a r a g e 10 Bo n d A d d i t i o n a l I n f o r m a t i o n Ce r t i f i c a t e o f P a r t i c i p a t i o n a n d I n s t a l l m e n t C o n t r a c t s - A d d i t i o n a l I n f o r m a t i o n -2 A - Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n De v e l o p e r B o n d s ( I n f o r m a t i o n a l P u r p o s e s O n l y ) As o f S e p t e m b e r 1 , 2 0 1 4 Re f e r e n c e A B C D E F G Reference 1 Is s u a n c e ( 1 ) TI F A r e a ( 2 ) Or i g i n a l I s s u a n c e Am o u n t Ou t s t a n d i n g Ba l a n c e M a t u r i t y December 2013 Collections (2)June 2014 Collections (2)1 2 Ta x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 2 0 0 6 ( P a r k w o o d W e s t P r o j e c t ) Pa r k w o o d C r o s s i n g 4, 8 0 0 , 0 0 0 3, 8 0 0 , 0 0 0 20 2 6 627,315641,0082 3 Ta x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 2 0 0 6 B ( B u c k i n g h a m - G r a m e r c y P r o j e c t ) ( 3 ) Gr a m e r c y 2 0 , 0 0 0 , 0 0 0 1 4 8 , 1 0 7 2 0 2 7 4 4 3 4 Ta x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s o f 2 0 1 1 ( 1 1 6 t h S t r e e t C e n t r e P r o j e c t ) 11 6 t h S t . C e n t r e 2, 0 5 0 , 0 0 0 2, 0 5 0 , 0 0 0 20 3 6 15,317133,1054 5 Ta x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s o f 2 0 1 1 ( I n d i a n a S p i n e G r o u p P r o j e c t ) ( 4 ) Me r i d i a n a n d M a i n 75 1 , 5 0 0 72 6 , 6 0 0 20 3 1 133,40174,8825 6 Se n i o r E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 2 0 1 1 A Ar t s D i s t r i c t L o f t s & S h o p p e s 9, 6 3 0 , 0 0 0 9, 0 5 0 , 0 0 0 20 3 1 454,348432,7206 7 Su b o r d i n a t e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 2 0 1 1 B ( 5 ) ( A r t s D i s t r i c t L o f t s & S h o p p e s P r o j e c t ) Ar t s D i s t r i c t L o f t s & S h o p p e s 0 0 2 0 3 5 0 0 7 8 Ta x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 2 0 1 3 A ( L e g a c y ) Le g a c y 4, 5 0 0 , 0 0 0 4, 5 0 0 , 0 0 0 20 3 5 63,945204,4298 9 To t a l $4 1 , 7 3 1 , 5 0 0 $2 0 , 2 7 4 , 7 0 7 $1,294,331$1,486,1499 10 10 11 11 12 12 13 13 14 14 15 15 16 (3 ) T h e B o n d s w e r e i s s u e d a s d r a w b o n d s . T h e a m o u n t s h o w n r e p r e s e n t s t h e a m o u n t o f p r i n c i p a l d r a w n d o w n a n d o u t s t a n d i n g p e r t h e T r u s t e e . 16 17 17 18 (4 ) T h e D e c e m b e r c o l l e c t i o n s i n c l u d e S p r i n g t a x e s t h a t w e r e p a i d l a t e . 