HomeMy WebLinkAbout91615 CRC Finance PacketCA
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Carmel Redevelopment Commission
Annual Budget Summary Update
as of 8/31/15
Reference BCD E FGReference
1 Actual Actual PROJECTED Revised Budget 1
2 July August September Total % Complete Approved 2
3 Projections 7/15/2015 3
4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $11,548,572 $4,441,956 $4,167,559 4
5 5
6 RECEIPTS ‐ TIF 6
7 Interest 29 7
8 Restricted TIF Revenue 8
9 Parkwood TIF 1,954,580 56%1,954,580 9
10 Unrestricted TIF Revenue 10
11 Increment Net of Developer Pass Through (691,723) 0 17,076,430 54%17,076,430 11
12 Total TIF (691,723) 0 ‐ 19,031,010 54%19,031,010 12
13 13
14 Less Transfers to Reserves 14
15 Transfer to Supplemental Reserve Fund ‐ Parkwood TIF 0 0 ‐ 1,954,580 56%1,954,580 15
16 Transfer to Supplemental Reserve Fund ‐ Excess TIF per RDA 157,817 157,817 100%157,817 16
17 Total Transfers to Reserves 157,817 0 ‐ 2,112,397 60%2,112,397 17
18 18
19 Less Debt Service 19
20 Certificates of Participation, Series 2010C 682,113 0 1,363,619 50%1,363,619 20
21 Illinois Street Bond 458,324 0 913,169 50%913,169 21
22 2013 Illinois Street Bond 110,013 0 220,025 50%220,025 22
23 2005 and 2014 PAC Lease 00 5,653,000 50%5,653,000 23
24 2012 Lease 4,980,000 0 9,962,000 50%9,962,000 24
25 Total Debt Service 6,230,449 0 ‐ 18,111,813 50%18,111,813 25
26 26
27 TOTAL RECEIPTS ‐ TIF (7,079,988) 0 0 (1,193,170)0%(1,193,200) 27
28 28
29 RECEIPTS ‐ NON TIF 29
30 Interest 935 538 4,369 30
31 Energy Consumption Payments 26,922 0 53,843 323,060 58%323,060 31
32 REI Energy Payments (2015) 10,462 0 10,462 125,538 75%125,538 32
33 4CDC Grants 00109,298 400,000 36%400,000 33
34 Civic Rent 00 250,000 0%250,000 34
35 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 190,092 100%190,092 35
36 Keystone Group, LLC Receivable (Bond Enhancement) 2015 0 0 185,094 0%185,094 36
37 Sale of Real Property 0 0 00%037
38 Miscellaneous Receipts 143,124 0 220,175 94%218,425 38
39 TOTAL RECEIPTS ‐ NON TIF 181,442 538 173,603 1,698,328 49%1,692,209 39
40 TOTAL RECEIPTS (6,898,546)538 173,603 505,158 499,009 40
41 41
42 42
43 EXPENDITURES 43
44 Project Professional Fees 44
45 Legal Fees 555 6,548 584 362,000 47%362,000 45
46 Architecture/Engineering Fees 38,742 0 7,995 75,700 51%75,700 46
47 City Center Design Soft Costs 2,000 16,625 21,800 331,300 0%331,300 47
48 Accounting Fees 0 1,773 525 31,450 58%31,450 48
49 Miscellaneous Professional Fees 0 2,500 1,800 30,000 9%30,000 49
50 Construction 50
51 Mezz Building Site Construction 0 64,049 ‐ 334,306 51%334,306 51
52 Mezz Utility Relocation 0 0 83,333 250,000 0%250,000 52
53 Nash Streetscape 2,188 0 12,027 44,208 67%48,335 53
54 Capital Improvement Projects 0 182,940 335,893 2,425,447 20%2,425,447 54
55 Bond and Trustee Fees 0 500 15,512 22,272 14%22,922 55
56 Village Financial Secondary IPC 37,474 0 138,788 71%138,788 56
57 2006 COIT Refunding Bond 0 0 959,243 50%959,243 57
