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HomeMy WebLinkAbout102115 CRC Finance Packet CARMEL REDEVELOPMENT COMMISSION Financial Information Packet For the Month Ending September 30, 2015 Carmel Redevelopment Commission Financial Packet Table of Contents Schedule Section Schedule 1-Annual Budget Summary Update 1 Revenue Budget Analysis 1A Expenditure Budget Analysis 1B Summary of Cash and Cash Rights 1C Fund Balances and Outstanding Receivables 1D Schedule 2-Debt Summary 2 Additional Information 2A Developer Bonds 2B Appendix A-Analysis of TIF Collections Analysis of Actual Spring and Estimated Fall 2015 TIF Collections A-1 Analysis of June 2015 TIF Collections and Disbursements A-2 Carmel Redevelopment Commission Annual Budget Summary Update as of 9/30/15 Reference A r B C D E F G Reference 1 Actual Actual PROJECTED Revised Budget 1 2 August September October Total %Complete Approved 2 3 Projections 7/15/2015 3 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $4,441,956 $4,167,559 $3,878,441 _ 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 0 0 - 17,076,430 54% 17,076,430 11 12 Total TIF 0 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 - 157,817 100% 157,817 16 17 Total Transfers to Reserves 0 0 - 2,112,397 60% 2,112,397 17 18 18 19 Less Debt Service 19 20 Certificates of Participation,Series 2010C 0 0 1,363,619 50% 1,363,619 20 21 Illinois Street Bond 0 0 913,169 50% 913,169 21 22 2013 Illinois Street Bond 0 0 220,025 50% 220,025 22 23 2005 and 2014 PAC Lease 0 0 5,653,000 50% 5,653,000 23 24 2012 Lease I 0 0 9,962,000 50% 9,962,000 24 _ 25 Total Debt Service 0 0 - 18,111,813 50% 18,111,813 25 26 26 27 TOTAL RECEIPTS-TIF 0 0 C (1,193,170) 0% (1,193,200) 27 29 RECEIPTS-NON TIF 29 30 Interest 538 574 4,944 30 31 Energy Consumption Payments 0 53,843 26,922 323,060 75% 323,060 31 32 REI Energy Payments(2015) 0 20,923 125,538 92% 125,538 32 33 4CDC Grants 0 134,070 400,000 70% 400,000 33 34 Civic Rent 0 0 250,000 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 0 0% 0 37 38 Miscellaneous Receipts 0 0 220,175 94% 218,425 38 39 TOTAL RECEIPTS-NON TIF 538 209,410 26,922 1,698,902 61% 1,692,209 39 40 TOTAL RECEIPTS 538 209,410 26,922 505,732 499,009 40 Illh 43 EXPENDITURES 43 44 Project Professional Fees 44 45 Legal Fees 6,548 584 41,850 362,000 47% 362,000 45 46 Architecture/Engineering Fees 0 11,857 3,896 75,700 67% 75,700 46 _ 47 City Center Design Soft Costs 16,625 21,800 17,913 331,300_ 12% 331,300 47 48 Accounting Fees 1,773 525 2,425 31,450 59% 31,450 48 49 Miscellaneous Professional Fees 2,500 1,800 30,000 15% 30,000 49 50 Construction 50 _ 51 Mezz Building Site Construction 64,049 0 86,528 334,306_ 51% 334,306 51 52 Mezz Utility Relocation 0 0 250,000 0% 250,000 52 53 Nash Streetscape 0 0 44,208 67% 48,335 53 54 Capital Improvement Projects 182,940 340,143 421,537 2,425,447 34% 2,425,447 54 _ 55 Bond and Trustee Fees 500 15,512 22,272 82% 22,922 55 56 Village Financial Secondary IPC 0 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 0 0 400,995 42% 400,995 58 _ 59 Sophia Square Garage Expenses 0 106,307 300,000 35% 300,000 59 60 Miscellaneous Expenditures 0 0 902 10,000 9% 10,000 60 61 TOTAL EXPENDITURES 274,935 498,528 575,050 5,715,708 38% 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 0 0 0 700,000 700,000 65 66 66 68 ENDING BALANCE WITHOUT RESTRICTED FUNDS $4,167,559 $3,878,441 $3,330,312 $520,492 508,992 I 68 69 RESTRICTED FUNDS 69 70 Energy Center Consumption Reserve Beginning Balance 502,161 502,226 502,300 501,760 100% 500,000 70 71 Civic Rent Reserve Beginning Balance 802,510. 