HomeMy WebLinkAbout09/12/1995 TENTATIVE AGENDA
SHAKOPEE, MINNESOTA
COMMITTEE OF THE WHOLE SEPTEMBER 12, 1995
- TUESDAY -
JOINT MEETING WITH JACKSON AND LOUISVILLE TOWNSHIPS
LOCATION: City Hall, 129 Holmes Street South
Mayor Gary Laurent presiding
1] Roll Call at 6:00 P.M.
2) Approval of Minutes of August 29, 1995
3] 1996 Fire Department Budget
4) 1996 Recreation Department Budget
5) Other business:
6] Adjourn at 7:00 P.M.
Dennis R. Kraft
City Administrator
OFFICIAL PROCEEDINGS OF THE SHAKOPEE CITY COUNCIL
COMMITTEE OF THE WHOLE SHAKOPEE, MINNESOTA AUGUST 29, 1995
Mayor Laurent called the meeting to order at 5: 00 P.M. with
Councilmembers Brekke, Beard, Sweeney and Lynch present.
Staff present: Dennis R. Kraft, City Administrator; Barry
Stock, Assistant City Administrator; Karen Marty, City
Attorney; Judith S. Cox, City Clerk; Paul Bilotta, Acting
Planning Director; Bruce Loney, Public Works Director/City
Engineer; and Jerry Poole, Deputy Chief of Police.
Brekke/Sweeney moved to approve the Minutes of July 24th and
August 16th, 1995.
Mayor Laurent added an item to the agenda under 3 . 5] County
Process in Determining A Site For Expansion.
Mayor Laurent stated that the Police Chief has asked Council
to adopt a resolution regarding community policing.
Sweeney/Lynch moved to recommend to City Council the
adoption of Resolution No. 4282, Adopting A Community
Policing Philosophy.
Cncl. Sweeney asked Deputy Chief Poole what additional costs
would be involved.
Deputy Chief Poole responded that he did not know. He
explained that in theory these have been successful in
cutting costs, but over a long period of time. He said that
where they have failed it was because of the lack of support
by the City Council.
Deputy Chief Poole stated that the role is education. The
community must work together with the Police Department.
Within neighborhoods, residents will begin to solve their
own problems which will result in cutting down costs over
time. He said that the citizenry is the driving force for
implementation.
Discussion followed on the community policing philosophy.
Motion carried unanimously.
Cncl. Sweeney provided Councilmembers with a copy of the
consultant's site study options for the proposed Scott
County Justice Center and other space needs. He identified
the various sites contained within the study. Option A
expands the current courthouse site to the West, Option B
expands the current courthouse site to the North and Option
C is a site remote from the existing courthouse complex.
Official Proceedings of the August 29, 1995
Shakopee City Council (COW) Page -2-
Cncl. Sweeney stated that expansion adjacent to the current
site would require the vacation of some streets. He said
that he did advise the County Board that the Council has a
problem with vacating Fuller Street but that they were not
opposed to closing 3rd Avenue, 4th Avenue and Atwood Street.
Discussion followed.
Brekke/Beard moved to direct staff to come up with some
alternatives for closing Fuller Street, redirecting traffic
within the parameters of options A and B for the courthouse
expansions. Discussion followed on other factors that may
be useful in considering sites i.e. : construction of the
jail at a separate site, impact on the downtown, affect on
taxes in the future. There was a consensus of
Councilmembers that all of these factors be looked into by
staff.
Motion carried unanimously.
Mr. Voxland reviewed several items concerning the 1996
budget for Council discussion. He referred to various pages
within his handout.
Mr. Voxland explained that page 4 shows the special
assessments on City property if spread out over ten years.
Discussion followed. Mayor Laurent asked if the payments
would come from the General fund or the Capital Improvement
Fund (CIP) . Discussion followed.
There was a consensus to spread the special assessments over
ten years and that they be paid from the General Fund but
payment could be reconsidered each year if there is a desire
to pay from the CIP.
Pages 5 and 6 provided Council with a general fund budget
summary for 1996.
Pages 7 through 10 identified revenue numbers. Pages 11 and
12 provided a budget summary by division for a total budget
for 1996 in the amount of $5, 891, 630. Mr. Voxland stated
that the proposed budgets from departments are generally
conservative.
Page 14 identifies significant changes in the budget from
1995 . Mr. Voxland noted that code enforcement for $10, 000
needs to be added.
Official Proceedings of the August 29, 1995
Shakopee City Council (COW) Page -3-
Mr. Voxland stated that the tax capacity numbers will not be
available from the County until probably October. Page 15
shows an estimated market value for 1995/1996 for new
construction at $29, 686, 400. This will provide an
additional estimated city tax in the amount of $151, 000. 00,
using the same tax capacity rate as 1995.
Page 16 shows that there is approximately a 6% increase in
General Fund taxes for 1996 over 1995 in the amount of
approximately $151, 000.
Page 17 identifies the Debt Service levies for 1996 and
1997 . Mr. Voxland recommended canceling the following debt
service levies for 1996: 1986B for $35, 511. 00 and 1992A for
$25, 024 . 00. 1990A could have 3 of 6 levies canceled, but
Mr. Voxland recommended including $133,409 for 1996 pending
getting the actual tax capacity numbers. Councilmembers
concurred.
Going back to page 16, Mr. Voxland stated that after
subtracting the debt service levies being canceled and the
fiscal disparities distribution, that the net levy to be
spread is $2, 669, 134 which equals 5.7% increase over 1995.
Mr. Voxland stated that the key is will we have $151, 000
taxes from growth.
Discussion followed on the proposed budget for 1996.
