HomeMy WebLinkAboutPark Bond Packet
Preliminary for Planning Purposes Only
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Construction costs $20,650,000 $22,850,000 $29,150,000 $29,800,000 $31,350,000 $32,000,000 $32,500,000
Par amount of bonds $20,890,000 $23,115,000 $29,490,000 $30,145,000 $31,715,000 $32,370,000 $32,875,000
Average annual bond payment $1,404,136 $1,553,691 $1,982,191 $2,026,218 $2,131,746 $2,175,772 $2,209,716
Estimated Pay 2022 City NTC $92,092,724 $92,092,724 $92,092,724 $92,092,724 $92,092,724 $92,092,724 $92,092,724
Tax rate impact of bonds 1.525%1.687%2.152%2.200%2.315%2.363%2.399%
Property Type
Estimated Market Value
(EMV) of Property for
Pay 2022
Residential Homestead $200,000 $28 $30 $39 $40 $42 $43 $43
$225,000 $32 $35 $45 $46 $48 $49 $50
$250,000 $36 $40 $51 $52 $54 $56 $56
$275,000 $40 $44 $57 $58 $61 $62 $63
$300,000 $44 $49 $62 $64 $67 $68 $70
Median Value*$361,730 $54 $60 $77 $79 $83 $84 $86
Mean Value*$379,939 $57 $64 $81 $83 $87 $89 $90
$500,000 $76 $84 $108 $110 $116 $118 $120
$750,000 $124 $137 $175 $179 $188 $192 $195
$1,000,000 $172 $190 $242 $248 $260 $266 $270
Commercial / Industrial $500,000 $141 $156 $199 $204 $214 $219 $222
$1,000,000 $294 $325 $414 $424 $446 $455 $462
$3,000,000 $903 $1,000 $1,275 $1,304 $1,372 $1,400 $1,422
$5,000,000 $1,513 $1,674 $2,136 $2,184 $2,297 $2,345 $2,381
$7,000,000 $2,123 $2,349 $2,997 $3,064 $3,223 $3,290 $3,341
$10,000,000 $3,038 $3,362 $4,289 $4,384 $4,612 $4,707 $4,781
Assumptions for Scenarios:
Estimated term of bonds (years) =20 Pay 2020 Median Value*$328,100
Estimated cost of issuance as % of par amount of bonds =1.15%included in par amount of bonds Pay 2020 Mean Value*$344,616
Estimated interest rate for bonds =3.00%average coupon
Estimated Pay 2022 City Net Tax Capacity (NTC) calculated based on the following:
Pay 2020 Prel NTC $83,306,830 From Dakota County Tables 9A, 9B, 9C
Plus estimated NTC from TIF Decertification $451,561 From Dakota County TIF Status Report, Pay 2019
Less NTC from TIF Decertification Subject to Tax Abatement ($227,576)PID 22-24500-01-023, Pay 2020 Valuation of $11,416,300
Valuation Growth from Pay 2020 to Pay 2022 $8,561,909 Annual growth assumption =5.00%
Estimated Pay 2022 City NTC $92,092,724
Estimated growth in EMV of property from Pay 2020 to Pay 2021 $4,176,541
Estimated growth in EMV of property from Pay 2021 to Pay 2022 $4,385,368
*Median and mean values are adjusted for annual
growth assumption
MID-RANGE ASSUMPTIONS
City of Lakeville, Minnesota
Review of Scenarios for General Obligation Referendum Park Bonds
Tax Impact on Property Type Examples
SCENARIOS
Tax Impact on Property Type
3/26/2020
2021 Design & 2022 Construction $8,215,000
TOTAL $8,215,000
2023 Design & 2024 Construction $15,180,000
TOTAL $15,180,000
2024 Design & 2025 Construction $2,553,400
TOTAL $2,553,400
Demolition of 2-story home, Cabin Improvements,$1,280,000
New Addition, Septic and Parking Areas,
Pergola
TOTAL $1,280,000
$730,000
TOTAL $730,000
$27,958,400
RITTER FARM PARK CABIN & SITE IMPROVEMENTS
CASPERSON PARK PERFORMANCE STAGE & PARKING LOT IMPROVEMENTS
PARK BOND REFERENDUM PROJECT COST ESTIMATES
July 2020
ANTLERS PARK
AVONLEA COMMUNITY PARK
EAST COMMUNITY PARK
November 3, 2020
Park Bond Referendum Proposed Timeline
PRNRC revisited discussed park projects, estimated January8 costs and discuss additional projects to be PRNRC Meeting considered as part of referendum
March 30 City Council reviewed Baker Tilly Citizen Survey City Council Work
Session results
April 15 PRNRC recommends postponing August 11 Park
Bond Referendum
April 27 City Council postpones August 11 Park Bond
Referendum
July 27 City Council directs staff to move forward on a City Council Work November 3 Park Bond Referendum Session
August 3 or 17 City Council considers resolution calling for a special
election
No Later Than *City Clerk provides written notice to:
August 19 (1)County Auditor and (2) Secretary of State
regarding election
August -November Educate community on Park Bond Referendum
November3 Park Bond Referendum Election
If Park Bond Referendum approved, complete plans
2021 and specifications for at least one of the projects (i.e.
Antlers Park)
Late 2021 or early Bid opening and City Council approval of contract
2022 agreement
Summer2022 Construction commences
* At least 74 days before election, written notice must be provided form (1) City Clerk to County
Auditor (2) County Auditor to Secretary of State