802,613 802,732 801,870 100% 800,000 71 72 Supplemental Reserve Fund Beginning Balance 3,786,592 3,787,081 3,787,641 2,526,433 100% 2,526,168 72 73 RESTRICTED FUNDS BEGINNING BALANCE 5,091,263 5,091,920 5,092,674 3,830,063 3,826,168 73 /4 /4 75 TRANSFERS IN/(OUT)OF RESERVES 75 76 Energy Center Consumption Reserve Transfers In/(Out) 65 74 (499,460) 0% (500,000) 76 77 Civic Rent Reserve Transfers In/(Out) 104 119 (199,137) 0% (200,000) 77 78 Supplemental Reserve Fund Transfers In/(Out) 489 561 - 2,115,728 60% 2,112,397 78 79 TOTAL RESERVE FUNDS TRANSFERS 657 7540 1,417,131 89% 1,412,397 79 81 ENDING BALANCE FOR RESTRICTED FUNDS 5,091,920 5,092,674 5,092,674 I 5,247,193 5,238,565 81 82 I ENDING BALANCE WITH RESTRICTED FUNDS I $9,259,479 $8,971,115 $8,422,986 I $5,767,685 I I $5,747,557 I 82 -1- Carmel Redevelopment Commission Month and Year to Date Revenue Budget Analysis For the Month Ending September 30,2015 Reference A I B I C I D I E I F I G I H I I I J I K Reference 1 1 2 Current Month Comments Current Year Budget 2 %YTD 3 Budget Actual $Variance Proposed Adjustments Revised YTD $Remaining Recognized 3 4 RECEIPTS-TIF 4 5 Interest $0 $0 $0 $0 0 $0 $28 ($28) 0.00% 5 6 Restricted TIF Revenue 6 7 Parkwood TIF 0 0 0 1,927,820 26,760 $1,954,580 1,100,060 854,520 56.28% 7 8 Unrestricted TIF Revenue 8 9 TIF Revenue,Net of Developer Pass Through 0 0 0 18,029,910 (953,480) 17,076,430 9,215,353 7,861,077 53.97% 9 10 Total TIF 0 0 0 19,957,730 (926,720) 19,031,010 10,315,413 8,715,597 54.20% 10 11 11 12 Less Transfers to Reserves 12 13 Transfer to Supplemental Reserve Fund-Parkwood TIF 0 0 0 1,927,820 26,760 1,954,580 1,100,060 854,520 56.28% 13 14 Transfer to Supplemental Reserve Fund-Excess TIF per RDA 0 0 0 0 157,817 157,817 157,817 0 100.00% 14 15 Total Transfers to Reserves 0 0 0 1,927,820 184,577 2,112,397 1,257,877 854,520 59.55% 15 16 16 17 Less Debt Service 17 18 COPS,Series 2010 C(Energy Center) 0 0 0 1,363,619 0 1,363,619 682,113 681,507 50.02% 18 19 Illinois Street Bond 0 0 0 913,169 0 913,169 458,324 454,845 50.19% 19 20 2013 Illinois Street Bond 0 0 0 220,025 0 220,025 110,013 110,013 50.00% 20 21 2014 PAC Lease 0 0 0 5,653,000 0 5,653,000 2,826,500 2,826,500 50.00% 21 22 2012 Lease 0 0 0 9,962,000 0 9,962,000 4,980,000 4,982,000 49.99% 22 23 Total Debt Service 0 0 0 18,111,813 0 18,111,813 9,056,949 9,054,864 50.01% 23 24 24 25 TOTAL RECEIPTS-TIF 0 0 0 (81,903) (1,111,297) (1,193,200) 616 (1,193,816) -0.05% 25 26 26 27 RECEIPTS-NON TIF 27 28 Interest 0 574 574 0 0 0 4,944 (4,944) 0.00% 28 29 Energy Payments 53,843 53,843 0 323,060 0 323,060 242,297 80,763 75.00% 29 Received August payment in early 30 REI Energy Payments(2015) 10,462 20,923 10,462 September 125,538 0 125,538 115,077 10,461 91.67% 30 Difference will be accounted for in the 31 4CDC Grants 109,298 134,070 24,772 final quarterly grant payment for 2015 400,000 0 400,000 279,434 120,566 69.86% 31 32 Civic Rent 0 0 0 250,000 0 250,000 0 250,000 0.00% 32 33 Keystone Group,LLC Receivable(Bond Enhancement)2014 0 0 0 0 190,092 190,092 190,092 0 100.00% 33 34 Keystone