TIF District Financing Plan

ATTACHMENT FP2: NARRATIVE
TAX INCREMENT FINANCING DISTRICT
FINANCING PLAN
In August of 2012, the City of South Burlington submitted an application for a TIF District to the Vermont
Economic Progress Council (VEPC) for a TIF District created on April 1, 2012. VEPC approved the City
Center TIF District in July 2013 with the condition that the City submits a TIF District Financing Plan
(Financing Plan).
In addition, in VEPC’s TIF District Plan determination required that the Financing Plan:
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Adjust all revenue plans to reflect the maximum proportionality approved by the Council;
Identify the non-TIF revenues expected to be raised to complete the improvements in the TIF
District Plan.
Provide further detail on the potential to secure any non-TIF revenue, including state and
federal grants, and the degree of difficulty the City will face to impose new impact fees.
Identify the potential sources for the remaining financing required and the likelihood of securing
those funds.
Discuss contingency plans to contend with the variations that can occur during the
implementation phase of the District.
Since 2012, the City has made many advances. Market Street plans are at 90% and ready for permitting.
Two project consultant teams are working with the community to define the concepts for Garden Street
and for the City Center Park focused on the parcel the City purchased in 1975. A City Center Public
Facilities Task Force worked with a consultant team to develop programming recommendations and a
cost estimate for public facilities in City Center. Chittenden County Regional Planning Commission
(CCRPC) is conducting a Williston Road Network Study, a preliminary step to beginning designing a
Williston Road Streetscape.
Two private development projects have been built, and one is in the permitting process. In June of
2014, the City hosted a large outreach event for developers and property owners “City Center is Ready
to Bloom”. Prospective investors were welcomed by Patricia Moulton, Secretary of the Agency of
Commerce and Community Development, Charlie Baker, the Executive Director of the CCRPC, Tom Torti,
President of the Lake Champlain Chamber of Commerce, and Kevin Dorn, South Burlington’s City
Manager. Saxon Partners, a developer, has offered to purchase the Central School, located on the
second largest piece of land in the TIF District and has an option on a portion of the City Center, LLC
property. The School and City have jointly assembled a Task Force to make a recommendation
regarding the future configuration of the School District’s facilities in order to meet 21st Century
educational challenges.
The City Council has asked the City staff to move forward in preparing an update to the City’s impact fee
ordinance, including adding a public facilities impact fee to fund future facilities in City Center.
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CHANGES TO THE TIF DISTRICT PLAN
The City is not proposing any changes to the TIF District Plan at this time.
The City is updating costs and timing for projects based on newer cost estimates and legislative changes.
Please refer to the Public Improvement Projects and Estimated Costs for the updated timing and costs
information (reflecting the adoption of Act 80 and the VEPC Determination).
The City is also updating the real development expected based on outreach the City has conducted in
the interim year and a half. See Projected Future Real Property Development for this updated
information.
PUBLIC IMPROVEMENT PROJECTS AND ESTIMATED COSTS
Eleven projects were approved in the TIF District Plan. The cost estimates for these projects have been
improved to reflect better information, a longer term prior to implementation, and adjusted
expectations for inspection costs. In addition, the cost split for all projects have been updated to reflect
the maximum proportionality minus funds sourced from other locations.
M ARKET S TREET
Market Street is 100% eligible for TIF District Financing. The estimate for Market Street has been
increased to over 9.3 million based on deficiencies revealed in site investigations and measurements off
the engineered plans and an inflation rate of 2%. 5.48 million dollars has been secured as a Federal
earmark. The City has also dedicated nearly half a million dollars of existing Roadway Improvement
Impact Fee funds to this project and is working towards breaking ground in 2016.
G ARDEN S TREET
Garden Street is 100% eligible for TIF District Financing. This project was called Street A in the TIF
District Plan but was officially named Garden Street by the Planning Commission. This project includes
Garden Street from Dorset to Williston Road via Midas Drive and the Williston Road intersection
improvements as required by the Federal Environmental Assessment to support the development of
City Center. The City is using $793,000 in existing Roadway Improvement Impact Fee funds to make this
project shovel ready for 2016. This project is estimated to cost 9.8 million based on estimated costs to
construct Market Street plus accounting for inflation of 2%; however, the City has not yet accepted a
design concept for this project.
C ITY C ENTER /D UMONT P ARK
This project is 95% eligible for TIF District Financing and is roughly estimated to cost 2.9 million. The City
has contracted with consultants to spend approximately $350,000 on design and engineering for the
park. $178,000 will be funded using Recreation Impact Fees with the intention to use TIF District
funding for the remainder. The City does not yet have an accepted concept for this park and the cost
may vary considerably depending upon the final concept. In addition, this project may be built in phases
to coincide with development improvements which may increase costs if the second phase is built
several years later.
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C OMMUNITY C ENTER (L IBRARY , C ITY H ALL , R ECREATION C ENTER )
The City’s Public Facilities Task Force supported by a consultant team (Dore & Whittier supported by PC
Construction for the cost estimate) has revised the proposed program for each facility and the costs
estimates, and recommended unanimously that the City Center Public Facilities be built as one
community center. If built separately, this will add approximately .5 million per facility to the cost.
Accounting for 2% inflation to the year of construction each portion of the combined facility would cost
as follows:
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a Recreation Center has been to cost $18.9 million, of which only 30% is eligible for TIF District
financing
a Library would cost $10.9 million, of which 30% is eligible for TIF District Financing, and
a City Hall would be expected to cost $3.7 million of which only 10% is eligible for TIF District
Financing.
The City has established a CIP Reserve fund to which approximately $850,000 has been contributed to
date. This year’s proposed budget contributes an additional 1.25 cents on the Grand List, and next
year’s CIP proposes an additional 1.25 cent on the Grand List to be added so that baseline of
approximately $1,000,000 is annually budgeted to be transferred to the CIP reserve fund. Thereafter,
the annual contribution would be increased by the year over year reduction in annual bond payments.
Approximately 22% of the cost of these facilities, if sized to accommodate growth in the City, are
estimated to be eligible to be paid for by funds collected through a recreation or public facility impact
fee. The City Council has directed the City Manager to begin work on updating the impact fee ordinance
to include a public facility impact fee and modify the existing Recreation Impact Fee. Recently the City
updated the impact fees to cover costs of building the portion of the new Police Station that accounts
for future growth. Impact fee projections for FY16 may be viewed online.