58 Reimbursement of Actual Expenditures for Redevelopment Department 127,111 0 400,995 42%400,995 58
59 Sophia Square Garage Expenses 0 0 106,307 300,000 0%300,000 59
60 Miscellaneous Expenditures 0 0 10,000 9%10,000 60
61 TOTAL EXPENDITURES 208,070 274,935 585,777 5,715,708 30%5,720,486 61
62 TRANSFERS FROM RESTRICTED FUNDS 62
63 Transfer from Energy Center Consumption Reserve 500,000 0%500,000 63
64 Transfer from Civic Rent Reserve 200,000 0%200,000 64
65 Total Transfers From Restricted Funds 00 0 700,000 700,000 65
66 666767
68 ENDING BALANCE WITHOUT RESTRICTED FUNDS $4,441,956 $4,167,559.26 $3,755,385 $519,918 508,992 68
69 RESTRICTED FUNDS 69
70 Energy Center Consumption Reserve Beginning Balance 502,055 502,161 502,226 501,760 100%500,000 70
71 Civic Rent Reserve Beginning Balance 802,341 802,510 802,613 801,870 100%800,000 71
72 Supplemental Reserve Fund Beginning Balance 3,627,978 3,786,592 3,787,081 2,526,433 100%2,526,168 72
73 RESTRICTED FUNDS BEGINNING BALANCE 4,932,375 5,091,263 5,091,920 3,830,063 3,826,168 737474
75 TRANSFERS IN/(OUT) OF RESERVES 75
76 Energy Center Consumption Reserve Transfers In/(Out) 106 65 (499,535)0%(500,000)76
77 Civic Rent Reserve Transfers In/(Out) 169 104 (199,256)0%(200,000)77
78 Supplemental Reserve Fund Transfers In/(Out) 158,614 489 ‐ 2,115,168 60%2,112,397 78
79 TOTAL RESERVE FUNDS TRANSFERS 158,888 657 0 1,416,377 89%1,412,397 798080
81 ENDING BALANCE FOR RESTRICTED FUNDS 5,091,263 5,091,920 5,091,920 5,246,439 5,238,565 81
82 ENDING BALANCE WITH RESTRICTED FUNDS $9,533,219 $9,259,479 $8,847,305 $5,766,357 $5,747,557 82
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-1
C
-
Restricted Funds
Energy Center Reserve $502,226
Civic Rent Reserve 802,613
Supplemental Reserve Fund 3,787,081
Sub‐total: 5,091,920
Unrestricted Funds
TIF 0
Non TIF 4,167,559
Sub‐total: 4,167,559
Total Funds $9,259,479
Outstanding Receivables
Reimbursement of Project Blue invoices (1) 13,955
Total Outstanding Receivables $13,955
(1) Amounts due are the professional service invoices paid to date by the
CRC in regards to the potential Project Blue development as per the
reimbursement agreement with 4148 96th Street LLC
Carmel Redevelopment Commission Fund Balances
and Outstanding Receivables as of 8/31/15
Fund Balances
Outstanding Receivables
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Se
r
i
e
s
20
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
,
0
3
0
,
0
0
0
7
9
0
,
0
0
0
1
6
9
,
2
4
3
9
5
9
,
2
4
3
4
7
9
,
7
1
1
4
7
9
,
5
3
2
2
3
L
e
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
0
5
(P
A
C
CA
B
)
Le
a
s
e
TI
F
2
7
,
7
9
8
,
2
2
7
4
.
6
2
5
‐
10
.
2
0
0
%
1
8
,
0
6
5
,
5
4
2
1
,
6
2
7
,
5
1
5
1
,
8
3
2
,
4
8
5
3
,
4
6
0
,
0
0
0
1
,
7
3
0
,
0
0
0
1
,
7
3
0
,
0
0
0
3
4
L
e
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
1
2
A
L
e
a
s
e
TI
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
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
1
2
B
L
e
a
s
e
TI
F
6
9
,
2
4
5
,
0
0
0
0
.
6
0
8
‐
3.