Group,LLC Receivable(Bond Enhancement)2015 0 0 0 200,000 (14,906) 185,094 0 185,094 0.00% 34 35 Sale of Property 0 0 0 0 0 0 0 0 0.00% 35 36 Miscellaneous Receipts 0 0 0 0 218,425 218,425 206,220 12,205 94.41% 36 37 TOTAL RECEIPTS-NON TIF 173,603 209,410 35,808 1,298,598 393,611 1,692,209 1,038,064 654,145 61.34% 37 38 TOTAL RECEIPTS $173,603 $209,410 $35,808 $1,216,695 ($717,686) $499,009 $1,038,680 ($539,671) 38 39 39 -1A- Carmel Redevelopment Commission Month and Year to Date Expenditure Budget Analysis For the Month Ending September 30,2015 Reference A B C D E F G H I J K Reference 1 1 2 Current Month Comments Current Year Budget 2 3 Budget Actual $Variance Proposed Adjustments Revised YTD $Remaining %YTD 3 4 EXPENDITURES 4 5 Project Professional Fees 5 , 6 Legal Fees 584 584 0 588,000 (226,000) 362,000 171,610 190,390 47.41% 6 Difference is an invoice that was delayed from 7 Arch/Engineering 7,995 11,857 (3,862) August to September. 10,000 65,700 75,700 50,599 25,101 66.84% 7 8 City Center Design Soft Costs 21,800 21,800 0 0 331,300 331,300 40,425 290,875 12.20% 8 9 Accounting Fees 525 525 0 31,450 0 31,450 18,681 12,769 59.40% 9 10 Miscellaneous Professional Fees 1,800 1,800 0 30,000 0 30,000 4,475 25,525 14.92% 10 11 Construction 11 12 Mezz Building Site Construction 0 0 0 334,306 0 334,306 171,386 162,920 51.27% 12 First invoice was anticipated in September,but has not 13 Mezz Utility Relocation 83,333 0 83,333 yet been received. 250,000 0 250,000 0 250,000 0.00% 13 This is the final payment for work on the Nash, but has not been released due to check 14 Nash Streetscape 12,027 0 12,027 list not being complete. 48,335 0 48,335 32,181 16,154 66.58% 14 Difference is an invoice that was delayed from 15 Capital Improvement Projects 335,893 340,143 (4,250) August to September. 1,000,000 1,425,447 2,425,447 827,943 1,597,504 34.14% 15 16 Bond and Trustee Fees 15,512 15,512 0 22,922 0 22,922 18,712 4,210 81.63% 16 17 Village Financial Secondary IPC 0 0 0 79,954 58,834 138,788 98,811 39,977 71.20% 17 18 2006 COIT Refunding Bond 0 0 0 959,243 0 959,243 479,711 479,532 50.01% 18 19 Reimbursement of Actual Expenditures for Dep 0 0 0 524,665 (123,670) 400,995 168,963 232,032 42.14% 19 20 Sophia Square Garage Expenses 106,307 106,307 0 300,000 0 300,000 106,307 193,693 35.44% 20 21 Miscellaneous Expenditures 0 0 0 10,000 0 10,000 902 9,098 9.02% 21 22 TOTAL EXPENDITURES $585,777 $498,528 $87,248 $4,188,875 $1,531,611 $5,720,486 $2,190,707 3,529,779 38.30% 22 -1B- Carmel Redevelopment Commission Summary of Cash For the Month Ending September 30, 2015 Reference A B C D Reference 1 1 2 Description Actual Budget _ Variance 2 3 Cash Balance 9/1/15 3 4 1101 Cash $ 4,167,559.26 $ 4,167,559.26 $ - 4 5 1110TIF - - - 5 6 Total Cash $ 4,167,559.26 $ 4,167,559.26 $ - 6 7 7, 8 Receipts _ 8 9 1101 Cash $ 209,410.42 $ 173,602.78 $ 35,807.64 9 10 1110 TIF - - - 10 11 Developer Payments - 11 12 Transfer to SRF - - 12 13 Total Receipts $ 209,410.42 $ 173,602.78 $ 35,807.64 13 14 _ 14 15 Disbursements 15 16 1101 Cash $ 498,528.39 $ 585,776.54 $ 87,248.15 16 17 1110 TIF - - - 17 18 Total Disbursements $ 498,528.39 $ 585,776.54 $ 87,248.15 18 19 19 20 1101 Cash $ 3,878,441.29 $ 3,755,385.50 $ 123,055.79 20 21 1110 TIF - - - 21 22 Cash Balance 9/30/15 $ 3,878,441.29 $ 3,755,385.50 $ 123,055.79 22 23 23 