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HomeMy WebLinkAbout101514 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 S e p t e m b e r 3 0 , 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 9/30/14 Reference B C D E F G H 1 Actual Actual PROJECTED Amended % Complete Variance of Revised Budget 2 August September October Total Approved Approved 3 Projections Budget6/18/2014 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $887,523 $546,845 $477,092 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 1,642 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 1,680 1,680 1,680 1,680 11 Supplemental Reserve Fund Balance 584,459 584,459 584,459 785,481 1,119,000 12 Interest for Supplemental Reserve Fund 63 63 63 63 13 Total Restricted Funds Balance 1,887,844 1,887,844 1,887,844 2,088,803 2,419,000 14 15 BEGINNING BALANCE WITH RESTRICTED FUNDS 2,775,366 2,434,689 2,364,936 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 0 585 279%375 210 24 Net Increment 25TIF Revenue, Net of Developer Pass Through 00 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 00 (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)0 0 (2,048,538) 67%(2,048,538) 31 Illinois Street Bond 0 0 (1,367,685) 67%(1,367,685) 32 2013 Illinois Street Bond 0 0 (244,472) 55%(244,472) 33 2005 PAC Lease 0 0 (4,656,000) 50%(4,656,000) 34 2012 Lease 0 0 (13,126,000) 65%(13,126,000) 35 Net Increment after Debt Service and Developer Pass Through 0 0 (4,471,020) (4,509,157) 36 TOTAL RECEIPTS - TIF 0 0 (4,471,020) (4,509,157) 37 38 RECEIPTS - NON TIF 39 Interest 59 414 150%138 276 40 Energy Payments 26,922 26,922 26,922 323,060 75%323,060 41 2013 and 2014 REI Energy Payments 24,512 0 146,461 136%38,562 107,899 42 4CDC Grants 0 100,625 337,909 61%337,909 43 Civic Rent 0 0 200,000 0%200,000 44 Keystone Group, LLC Receivable (Bond Enhancement) 2013 172,753 0 172,753 100%0 172,753 45 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 200,000 0%200,000 46 Sale of Buildings - Projected 65,000 0 1,000,000 1,065,000 7%1,000,000 47 Miscellaneous Receipts 0 0 800,000 942,179 0%0 48 TOTAL RECEIPTS - NON TIF 289,246 127,547 1,826,922 3,387,776 2,341,897 49 TOTAL RECEIPTS 289,246 127,547 1,826,922 (1,083,244)50 51 EXPENDITURES - TIF 52 Construction 53 Palladium Construction/Retention and Legal 16,717 161,648 85,417 1,517,388 85%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 1,392 10,280 84%10,624 57 3rd Avenue and Monon Connecting Path Engineering 2,000 1,815 825 24,900 15%24,900 58 Monon Trail Work Engineering 6,712 0 458 24,900 27%24,900 59 Park Work at Monon Engineering 0 0 24,900 0%24,900 60 Duke Relocation at Pedcor Engineering 2,900 0 8,900 33%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 9,363 27,200 36,494 309,617 89%195,000 67 Architecture/Engineering Fees 0 0 10,000 0%10,000 68 Accounting Fees 7,773 4,888 5,229 90,000 84%90,000 69 Miscellaneous Professional Fees 0 0 20,000 0%20,000 70 Bond and Trustee Fees 0 1,750 500 31,403 69%37,684 71 Transfer to Supplemental Reserve Fund 584,459 785,481 52%1,119,000 72 TOTAL EXPENDITURES - TIF 629,923 197,300 130,314 4,235,826 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 14,874 36,705 41%36,707 78 TOTAL EXPENDITURES - NON TIF 0 0 14,874 351,239 450,487 79 TOTAL EXPENDITURES 629,923 197,300 145,189 4,587,065 80 81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 546,845 477,092 2,158,825 $987,313 $99,165 82 ENDING BALANCE WITH RESTRICTED FUNDS $2,434,689 $2,364,936 $4,046,669 $3,076,116 $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 S e p t e m b e r 3 0 , 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 0 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 0 242,29680,76475.00%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 0 0 0 0 10 7 , 8 9 9 10 7 , 8 9 9 146,461(38,562)135.74%21 22 4 C D C G r a n t s 94 , 6 3 5 1 0 0 , 6 2 5 5 , 9 9 0 Am o u n t a n t i c i p a t e d w a s b a s e d o n es t i a m t e g i v e n s e v e r a l m o n t h s e a r l i e r . 40 0 , 0 0 0 (6 2 , 0 9 1 ) 33 7 , 9 0 9 2 0 6 , 8 4 3 1 3 1 , 0 6 6 6 1 . 