18 19 19 20 (5 ) T h e B o n d s w e r e i s s u e d a s d r a w b o n d s . T h e a m o u n t s h o w n r e p r e s e n t s t h e a m o u n t o f p r i n c i p a l d r a w n d o w n a n d o u t s t a n d i n g p e r t h e o f f i c i a l d r a w s s c h e d u l e d i n t h e I s s u a n c e O f f e r i n g D o c u m e n t s . 20 21 21 (1 ) T h e C R C P a y a b l e p o r t i o n o f t h e d e b t s e r v i c e i s l i m i t e d u p t o t h e t o t a l i n c r e m e n t a l r e v e n u e s o f t h e d e s i g n a t e d T I F a r e a . A n y d e b t s e r v i c e i n e x c e s s o f t h e i n c r e m e n t r e v e n u e s i s l i a b l e t o t h e d e v e l o pe r . T h e t o t a l o u t s t a n d i n g p r i n c i p a l a m o u n t s s e e n a b o v e d o n o t r e f l e c t a d i r e c t ob l i g a t i o n t o t h e C a r m e l R e d e v e l o p m e n t C o m m i s s i o n . (2 ) A l l c o l l e c t i o n s a r e a l l o c a t e d t o t h e d e v e l o p e r p a y m e n t s w i t h t h e e x c e p t i o n o f t h e T a x a b l e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s o f 2 0 1 1 , o n l y 5 0 % o f t h e t o t a l o f t h e i n c r e m e n t g e n e r a t e d i s p l e d g e d t o wa r d s p a y m e n t o f t h e b o n d s . -2 B - Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n An a l y s i s o f A c t u a l S p r i n g a n d E s t i m a t e d F a l l 2 0 1 4 T I F C o l l e c t i o n s Ne t S p r i n g P r o j e c t e d N e t P r o j e c t e d T o t a l N e t G r o s s G r o s s Gr o s s S p r i n g ( A p p e a l s ) N e t S p r i n g L e s s D e v e l o p e r D i s t r i b u t i o n A f t e r P r o j e c t e d F a l l L e s s D e v e l o p e r F a l l D i s b u r s e m e n t P r o j e c t e d 2 0 1 4 P e r c e n t a g e D o l l a r s Ar e a Sp r i n g Fa l l To t a l Di s t r i b u t i o n TI F R e f u n d s Di s t r i b u t i o n Pa s s T h r o u g h Pa s s T h r o u g h Di s b u r s e m e n t * * Pa s s T h r o u g h Re m a i n i n g DistributionVarianceVariance 11 6 t h S t . C e n t r e $ 1 3 3 , 0 9 9 . 2 8 $ 1 3 3 , 0 9 9 . 2 8 $ 2 6 6 , 1 9 8 . 5 5 $ 1 3 3 , 0 9 9 . 2 7 $ 5 . 8 8 $ 1 3 3 , 1 0 5 . 1 5 ( $ 1 3 3 , 1 0 5 . 1 5 ) $ 0 . 0 0 $ 1 3 3 , 0 9 9 . 2 8 ( $ 1 3 3 , 0 9 9 . 2 8 ) $ 0 . 0 0 $ 0 . 0 0 5 0 % $ 1 3 3 , 0 9 9 . 2 8 Am e n d e d I l l i n o i s S t r e e t 7 7 , 5 6 2 . 5 6 7 7 , 5 6 2 . 5 6 1 5 5 , 1 2 5 . 1 1 7 7 , 5 6 2 . 5 5 ( 4 , 4 1 0 . 1 2 ) 7 3 , 1 5 2 . 4 3 0 . 