24 Total Usable Funds $3,878,441.29 $3,755,385.50 $123,055.79 24 $4,500,000.00 $4,000,000.00 $3,500,000.00 $3,000,000.00 $2,500,000.00 •Actual •Budget $2,000,000.00 - ■Variance $1,500,000.00 $1,000,000.00 $500,000.00 $0.00 -1C- Carmel Redevelopment Commission Fund Balances and Outstanding Receivables as of 9/30/15 Fund Balances Restricted Funds Energy Center Reserve $502,300 Civic Rent Reserve 802,732 Supplemental Reserve Fund 3,787,641 Sub-total: 5,092,674 Unrestricted Funds TIF 0 Non TIF 3,878,441 Sub-total: 3,878,441 Total Funds $8,971,115 Outstanding Receivables 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 -1D- Carmel Redevelopment Commission Debt Summary For the Year Ending December 31,2015 Reference A B C D I E F G H I J K Reference 10/1/15 Revenue Original Outstanding 2015 2015 Total First Second Issuance Type Source Debt Amount Interest Rate Par Amount Principal Due(1) Interest Due(1) Debt Service Installment Installment 1 Tax Increment Revenue Bonds,Series 2004 A(Illinois Street) Bond TIF $9,500,000 6.650% $5,860,000 $515,000 $398,169 $913,169 $458,324 $454,845 1 2 COIT Revenue Refunding Bonds,Series 2006 Bond TIF 8,785,000 5.250-5.270% 3,030,000 790,000 169,243 959,243 479,711 479,532 2 3 Lease Rental Revenue Bonds,Series 2005(PAC CAB) Lease TIF 27,798,227 4.625-10.200% 18,065,542 1,627,515 1,832,485 3,460,000 1,730,000 1,730,000 3 4 Lease Rental Revenue Bonds,Series 2012 A Lease TIF 115,900,000 2.625-4.000% 115,900,000 0 4,392,582 4,392,582 2,196,291 2,196,291 4 5 Lease Rental Revenue Bonds,Series 2012 B Lease TIF 69,245,000 0.608-3.000% 62,655,000 4,230,000 1,328,057 5,558,057 2,778,317 2,779,740 5 6 Redevelopment District Bonds of 2013(Illinois Street) Bond TIF 6,535,000 2.000-4.000% 6,535,000 0 220,025 220,025 110,013 110,013 6 7 Lease Rental Revenue Refunding Bonds,Series 2014(PAC) Lease TIF 55,685,000 2.250-5.000% 55,685,000 0 2,187,956 2,187,956 1,093,978 1,093,978 7 Sub Totals $293,448,227 $267,730,542 $7,162,515 $8,340,560 $15,503,075 $8,846,633 $8,844,398 I 10/1/15 Revenue Original Outstanding 2015 2015 Total Certificate of Participation(COP)or Installment Contract Type Source Debt Amount Interest Rate Amount Principal Due(1) Interest Due(1) Fees(2) Debt Service Reference 8 Certificate of Participation,Series 2010 C(Energy Center) COP _ TIF 16,300,000 5.750-6.500% 15,205,000 395,000 968,619 31,587 1,395,206 8 Installment 9 Secondary Village Financial Contract 1-CCC LLC(3) Contract TIF 4,500,000 LIBOR+2.8% 4,500,000 0 157,500 157,500 9 Sub Totals $20,800,000 $19,705,000 $395,000 $1,126,119 $31,587 $1,552,706 Grand Total $314,248,227 $287,435,542 $7,557,515 $9,466,679 $31,587 $19,243,737 (1)Total debt service amount is per amortization schedules of Issuance (2)Represent Administrative fees paid on each contract. (3)Interest amounts are estimates since the interest rate accounts for LIBOR. -2- Carmel Redevelopment Commission Debt Summary-Additional Information For the Year Ending December 31,2015 Reference A B C J D E F Reference Bond Additional Information Final Issuance Year Issued 1st Call Maturity Payment Dates Purpose of Issuance 1 Tax Increment Revenue Bonds,Series 2004 A(Illinois Street) 2004 7/15/2014 7/15/2024 7/15/15,1/15/16 To finance road and intersection improvement! 