0
0
0
%
6
2
,
6
5
5
,
0
0
0
4
,
2
3
0
,
0
0
0
1
,
3
2
8
,
0
5
7
5
,
5
5
8
,
0
5
7
2
,
7
7
8
,
3
1
7
2
,
7
7
9
,
7
4
0
5
6
R
e
d
e
v
e
l
o
p
m
e
n
t
Di
s
t
r
i
c
t
Bo
n
d
s
of
20
1
3
(I
l
l
i
n
o
i
s
St
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
2
0
,
0
2
5
2
2
0
,
0
2
5
1
1
0
,
0
1
3
1
1
0
,
0
1
3
6
7
L
e
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Re
f
u
n
d
i
n
g
Bo
n
d
s
,
Se
r
i
e
s
20
1
4
(P
A
C
)
L
e
a
s
e
TI
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
2
,
1
8
7
,
9
5
6
2
,
1
8
7
,
9
5
6
1
,
0
9
3
,
9
7
8
1
,
0
9
3
,
9
7
8
7
$2
9
3
,
4
4
8
,
2
2
7
$2
6
7
,
7
3
0
,
5
4
2
$7
,
1
6
2
,
5
1
5
$
8
,
3
4
0
,
5
6
0
$1
5
,
5
0
3
,
0
7
5
$8,846,633
$
8
,
8
4
4
,
3
9
8
9/
1
/
1
5
Re
v
e
n
u
e
Or
i
g
i
n
a
l
Ou
t
s
t
a
n
d
i
n
g
20
1
5
2
0
1
5
Total
Ce
r
t
i
f
i
c
a
t
e
of
Pa
r
t
i
c
i
p
a
t
i
o
n
(C
O
P
)
or
In
s
t
a
l
l
m
e
n
t
Co
n
t
r
a
c
t
T
y
p
e
So
u
r
c
e
D
e
b
t
Am
o
u
n
t
I
n
t
e
r
e
s
t
Ra
t
e
Am
o
u
n
t
Pr
i
n
c
i
p
a
l
Du
e
(1
)
I
n
t
e
r
e
s
t
Du
e
(1
)
F
e
e
s
(2
)
D
e
b
t
Service Reference
8
C
e
r
t
i
f
i
c
a
t
e
of
Pa
r
t
i
c
i
p
a
t
i
o
n
,
Se
r
i
e
s
20
1
0
C (E
n
e
r
g
y
Ce
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
,
2
0
5
,
0
0
0
3
9
5
,
0
0
0
9
6
8
,
6
1
9
3
1
,
5
8
7
1
,
3
9
5
,
2
0
6
8
9
S
e
c
o
n
d
a
r
y
Vi
l
l
a
g
e
Fi
n
a
n
c
i
a
l
Co
n
t
r
a
c
t
1 ‐
CC
C
LL
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
$2
0
,
8
0
0
,
0
0
0
$1
9
,
7
0
5
,
0
0
0
$3
9
5
,
0
0
0
$1
,
1
2
6
,
1
1
9
$3
1
,
5
8
7
$
1
,
5
5
2
,
7
0
6
$3
1
4
,
2
4
8
,
2
2
7
$2
8
7
,
4
3
5
,
5
4
2
$7
,
5
5
7
,
5
1
5
$
9
,
4
6
6
,
6
7
9
$3
1
,
5
8
7
$
1
9
,
2
4
3
,
7
3
7
(1
)
To
t
a
l
de
b
t
se
r
v
i
c
e
am
o
u
n
t
is
pe
r
am
o
r
t
i
z
a
t
i
o
n
sc
h
e
d
u
l
e
s
of
Is
s
u
a
n
c
e
(2
)
Re
p
r
e
s
e
n
t
Ad
m
i
n
i
s
t
r
a
t
i
v
e
fe
e
s
pa
i
d
on
ea
c
h
co
n
t
r
a
c
t
.
(3
)
In
t
e
r
e
s
t
am
o
u
n
t
s
ar
e
es
t
i
m
a
t
e
s
si
n
c
e
th
e
in
t
e
r
e
s
t
ra
t
e
ac
c
o
u
n
t
s
fo
r
LI
B
O
R
.