0 0 7 3 , 1 5 2 . 4 3 7 7 , 5 6 2 . 5 6 0 . 0 0 7 7 , 5 6 2 . 5 6 1 5 0 , 7 1 4 . 9 9 5 0 % 7 7 , 5 6 2 . 5 6 Am e n d e d 1 2 6 t h S t r e e t 3 , 9 6 0 , 5 5 6 . 0 3 3 , 9 6 0 , 5 5 6 . 0 3 7 , 9 2 1 , 1 1 2 . 0 6 3 , 9 1 8 , 5 4 2 . 1 2 ( 1 2 2 , 4 5 2 . 5 0 ) 3 , 7 9 6 , 0 8 9 . 6 2 0 . 0 0 3 , 7 9 6 , 0 8 9 . 6 2 4 , 0 0 2 , 5 6 9 . 9 4 0 . 0 0 4 , 0 0 2 , 5 6 9 . 9 4 7 , 7 9 8 , 6 5 9 . 5 6 4 9 % 4 , 0 0 2 , 5 6 9 . 9 4 Ar t s D i s t r i c t L o f t s a n d S h o p p e s 4 3 3 , 3 9 2 . 5 8 4 3 3 , 3 9 2 . 5 8 8 6 6 , 7 8 5 . 1 6 4 3 2 , 6 3 7 . 4 6 8 2 . 7 8 4 3 2 , 7 2 0 . 2 4 ( 4 3 2 , 7 2 0 . 2 4 ) 0 . 0 0 4 3 4 , 1 4 7 . 7 0 ( 4 3 4 , 1 4 7 . 7 0 ) 0 . 0 0 0 . 0 0 5 0 % 4 3 4 , 1 4 7 . 7 0 Ci t y C e n t e r 4 4 6 , 1 7 7 . 7 5 4 4 6 , 1 7 7 . 7 5 8 9 2 , 3 5 5 . 4 9 4 4 1 , 5 1 1 . 1 2 ( 1 1 , 3 5 7 . 9 4 ) 4 3 0 , 1 5 3 . 1 8 0 . 0 0 4 3 0 , 1 5 3 . 1 8 4 5 0 , 8 4 4 . 3 7 0 . 0 0 4 5 0 , 8 4 4 . 3 7 8 8 0 , 9 9 7 . 5 5 4 9 % 4 5 0 , 8 4 4 . 3 7 Do w n t o w n E D A # 1 4 2 8 , 8 4 2 . 2 6 4 2 8 , 8 4 2 . 2 6 8 5 7 , 6 8 4 . 5 1 4 0 3 , 3 2 6 . 1 6 1 4 5 . 1 7 4 0 3 , 4 7 1 . 3 3 0 . 0 0 4 0 3 , 4 7 1 . 3 3 4 5 4 , 3 5 8 . 3 5 0 . 0 0 4 5 4 , 3 5 8 . 3 5 8 5 7 , 8 2 9 . 6 8 4 7 % 4 5 4 , 3 5 8 . 3 5 Do w n t o w n E D A # 2 6 1 , 5 5 3 . 2 8 6 1 , 5 5 3 . 2 8 1 2 3 , 1 0 6 . 5 6 6 1 , 5 5 3 . 2 8 2 4 . 2 4 6 1 , 5 7 7 . 5 2 0 . 0 0 6 1 , 5 7 7 . 5 2 6 1 , 5 5 3 . 2 8 0 . 0 0 6 1 , 5 5 3 . 2 8 1 2 3 , 1 3 0 . 8 0 5 0 % 6 1 , 5 5 3 . 2 8 Ca r m e l D r i v e 7 6 , 1 5 6 . 2 0 7 6 , 1 5 6 . 2 0 1 5 2 , 3 1 2 . 4 0 8 1 , 3 2 6 . 4 1 2 9 . 2 9 8 1 , 3 5 5 . 7 0 0 . 0 0 8 1 , 3 5 5 . 7 0 7 0 , 9 8 5 . 9 9 0 . 0 0 7 0 , 9 8 5 . 9 9 1 5 2 , 3 4 1 . 6 9 5 3 % 7 0 , 9 8 5 . 9 9 Me r c h a n t s S q u a r e 2 6 6 , 3 7 0 . 4 4 2 6 6 , 3 7 0 . 4 4 5 3 2 , 7 4 0 . 8 7 2 3 6 , 4 6 8 . 2 8 ( 6 , 3 8 0 . 4 5 ) 2 3 0 , 0 8 7 . 8 3 0 . 0 0 2 3 0 , 0 8 7 . 8 3 2 9 6 , 2 7 2 . 5 9 0 . 0 0 2 9 6 , 2 7 2 . 5 9 5 2 6 , 3 6 0 . 4 2 4 4 % 2 9 6 , 2 7 2 . 5 9 CR C P a r c e l 1 2 8 9 , 5 4 7 . 3 6 8 9 , 5 4 7 . 3 6 1 7 9 , 0 9 4 . 7 2 8 9 , 5 4 7 . 3 6 3 3 . 9 0 8 9 , 5 8 1 . 2 6 0 . 0 0 8 9 , 5 8 1 . 2 6 8 9 , 5 4 7 . 3 6 0 . 0 0 8 9 , 5 4 7 . 3 6 1 7 9 , 1 2 8 . 6 2 5 0 % 8 9 , 5 4 7 . 3 6 Gr a m e r c y 4 . 1 6 4 . 1 6 8 . 3 2 4 . 1 6 0 . 0 0 4 . 1 6 ( 4 . 1 6 ) 0 . 0 0 4 . 1 6 ( 4 . 1 6 ) 0 . 0 0 0 . 0 0 5 0 % 4 . 1 6 Ha z e l D e l l N o r t h 1 4 6 , 4 6 1 . 2 9 1 4 6 , 4 6 1 . 2 9 2 9 2 , 9 2 2 . 5 8 1 5 7 , 8 9 7 . 0 3 ( 4 6 6 . 