1 To refund COIT Revenue Bonds of 1998,which were originally issued for the acquisition and redevelopment of property in the City Center 2 COIT Revenue Refunding Bonds,Series 2006 2006 12/15/2012 12/15/2018 6/15/15,12/15/15 Redevelopment Area 2 To finance the design and construction of a new performing arts center 3 Lease Rental Revenue Bonds,Series 2005(PAC CAB) 2005 2/1/2011 2/1/2033 7/1/15,1/1/16 complex 3 To consolidate and refinance a majority of CRC debt at a lower interest 4 Lease Rental Revenue Bonds,Series 2012 A(Refinance) 2012 8/1/2026 2/1/2038 7/1/15,1/1/16 rate 4 To consolidate and refinance a majority of CRC debt at a lower interest 5 Lease Rental Revenue Bonds,Series 2012 B(Refinance) 2012 2/1/2014 2/1/2025 7/1/15,1/1/16 rate 5 6 Redevelopment District Bonds of 2013(Illinois Street'' 2013 7/15/2024 1/15/2035 7/15/15,1/1/16 To finance various improvements to Illinois Street 6 To advance refund the outstanding PAC Capital Interest Bonds,which 7 Lease Rental Revenue Refunding Bonds,Series 2014(PAC) 2014 2/1/2024 2/1/2033 7/1/15,1/1/16 were used to construct the PAC 7 Certificate of Participation and Installment Contracts-Additional Information Final Issuance Year Issued 1st Call Maturity Payment Dates Purpose of Issuance To Provide for the development and construction of a portion of the 8 Certificate of Participation,Series 2010 C(Energy Center) 2010 7/15/2022 7/15/2035 7/15/15,1/15/16 regional performing arts center 8 9 Secondary Village Financial Contract 1-CCC LLC 2011 N/A 7/15/2034 7/15/15,1/15/16 To acquire existing improvements for the City Center garage 9 -2A- Carmel Redevelopment Commission Developer Bonds(Informational Purposes Only) As of October 1,2015 (Reference A B C D E F G Reference Original Issuance Outstanding December 2014 June 2015 1 Issuance(1) TIF Area(2) Amount Balance Maturity Collections(2) Collections(2) 1 Taxable Economic Development Revenue Bonds,Series 2006B(Buckingham- 2 Gramercy Project)(3) Gramercy 20,000,000 0 2027 4 4 2 3 Taxable Economic Development Revenue Bonds of 2011(116th Street Centre Project) 116th St.Centre 2,050,000 1,923,233 2036 133,105 129,498 3 Taxable Economic Development Revenue Bonds of 2011(Indiana Spine Group Project) 4 (4) Meridian and Main 751,500 707,900 2031 74,857 70,234 4 5 Senior Economic Development Revenue Bonds,Series 2011A Arts District Lofts&Shoppes 9,630,000 8,735,000 2031 433,393 423,150 5 Subordinate Economic Development Revenue Bonds,Series 2011B(5)(Arts District _ 6 Lofts&Shoppes Project) Arts District Lofts&Shoppes 0 0 2035 0 0 6 7 Taxable Economic Development Revenue Bonds,Series 2013A(Legacy) Legacy 4,500,000 4,440,000 2035 211,625 207,812 7 8 Total $36,931,500 $15,806,133 $852,984 $830,697 8 9 9 10(1)The CRC Payable portion of the debt service is limited up to the total incremental revenues of the designated TIF area.Any debt service in excess of the increment revenues is liable to the developer(with the exception of the 10 11 Arts District Lofts&Shoppes Bonds).The total outstanding principal amounts seen above do not reflect a direct obligation to the Carmel Redevelopment Commission. 11 12 12 13(2)All collections are allocated to the developer payments with the exception of the Taxable Economic Development Revenue Bonds of 2011(Indiana Sprine Group)-only 50%of the total of the increment generated is pledged 13 14 towards payment of the bonds,and the Taxable Economic Development Revenue Bonds of 2011(116th Street Centre)-the lesser of the amount needed to make the current debt service payment or the amount of the collections. 