HomeMy WebLinkAboutTIF Presentation 052919 from Baker TillyJeffersonville
Redevelopment Commission
TIF Report Presentation
(IC 36-7-25-8)
May 29, 2019
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Jeffersonville
Redevelopment Commission
Monty Snelling, President
Jack Vissing, Member
Milt Clayton, Member
Scott Hawkins, Member
Matt Owen, Member
Mike Moore, Member
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Financial Advisor: Baker Tilly
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InnerCity Roads
Economic Development Area
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InnerCity Roads EDA
About the Area
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Tax Increment Revenue Bonds of 2008
$2,790,000 issued / $1,465,000 outstanding
Final maturity: January 15, 2026
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Redevelopment Authority Lease Rental Refunding Revenue Bonds of 2009
$3,350,000 issued / $995,000 outstanding
Final maturity: February 1, 2022
Bonds are payable from an Ad Valorem Property Tax levied on all taxable property in the Redevelopment District
Tax Increment, while not formally pledged, is being used for debt
Tax Increment Revenue Bonds of 2013, Series B
$9,030,000 issued / $5,500,000 outstanding
Final maturity: January 15, 2027
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Outstanding Obligations
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InnerCity Roads EDA
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Tax Increment Revenue Bonds of 2013, Series D
$3,750,000 issued / $2,315,000 outstanding
Final maturity: January 15, 2027
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Tax Increment Revenue Bonds of 2013, Series E
$1,750,000 issued / $1,750,000 outstanding
Final maturity: January 15, 2032
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Economic Development Lease Rental Bonds of 2017
$25,100,000 issued / $21,495,000 outstanding
Final maturity: January 15, 2027
Bonds are payable from Tax Increment on parity with Outstanding Obligations and a special benefits tax
Outstanding Obligations (Cont.)
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InnerCity Roads EDA
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Redevelopment Authority State Infrastructure Bank Loan
$3,410,167 issued / $1,995,183 outstanding
Final maturity: January 15, 2026
The Loan is payable solely from Tax Increment
Greater Clark County School Corporation Agreement
On June 6, 2016 the Jeffersonville Redevelopment Commission and Common Council of the City of Jeffersonville entered into an agreement with the Board of School Trustees for the Greater
Clark County School Corporation in which they agreed to set aside 10% of all tax increment revenues collected by the 2016 Expansion Area of the Inner City Road TIF District.
Outstanding Obligations (Cont.)
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InnerCity Roads EDA
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10th Street Project/East 10th Street
Allison Brook Park
Allison Lane Sidewalk
American Legion
Animal Shelter
Arts & Cultural District
Big Four Station
Chapel Lake Park
Charlestown Pike
Claysburg Illuminate
Colston Park
Court Avenue Medians
Duffy’s Landing
East End Bridge
Projects Funded with TIF Revenues
(since 2012)
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InnerCity Roads EDA
Façade Grant
Forgivable Loan Program
Gateway Project
Gottbrath Parkway
Grant Local Match
Hamburg Pike
Jeff High Driveway
Jeff Marketplace South Boulevard
Jeff Plaza
Jeff Promise – Ivy Tech
Market Place Road Extension
Miscellaneous
Ohio River Greenway
Park Equipment
Riverfront Improvements/ Marina
Salem Nobel Road Bridge
Spring Hill Envision Center
Thomson Lane
Town Center Road
Utica Pike Sidewalk
Utica Sellersburg Road
Veterans Parkway
Vissing Park Sidewalk
Water Tower Road
Wilson Elementary
Total Expenditures: $44,205,953
Total Debt Payments: $19,071,800
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Comparison of Estimated Tax Increment
to Debt Payments
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InnerCity Roads EDA
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Comparison of Estimated Tax Increment and Obligations
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InnerCity Roads EDA
* Represents the Tax Increment set aside from the 2016 Expansions that is distributed to the Greater Clark County School Corporation.