8 4 ) 1 5 7 , 4 3 0 . 1 9 0 . 0 0 1 5 7 , 4 3 0 . 1 9 1 3 5 , 0 2 5 . 5 5 0 . 0 0 1 3 5 , 0 2 5 . 5 5 2 9 2 , 4 5 5 . 7 4 5 4 % 1 3 5 , 0 2 5 . 5 5 Ha z e l D e l l S o u t h 4 5 3 , 6 5 0 . 8 7 4 5 3 , 6 5 0 . 8 7 9 0 7 , 3 0 1 . 7 3 5 5 1 , 1 0 4 . 9 3 8 0 . 2 9 5 5 1 , 1 8 5 . 2 2 0 . 0 0 5 5 1 , 1 8 5 . 2 2 3 5 6 , 1 9 6 . 8 0 0 . 0 0 3 5 6 , 1 9 6 . 8 0 9 0 7 , 3 8 2 . 0 2 6 1 % 3 5 6 , 1 9 6 . 8 0 La u t h - W a l k e r 3 1 6 , 9 6 2 . 5 8 3 1 6 , 9 6 2 . 5 8 6 3 3 , 9 2 5 . 1 5 3 1 6 , 9 6 2 . 5 7 ( 7 2 , 8 1 2 . 8 5 ) 2 4 4 , 1 4 9 . 7 2 0 . 0 0 2 4 4 , 1 4 9 . 7 2 3 1 6 , 9 6 2 . 5 8 0 . 0 0 3 1 6 , 9 6 2 . 5 8 5 6 1 , 1 1 2 . 3 0 5 0 % 3 1 6 , 9 6 2 . 5 8 Le g a c y 2 1 3 , 0 1 5 . 8 1 2 1 3 , 0 1 5 . 8 1 4 2 6 , 0 3 1 . 6 2 2 1 4 , 0 4 6 . 5 8 ( 9 , 6 1 7 . 6 0 ) 2 0 4 , 4 2 8 . 9 8 ( 2 0 4 , 4 2 8 . 9 8 ) 0 . 0 0 2 1 1 , 9 8 5 . 0 4 ( 2 1 1 , 9 8 5 . 0 4 ) 0 . 0 0 0 . 0 0 5 0 % 2 1 1 , 9 8 5 . 0 4 Lu r i e 1 1 , 6 2 9 . 7 8 5 , 5 6 9 . 6 4 1 7 , 1 9 9 . 4 1 1 1 , 6 2 9 . 7 8 1 . 1 0 1 1 , 6 3 0 . 8 8 0 . 0 0 1 1 , 6 3 0 . 8 8 5 , 5 6 9 . 6 3 0 . 0 0 5 , 5 6 9 . 6 3 1 7 , 2 0 0 . 5 1 6 8 % 5 , 5 6 9 . 6 3 Me r c h a n t s P o i n t e 1 2 3 , 3 6 0 . 0 6 1 2 3 , 3 6 0 . 0 6 2 4 6 , 7 2 0 . 1 2 1 5 9 , 1 6 0 . 7 6 ( 7 , 1 2 1 . 6 8 ) 1 5 2 , 0 3 9 . 0 8 0 . 0 0 1 5 2 , 0 3 9 . 0 8 8 7 , 5 5 9 . 3 6 0 . 0 0 8 7 , 5 5 9 . 3 6 2 3 9 , 5 9 8 . 4 4 6 5 % 8 7 , 5 5 9 . 3 6 Me r i d i a n & M a i n 7 4 , 8 5 6 . 5 8 7 4 , 8 5 6 . 5 8 1 4 9 , 7 1 3 . 1 5 7 4 , 8 5 6 . 5 8 0 . 0 0 7 4 , 8 5 6 . 5 8 ( 3 7 , 4 2 1 . 9 9 ) 3 7 , 4 3 4 . 5 9 7 4 , 8 5 6 . 5 7 ( 3 7 , 4 2 1 . 9 9 ) 3 7 , 4 3 4 . 5 8 7 4 , 8 6 9 . 1 7 5 0 % 7 4 , 8 5 6 . 5 7 Na t i o n a l C i t y T T A 1 , 7 3 7 . 4 2 1 , 7 3 7 . 4 2 3 , 4 7 4 . 8 3 1 , 7 3 7 . 4 3 0 . 6 6 1 , 7 3 8 . 0 9 0 . 0 0 1 , 7 3 8 . 0 9 1 , 7 3 7 . 4 0 0 . 0 0 1 , 7 3 7 . 4 0 3 , 4 7 5 . 4 9 5 0 % 1 , 7 3 7 . 4 0 No r t h I l l i n o i s S t r e e t 1 , 9 5 0 , 6 1 7 . 8 0 1 , 9 5 0 , 6 1 7 . 8 0 3 , 9 0 1 , 2 3 5 . 6 0 1 , 9 6 4 , 3 8 8 . 0 7 6 8 8 . 3 9 1 , 9 6 5 , 0 7 6 . 4 6 0 . 0 0 1 , 9 6 5 , 0 7 6 . 4 6 1 , 9 3 6 , 8 4 7 . 5 3 0 . 0 0 1 , 9 3 6 , 8 4 7 . 5 3 3 , 9 0 1 , 9 2 3 . 9 9 5 0 % 1 , 9 3 6 , 8 4 7 . 5 3 Ol d M e r i d i a n 3 0 0 , 5 2 5 . 7 2 3 0 0 , 5 2 5 . 7 2 6 0 1 , 0 5 1 . 4 4 3 0 4 , 5 8 6 . 3 7 ( 8 , 8 7 7 . 6 9 ) 2 9 5 , 7 0 8 . 6 8 0 . 0 0 2 9 5 , 7 0 8 . 6 8 2 9 6 , 4 6 5 . 0 7 0 . 0 0 2 9 6 , 4 6 5 . 0 7 5 9 2 , 1 7 3 . 7 5 5 1 % 2 9 6 , 4 6 5 . 