In addition, the Library Trustees have begun discussions on the establishment of a capital campaign to
raise funds for a Library. There is a tentative goal of 33% of construction costs for a capital campaign
for the Library and a similar goal would be expected for the Recreation Center component of public
facilities.
The CIP Reserve Fund, impact fee update, and capital campaigns for public facilities combined will be
used to pay the City share of the costs for these improvements.
Recently, the State revised bond terms. This would allow the City to amortize the cost of construction
over the life of a facility, 30 years, as opposed to 20, and reduce annual costs to taxpayers.
A site has not been selected for this (these) project(s) although the City has held many productive
conversations regarding site location.
C ENTRAL U RBAN P ARK
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The Central Urban Park is anticipated to cost $4.9 million in the year of construction. This project is
100% eligible for TIF District Financing and the City anticipates using increment for 100% of the costs.
Similarly to the City Center Park (the natural area park) this project has not yet been designed. A site
has not been selected for this project although the City has held many productive conversations
regarding site location.
P UBLIC P ARKING
Public parking is 100% eligible for TIF District Financing and the City anticipates using increment for
100% of the costs. The number of public parking spaces for a structured parking has been increased
from 350 spaces to 450 spaces from the TIF District Plan. As public parking is unlikely to have sufficient
demand independent of a high density development with public or quasi-public space attached or
adjacent, in 6H this project has been split into various phases to show that it is likely to be built as
several condominiums in private sector projects. Parking spaces are estimated to cost $25,000 per
space with 2% inflation of costs to account for the year of construction.
S TORMWATER T REATMENT AND W ETLAND M ITIGATION /S TREAM R ESTORATION
Similarly to Public Parking, the need for Stormwater Treatment and Wetland Mitigation will likely be tied
to development, and thus would most probably occur closer to the time of development. This has been
split into three phases to recognize that there are three drainage sheds within the TIF District. This
project is 100% eligible for TIF District Financing and the City anticipates using increment for 100% of the
costs.
W ILLISTON R OAD S TREETSCAPE
The Williston Road Streetscape, estimated to cost just over $4 million dollars, is 50% eligible for TIF
District Financing. The City is working with CCRP on a Williston Road Network Analysis (Phase 1) to
understand would be needed in order to achieve a more sustainable transportation system. Once public
outreach is completed for this analysis (Phase 2), the City will begin this project.
In order to fund this project, the City has programmed in the City’s Capital Improvement Program to use
the CIP Reserve Fund and revenues gained by updating the Impact Fee Ordinance. The City’s ordinance
was written in a time when roadways, sidewalks, and recreation trails worked independently of each
other. An ordinance update will provide the City with the flexibility to add needed multi-modal system
capacity to Williston Road related to growth.
Finally, for a portion of this project, the City can look to our partners at the regional and state level.
There are at least five different grant programs administered by CCRPC or VTrans using a mix of federal
and state funds for which different pieces of this project would be eligible.
P EDESTRIAN – B ICYCLE B RIDGE OVER I NTERSTATE 89
This project is estimated to cost between 10 and 13.6 million dollars. It is 30% eligible for TIF District
Financing and the City would expect to use TIF District increment to cover 30% of the costs.
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Proposed TIF Financing Plan Narrative
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The City has been meeting regularly with our Congressional Delegation regarding City Center and has
focused on this project. We continue to reach out to our partners at the State of Vermont. Potential
sources for funding include CMAQ funds, the Surface Transportation Program, and the National Highway
Performance Program. These are all federally funded guaranteed allocations apportioned by the State.
Burlington and St. Albans have also had success in applying for TIGER grants, a discretionary funding
source which replaces the TCSP and other programs. While no grant source is guaranteed, all large
regional transportation infrastructure projects require dedicated focus on the part of South Burlington
as the locality to cultivate and work with partners in order to prioritize and secure funds. This project
strengthens our region’s multi-modal system by providing connectivity between major residential and
employment hubs making it a viable candidate for these programs.
C ONTINGENCY P LANS
It is highly unlikely that the City would invest ahead of the private sector. The City is committed to
completing Market Street and over the life of the TIF District there will be sufficient increment to
complete Market Street.
The City will also move ahead with design and site control as opportunities arise, conditions make such
actions fiscally prudent and as such activities are supported by voter approval of debt for these projects.
Public investments will likely be driven by projects that fulfill the City’s vision for a new downtown. The
City is working on a process to allocate public investments that could be part of public-private
partnerships.
Up until now, the private sector has been the only brick and mortar investor in City Center. Two new
stores have been built and 12 residential units are in the permitting process. As of yet there is very little
visible public infrastructure to make City Center a place. Developers are very interested in the
opportunities City Center represents. When Market Street and Garden Street are permitted for
construction, the City anticipates it will create the opportunity to work directly with the private sector
on private sector projects that will realize the downtown.
By taking a measured, investment-backed approach over the next seven years, the City will protect the
opportunity to scale down projects as conditions require.
T OTAL C OST OF I MPROVEMENTS
The total project cost in the year of construction is estimated to be 98 million dollars (90M total plus
inflation for the year of construction). The amount of this project cost that would be eligible for TIF
District Financing according to the proportionality determination is estimated to be 62 million dollars.
Note however, that as the City is funding a portion of the costs for Market Street and Garden Street, the
maximum amount of project costs to be funded by TIF District Financing is estimated to be 55.2 million
dollars, with 46.4 million funded from non-TIF District financing sources. Non-TIF sources include CIP
Reserve Funds (funded from the General Fund), a variety of impact fees, multiple Federal and State
grants, and a capital campaign.
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PROJECTED FUTURE REAL PROPERTY DEVELOPMENT
There are several changes to the Real Property Development projection. These include:
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Development that has occurred and development in the pipeline,
Assumptions regarding the pace of development, and
Amount of development that is projected.
D EVELOPMENT T HAT H AS O CCURRED AND D EVELOPMENT IN THE P IPELINE
Two buildings have been built and are now in use: Trader Joe’s and Pier 1. During development, an
irrevocable offer of dedication was also made to the City for Garden Street. This land currently serves as
the development’s driveway. These two businesses combined with Healthy Living have established a
strong pedestrian and retail anchor to the base of Garden Street.
Blackbay Ventures VIII has submitted their final plat application to the City for the construction of 12
townhouses on Market Street. These will have porches facing Market Street. The City is working with
the Blackbay Ventures to provide the additional land for the porches.