Gr
a
n
d
To
t
a
l
Su
b
To
t
a
l
s
Su
b
To
t
a
l
s
‐2 ‐
Ca
r
m
e
l
Re
d
e
v
e
l
o
p
m
e
n
t
Co
m
m
i
s
s
i
o
n
De
b
t
Su
m
m
a
r
y
‐
Ad
d
i
t
i
o
n
a
l
In
f
o
r
m
a
t
i
o
n
Fo
r
th
e
Ye
a
r
En
d
i
n
g
De
c
e
m
b
e
r
31
,
20
1
5
Re
f
e
r
e
n
c
e
A
B
C
D
E
F
R
e
f
e
r
e
n
c
e
Fi
n
a
l
Is
s
u
a
n
c
e
Ye
a
r
Is
s
u
e
d
1s
t
Ca
l
l
M
a
t
u
r
i
t
y
Pa
y
m
e
n
t
Da
t
e
s
P
u
r
p
o
s
e
of
Is
s
u
a
n
c
e
1
T
a
x
In
c
r
e
m
e
n
t
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
0
4
A (I
l
l
i
n
o
i
s
St
r
e
e
t
)
20
0
4
7
/
1
5
/
2
0
1
4
7
/
1
5
/
2
0
2
4
7
/
1
5
/
1
5
,
1/
1
5
/
1
6
To
fi
n
a
n
c
e
ro
a
d
an
d
in
t
e
r
s
e
c
t
i
o
n
im
p
r
o
v
e
m
e
n
t
s 1
2
C
O
I
T
Re
v
e
n
u
e
Re
f
u
n
d
i
n
g
Bo
n
d
s
,
Se
r
i
e
s
20
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
5
,
12
/
1
5
/
1
5
To
re
f
u
n
d
CO
I
T
Re
v
e
n
u
e
Bo
n
d
s
of
19
9
8
, which were originally issued
fo
r
th
e
ac
q
u
i
s
i
t
i
o
n
an
d
re
d
e
v
e
l
o
p
m
e
n
t
of property in the City Center
Re
d
e
v
e
l
o
p
m
e
n
t
Ar
e
a
2
3
Le
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
0
5
(P
A
C
CA
B
)
20
0
5
2
/
1
/
2
0
1
1
2
/
1
/
2
0
3
3
7
/
1
/
1
5
,
1/
1
/
1
6
To
fi
n
a
n
c
e
th
e
de
s
i
g
n
an
d
co
n
s
t
r
u
c
t
i
o
n
of a new performing arts center
co
m
p
l
e
x
3
4
Le
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
1
2
A (R
e
f
i
n
a
n
c
e
)
20
1
2
8
/
1
/
2
0
2
6
2
/
1
/
2
0
3
8
7
/
1
/
1
5
,
1/
1
/
1
6
To
co
n
s
o
l
i
d
a
t
e
an
d
re
f
i
n
a
n
c
e
a ma
j
o
r
i
t
y
of CRC debt at a lower interest
ra
t
e
4
5
Le
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
1
2
B (R
e
f
i
n
a
n
c
e
)
20
1
2
2
/
1
/
2
0
1
4
2
/
1
/
2
0
2
5
7
/
1
/
1
5
,
1/
1
/
1
6
To
co
n
s
o
l
i
d
a
t
e
an
d
re
f
i
n
a
n
c
e
a ma
j
o
r
i
t
y
of CRC debt at a lower interest
ra
t
e
5
6
R
e
d
e
v
e
l
o
p
m
e
n
t
Di
s
t
r
i
c
t
Bo
n
d
s
of
20
1
3
(I
l
l
i
n
o
i
s
St
r
e
e
t
)
20
1
3
7
/
1
5
/
2
0
2
4
1
/
1
5
/
2
0
3
5
7
/
1
5
/
1
5
,
1/
1
/
1
6
To
fi
n
a
n
c
e
va
r
i
o
u
s
im
p
r
o
v
e
m
e
n
t
s
to
Il
l
i
n
o
i
s
Stree t 6
7
Le
a
s
e
Re
n
t
a
l
Re
v
e
n
u
e
Re
f
u
n
d
i
n
g
Bo
n
d
s
,
Se
r
i
e
s
20
1
4
(P
A
C
)
20
1
4
2
/
1
/
2
0
2
4
2
/
1
/
2
0
3
3
7
/
1
/
1
5
,
1/
1
/
1
6
To
ad
v
a
n
c
e
re
f
u
n
d
th
e
ou
t
s
t
a
n
d
i
n
g
PA
C
Capital Interest Bonds, which
we
r
e
us
e
d
to
co
n
s
t
r
u
c
t
th
e
PA
C
7
Fi
n
a
l
Is
s
u
a
n
c
e
Ye
a
r
Is
s
u
e
d
1s
t
Ca
l
l
M
a
t
u
r
i
t
y
Pa
y
m
e
n
t
Da
t
e
s
P
u
r
p
o
s
e
of
Is
s
u
a
n
c
e
8
C
e
r
t
i
f
i
c
a
t
e
of
Pa
r
t
i
c
i
p
a
t
i
o
n
,
Se
r
i
e
s
20
1
0
C (E
n
e
r
g
y
Ce
n
t
e
r
)
20
1
0
7
/
1
5
/
2
0
2
2
7
/
1
5
/
2
0
3
5
7
/
1
5
/
1
5
,
1/
1
5
/
1
6
To
Pr
o
v
i
d
e
fo
r
th
e
de
v
e
l
o
p
m
e
n
t
an
d
co
n
s
t
r
u
c
t
i
o
n
of a portion of the
re
g
i
o
n
a
l
pe
r
f
o
r
m
i
n
g
ar
t
s
ce
n
t
e
r
8
9
S
e
c
o
n
d
a
r
y
Vi
l
l
a
g
e
Fi
n
a
n
c
i
a
l
Co
n
t
r
a
c
t
1 ‐
CC
C
LL
C
20
1
1
N
/
A
7
/
1
5
/
2
0
3
4
7
/
1
5
/
1
5
,
1/
1
5
/
1
6
To
ac
q
u
i
r
e
ex
i
s
t
i
n
g
im
p
r
o
v
e
m
e
n
t
s
fo
r
th
e
City Center garage 9
Bo
n
d
Ad
d
i
t
i
o
n
a
l
In
f
o
r
m
a
t
i
o
n
Ce
r
t
i
f
i
c
a
t
e
of
Pa
r
t
i
c
i
p
a
t
i
o
n
an
d
In
s
t
a
l
l
m
e
n
t
Co
n
t
r
a
c
t
s
‐
Ad
d
i
t
i
o
n
a
l
In
f
o
r
m
a
t
i
o
n
‐2A
‐
Ca
r
m
e
l
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m
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r
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s
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n
f
o
r
m
a
t
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a
l
Pu
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s
On
l
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)
As
of
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p
t
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m
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e
r
1,
20
1
5
Re
f
e
r
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n
c
e
AB
C
D
E
F
G
Reference
1
Is
s
u
a
n
c
e
(1
)
TI
F
Ar
e
a
(2
)
Or
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i
n
a
l
Is
s
u
a
n
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e
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o
u
n
t
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d
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g
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l
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n
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e
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t
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y
De
c
e
m
b
e
r
2014
Co
l
l
e
c
t
i
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n
s
(2)June 2015 Collections (2)1
2
Ta
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b
l
e
Ec
o
n
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c
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v
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l
o
p
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n
t
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v
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n
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Bo
n
d
s
,
Se
r
i
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s
20
0
6
B
(B
u
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k
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h