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Falls Landing/Harbours Economic Development Area
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Falls Landing/Harbours EDA
About the Area
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Tax Increment Revenue Bonds of 2013, Series A
$2,225,000 issued / $1,630,000 outstanding
Final maturity: January 15, 2032
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Tax Increment Revenue Bonds of 2013, Series C
$5,500,000 issued / $4,030,000 outstanding
Final maturity: January 15, 2032
Bonds are payable solely from Tax Increment on parity with Outstanding Obligations
Falls Landing/Harbours EDA
Outstanding Obligations
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Falls Landing/Harbours EDA
Projects Funded with TIF Revenues
(since 2012)
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10th Street/ East 10th Street
American Legion
Arts & Cultural District
Big Four Station
Colston Park
Duffy’s Landing
Forgivable Loan Program
Gateway Project
Hamburg Pike
Miserableness
Nachand Fieldhouse
Ohio River Greenway
Park Equipment
Riverfront Improvements/ Marina
Utica Pike Sidewalk
Veterans Parkway
Total Expenditures: $10,069,933
Total Debt Payments: $6,193,057
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Comparison of Estimated Tax Increment
to Debt Payments
Falls Landing/Harbours EDA
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Falls Landing/Harbours EDA
Comparison of Estimated Tax Increment and Obligations
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Galvstar
Economic Development Area
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Galvstar Economic EDA
About the Area
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Projects Funded with TIF Revenues
(since 2012)
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Galvstar Economic EDA
East End Bridge
Heavy Haul Road
Miscellaneous
Total Expenditures: $1,902,564
Total Debt Payments: $1,871,821
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Redevelopment Authority Economic Development Lease Rental Refunding Bonds of 2016
$6,985,000 issued / $5,215,000 outstanding
Final maturity: August 15, 2026
Bonds are payable from available revenues of the commission and a special benefits tax back-up
The Commission uses Galvstar, Vogt Valve, Bethnova, and Keystone TIF to make Lease Rental Payments
Outstanding Obligation
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Galvstar Economic EDA
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Comparison of Estimated Tax Increment
to Debt Payments
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Galvstar Economic EDA
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Comparison of Estimated Tax Increment and Obligations
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Galvstar Economic EDA
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Vogt Valve
Economic Development Area
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Vogt Valve EDA
About the Area
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Projects Funded with TIF Revenues
(since 2012)
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Vogt Valve EDA
East End Bridge
Heavy Haul Road
Miscellaneous
Total Expenditures: $2,067,912
Total Debt Payments: $3,845,305
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Outstanding Obligation
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Vogt Valve EDA
Redevelopment Authority Economic Development Lease Rental Refunding Bonds of 2016
$6,985,000 issued / $5,215,000 outstanding
Final maturity: August 15, 2026
Bonds are payable from available revenues of the commission and a special benefits tax back-up
The Commission uses Galvstar, Vogt Valve, Bethnova, and Keystone TIF to make Lease Rental Payments
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Comparison of Estimated Tax Increment
to Debt Payments
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Vogt Valve EDA
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Vogt Valve EDA
Comparison of Estimated Tax Increment and Debt Payments
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Bethnova
Economic Development Area
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Bethnova EDA
About the Area
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Projects Funded with TIF Revenues
(since 2012)
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Bethnova EDA
East End Bridge
Heavy Haul Road
Miscellaneous
Total Expenditures: $1,014,835
Total Debt Payments: $869,988
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Outstanding Obligations
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Redevelopment Authority Economic Development Lease Rental Refunding Bonds of 2016
$6,985,000 issued / $5,215,000 outstanding
Final maturity: August 15, 2026
Bonds are payable from available revenues of the commission and a special benefits tax back-up
The Commission uses Galvstar, Vogt Valve, Bethnova, and Keystone TIF to make Lease Rental Payments
Bethnova EDA
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Comparison of Estimated Tax Increment
to Debt Payments
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Bethnova EDA
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Keystone
Economic Development Area
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Keystone EDA
About the Area
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Projects Funded with TIF Revenues
(since 2012)
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Keystone EDA
East End Bridge
Heavy Haul Road
Utica Sellersburg Road
Miscellaneous
Total Expenditures: $770,531
Total Debt Payments: $589,299
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Outstanding Obligation
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Redevelopment Authority Economic Development Lease Rental Refunding Bonds of 2016
$6,985,000 issued / $5,215,000 outstanding
Final maturity: August 15, 2026
Bonds are payable from available revenues of the commission and a special benefits tax back-up
The Commission uses Galvstar, Vogt Valve, Bethnova, and Keystone TIF to make Lease Rental Payments
Keystone EDA
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Comparison of Estimated Tax Increment
to Debt Payments
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Keystone EDA
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Estimated Tax Increment
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Keystone EDA
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Impacts
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2016 TIF Study
by Larry DeBoer
and Tamara Ogle
COMMUNITY
DEVELOPMENT
Does TIF shift revenues from overlapping taxing units to TIF Districts?
No loss or shifting if the “but for” test is satisfied
No loss or shifting if there are no other means to fund the incentives or infrastructure besides TIF
No loss or shifting if TIF District funds the purpose for which it was intended; and does not continue to exist after the infrastructure is fully funded
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Impact of TIF on other units
During TIF capture, other taxing units may immediately benefit:
From personal property AV that is not captured
From TIF AV pass-through to other units
New jobs and wages that may increase local option income tax revenue.
Post-2009 Referendum for Operating and/or Debt - benefit from TIF Captured AV
After TIF ends (or if there is surplus pass-through), the increased assessed value is added to the tax base of all the taxing units.
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More than $55,000,000 of projects and infrastructure funded from TIF Bonds
Alternative; property-tax bonds
Current TIF Obligations:
Would require an annual tax rate of $0.3746 based on current year assessed value and debt service outstanding.
Would increase circuit breaker credits and cause revenue loss
How would the projects be
funded without TIF?
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Total 2019 Debt Service Payments = $6,375,242
2019 CNAV = $1,701,739,638
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