0 7 Ol d M e t h o d i s t 5 8 2 . 1 1 5 8 2 . 1 1 1 , 1 6 4 . 2 1 5 8 4 . 9 2 0 . 2 2 5 8 5 . 1 4 0 . 0 0 5 8 5 . 1 4 5 7 9 . 2 9 0 . 0 0 5 7 9 . 2 9 1 , 1 6 4 . 4 3 5 0 % 5 7 9 . 2 9 Ol d T o w n 1 0 9 , 0 6 0 . 9 3 1 0 9 , 0 6 0 . 9 3 2 1 8 , 1 2 1 . 8 6 1 0 9 , 0 6 0 . 9 3 4 2 . 2 0 1 0 9 , 1 0 3 . 1 3 0 . 0 0 1 0 9 , 1 0 3 . 1 3 1 0 9 , 0 6 0 . 9 3 0 . 0 0 1 0 9 , 0 6 0 . 9 3 2 1 8 , 1 6 4 . 0 6 5 0 % 1 0 9 , 0 6 0 . 9 3 Ol d T o w n S h o p p e s 4 6 , 8 1 2 . 3 5 4 6 , 8 1 2 . 3 5 9 3 , 6 2 4 . 7 0 4 6 , 8 1 2 . 3 5 ( 1 8 3 . 9 6 ) 4 6 , 6 2 8 . 3 9 0 . 0 0 4 6 , 6 2 8 . 3 9 4 6 , 8 1 2 . 3 5 0 . 0 0 4 6 , 8 1 2 . 3 5 9 3 , 4 4 0 . 7 4 5 0 % 4 6 , 8 1 2 . 3 5 Pa r k w o o d C r o s s i n g 6 6 6 , 8 3 8 . 3 9 6 6 6 , 8 3 8 . 3 9 1 , 3 3 3 , 6 7 6 . 7 8 6 5 1 , 7 2 9 . 6 4 ( 1 0 , 7 2 1 . 9 4 ) 6 4 1 , 0 0 7 . 7 0 ( 6 4 1 , 0 0 7 . 7 0 ) 0 . 0 0 6 8 1 , 9 4 7 . 1 4 ( 6 8 1 , 9 4 7 . 1 4 ) 0 . 0 0 0 . 0 0 4 9 % 6 8 1 , 9 4 7 . 1 4 Pa r k w o o d E a s t 4 2 2 , 3 3 2 . 5 2 4 2 2 , 3 3 2 . 5 2 8 4 4 , 6 6 5 . 0 4 4 2 2 , 3 3 2 . 5 2 1 5 9 . 6 6 4 2 2 , 4 9 2 . 1 8 ( 4 2 2 , 4 9 2 . 1 8 ) 0 . 0 0 4 2 2 , 3 3 2 . 5 2 ( 4 2 2 , 3 3 2 . 5 2 ) 0 . 0 0 0 . 0 0 5 0 % 4 2 2 , 3 3 2 . 5 2 We s t C l a y * * * 2 8 2 , 4 2 4 . 9 6 28 2 , 4 2 4 . 9 6 56 4 , 8 4 9 . 9 2 78 , 3 5 0 . 5 5 (1 4 , 4 5 8 . 6 0 ) 63 , 8 9 1 . 9 5 0. 0 0 63 , 8 9 1 . 9 5 48 6 , 4 9 9 . 3 7 0. 0 0 48 6 , 4 9 9 . 3 7 550,391.3214%486,499.37 $1 1 , 0 9 4 , 1 3 1 . 0 2 ## # # # # # # # # # # # $2 2 , 1 8 2 , 2 0 1 . 8 9 $1 0 , 9 4 0 , 8 1 9 . 1 8 ($ 2 6 7 , 5 6 8 . 3 9 ) $1 0 , 6 7 3 , 2 5 0 . 7 9 ($ 1 , 8 7 1 , 1 8 0 . 4 0 ) $8 , 8 0 2 , 0 7 0 . 3 9 $1 1 , 2 4 1 , 3 8 2 . 7 1 ($ 1 , 9 2 0 , 9 3 7 . 8 3 ) $9 , 3 2 0 , 4 4 4 . 8 8 $18,122,515.2749.32%$11,241,382.71 Re f e r e n c e A B C D E F G H I J K L M N Ca l c u l a t i o n A+ B D+ E F+ G C- D I+ J H+KD/CC-D Co u n t y E s t i m a t e s * *C o u n t y E s t i m a t e s a r e p e r t h e H a m i l t o n C o u n t y 2 0 1 3 P a y 2 0 1 4 T I F B i l l i n g R e p o r t . T h e t o t a l a m o u n t r e p r e s e n t s t h e t o t a l a c t u a l p r o p e r t y t a x e s b i l l e d i n e a c h T I F A r e a . T h e s p r i n g a n d f a l l e s t i m a t e s a r e o ne - h a l f o f t h e t o t a l p r o p e r t y t a x b i l l e d i n t h a t T I F A r e a . T h e e s t i m a t e sh o w n i s n e t o f t h e e s t i m a t e d s c h o o l r e f e r e n d u m i m p a c t . ** T o t a l d i s t r i b u t i