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85 E.SEVENTH PLACE,SUITE 100 54 <br /> SAINT PAUL,MN 55101-2887 <br /> 651-223-3000 FAX:651-223-3002 SPRINGSTED <br /> Advisors to the Puhlic.Sector <br /> MEMORANDUM <br /> TO: Michael Mornson, Manager, St. Anthony Village <br /> FROM: Paul T. Steinman, Vice President <br /> DATE: December 27, 2001 <br /> SUBJECT: TIF District Options <br /> As we discussed, your two primary objectives are 1) to capitalize the Chandler TIF fund in order <br /> to accomplish planned projects, and; 2) to relieve the Kenzie TIF District of its debt obligations. <br /> You have options available to complete either objective. These options are as follows: <br /> 1) Utilize the existing Kenzie fund balance to'defease, or pay off, the G.O. Tax <br /> Increment Bonds, Series 1995B (Community Center). <br /> • Pro: <br /> ✓ Get rid of the Community Center debt earlier than expected. <br /> ✓ MAY be able to decertify Kenzie TIF District early and get it back on the <br /> tax rolls. However, no early decertification is allowed without <br /> Commissioner of Revenue approval. <br /> • Con: <br /> ✓ Use entire fund balance to defease outstanding Bond. <br /> ✓ Still have to make about 70% of the scheduled bond payment through <br /> 2004. <br /> ✓ If District is decertified you no longer would have the option of using <br /> Kenzie increment to make up any potential shortfall in the Apache TIF <br /> District (Cub Bonds). <br /> 2) Sell a G.O. Tax Increment Revenue Bond using a projected TIF revenue stream <br /> from the Chandler District. <br /> • Pro: <br /> ✓ Get$ into the Chandler TIF fund to complete planned projects. <br /> • Con: <br /> ✓ Some risk if Chandler TIF revenues fall short of projections. <br /> ✓ Cost of bond issuance. <br /> 3) Complete an internal loan of Kenzie TIF funds into the Chandler TIF fund. <br /> • Pro: <br /> ✓ Get$ into the Chandler TIF fund to complete planned projects. <br /> CORPORATE OFFICE: SAINT PAUL,MN • Visit our website at www.springsted.com <br /> IOWA • KANSAS • MINNESOTA • VIRGINIA • WAS11INGTON,DC • WISCONSIN <br />