a
m
‐
Gr
a
m
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r
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y
Pr
o
j
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c
t
)
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)
Gr
a
m
e
r
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20
,
0
0
0
,
0
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0
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2
0
2
7
4
4
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b
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of
20
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1
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1
6
t
h
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3
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4
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3
4
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p
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t
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v
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u
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s
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1
1
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n
d
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a
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1
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5
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9
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8
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3
4
4
5
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n
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p
m
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t
Re
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Bo
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s
,
Se
r
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e
s
20
1
1
A
Ar
t
s
Di
s
t
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t
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f
t
s
& Sh
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s
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6
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0
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7
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5
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1
4
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3
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3
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6
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b
o
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d
i
n
a
t
e
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m
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p
m
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t
Re
v
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n
u
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Bo
n
d
s
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r
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s
20
1
1
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(5
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(A
r
t
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p
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t
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7
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m
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v
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l
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m
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t
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r
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s
20
1
3
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c
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4
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4
4
0
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3
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6
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0
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8
1
2
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8
To
t
a
l
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6
,
9
3
1
,
5
0
0
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5
,
8
0
6
,
1
3
3
$852,98 4 $830,69 7 8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
(3
)
Th
e
Bo
n
d
s
we
r
e
is
s
u
e
d
as
dr
a
w
bo
n
d
s
.
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e
am
o
u
n
t
sh
o
w
n
re
p
r
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s
e
n
t
s
th
e
am
o
u
n
t
of
pr
i
n
c
i
p
a
l
dr
a
w
n
do
w
n
an
d
ou
t
s
t
a
n
d
i
n
g
pe
r
th
e
Tr
u
s
t
e
e
.
16
17
17
18
(4
)
Th
e
De
c
e
m
b
e
r
co
l
l
e
c
t
i
o
n
s
in
c
l
u
d
e
Sp
r
i
n
g
ta
x
e
s
th
a
t
we
r
e
pa
i
d
la
t
e
.
18
19
19
20
(5
)
Th
e
Bo
n
d
s
we
r
e
is
s
u
e
d
as
dr
a
w
bo
n
d
s
.
Th
e
am
o
u
n
t
sh
o
w
n
re
p
r
e
s
e
n
t
s
th
e
am
o
u
n
t
of
pr
i
n
c
i
p
a
l
dr
a
w
n
do
w
n
an
d
ou
t
s
t
a
n
d
i
n
g
pe
r
th
e
of
f
i
c
i
a
l
dr
a
w
s
sc
h
e
d
u
l
e
d
in
th
e
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s
u
a
n
c
e
Of
f
e
r
i
n
g
Do
c
u
m
e
n
t
s
.