o n r e m a i n i n g i s b a s e d u p o n 1 0 0 % c o l l e c t i o n s , n e t o f t h e e s t i m a t e d r e f e r e n d u m , a n d d o e s n o t t a k e a p p e a l s ( F a l l 2 0 1 4 ) i n t o a c c o u n t A- 1 Ca r m e l R e d e v e l o p m e n t C o m m i s s i o n An a l y s i s o f J u n e 2 0 1 4 T I F C o l l e c t i o n s a n d D i s b u r s e m e n t s Re f e r e n c e A B C D E F G H I J K Reference 1 De c e m b e r 2 0 1 3 Ju n e 2 0 1 4 Sp r i n g D e v e l o p e r Bo n d / L e a s e Ju n e 2 0 1 4 Re f u n d i n g PA C COIT 1 2 Ar e a Di s t r i b u t i o n Di s t r i b u t i o n Pa y m e n t s Pa y m e n t s ( 1 ) Su b t o t a l Bo n d s ( 2 ) CO P S C ( 3 ) Le a s e ( 4 ) Payment (5)Remaining2 3 11 6 t h S t . C e n t r e 15 , 3 1 7 . 2 5 13 3 , 1 0 5 . 1 5 ($ 1 3 3 , 1 0 5 . 1 5 ) $0 . 0 0 $0 . 0 0 $0 . 0 0 $0 . 0 0 $0.00$0.003 4 Am e n d e d I l l i n o i s S t r e e t 43 , 1 6 1 . 4 6 73 , 1 5 2 . 4 3 73 , 1 5 2 . 4 3 (4 1 , 1 3 0 . 4 6 ) (6 , 0 8 2 . 2 3 ) (2 0 , 7 3 4 . 4 5 ) (4,312.80)$892.494 5 Am e n d e d 1 2 6 t h S t r e e t 3, 6 8 1 , 8 2 7 . 1 5 3, 7 9 6 , 0 8 9 . 6 2 3, 7 9 6 , 0 8 9 . 6 2 (2 , 1 3 4 , 3 7 7 . 7 1 ) (3 1 5 , 6 2 4 . 3 4 ) (1 , 0 7 5 , 9 7 0 . 4 0 ) (223,803.46)46,313.725 6 Ar t s D i s t r i c t L o f t s a n d S h o p p e s 45 4 , 3 4 8 . 0 5 43 2 , 7 2 0 . 2 4 ($ 4 3 2 , 7 2 0 . 2 4 ) 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.006 7 Ci t y C e n t e r 45 8 , 2 6 8 . 6 7 43 0 , 1 5 3 . 1 8 43 0 , 1 5 3 . 1 8 (2 4 1 , 8 5 6 . 6 1 ) (3 5 , 7 6 4 . 9 1 ) (1 2 1 , 9 2 3 . 3 8 ) (25,360.25)5,248.037 8 Do w n t o w n E D A # 1 37 0 , 2 6 1 . 2 3 40 3 , 4 7 1 . 3 3 40 3 , 4 7 1 . 3 3 (2 2 6 , 8 5 4 . 5 5 ) (3 3 , 5 4 6 . 4 6 ) (1 1 4 , 3 6 0 . 6 3 ) (23,787.18)4,922.508 9 Do w n t o w n E D A # 2 63 , 2 7 4 . 9 6 61 , 5 7 7 . 5 2 61 , 5 7 7 . 5 2 (3 4 , 6 2 2 . 3 9 ) (5 , 1 1 9 . 8 4 ) (1 7 , 4 5 3 . 6 4 ) (3,630.38)751.279 10 Ca r m e l D r i v e 71 , 2 8 2 . 6 4 81 , 3 5 5 . 7 0 81 , 3 5 5 . 7 0 (4 5 , 7 4 2 . 8 1 ) (6 , 7 6 4 . 2 9 ) (2 3 , 0 5 9 . 6 0 ) (4,796.43)992.5710 11 Me r c h a n t s S q u a r e 24 3 , 9 0 2 . 5 5 23 0 , 0 8 7 . 8 3 23 0 , 0 8 7 . 8 3 (1 2 9 , 3 6 8 . 4 8 ) (1 9 , 1 3 0 . 5 6 ) (6 5 , 2 1 6 . 5 0 ) (13,565.13)2,807.1611 12 CR C P a r c e l 1 2 88 , 4 4 2 . 5 0 89 , 5 8 1 . 2 6 89 , 5 8 1 . 2 6 (5 0 , 3 6 7 . 6 8 ) (7 , 4 4 8 . 2 0 ) (2 5 , 3 9 1 . 0 7 ) (5,281.38)1,092.9212 13 Gr a m e r c y 4. 2 2 4. 1 6 (4 . 