Saxon Partners has made an offer on the School District property and has an option on five acres of
South Burlington City Center LLC (City Center LLC) land. This is not in the pipeline as they do not have
site control of the school property and their proposal is expressed as contingent on securing the school
site. It is an example of the strong interest in City Center.
A SSUMPTIONS R EGARDING THE P ACE O F D EVELOPMENT
The pace of development presented in the Financing Plan reflects the contractual intention of the City
with respect to potential debt obligations.
It is likely that public investments that directly benefit private projects will be tied to such projects
through a development agreement. This shortens the timeline for developers to directly benefit from
TIF District public investments. Public investments in this case references infrastructure the private
sector would otherwise build under the City’s land development process. Private development would
need to occur in the next six or seven years if they are to enjoy public investments that offset costs of
building more compact and mixed-use development than the market currently supports.
Such projects would need to have a healthy absorption rate. The projection assumes that in some years,
especially early on, the number of square footage is above the long term average that South Burlington
has historically benefited from in a given year, and conversely is well below the average over the life of
the TIF District as a whole. This is consistent with historic development patterns which do not deliver
the average number annually but significantly above in the years that projects come online and less in
years with no major development project coming to completion.
This approach acknowledges that the City will not get out too far ahead of private sector in terms of
investment.
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The City may not accomplish all investments, but with this path forward, South Burlington will not
expose the tax base to the risk of significant debt without either a) a contractual obligations from a
private sector development partner or b) a demonstrated public support and need for a public project
(such as a park or public facility).
A MOUNT OF D EVELOPMENT THAT IS P ROJECTED
South Burlington City Center, LLC had previously projected three stories of development. As South
Burlington City Center, LLC is adjusting their projections; the Financing Plan model is also adjusted
upward to the maximum allowable number of stories in the proposed form based codes – six stories on
Market Street and four stories elsewhere.
In the 2012 TIF District Plan, the Rick Marcotte Central School site only had infill development. Since
then, Saxon Partners has presented an offer to the South Burlington School District for this site. This
offer was accompanied by an architectural rendering and square footage for development on the School
District owned parcel (and on 5 acres of the South Burlington City Center, LLC land). This has been
added to the projection. As the amount of development proposed by Saxon Partners is approximately .2
FAR for the School District the infill development from the 2012 projection has been retained as an out
year development.
Additional projects on the southern portion of the TIF District have been included; this is speculative
based on proximity to Dorset Street and the current underutilization of some properties relative to
value.
PROJECTED TIF DISTRICT TAX INCREMENT REVENUES AS A RESULT OF FUTURE DEVELOPMENT IN
THE TIF DISTRICT
Projected increment has increased due to changes in the projected real property development (see prior
section) and a projection of future assessed values and taxes.
A SSESSED V ALUES
Assessed values to use over the life of the TIF District are conservative. They have been updated using
current lease information from Allen & Brooks (a Chittenden County appraisal firm that compiles data
annually) and existing information in the Grand List. There are five different assessment values and
these are used for all years as an average value for the 22 years. Some of these values would not be
attained in the first year but should be attained in mid-years and surpassed in out years.
Retail. Retail is expected to have an average assessed value of at least $208.80 per square foot over the
remaining 22 years of the TIF District. This is based on a triple net lease of $20 per square foot,
subtracting 6.5% to account for the long term vacancy rate, 4% to account for management, a 2% to
account for reserves, dividing the resulting figure by a cap rate of 8.5%.
As City Center is expected to be a downtown development and is already a retail destination, new retail
development would be assumed to be relative compact and a walkable distance to other retail. $20 a
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square foot is a lease value that is at the very low end of Church Street range of lease rates, mid-level for
Maple Tree Place range of lease rates and at the low end of the University Mall (located across Dorset
Street) range of lease rates. It is at the high end for properties off Church Street but in line with Maple
Tree place (which is still a maturing marketplace). It is much higher than downtown Winooski which is a
very new marketplace that is not yet established as a retail destination.
Office. Office is expected to have an average assessed value of at least $168.50 per square foot over the
remaining 22 years of the TIF District. This is based on a triple net lease of $16.50 per square foot,
subtracting 7.4% to account for the long term vacancy rate, 4% to account for management, a 2% to
account for reserves, dividing the resulting figure by a cap rate of 8.5%.
As City Center would be new downtown development it is expected to be Class A. True Class A office is
one of the few office types for which there is some demand. Recent lease values are in the $16-$17+ per
square foot for new build in South Burlington closer to downtown and in Colchester. This lease value
also reflects the higher cost of new build construction.
Residential, Non-Homestead. Apartments are expected to have an average assessed value of at least
$151,399 per unit over the remaining 22 years of the TIF District. This is based on an average square
footage of 1000 square feet per unit, and using actual Grand List assessed values for an apartment
building, Bacon Street, divided by the number of units and commercial Common Level of Appraisal
value, currently at 90%.
Apartment rents have been increasing at 2-3% per year and average rents are above 1200 for a one
bedroom and 1500 for a two bedroom, excluding luxury units. This may level off if the market should
ever come into balance. Historically, County vacancy rates have remained under 3% since the early 90s.
A 5% vacancy rate is considered to be healthy.
Residential, Homestead. Condominiums are expected to have an average assessed value of at least
$200,000 per unit over the remaining 22 years of the TIF District. This is based on an average square
footage of 1200 square feet per unit, and using actual Grand List assessed values for condominium units
on Farrell Street.
Hotel. Hotel values are based on average assessed values in the City (of which there are many existing
values) and divided by the Common Level of Appraisal of 90%. This results in a value of $80 per square
foot.
T AX R ATE
The tax rate in the TIF District Tax Increment Revenues projection is the same as in the TIF District Plan:
1.74% annual inflation for the municipal rate and 2% annual inflation for the State Education Homestead
and Non-Homestead rate. The starting rates have been updated to include rates for the interim years
and proposed rates for 2015-16 where known. There was a substantial jump in the past two years for
the Homestead and Non-Homestead rates while the City rate was relatively flat.
I NCREMENT
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The assessed value update in combination with the real property development update has increased
projected revenues. These revenues reflect three changes in the real property development projection
as discussed earlier:
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City investment in projects that directly benefit the private sector will be a result of a publicprivate partnership. Private sector development directly benefiting from this infrastructure (very
compact development) would therefore need to occur in the next six or seven years.
South Burlington City Center, LLC had previously projected three stories of development, this
has been adjusted upward to the maximum allowable number of stories.
Saxon Partners has presented an architectural proposal with development on the South
Burlington School District site.
