The URL can be used to link to this page

Home My WebLink AboutTIF Presentation 052919 from Baker TillyJeffersonville Redevelopment Commission TIF Report Presentation (IC 36-7-25-8) May 29, 2019 1 1 Jeffersonville Redevelopment Commission Monty Snelling, President Jack Vissing, Member Milt Clayton, Member Scott Hawkins, Member Matt Owen, Member Mike Moore, Member 2 2 Financial Advisor: Baker Tilly 3 3 InnerCity Roads Economic Development Area 4 4 InnerCity Roads EDA About the Area 5 5 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 6 InnerCity Roads EDA 6 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.) 7 InnerCity Roads EDA 7 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.) 8 InnerCity Roads EDA 8 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) 9 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 9 Comparison of Estimated Tax Increment to Debt Payments 10 InnerCity Roads EDA 10 Comparison of Estimated Tax Increment and Obligations 11 InnerCity Roads EDA * Represents the Tax Increment set aside from the 2016 Expansions that is distributed to the Greater Clark County School Corporation. 11 Falls Landing/Harbours Economic Development Area 12 12 Falls Landing/Harbours EDA About the Area 13 13 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 14 14 Falls Landing/Harbours EDA Projects Funded with TIF Revenues (since 2012) 15 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 15 Comparison of Estimated Tax Increment to Debt Payments Falls Landing/Harbours EDA 16 16 Falls Landing/Harbours EDA Comparison of Estimated Tax Increment and Obligations 17 17 Galvstar Economic Development Area 18 18 Galvstar Economic EDA About the Area 19 19 Projects Funded with TIF Revenues (since 2012) 20 Galvstar Economic EDA East End Bridge Heavy Haul Road Miscellaneous Total Expenditures: $1,902,564 Total Debt Payments: $1,871,821 20 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 21 Galvstar Economic EDA 21 Comparison of Estimated Tax Increment to Debt Payments 22 Galvstar Economic EDA 22 Comparison of Estimated Tax Increment and Obligations 23 Galvstar Economic EDA 23 Vogt Valve Economic Development Area 24 24 Vogt Valve EDA About the Area 25 25 Projects Funded with TIF Revenues (since 2012) 26 Vogt Valve EDA East End Bridge Heavy Haul Road Miscellaneous Total Expenditures: $2,067,912 Total Debt Payments: $3,845,305 26 Outstanding Obligation 27 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 27 Comparison of Estimated Tax Increment to Debt Payments 28 Vogt Valve EDA 28 29 Vogt Valve EDA Comparison of Estimated Tax Increment and Debt Payments 29 Bethnova Economic Development Area 30 30 Bethnova EDA About the Area 31 31 Projects Funded with TIF Revenues (since 2012) 32 Bethnova EDA East End Bridge Heavy Haul Road Miscellaneous Total Expenditures: $1,014,835 Total Debt Payments: $869,988 32 Outstanding Obligations 33 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 33 Comparison of Estimated Tax Increment to Debt Payments 34 Bethnova EDA 34 Keystone Economic Development Area 35 35 Keystone EDA About the Area 36 36 Projects Funded with TIF Revenues (since 2012) 37 Keystone EDA East End Bridge Heavy Haul Road Utica Sellersburg Road Miscellaneous Total Expenditures: $770,531 Total Debt Payments: $589,299 37 Outstanding Obligation 38 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 38 Comparison of Estimated Tax Increment to Debt Payments 39 Keystone EDA 39 Estimated Tax Increment 40 Keystone EDA 40 Impacts 41 41 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 42 42 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. 43 43 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? 44 Total 2019 Debt Service Payments = $6,375,242 2019 CNAV = $1,701,739,638 44