1 6 ) 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.0013 14 Ha z e l D e l l N o r t h 12 6 , 8 6 8 . 2 6 15 7 , 4 3 0 . 1 9 15 7 , 4 3 0 . 1 9 (8 8 , 5 1 6 . 2 2 ) (1 3 , 0 8 9 . 4 7 ) (4 4 , 6 2 2 . 2 9 ) (9,281.50)1,920.7114 15 Ha z e l D e l l S o u t h 42 1 , 9 3 5 . 3 1 55 1 , 1 8 5 . 2 2 55 1 , 1 8 5 . 2 2 (3 0 9 , 9 0 7 . 7 1 ) (4 5 , 8 2 8 . 0 7 ) (1 5 6 , 2 2 8 . 9 2 ) (32,495.85)6,724.6715 16 La u t h - W a l k e r 32 3 , 3 7 2 . 9 2 24 4 , 1 4 9 . 7 2 24 4 , 1 4 9 . 7 2 (1 3 7 , 2 7 4 . 8 7 ) (2 0 , 2 9 9 . 7 3 ) (6 9 , 2 0 2 . 2 3 ) (14,394.17)2,978.7216 17 Le g a c y 63 , 9 4 5 . 4 0 20 4 , 4 2 8 . 9 8 (2 0 4 , 4 2 8 . 9 8 ) 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.0017 18 Lu r i e 0. 0 0 11 , 6 3 0 . 8 8 11 , 6 3 0 . 8 8 (6 , 5 3 9 . 5 4 ) (9 6 7 . 0 4 ) (3 , 2 9 6 . 6 8 ) (685.71)141.9018 19 Me r c h a n t s P o i n t e 12 1 , 2 9 9 . 2 6 15 2 , 0 3 9 . 0 8 15 2 , 0 3 9 . 0 8 (8 5 , 4 8 5 . 0 3 ) (1 2 , 6 4 1 . 2 3 ) (4 3 , 0 9 4 . 2 3 ) (8,963.66)1,854.9319 20 Me r i d i a n & M a i n 99 , 6 0 8 . 8 3 74 , 8 5 6 . 5 8 (3 7 , 4 2 1 . 9 9 ) 37 , 4 3 4 . 5 9 (2 1 , 0 4 7 . 8 6 ) (3 , 1 1 2 . 4 8 ) (1 0 , 6 1 0 . 5 3 ) (2,207.01)456.7220 21 Na t i o n a l C i t y T T A 1, 7 5 3 . 5 3 1, 7 3 8 . 0 9 1, 7 3 8 . 0 9 (9 7 7 . 2 5 ) (1 4 4 . 5 1 ) (4 9 2 . 6 5 ) (102.47)21.2121 22 No r t h I l l i n o i s S t r e e t 1, 8 8 2 , 6 8 1 . 0 1 1, 9 6 5 , 0 7 6 . 4 6 (5 8 8 , 7 4 3 . 4 7 ) 1, 3 7 6 , 3 3 2 . 9 9 (7 7 3 , 8 5 2 . 7 7 ) (1 1 4 , 4 3 4 . 6 5 ) (3 9 0 , 1 1 0 . 2 7 ) (81,143.52)16,791.7822 23 Ol d M e r i d i a n 19 4 , 6 1 3 . 2 6 29 5 , 7 0 8 . 6 8 29 5 , 7 0 8 . 6 8 (1 6 6 , 2 6 4 . 2 6 ) (2 4 , 5 8 6 . 5 8 ) (8 3 , 8 1 6 . 1 9 ) (17,433.89)3,607.7623 24 Ol d M e t h o d i s t 58 4 . 4 5 58 5 . 1 4 58 5 . 1 4 (3 2 9 . 0 0 ) (4 8 . 6 5 ) (1 6 5 . 8 5 ) (34.50)7.1424 25 Ol d T o w n 11 0 , 1 4 4 . 1 3 10 9 , 1 0 3 . 1 3 10 9 , 1 0 3 . 1 3 (6 1 , 3 4 3 . 9 9 ) (9 , 0 7 1 . 3 4 ) (3 0 , 9 2 4 . 3 9 ) (6,432.32)1,331.1025 26 Ol d T o w n S h o p p e s 46 , 8 8 8 . 7 7 46 , 6 2 8 . 3 9 46 , 6 2 8 . 3 9 (2 6 , 2 1 7 . 1 4 ) (3 , 8 7 6 . 9 0 ) (1 3 , 2 1 6 . 4 3 ) (2,749.04)568.8826 27 Pa r k w o o d C r o s s i n g 62 7 , 3 1 4 . 7 9 64 1 , 0 0 7 . 7 0 (6 4 1 , 0 0 7 . 7 0 ) 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.0027 28 Pa r k w o o d E a s t 41 6 , 7 5 4 . 0 0 42 2 , 4 9 2 . 1 8 (4 2 2 , 4 9 2 . 1 8 ) 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.0028 29 We s t C l a y ( 6 ) 28 3 , 3 7 8 . 