Table 6M shows the updated estimated incremental values for the expected real property development
within the South Burlington TIF District. Table 6N of the TIF Tables shows the updated projected total
TIF Revenues. The projection forecasts an estimated 99.9 million dollars would be available to finance
public infrastructure projects, of which 21.6 million is municipal increment, 78.3 is Education increment.
PROJECTED FINANCE TOOLS, TERMS AND STRUCTURES TO FINANCE PUBLIC PROJECTS
Worksheet 6P of the TIF Tables shows a summary of the expected annual debt. Total interest is
calculated in the table. This table anticipates that construction would occur either in phases or over
multiple years depending upon the project. It expects that initial years of construction would always
occur using an anticipation note. This estimate uses a 20-year, level payment debt calculation with 5%
interest.
The City has hired Echo Financial Products and Primmer Piper Eggleston & Cramer PC to assist the City in
structuring and issuing debt.
For actual debt, the City will work with these firms to explore and model all financing options to
maximize the following fiscal interests of the City’s taxpayers:
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•
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Reduce annual interest over the term of the financing (Anticipation Notes, Private Placement,
Public or Vermont Bond Bank Bonds, early repayments or restructuring)
Match annual payments to increment, Transfers from the General Fund to the CIP Reserve, and
impact fee annual revenues (Anticipation Notes, 30-year Bonds, Private Placement Bonds)
Preserve flexibility to make early payments or restructure debt (Private Placement, Non-Bond
Bank Financing Sources such as revolving loan funds)
Reduce annual costs to the tax payers and have users who use the public pay for it (30-year
bonds).
Options aside from Vermont Bond Bank bonds include private placement bonds and financing programs
administered by the State and Federal Government for building community facilities, utility
infrastructure, and roads.
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Table 6Qa shows the projected TIF Cash Flow with TIF Increment, debt service on the portion of project
costs eligible for TIF financing, and a running cumulative total of surplus versus deficit.
For consistency, this table of estimated debt service models debt service for 20 year level payments with
5% interest for each non-anticipation debt on Table 6P. This shows a deficit in the first three years. This
deficit is eliminated with a longer repayment term, anticipation notes, a graduated debt payment
schedule, a bond payment that defers principal payments for five years or by altering the borrowing
schedule.
Table 6Qb shows the projected City’s Cash Flow with secured and estimated grant funds, estimated
impact fees, secured and estimated transfers to the reserve fund, debt service on the portion of TIF
project costs not eligible for TIF financing (and direct payments for construction, such as for Market
Street, Public Facilities, and the I-89 Pedestrian-Bicycle Bridge), and a running cumulative total of surplus
versus deficit.
Table 6Qb of Cash Flow estimates debt service for 30-year level payments with 4.05% interest. It
accounts for capital campaigns or grants which would be a direct payment. The City is exploring options
for scaling down the program for the recreation center which could reduce the cost side considerably.
The City proposes to hold the first vote on TIF District financed debt obligations in 2015. This vote is
most likely to include Market Street and a Public Library but is yet to be decided by the City Council.
Additional public votes on future debt will be scheduled as needed and merited by development
agreements and scheduled public infrastructure investments between 2015 and 2022.
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TIF FINANCING PLAN
ATTACHMENT FP4: TABLE 6G
ALL PARCELS WITHIN TIF DISTRICT
Parcel ID
YEAR:
0450-00000
0450-00004
0450-00005
0450-00010
0570-00108
0570-00150
0570-00166
0570-00174
0570-00192
0570-00196
0570-00200
0570-00222
0570-00330
0570-00340
Span #
Property Owner(s) name(s)
2012
600-188-14489
600-188-11132
600-188-14367
600-188-15838
600-188-10018
600-188-11818
600-188-10214
600-188-16672
600-188-15325
600-188-15167
600-188-14202
600-188-15168
600-188-11266
600-188-16478
0570-00344
0570-00350
0570-00354
0570-00358
0570-00364
600-188-11719
600-188-11988
600-188-11164
600-188-16566
600-188-14490
0570-00366
600-188-14491
0570-00370
0570-00372
0689-0000
0860-00061
0860-00071
0860-00097
0860-00111
0860-00113
0860-00135
600-188-15587
600-188-14477
600-188-17909
600-188-12277
600-188-14292
600-188-14033
600-188-14034
600-188-13157
600-188-14965
1120-00014
1120-00018
1120-00019
1120-00022
1120-00023
1120-00024
1120-00026
1120-00027
1120-00028
1120-00031
1120-00033
1490-00002
1490-00006
1490-00016
1490-00020
1490-00023
1490-00024
1490-00027
1490-00031
1490-00032
1490-00033
1490-00035
1490-00036
1490-00040
1490-00050
1490-00055
1490-00060
1490-00072
1775-00075
600-188-15472
600-188-10247
600-188-11009
600-188-15993
600-188-15473
600-188-12581
600-188-15465
600-188-11251
600-188-11793
600-188-12785
600-188-11700
600-188-10030
600-188-10201
600-188-10671
600-188-13150
600-188-12234
600-188-16123
600-188-16477
600-188-10991
600-188-16124
600-188-11718
600-188-11715
600-188-13753
600-188-14492
600-188-14493
600-188-16567
600-188-14494
600-188-15023
600-188-16252
Assessed
Value 2012
City of South Burlington
January 30, 2015
$36,228,700
$36,307,600
SOUTH BURLINGTON CITY CENTER, LLC
CENTURY PARTNERS LP
POON TRUST LLC
SOUTH BURLINGTON SCHOOL DISTRICT
DORSET STREET INVESTMENT GROUP LLC
DORSET SQUARE ASSOCIATES
DORSET SQUARE ASSOCIATES
WOOD RUTH E
MALONE DORSET ST PROPERTIES LLC
MALONE DORSET ST PROPERTIES LLC
MALONE DORSET ST PROPERTIES LLC
MALONE DORSET ST PROPERTIES LLC
CHURCH OF CHRIST
WAS WELCH EDGAR A SOLE TRUSTEE; NOW
BENCHMARK PROPERTIES LLC
DESARNO JANET M & C DAVID, TRUSTEES
DAWSON DORSET STREET PROPERTIES LLC
CHAMPLAIN OIL COMPANY INC
BESAW LLC
DORSET STREET REAL ESTATE HOLDINGS, LLC
DORSET STREET REAL ESTATE HOLDINGS, LLC
SCHUMACHER ROBERT & BARBARA TRUST
DORSET COMMUNICATIONS LLC
MALONE DORSET ST PROPERTIES LLC
FULLER JR JAMES R
SONRISE PARTNERSHIP LLP
EDMOND CHASTENAY FAMILY TRUST
CHASTENAY ESTATES INC
CHASTENAY ESTATES INC
WAS PETERS MICHAEL A; NOW BLACKBAY
VENTURES VIII LLC
RUSSELL JOHN A & LYNN A
RED BEAR LLC
CAMERLENGO NORBERT P & SUSAN C
MARY STREET LLC
RUSSELL JOHN A & LYNN A
LAWLER TIMOTHY
RUSSELL JOHN A & LYNN
CHIU JEN-FU & LUCIA
HUDSON DOUGLAS
HAYES GORDON & TRACY
THIRTY THREE MARY STREET LLC
ABJ INC
AOS REALTY LLC
BOUCHARD SONS GARAGE INC
JB REALTY PARTNERSHIP
FOUR BOYS LLC
TIMBERLAKE ASSOCIATES
WELCH EDGAR A
CAIRNS CHARLES A
TIMBERLAKE ASSOCIATES
DAWSON DORSET STREET PROPERTIES LLC
DAWSON DORSET STREET PROPERTIES LLC
TIMBERLAKE ASSOCIATES LLP
SOUTH BURLINGTON REALTY COMPANY, LLC
SOUTH BURLINGTON REALTY COMPANY, LLC
BESAW LLC
SOUTH BURLINGTON REALTY COMPANY, LLC
PC CONSTRUCTION
SONRISE PARTNERSHIP LLP
$2,440,000
$1,259,000
$858,200
$0
$2,948,500
$3,502,400
$176,000
$250,500
$202,200
$188,700
$221,000
$3,703,100
$78,900
home
home
2012
2014
Y/N
Y/N
Taxable Value Taxable Value
stead? stead?