2 1 % 2 2 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 0 0 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 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 12 1 , 5 5 7 12 7 , 5 4 7 5, 9 9 0 1, 3 2 3 , 0 6 0 1, 0 1 8 , 8 3 7 2, 3 4 1 , 8 9 7 975,9471,365,95041.67%28 29 TO T A L R E V E N U E S $1 2 1 , 5 5 7 $1 2 7 , 5 4 7 $5 , 9 9 0 ($ 2 , 9 2 1 , 7 3 2 ) $7 5 4 , 6 8 2 ($ 2 , 1 6 7 , 0 5 0 ) ($ 3 , 4 4 6 , 3 8 6 ) $1,279,336159.04%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 S e p t e m b e r 3 0 , 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 1 , 6 4 8 16 1 , 6 4 8 $0 $9 0 0 , 0 0 0 $2 0 0 , 0 0 0 $1 , 1 0 0 , 0 0 0 $934,324$165,67684.94%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 Me 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 0 0 0 10 , 6 2 4 $0 10 , 6 2 4 8,888$1,73683.66%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 1, 8 1 5 1, 8 1 5 0 0 $2 4 , 9 0 0 24 , 9 0 0 3,815$21,08515.32%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 0 0 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 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 L e g a l F e e s 55 , 0 0 0 2 7 , 2 0 0 2 7 , 8 0 0 An o t h e r m o n t h ' s w o r t h o f b i l l s w e r e a n t i c i p a t e d t o b e re c e i v e d i n t i m e f o r a p p r o v a l , b u t w e r e d e l a y e d u n t i l Oc t o b e r . 19 5 , 0 0 0 0 1 9 5 , 0 0 0 1 7 3 , 1 2 4 2 1 , 8 7 6 8 8 . 7 8 % 1 9 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 4, 8 8 8 4, 8 8 8 0 10 0 , 0 0 0 (1 0 , 0 0 0 ) 90 , 0 0 0 75,15414,84683.50%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 1, 7 5 0 1, 7 5 0 0 34 , 0 8 4 3, 6 0 0 37 , 6 8 4 25,84311,84168.58%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 0 0 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 22 5 , 1 0 1 19 7 , 3 0 1 27 , 8 0 0 2, 9 6 9 , 7 1 9 97 1 , 2 0 0 3, 9 4 0 , 9 1 9 2,409,3861,531,53361.14%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 $2 2 5 , 1 0 1 $1 9 7 , 3 0 1 $2 7 , 8 0 0 $3 , 4 0 4 , 5 0 4 $9 8 6 , 9 0 2 $4 , 3 9 1 , 4 0 6 $2,734,1431,657,26362.26%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 S e p t e m b e r 3 0 , 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 9 / 1 / 1 4 3 4 1 1 0 1 C a s h 5 4 6 , 8 4 5 . 3 9 $ 5 4 6 , 8 4 5 . 3 9 $ - $ 4 5 1 1 1 0 T I F 0 . 0 0 0 . 0 0 - 5 6 To t a l C a s h 5 4 6 , 8 4 5 . 3 9 $ 5 4 6 , 8 4 5 . 3 9 $ - $ 6 7 7 8 Re c e i p t s 8 9 1 1 0 1 C a s h 1 2 7 , 5 4 6 . 6 4 $ 1 2 1 , 5 5 6 . 6 4 $ 5 , 9 9 0 . 0 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 1 2 7 , 5 4 6 . 6 4 $ 1 2 1 , 5 5 6 . 6 4 $ 5 , 9 9 0 . 0 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 1 9 7 , 3 0 0 . 0 3 $ 2 2 5 , 1 0 0 . 5 2 $ 2 7 , 8 0 0 . 4 9 $ 15 16 1 1 1 0 T I F - - - 16 17 To t a l D i s b u r s e m e n t s 1 9 7 , 3 0 0 . 0 3 $ 2 2 5 , 1 0 0 . 5 2 $ 2 7 , 8 0 0 . 4 9 $ 17 18 18 19 1 1 0 1 C a s h 4 7 7 , 0 9 2 . 0 0 $ 4 4 3 , 3 0 1 . 5 1 $ 3 3 , 7 9 0 . 4 9 $ 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 9 / 3 0 / 1 4 4 7 7 , 0 9 2 . 0 0 $ 4 4 3 , 3 0 1 . 5 1 $ 3 3 , 7 9 0 . 4 9 $ 21 22 22 23 To t a l U s a b l e F u n d s $ 4 7 7 , 0 9 2 . 0 0 $ 4 4 3 , 3 0 1 . 5 1 $ 3 3 , 7 9 0 . 4 9 23 -1 C - Restricted Funds Energy Center Reserve $501,642 Civic Rent Reserve 801,680 Supplemental Reserve Fund 584,522 Sub-total:1,887,844 Cash TIF 0 Operating 477,092 Sub-total:477,092 Total Funds $2,364,936 Outstanding Receivables Energy Consumption Payments (1)10,462 Total Outstanding Receivables $10,462 (1) Amounts due reflects October 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 9/30/14 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 10 / 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 1 0 / 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 O c t o 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 0 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 1, 9 9 4 , 0 0 9 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 , 0 7 0 , 6 0 9 $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