1 0 63 , 8 9 1 . 9 5 63 , 8 9 1 . 9 5 (3 5 , 9 2 3 . 6 9 ) (5 , 3 1 2 . 2 7 ) (1 8 , 1 0 9 . 6 5 ) (3,766.83)779.5129 30 To t a l s $1 0 , 2 1 1 , 2 3 2 . 7 0 $1 0 , 6 7 3 , 2 5 0 . 7 9 (1 , 8 7 1 , 1 8 0 . 4 0 ) (5 8 8 , 7 4 3 . 4 7 ) $8 , 2 1 3 , 3 2 6 . 9 2 ($ 4 , 6 1 8 , 0 0 0 . 0 0 ) ($ 6 8 2 , 8 9 3 . 7 5 ) ($ 2 , 3 2 8 , 0 0 0 . 0 0 ) ($484,227.50)$100,205.6730 31 A B C D31 32 Fi r s t T i e r Se c o n d T i e r 32 33 33 34 34 35 Fi r s t T i e r ( A ) / S u b t o t a l 1 . 7 8 35 36 Se c o n d T i e r ( A a n d B ) / S u b t o t a l 1 . 5 5 36 37 Th i r d T i e r ( A , B , C , D ) / S u b t o t a l 1.0137 38 (2 ) S e m i a n n u a l p a y m e n t $ 4 , 6 1 8 , 0 0 0 . 0 0 ( d u e t o b e p a i d b y 7 / 1 5 / 1 4 ) f o r t h e L e a s e R e n t a l R e v e n u e M u l t i p u r p o s e B o n d s , S e r i e s 2 0 1 2 A & B 38 39 39 40 (3 ) S e m i a n n u a l p a y m e n t $ 6 8 2 , 8 9 3 . 7 5 ( d u e t o b e p a i d b y 7 / 1 5 / 1 4 ) f o r t h e C e r t i f i c a t i o n s o f P a r t i c i p a t i o n , S e r i e s C 40 41 41 42 (4 ) S e m i A n n u a l l e a s e p a y m e n t $ 2 , 3 2 8 , 0 0 0 ( d u e a n d s c h e d u l e d t o b e p a i d b y 7 / 1 / 1 4 ) f o r t h e L e a s e R e n t a l R e v e n u e B o n d s o f 2 0 1 4 ( P e r f o r m i n g A r t s C e n t e r ) 42 43 43 44 (5 ) S e m i a n n u a l b o n d p a y m e n t $ 4 8 4 , 2 2 7 . 5 0 ( d u e a n d s c h e d u l e d t o b e p a i d b y 6 / 1 5 / 1 4 ) f o r t h e C O I T R e v e n u e r e f u n d i n g B o n d s , S e r i e s 2 0 0 6 ( 1 9 9 8 C i t y C e n t e r , R e f u n d e d i n 2 0 0 6 ) 44 45 45 46 (6 ) L o w J u n e 2 0 1 4 c o l l e c t i o n i s d u e t o a l a t e p a y m e n t m a d e b y S t r a t f o r d R e t i r e m e n t , L L C o n M a y 2 0 , 2 0 1 4 . T h e l a t e p a y m e n t w i l l b e d i s t r i b u t e d t o t h e C R C i n t h e D e c e m b e r 2 0 1 4 d i s t r i b u t i o n . 46 47 47 48 48 49 49 50 50 51 51 52 52 De b t S e r v i c e C o v e r a g e (1 ) S e m i a n n u a l b o n d p a y m e n t s $ 4 5 4 , 2 8 3 . 7 5 a n d $ 1 3 4 , 4 5 9 . 7 2 ( d u e a n d s c h e d u l e d t o b e p a i d b y 7 / 1 5 / 1 4 ) f o r t h e T a x I n c r e m e n t R e v e n u e B o n d s o f 2 0 0 4 A ( C l a r i a n H o s p i t a l - I l l i n o i s St r e e t P r o j e c t ) a n d R e d e v e l o p m e n t D i s t r i c t B o n d s o f 2 0 1 3 ( I l l i n o i s S t r e e t P r o j e c t ) Th i r d T i e r A - 2