2012
April 1, 2014
$37,367,700
2,440,000
1,259,000
858,200
2,948,500
3,502,400
176,000
250,500
202,200
188,700
221,000
3,703,100
-
$
$
$
$
$
$
$
$
$
$
$
$
2,440,000
1,259,000
858,200
2,948,500
3,502,400
176,000
250,500
1,847,100
3,441,900
N
N
N
N
N
N
N
Y
N
N
N
N
N
N
N
N
N
N
N
N
Y
N
N
N
N
N
1,084,900
274,600
582,800
1,883,100
423,700
200,800
$
$
$
$
$
$
1,084,900
274,600
582,800
1,883,100
423,700
200,800
N
N
N
N
N
N
N
N
N
N
N
N
3,551,900 $
3,551,900
$373,800 $
$450,600 $
373,800 $
450,600 $
N
N
N
$211,000
$204,000
$310,200
$169,900
$65,600
$
$
$
$
$
211,000
204,000
310,200
169,900
65,600
$
$
$
$
$
373,800
450,600
$165,000
211,000
204,000
310,200
169,900
65,600
N
N
N
Y
N
Y
N
N
Y
N
Y
N
N
$230,400
$224,800
$201,500
$231,400
$197,700
$176,200
$229,300
$212,800
$213,000
$200,400
$222,100
$235,000
$145,600
$867,100
$379,000
$280,400
$521,200
$435,700
$45,700
$287,500
$359,500
$16,800
$286,400
$446,500
$251,100
$373,200
$392,400
$271,800
$857,000
$1,900,700
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
230,400
224,800
201,500
231,400
197,700
176,200
229,300
212,800
213,000
200,400
222,100
235,000
145,600
867,100
379,000
280,400
521,200
435,700
45,700
287,500
359,500
16,800
286,400
446,500
251,100
373,200
392,400
271,800
857,000
1,900,700
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
230,400
224,800
201,500
231,400
197,700
176,200
229,300
212,800
213,000
200,400
222,100
235,000
145,600
867,100
379,000
280,400
521,200
435,700
45,700
287,500
359,500
16,800
286,400
446,500
251,100
373,200
392,400
271,800
857,000
1,900,700
N
N
N
Y
N
N
Y
N
N
Y
Y
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
Y
N
N
Y
N
N
Y
Y
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
$34,652,700 $
$1,654,900 $
$36,307,600 $
$
34,573,800
1,654,900
36,228,700
78,900
$
$
$
$
35,547,800
1,654,900
37,202,700
974,000
50
7
50
7
$
$
$
$
$
$
$
$
$
$
$
$
$
$1,084,900
$274,600
$582,800
$1,883,100
$423,700
$
$
$
$
$
$200,800 $
$3,551,900 $
TIF FINANCING PLAN
ATTACHMENT FP5: TABLE 6N
PROPERTY TAX REVENUE PROJECTION SUMMARY
Year
BASE YEAR:
TOTALS:
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
Annual
Estimated
Municipal
Increment
Annual
Estimated
Homestead
Increment
Annual
Total Projected
Estimated Non- Property Tax
Homestead
Increment
Increment
Generated
2012
SPLIT PERCENTAGES:
City of South Burlington
January 30, 2015
Municipal
portion to the
Municipal
General Fund
Municipal
portion to TIF
debt
Education
portion to
Education Fund
Education
portion to TIF
debt
25%
75%
25%
75%
Total Municpal
and Education
Revenue to TIF
Debt
$28,848,323
$35,383,342
$69,051,708
$133,283,373
$7,212,081
$21,636,242
$26,108,762
$78,326,287
$99,962,529
$0
$0
$0
$0
$29,741
$278,350
$459,675
$896,975
$1,211,596
$1,300,237
$1,421,250
$1,572,093
$1,599,447
$1,639,730
$1,668,261
$1,697,289
$1,726,821
$1,756,868
$1,823,507
$1,855,236
$1,887,518
$1,973,373
$2,007,710
$2,042,644
$0
$0
$0
$0
$0
$0
$0
$152,117
$599,056
$1,145,797
$1,168,713
$1,556,886
$2,056,810
$2,097,946
$2,186,428
$2,230,156
$2,274,759
$2,320,255
$2,366,660
$2,413,993
$2,462,273
$2,511,518
$2,561,748
$2,612,983
$2,665,243
$0
$0
$0
$0
$0
$102,142
$958,410
$1,443,709
$2,540,792
$3,126,095
$3,423,623
$3,492,095
$3,561,937
$3,915,826
$3,705,839
$3,779,956
$3,855,555
$3,932,666
$4,011,320
$4,219,931
$4,304,329
$4,390,416
$4,668,366
$4,761,733
$4,856,968
$0
$0
$0
$0
$0
$131,882
$1,236,760
$2,055,501
$4,036,823
$5,483,488
$5,892,573
$6,470,232
$7,190,840
$7,613,220
$7,531,997
$7,678,373
$7,827,603
$7,979,742
$8,134,847
$8,457,431
$8,621,838
$8,789,452
$9,203,488
$9,382,427
$9,564,855
$0
$0
$0
$0
$0
$7,435
$69,588
$114,919
$224,244
$302,899
$325,059
$355,313
$393,023
$399,862
$409,932
$417,065
$424,322
$431,705
$439,217
$455,877
$463,809
$471,879
$493,343
$501,928
$510,661
$0
$0
$0
$0
$0
$22,306
$208,763
$344,756
$672,731
$908,697
$975,178
$1,065,938
$1,179,070
$1,199,586
$1,229,797
$1,251,196
$1,272,966
$1,295,116
$1,317,651
$1,367,631
$1,391,427
$1,415,638
$1,480,030
$1,505,783
$1,531,983
$0
$0
$0
$0
$0
$25,535
$239,602
$398,956
$784,962
$1,067,973
$1,148,084
$1,262,245
$1,404,687
$1,503,443
$1,473,067
$1,502,528
$1,532,579
$1,563,230
$1,594,495
$1,658,481
$1,691,650
$1,725,483
$1,807,529
$1,843,679
$1,880,553
$0
$0
$0
$0
$0
$76,606
$718,807
$1,196,869
$2,354,886
$3,203,919
$3,444,252
$3,786,736
$4,214,060
$4,510,329
$4,419,200
$4,507,584
$4,597,736
$4,689,691
$4,783,484
$4,975,443
$5,074,951
$5,176,450
$5,422,586
$5,531,038
$5,641,658
$0
$0
$0
$0
$0
$98,912
$927,570
$1,541,626
$3,027,617