14 15 15 16(3)The Bonds were issued as draw bonds.The amount shown represents the amount of principal drawn down and outstanding per the Trustee. 16 17 17 18(4)The December collections include Spring taxes that were paid late. 18 19 19 20(5)The Bonds were issued as draw bonds.The amount shown represents the amount of principal drawn down and outstanding per the official draws scheduled in the Issuance Offering Documents. 20 21 21 -2 B- APPENDIX A ANALYSIS OF TIF COLLECTIONS Carmel Redevelopment Commission Analysis of Actual Spring and Estimated Fall 2015 TIF Collections Less Developer Less Developer Net Projected Total Projected Gross Gross County Estimates* Gross Spring (Appeals) Net Spring Pass Through Net Spring Projected Fall Pass Through Fall Disbursement 2015 Distribution Percentage Dollars Area 5oring Fall Total Distribution TIF Refunds Distribution and Parkwood Distribution Disbursement** and Parkwood Remaining Net Parkwood Variance Variance 116th St.Centre $129,497.84 $129,497.84 $258,995.67 $129,497.84 $0.00 $129,497.84 ($16,320.57) $113,177.27 $129,497.83 ($92,177.71) $37,320.12 $150,497.39 50% $129,497.83 Amended Illinois Street 81,426.47 81,426.47 162,852.94 73,172.41 0.00 73,172.41 0.00 73,172.41 89,680.53 0.00 89,680.53 162,852.94 45% 89,680.53 Amended 126th Street 3,827,519.52 3,827,519.52 7,655,039.04 4,007,635.11 (210,137.38) 3,797,497.73 0.00 3,797,497.73 3,647,403.93 0.00 3,647,403.93 7,444,901.66 52% 3,647,403.93 Arts District Lofts and Shoppes 423,149.80 423,149.80 846,299.59 423,149.80 0.00 423,149.80 (423,149.80) 0.00 423,149.79 (423,149.79) 0.00 0.00 50% 423,149.79 City Center 410,871.67 410,871.67 821,743.34 423,604.68 0.00 423,604.68 0.00 423,604.68 398,138.66 0.00 398,138.66 821,743.34 52% 398,138.66 Downtown EDA#1 413,326.91 413,326.91 826,653.81 420,411.37 0.00 420,411.37 0.00 420,411.37 406,242.44 0.00 406,242.44 826,653.81 51% 406,242.44 Downtown EDA#2 59,942.13 59,942.13 119,884.26 59,942.13 0.00 59,942.13 0.00 59,942.13 59,942.13 0.00 59,942.13 119,884.26 50% 59,942.13 Carmel Drive 71,258.20 71,258.20 142,516.39 79,976.73 0.00 79,976.73 0.00 79,976.73 62,539.66 0.00 62,539.66 142,516.39 56% 62,539.66 Merchants Square 197,339.00 197,339.00 394,678.00 290,431.66 0.00 290,431.66 0.00 290,431.66 104,246.34 0.00 104,246.34 394,678.00 74% 104,246.34 CRC Parcel 12 87,847.40 87,847.40 175,694.80 87,847.40 0.00 87,847.40 0.00 87,847.40 87,847.40 0.00 87,847.40 175,694.80 50% 87,847.40 Gramercy 4.04 4.04 8.08 4.04 0.00 4.04 (4.04) 0.00 4.04 (4.04) 0.00 0.00 50% 4.04 Hazel Dell North 141,893.65 141,893.65 283,787.29 146,664.44 0.00 146,664.44 0.00 146,664.44 137,122.85 0.00 137,122.85 283,787.29 52% 137,122.85 Hazel Dell South 486,483.92 486,483.92 972,967.83 569,746.90 0.00 569,746.90 0.00 569,746.90 403,220.93 0.00 403,220.93 972,967.83 59% 403,220.93 Lauth-Walker 308,208.72 308,208.72 616,417.43 308,208.71 0.00 308,208.71 0.00 308,208.71 308,208.72 0.00 308,208.72 616,417.43 50% 308,208.72 Legacy 205,999.91 205,999.91 411,999.82 207,811.51 0.00 207,811.51 (207,811.51) 0.00 204,188.31 (204,188,31) 0.00 0.00 50% 204,188.31 Lurie 5,239.07 5,239.07 10,478.13 5,239.07 0.00 5,239.07 0.00 5,239.07 