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05/10/2010 Council Packet
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05/10/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
05/10/2010
Council Meeting Type
Regular
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Ten of the Largest Taxpayers <br />Taxpayer <br />Target Corporation <br />Lino Lakes Realty LLC <br />Marshall Investment Corp. <br />Molin Concrete Products Co. <br />ECC Lino Lakes LLC <br />Xcel Energy <br />Kohl's Department Store <br />Taylor Corporation <br />Royal Oaks Realty Inc. <br />F &G Incorporated <br />Total <br />Type of Property <br />Retail <br />Commercial /Industrial <br />Commercial /Industrial <br />Concrete Products <br />Commercial <br />Utility <br />Retail <br />Promotional /Printing Products <br />Residential <br />Commercial /Industrial <br />Represents 7.0% of the City's 2009 taxable net tax capacity. <br />CITY INDEBTEDNESS <br />Legal Debt Limit* <br />Legal Debt Limit (3% of Taxable Market Value) <br />Less: Outstanding Debt Subject to Limit <br />Legal Debt Margin as of February 28, 2010 <br />2009 Net <br />Tax Capacity <br />$ 254,772 <br />242,114 <br />164,371 <br />150,370 <br />147,060 <br />141,737 <br />140,438 <br />132,706 <br />115,350 <br />108,700 <br />$1,597,618* <br />$60,056,688 <br />(7,877,000) <br />$52,179,688 <br />The legal debt margin is referred to statutorily as the "Net Debt Limit" and permits debt to be offset by <br />debt service funds and current revenues which are applicable to the payment of debt in the current <br />fiscal year. however, to conservatively state the limit no such offset has been used to increase the <br />legal debt margin as shown above. <br />General Obligation Debt Supported by Taxes(a) <br />Date Original <br />of Issue Amount <br />11 -1 -06 $2,990,000 <br />2 -1 -07 160,000 <br />2 -1 -08 209,000 <br />5 -1 -09 336,000 <br />12 -9 -09 4,260,000 <br />2 -1 -10 170,000 <br />Total <br />Purpose <br />CIP Refunding <br />Equipment Certificates <br />Equipment Certificates <br />Equipment Certificates <br />Capital Improvement <br />Equipment Certificates <br />Final <br />Maturity <br />2 -1 -2018 <br />12 -31 -2010 <br />12 -31 -2011 <br />12 -31 -2012 <br />2 -1 -2025 <br />12 -31 -2013 <br />Principal <br />Outstanding <br />As of 2 -28 -10 <br />$2,910,000 <br />55,000 <br />146,000 <br />336,000 <br />4,260,00003) <br />170,000 <br />$7,877,000 <br />(a) These issues are subject to the statutory debt limit. <br />(b) This issue will be repaid by the City pursuant to a Joint Powers Agreement between Anoka County <br />and the City. <br />9 <br />
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