$4,112,616
$4,419,430
$4,852,674
$5,393,130
$5,709,915
$5,648,997
$5,758,780
$5,870,702
$5,984,807
$6,101,136
$6,343,073
$6,466,379
$6,592,089
$6,902,616
$7,036,820
$7,173,641
$0
FINANCING PLAN
ATTACHMENT FP7: Table 6J
INFRASTRUCTURE COSTS, BY YEAR
Projected
Year of
Construction
2015
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Estimated Construction Costs of All Projects
Totals from Table 6H
Totals from this Table
$97,659,240
$97,659,240
$0
$0
$9,354,946
$12,754,061
$41,022,720
$4,477,000
$12,084,114
$17,966,400
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Cost Paid By TIF Revenue
$55,234,196
$55,234,196
$0
$0
$3,741,978
$11,846,721
$16,716,024
$4,477,000
$10,062,073
$8,390,400
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
City of South Burlington
January 30, 2015
Cost Paid by Other Revenue
Sources
$42,425,044
$42,425,044
$0
$0
$5,612,967
$907,340
$24,306,696
$0
$2,022,041
$9,576,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
TIF FINANCING PLAN
ATTACHMENT FP8: TABLE 6M
REAL PROPERTY DEVELOPMENT PROJECTS - INCREMENTAL VALUE
Development or
Redevelopment
Project Name
Base Year:
Totals:
Trader Joes
BlackBay Ventures
Pier 1
City Center, LLC P1A
Poon Property LLC Redev
City Center, LLC P1B
Southern End
City Center, LLC P1C
City Center LLC - Saxon Ptn
Blue Mall Infill
City Center LLC P2B
Mary Street LLC Redev
Sonrise Partnership Infill
Southern End
Chastenay Estates
City Center LLC P2A
City Center LLC P2C
Public/Non Profit
Southern End
City Center, LLC East P1
Southern End
City Center, LLC P3A + B
City Center, LLC East P2
n Ptrs/City Center, LLC - Homes
School Dist - Saxon Ptn
School District Infill
Southern End
Southern End - Addition
Projected
Projected Projected
Rental Unit
Condo Dev Rental Unit
Developme
(sf)
Dev Units
nt (sf)
Projected
Condo Dev
Units
Projected
Office Dev
(sf)
Projected
Retail Dev
(sf)
Estimated
Projected
Year of
Total Dev
Construction
(sf)
Start
Estimated
Increase in
Value from
Baseline
City of South Burlington
January 30, 2015
Estimated %
of New
Use Code Construction Homestead
Rate
Estimated % of
New
Estimated
Construction - Incremental
NonValue Homestead
Homestead
Rate
Estimated
Incremental
Value -NonHomestead
2012
548
44
86
63
124
16
96
12
107
657,600
52,800
103,200
75,600
148,800
19,200
115,200
14,400
128,400
-
678
12
54
84
101
37
130
48
60
65
47
40
680,000
14,400
54,000
84,000
100,800
37,000
130,000
48,000
60,000
65,000
46,800
40,000
-
418,900
45,000
12,000
16,800
288,450
2,044,950
12,800
14,000
21,600
23,800
39,200
3,000
12,800
14,400
14,000
75,600
107,800
185,000
3,000
49,000
186,450
74,400
52,800
45,000
60,000
98,500
103,200
75,600
86,600
75,000
148,800
19,200
98,800
115,200
14,400
128,400
108,000
40,000
50,000
3,000
56,450
9,600
45,000
98,500
21,600
75,000
52,000
-
50,000
3,000
108,000
$
314,992,127
$
2014
2016
2014
2017
2017
2020
2017
2019
2019
2018
2018
2019
2019
2018
2020
2020
2021
2018
2023
2019
2019
2022
2025
2019
2017
$2,273,940
$1,585,663
$2,495,200
$12,373,166
$16,776,084
$30,721,043
$620,400
$7,361,142
$31,003,881
$12,088,192
$8,556,000
$2,587,000
$7,975,617
$15,786,325
$16,654,300
$12,256,000
$13,242,714
$0
$23,881,850
$3,078,000
$13,698,371
$18,956,000
$2,278,000
$21,400,000
$22,334,400
C
RN
C
RN, C
RN, C
RN, C
C
RN
RN, C
RN, C
RH
C
RN
C
RH
RN
RN, C
INSTITUTION
RH
RH
RN, C
C
RH
RH
C
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
100%
100%
0%
0%
100%
100%
0%
100%
100%
100%
0%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
100%
100%
100%
0%
0%
100%
100%
0%
0%
100%
0%
0%
0%
100%
2030
2033
2036
$6,053,545
$8,448,388
$506,903
RN
C
C
0%
0%
0%
100%
100%
100%
107,060,150 $
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$8,556,000
$0
$0
$0
$16,654,300
$12,256,000
$0
$0
$23,881,850
$3,078,000
$0
$18,956,000
$2,278,000
$21,400,000
$0
$0
$0
$0
$0
204,072,373
$2,273,940
$1,585,663
$2,495,200
$12,373,166
$16,776,084
$30,721,043
$620,400
$7,361,142
$31,003,881
$12,088,192
$0
$2,587,000
$7,975,617
$15,786,325
$0
$0
$13,242,714
$0
$0
$0
$13,698,371
$0
$0
$0
$22,334,400
$0
$6,053,545
$8,448,388
$506,903
TIF FINANCING PLAN
ATTACHMENT FP9: Table 6O
SUMMARY OF ALL REVENUE SOURCES
Year
Totals:
Annual TIF
Increment:
Municipal
$21,636,242
Annual TIF
Increment:
Education
Grant Information
$78,326,287
2012
:Base Year
20XX
$100,000
$300,000
2013
2014
2015
2016
2017
$0
$0
$0
$0
$22,306
$0
$0
$0
$0
$76,606
2018
2019
2020
2021
2022
2023
$208,763
$344,756
$672,731
$908,697
$975,178
$1,065,938
$718,807
$1,196,869
$2,354,886
$3,203,919
$3,444,252