20
21
21
(1
)
Th
e
CR
C
Pa
y
a
b
l
e
po
r
t
i
o
n
of
th
e
de
b
t
se
r
v
i
c
e
is
li
m
i
t
e
d
up
to
th
e
to
t
a
l
in
c
r
e
m
e
n
t
a
l
re
v
e
n
u
e
s
of
th
e
de
s
i
g
n
a
t
e
d
TI
F
ar
e
a
.
An
y
de
b
t
se
r
v
i
c
e
in
ex
c
e
s
s
of
th
e
in
c
r
e
m
e
n
t
re
v
e
n
u
e
s
is
li
a
b
l
e
to
th
e
de
v
e
l
o
p
e
r
(w
i
t
h
th
e
ex
c
e
p
t
i
o
n
of the
Ar
t
s
Di
s
t
r
i
c
t
Lo
f
t
s
& Sh
o
p
p
e
s
Bo
n
d
s
)
.
Th
e
to
t
a
l
ou
t
s
t
a
n
d
i
n
g
pr
i
n
c
i
p
a
l
am
o
u
n
t
s
se
e
n
ab
o
v
e
do
no
t
re
f
l
e
c
t
a di
r
e
c
t
ob
l
i
g
a
t
i
o
n
to
th
e
Ca
r
m
e
l
Re
d
e
v
e
l
o
p
m
e
n
t
Co
m
m
i
s
s
i
o
n
.
(2
)
Al
l
co
l
l
e
c
t
i
o
n
s
ar
e
al
l
o
c
a
t
e
d
to
th
e
de
v
e
l
o
p
e
r
pa
y
m
e
n
t
s
wi
t
h
th
e
ex
c
e
p
t
i
o
n
of
th
e
Ta
x
a
b
l
e
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Re
v
e
n
u
e
Bo
n
d
s
of
20
1
1
(I
n
d
i
a
n
a
Sp
r
i
n
e
Gr
o
u
p
)
‐
on
l
y
50
%
of
th
e
to
t
a
l
of
th
e
in
c
r
e
m
e
n
t
ge
n
e
r
a
t
e
d
is pledged
to
w
a
r
d
s
pa
y
m
e
n
t
of
th
e
bo
n
d
s
,
an
d
th
e
Ta
x
a
b
l
e
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Re
v
e
n
u
e
Bo
n
d
s
of
20
1
1
(1
1
6
t
h
St
r
e
e
t
Ce
n
t
r
e
)
‐
th
e
le
s
s
e
r
of
th
e
am
o
u
n
t
ne
e
d
e
d
to
ma
k
e
th
e
cu
r
r
e
n
t
de
b
t
se
r
v
i
c
e
pa
y
m
e
n
t
or
th
e
am
o
u
n
t
of
the collections.
‐2B
‐
Ca
r
m
e
l
Re
d
e
v
e
l
o
p
m
e
n
t
Co
m
m
i
s
s
i
o
n
An
a
l
y
s
i
s
of
Ac
t
u
a
l
Sp
r
i
n
g
an
d
Es
t
i
m
a
t
e
d
Fa
l
l
20
1
5
TI
F
Co
l
l
e
c
t
i
o
n
s
Le
s
s
De
v
e
l
o
p
e
r
L
e
s
s
De
v
e
l
o
p
e
r
N
e
t
Pr
o
j
e
c
t
e
d
T
o
t
a
l
Projected
G
r
o
s
s
G
r
o
s
s
Gr
o
s
s
Sp
r
i
n
g
(A
p
p
e
a
l
s
)
N
e
t
Sp
r
i
n
g
P
a
s
s
Th
r
o
u
g
h
N
e
t
Sp
r
i
n
g
P
r
o
j
e
c
t
e
d
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l
l
P
a
s
s
Th
r
o
u
g
h
F
a
l
l
Di
s
b
u
r
s
e
m
e
n
t
2
0
1
5
Distribution
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
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l
l
To
t
a
l
Di
s
t
r
i
b
u
t
i
o
n
TI
F
Re
f
u
n
d
s
Di
s
t
r
i
b
u
t
i
o
n
an
d
Pa
r
k
w
o
o
d
Di
s
t
r
i
b
u
t
i
o
n
Di
s
b
u
r
s
e
m
e
n
t
*
*
an
d
Pa
r
k
w
o
o
d
Re
m
a
i
n
i
n
g
Net Parkwood Variance Variance
11
6
t
h
St
.
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n
t
r
e
$
1
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9
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7
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4
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8
3
Am
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A ‐2