5,239.06 0.00 5,239.06 10,478.13 50% 5.,239.06 Merchants Pointe 111,709.05 111,709.05 223,418.09 119,562.31 0.00 119,562.31 0.00 119,562.31 103,855.78 0.00 103,855.78 223,418.09 54% 103,855.78 Meridian&Main 70,233.56 70,233.56 140,467.11 70,233.55 0.00 70,233.55 (35,116.78) 35,116.78 70,233.56 (37,421.99) 32,811.57 67,928.35 50% 70,233.56 MISO PP TIF 14,175.37 14,175.37 28,350.73 14,175.36 0.00 14,175.36 0.00 14,175.36 14,175.37 0.00 14,175.37 28,350.73 50% 14,175.37 National City TTA 1,691.54 1,691.54 3,383.08 1,691.53 0.00 1,691.53 0.00 1,691.53 1,691.55 0.00 1,691.55 3,383.08 50% 1,691.55 North Illinois Street 1,913,557.60 1,913,557.60 3,827,115.20 1,951,465.16 (200.55) 1,951,264.61 0.00 1,951,264.61 1,875,650.04 0.00 1,875,650.04 3,826,914.65 51% 1,875,650.04 Old Meridian 271,573.69 271,573.69 543,147.38 280,496.51 0.00 280,496.51 0.00 280,496.51 262,650.87 0.00 262,650.87 543,147.38 52% 262,650.87 Old Methodist 566.71 566.71 1,133.41 566.70 0.00 566.70 0.00 566.70 566.71 0.00 566.71 1,133.41 50% 566.71 Old Town 106,098.64 106,098.64 212,197.27 106,098.64 0.00 106,098.64 0.00 106,098.64 106,098.63 0.00 106,098.63 212,197.27 50% 106,098.63 Old Town Shoppes 44,696.54 44,696.54 89,393.07 40,264.55 0.00 40,264.55 0.00 40,264.55 49,128.52 0.00 49,128.52 89,393.07 45% 49,128.52 Parkwood Crossing 687,974.38 687,974.38 1,375,948.76 688,782.41 0.00 688,782.41 (688,782.41) 0.00 687,166.35 (687,166.35) 0.00 0.00 50% 687,166.35 Parkwood East 411,277,96 411,277.96 822,555.91 411,277.95 0.00 411,277.95 (411,277.95) 0.00 411,277.96 (411,277.96) 0.00 0.00 50% 411,277.96 West Clay*** 268,891.19 268,891.19 537.782.38 289.607.96 0.00 289,607.96 0.00 289,607.96 248,174.42 0.00 248.174.42 537.782.38 54% 248.174.42 510.752,454.41 510,752,454.41 $21,504,908.81 511,207,566.43 $210,337.931 510,997,228.50 151.782.463.061 59.214.765.45 410,297,342.38 (51,855,386.151 $8,441,956.23 517.656.721.68 52.12% 410.297,342.38 Reference AB C D E F G H I 1 K L M N Calculation AA+B D+E F+G C-D 1+1 H+K WS CC-D *County Estimates are per the Hamilton County 2014 Pay 2015 TIF Billing Report.The total amount represents the total actual property taxes billed in each TIF Area.The spring and fall estimates are one-half of the total property tax billed in that TIF Area.The estimate shown is net of the estimated school referendum impact. **Total distribution remaining is based upon 100%collections,net of the estimated referendum,and does not take appeals(Fall 2015)into account A-1 Carmel Redevelopment Commission Analysis of June 2015 TIF Collections and Disbursements Reference A B C D E F G H I J K Reference 1 December 2014 June 2015 Developer Parkwood Transfer Bond/Lease Refunding PAC 1 2 Area Distribution Distribution Payments to Reserve Payments(1( Subtotal COPS C(2) Bonds 3 11 4_1 Remaining(5) 2 3 116th St.Centre 133,099.27 $129,497.84 ($16,320.57) $113,177.27 ($8,928.50) ($65,185.61) ($36,997.42) $2,065.74 3 4 Amended Illinois Street 77,562.55 73,172.41 73,172.41 (5,772.54) (42,144.40) (23,919.91) $1,335.56 4 5 Amended 126th Street 3,991,803.92 3,797,497.73 3,797,497.73 (299,582.71) (2,187,207.95) (1,241,394.23) 69,312.84 5 6 Arts District Lofts and Shoppes 433,392.58 423,149.80 ($423,149.80) 0.00 0.00 0.00 0.00 0.00 6 7 City Center 446,109.34 423,604.68 423,604.68 (33,417.96) (243,979.48) (138,475.50) 7,731.73 7 8 Downtown