$3,786,736
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
$1,179,070
$1,199,586
$1,229,797
$1,251,196
$1,272,966
$1,295,116
$1,317,651
$1,367,631
$1,391,427
$1,415,638
$1,480,030
$1,505,783
$1,531,983
$0
$4,214,060
$4,510,329
$4,419,200
$4,507,584
$4,597,736
$4,689,691
$4,783,484
$4,975,443
$5,074,951
$5,176,450
$5,422,586
$5,531,038
$5,641,658
$0
Grant Amount
Other Revenue Information
$24,008,000
USDA/RD Sewer Grant
$1,000,000
$1,313,000
Federal Earmark (secured)
$1,661,000
Federal Earmark (secured)
Federal Earmark, Cap Campaign $5,041,000
Capital Campaign
Capital Campaign
Federal/Regional Trans Grants
$3,186,000
$1,593,000
$11,214,000
City of South Burlington
January 30, 2015
Other
Revenue
Amount
Total Revenue
$27,669,015 $151,639,545
Water District Fees
$300,000
$1,700,000
fund balance
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
$1,800,600
$515,000
$495,500
$741,934
$1,112,952
$1,800,600
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
$1,240,755
$1,264,696
$1,134,133
$1,134,648
$1,135,169
$1,135,694
$5,354,325
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
Impact fees and CIP Reserve Fund
$1,136,225
$1,136,761
$1,137,302
$1,137,849
$1,138,401
$1,138,959
$1,139,523
$1,140,092
$1,140,666
$1,141,247
$1,141,833
$1,142,425
$1,143,023
$1,143,628
$6,529,355
$515,000
$1,808,500
$2,402,934
$6,252,864
$4,399,321
$4,161,750
$5,247,264
$5,554,598
$17,202,368
$6,846,676
$6,786,300
$6,896,629
$7,009,104
$7,123,766
$7,240,658
$7,483,165
$7,607,045
$7,733,336
$8,044,449
$8,179,245
$8,316,665
$1,143,628
TIF FINANCING PLAN
ATTACHMENT FP10: TABLE 6P
SUMMARY OF ALL ANNUAL DEBT
Bonds estimated at 20 YR level payment, 5% actual will vary.
Project for Which Debt
Incurred
Type of Debt Instrument
Wastewater Plant Upgrade
Market Street
Market Street
Market Street
Garden Street & intersections
Garden Street & intersections
City Center Park -Design
City Center Park -Phase 1
City Center Park -Phase 1
City Center Park -Phase 2
Community Recreation Center
Community Recreation Center
Community Recreation Center
City Hall
City Hall
City Hall
Community Library
Community Library
Community Library
Williston Road Streetscape
Williston Road Streetscape
Williston Road Streetscape
Central Green & Streets
Central Green & Streets
Central Green & Streets
Structured Public Parking A
Structured Public Parking B
Structured Public Parking C
Structured Public Parking D
Stormwater A
Stormwater B
Stormwater C
Ped - Bike Bridge over I-89
Ped - Bike Bridge over I-89
Municipal Bond
Anticipation Note
Bond/other debt instrument
Bond/other debt instrument
Anticipation Note
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Anticipation Note
Anticipation Note
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Bond/other debt instrument
Anticipation Note
Bond/other debt instrument
City of South Burlington
January 30, 2015
Debt Principal
Expected
Date Debt
Incurred
Interest
Rate
Term
Payment Period
Amount Paid
Each Period
Total Interest
Total Debt Cost
$1,000,000
$614,000
$500,000
$2,632,000
$7,270,000
$8,505,000
$168,000
$929,000
$2,026,000
$381,000
$2,456,000
$1,874,000
$5,402,720
$142,000
$203,000
$414,740
$1,007,000
$1,336,000
$3,082,000
$1,326,083
$571,725
$2,049,736
$599,000
$3,500,000
$4,335,000
$5,500,000
$2,750,000
$1,375,000
$2,750,000
$1,572,625
$1,440,000
$1,588,000
$1,350,000
$3,194,000
1-Apr-11
Jul-16
Mar-17
Jul-17
Jul-16
Jul-18
Jul-15
Jul-16
Mar-18
Apr-20
Jul-17
Mar-18
Apr-19
Jul-17
Mar-18
Apr-19
Jul-17
Mar-18
Apr-19
Mar-20
Mar-21
Mar-22
Mar-19
Mar-20
Mar-21
Nov-19
Nov-20
Nov-21
Nov-22
Nov-19
Nov-20
Nov-21
Mar-18
Mar/1/2022
5.0000%
1-2%
4-5%
4-5%
1-2%
4-5%
1-2%
1-2%
4-5%
4-5%
1-2%
1-2%
4-5%
1-2%
1-2%
4-5%
1-2%
1-2%
4-5%
1-2%
1-2%
4-5%
1-2%
1-2%
4-5%
4-5%
4-5%
4-5%
4-5%
4-5%
4-5%
4-5%
1-2%
4-5%
20 Years
1 Year
20 Years
20-30 Years
1 Year
20-30 Years
1 Year X 3
1 Year X 2
20-30 Years
20-30 Years
1 Year X 2
1 Year
20-30 Years
1 Year X 2
1 Year
20-30 Years
1 Year X 2
1 Year
20-30 Years
1 Year X 2
1 Year
20-30 Years
1 Year X 2
1 Year
20-30 Years
20-30 Years
20-30 Years
20-30 Years
20-30 Years
20-30 Years
20-30 Years
20-30 Years
1 Year X 4
20-30 Years
Annual on February 15
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
$100,000
N/A
$40,121
$211,198
N/A
$682,463
N/A
N/A
$162,571
$30,572
N/A
N/A
$433,528
N/A
N/A
$33,280
N/A
N/A
$247,308
N/A
N/A
$164,476
N/A
N/A
$347,852
$441,334
$220,667
$110,334
$220,667
$126,191
$115,549
$127,425
N/A
$256,295
$500,000
$12,280.00
$302,425.87
$1,591,969.79
$145,400
$5,144,264.08
$10,080
$37,160
$1,225,429.63
$230,448.51
$98,240
$37,480.00
$3,267,844.61
$5,680
$4,060.00
$250,856.21
$40,280
$26,720.00
$1,864,153.07
$53,043
$11,434.50
$1,239,786.57
$23,960
$70,000.00
$2,622,032.31
$3,326,684.59
$1,663,342.30
$831,671.15
$1,663,342.30
$951,204.97
$870,986.51
$960,504.57
$108,000
$1,931,896.47
$1,500,000
$626,280
$802,426
$4,223,970
$7,415,400
$13,649,264
$178,080
$966,160
$3,251,430
$611,449
$2,554,240
$1,911,480
$8,670,565
$147,680
$207,060
$665,596
$1,047,280
$1,362,720
$4,946,153
$1,379,127
$583,160
$3,289,523
$622,960
$3,570,000
$6,957,032
$8,826,685
$4,413,342
$2,206,671
$4,413,342
$2,523,830
$2,310,987
$2,548,505
$1,458,000
$5,125,896
TIF FINANCING PLAN
ATTACHMENT FP11a: TABLE 6Qa
Cash Flow - TIF Financed Portion
Year
TIF Increment
Totals:
$99,962,529
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
TIF Financing Debt Service
$
South Burlington
January 30, 2014
Surplus (Deficit) Cumulative
77,648,859.97
:Base Year
$0
$0
$0
$0
$98,912
$927,570
$1,541,626
$3,027,617
$4,112,616
$4,419,430
$4,852,674
$5,393,130
$5,709,915
$5,648,997
$5,758,780
$5,870,702
$5,984,807
$6,101,136
$6,343,073
$6,466,379
$6,592,089
$6,902,616
$7,036,820
$7,173,641
$0
$0
$0
$0
$0
$0
$0
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
161,929.54
1,006,964.23
2,288,605.65
2,655,394.52
3,241,004.92
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,882,443.00
3,720,513.46
2,875,478.77
1,593,837.35
1,227,048.48
641,438.08
-
($63,017.76)
($142,412.06)
($889,392.19)
($517,169.51)
$354,441.81
$891,428.61
$1,861,659.44
$3,372,346.72
$5,199,818.60
$6,966,373.02
$8,842,709.92
$10,830,969.31
$12,933,333.03
$15,152,025.58
$17,612,655.74
$20,196,591.52
$22,906,237.17
$25,926,410.04
$29,080,787.15
$32,371,985.63
$28,651,472.17
$25,775,993.40
$24,182,156.05
$22,955,107.57
$22,313,669.49
TIF FINANCING PLAN
Attachment FP11b: TABLE 6Qb
Cash Flow - City Portion
Year
Grants, Impact Fees, CIP
Reserve Fund, Capital
Campaign
2012
:Base Year
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,800,600.00
515,000.00
1,808,500.00
2,402,934.00
6,153,952.05
4,426,755.21
2,857,695.52
1,134,133.05
1,134,648.20
1,135,168.50
12,349,694.01
1,136,224.77
1,136,760.84
1,137,302.26
1,137,849.11
1,138,401.42
1,138,959.25
1,139,522.66
1,140,091.71
1,140,666.45
1,141,246.93
1,141,833.22
1,142,425.37
1,143,023.45
1,143,627.50
-
City Debt Service & Direct
Payments
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,261,000.00
1,834,000.00
5,526,000.00
4,063,000.00
2,664,000.00
1,118,000.00
1,151,000.00
1,156,000.00
14,077,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
1,156,000.00
South Burlington
January 30, 2014
Surplus (Deficit) Cumulative
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,800,600.00
2,315,600.00
1,863,100.00
2,432,034.00
3,059,986.05
3,423,741.26
3,617,436.77
3,633,569.82
3,617,218.02
3,596,386.53
1,869,080.53
1,849,305.30
1,830,066.14
1,811,368.40
1,793,217.51
1,775,618.92
1,758,578.18
1,742,100.84
1,726,192.55
1,710,859.00
1,696,105.93
1,681,939.15
1,668,364.53
1,655,387.97
1,643,015.47
TIF FINANCING PLAN
ATTACHMENT FP12: TABLE 6R
RELATED COSTS
Related Cost Name
City of South Burlington
January 30, 2015
Related Cost Description
Related Cost Amount
Total: $
Consultant Fee
Application Deposit
Application Fee
Market Study 2012
Consumer Demand Study
Market Study 2015
Application Materials & Outreach
Annual Audits
Outreach
Legal Fees
Financial Analysis
State Audits
Application Fee
Fee charged by Consultant (Contract #123245) for TIF District development
$
Application deposit charged by VEPC for third party application analysis
$
Total Application Fee charged by VEPC for third party application analysis
$
Fee charged by Allen & Brooks for the Market Study
$
Study anticipated to support real property development
$
Study update anticipated to support bond debt
$
Public Notice, materials
$
Audits required by Statute
$
Costs for public notices, publishing, educational material, events, etc. related to the TIF District (including public not $
Support development and analysis of TIF District development agreements
$
Support debt structuring, market studies, etc.
$
Audits required by Statute
$
Any Fee charged for analysis
$
970,920
7,000
5,000
16,802
1,900
30,000
2,000
217
110,000
50,000
350,000
100,000
300,000
5,000
Year Cost is Expected
to be Incurred
2011
2012
2012
2012
2014
2015
2012
2015-2036
2012-2022
2014-2022
2014-2022
2023-2036
2015

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