EDA#1 455,940.35 420,411.37 420,411.37 (33,166.04) (242,140.26) (137,431.62) 7,673.45 8 9 Downtown EDA#2 61,553.28 59,942.13 59,942.13 (4,728.80) (34,524.29) (19,594.96) 1,094.08 9 10 Carmel Drive 43,796.33 79,976.73 79,976.73 (6,309.32) (46,063.42) (26,144.23) 1,459.75 10 11 Merchants Square 78,607.67 290,431.66 290,431.66 (22,912.01) (167,277.11) (94,941.51) 5,301.03 11 12 CRC Parcel 12 89,547.36 87,847.40 87,847.40 (6,930.24) (50,596.62) (28,717.14) 1,603.41 12 13 Gramercy 4.16 4.04 (4.04) 0.00 0.00 0.00 0.00 0.00 13 14 Hazel Dell North 141,605.13 146,664.44 146,664.44 (11,570.28) (84,472.90) (47,944.31) 2,676.95 14 15 Hazel Dell South 347,980.15 569,746.90 569,746.90 (44,947.05) (328,151.60) (186,249.10) 10,399.16 15 16 Lauth-Walker 316,962.57 308,208.71 308,208.71 (24,314.43) (177,515.98) (100,752.80) 5,625.50 16 17 Legacy 211,625.26 207,811.51 (207,811.51) 0.00 0.00 0.00 0.00 0.00 17 18 Lurie 5,569.64 5,239.07 5,239.07 (413.31) (3,017.50) (1,712.64) 95.62 18 19 Merchants Pointe 93,570.53 119,562.31 119,562.31 (9,432.21) (68,863.14) (39,084.67) 2,182.28 19 20 Meridian&Main 74,856.58 70,233.55 (35,116.78) 35,116.78 (2,770.34) (20,225.87) (11,479.60) 640.96 20 21 MISOPPTIF 16,740.01 14,175.36 14,175.36 (1,118.29) (8,164.44) (4,633.90) 258.73 21 22 National City TTA 1,737.43 1,691.53 1,691.53 (133.44) (974.25) (552.96) 30.87 22 23 North Illinois Street 1,829,508.79 1,951,264.61 (568,336.25) 1,382,928.36 (109,098.53) (796,511.84) (452,076.45) 25,241.54 23 24 Old Meridian 289,699.60 280,496.51 280,496.51 (22,128.23) (161,554.86) (91,693.73) 5,119.69 24 25 Old Methodist 579.30 566.70 566.70 (44.71) (326.40) (185.25) 10.34 25 26 Old Town 109,060.93 106,098.64 106,098.64 (8,370.07) (61,108.61) (34,683.43) 1,936.54 26 27 Old Town Shoppes 38,464.22 40,264.55 40,264.55 (3,176.45) (23,190.78) (13,162.40) 734.92 27 28 Parkwood Crossing 681,966.42 688,782.41 (688,782.41) 0.00 0.00 0.00 0.00 0.00 28 29 Parkwood East 422,332.52 411,277.95 (411,277.95) 0.00 0.00 0.00 0.00 0.00 29 30 West Clay 486,459.77 289,607.96 289,607.96 (22,847.03) (166,802.69) (94,672.25) 5,285.99 30 31 Totals $10,880,135.66 $10,997,228.50 (682,402.70) (1,100,060.36) (568,336.25) $8,646,429.20 ($682,112.50) ($4,980,000.00) ($2,826,500.00) $157,816.70 31 32 A B C 32 33 33 34 34 35 Debt Service Coverage 35 36(1)Semi annual bond payments$458,324 and$110,012.5 paid in July 2015 for the Tax Increment Revenue Bonds of 2004A(Clarian Hospital-Illinois Street Project)and COPS C(A)/Subtotal 12.68 36 37 Redevelopment District Bonds of 2013(Illinois Street Project) COPS C and 2012 Refunding Bonds(A and B)/Subtotal 1.53 37 38 COPS C,2012 Refunding,PAC Bonds(A,B,C)/Subtotal 1.02 38 39(2)Semi annual bond payment$682,113 paid on 7/14/15 for the Certificates of Participation,Series 2010 C 39 40 40 41(3)Semi annual bond payment$4,980,000 paid on 7/15/15 for the Lease Rental Revenue Multipurpose Bonds,Series 2012A&B 41 42 42 43(4)Semi Annual lease payment$2,826,500 paid on 6/30/15 for the Lease Rental Revenue Bonds of 2014(Performing Arts Center) 43 44 44 45(5)The lesser of this total or$201,021.87 will be transferred to the Supplemental Reserve Fund as per the Revenue Deposit Agreement 45 46 46 47 Note:This revised layout reflects the flow of TIF received as per the Revenue Deposit Agreement. 47 48 48 49 49 50 50 51 51 52 52 53 53 A-2