Sweeney/Lynch moved to direct staff to prepare the levy
documents based on the presentation by Mr. Voxland tonight.
Motion carried unanimously.
Mr. Voxland stated that Page 18 shows an estimated General
Fund fund balance in the amount of $407 , 276 and suggested
that it be left in the General Fund fund balance as opposed
to transferring some of it to the CIF. He said that the
auditors also made this recommendation in their report.
There was a consensus of Councilm_ embers to leave it in the
General Fund fund balance.
Council selected hearing dates for the truth in taxation
public hearings: November 29th and December 6th, if
necessary. Adoption of the final budget and tax levy will
be on December 19th.
Councilmembers directed the City Administrator to set up a
joint meeting with the townships to discuss the City's
budget for September 11th, 12th, or 13th. Councilmembers
agreed to meet at 4 : 00 P.M. on September 15th to adopt the
levy.
Official Proceedings of the August 29, 1995
Shakopee City Council (COW) Page -4-
Mayor Laurent updated the Councilmembers on a meeting with
the Bureau of Indian Affairs (BIA) regarding the placement
of land into trust status. He said that they have made a
commitment to follow the process.
Mayor Laurent adjourned the meeting at 7 : 07 P.M.
dIW 411t,
ith
S. Coit
y Clerk
cording Secretary
cJ `• y
TO: Dennis R. Kraft, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Fire Department and Recreation Department 1996 Budget Request
DATE: August 23, 1995
Attached are the 1996 proposed budgets for the Fire and Recreation
Departments. The former Recreation Department will be part of the new
Recreation Fund along with the pool and civic center operation as shown
on the attached sheets.
SHAKOPEE
August 30, 1995
Jim Theis Rose Menke
Louisville Township Board Jackson Township Board
956 West 150th Street 1060 Oak Road
Shakopee, MN 55379 Shakopee, MN 55379
Dear Town Board Members,
Enclosed is the Fire Department budget request for 1996 in detail. City Council
has seen only the total by major category at the 8/29/95 committee of the whole
meeting. All three bodies addressed above are receiving the detail of the fire
budget at the same time.
Also enclosed is the 5 year equipment list for the Fire Department. Readers
are reminded that there is now a separate internal service fund that buys and
"owns" the equipment and rents the equipment to operating departments. This
eliminates the large truck purchases from the Fire Dept budget and smoothes out
the budget and township fees. This rental arrangement is effective for trucks
bought in 1994 and later in terms of calculating the township fees.
The site acquisition and second fire station construction is not included in
the Fire Dept. budget.
It should be noted that there is a significant increase in pensions due to the
increase authorized by Council. There is also an increasing number of
firefighters in order to meet daytime staffing needs.
If there are any questions of concerns the Town Boards wish to address they may
contact Dennis Kraft or myself.
Sincerely,
Gregg o and
Finance Director
COMMUNITY PRIDE SINCE 1857
129 Holmes Street South• Shakopee,Minnesota• 55379-1351 612-445-3650 FAX 612-443-6718
CITY OF SHAKOPEE
1996 BUDGET
Division Budget
Object 1993 1994 1995 Y-T-D DEPARTMENT PROPOSED
Code Description ACTUAL ACTUAL BUDGET 07/31/95 REQUEST BUDGET
DIVISION 32 - FIRE
4101 WAGES FT REG 3,021 2,865 6,000 1,115 2,120 2,120
4102 OVERTIME-FT 0 911 0 1,249 2,000 2,000
4110 WAGES - TEMP 66,647 90,295 105,000 46,523 107,100 107,100
4121 PERA 136 169 270 106 180 180
4122 FICA 1,190 1,595 1,310 851 2,180 2,180
4124 FIRE PENSION 48,290 43,407 43,400 0 75,290 75,290
4131 HEALTH 8 LIFE 0 0 300 0 0 0
4151 WORKERS COMPENSATION 7,680 9,459 11,000 6,637 9,000 9,000
PERSONNEL SERVICES 126,964 148,701 167,280 56,481 197,870 197,870
4210 OPERATING SUPPLIES 9,823 10,980 21,550 4,333 33,550 33,550
4222 MOTOR FUELS 8 LUBRICANTS 1,805 3,035 3,200 1,702 3,300 3,300
4230 BUILDING MAINT 5,657 1,566 11,000 376 5,000 5,000
4240 EQUIPMENT MAINTENANCE 9,160 15,648 19,000 3,923 19,000 19,000
4310 PROFESSIONAL SERVICES 28,797 30,547 0 1,675 3,000 3,000
4320 POSTAGE 14 0 100 0 100 100
4321 TELEPHONE 1,664 1,730 1,800 871 2,160 2,160
4330 TRAVEL/SUBSISTENCE 1,771 1,257 2,000 2,307 2,200 2,200
4350 PRINTING/PUBLISHING 40 135 650 0 650 650
4360 INSURANCE 22,603 18,672 22,000 20,319 22,000 22,000
4380 UTILITY SERVICE 10,852 9,448 8,400 5,403 9,240 9,240
4390 CONFERENCE/SCHOOL/TRAINING 5,945 7,986 12,000 2,107 11,000 11,000
4410 RENTALS 91 0 125,760 73,451 141,000 141,000
4433 DUES 380 195 1,000 265 . 1,000 1,000
4435 SUBSCRIPTIONS/PUBLICATIONS 95 187 0 45 500 500
SUPPLIES 8 SERVICES 98,697 101,386 228,460 116,777 253,700 253,700
4550 EQUIPMENT 16,164 597,270 14,500 3,878 0 0
CAPITAL EXPENDITURES 16,164 597,270 14,500 3,878 0 0
TOTAL FIRE DIVISION 241,825 847,357 410,240 177,136 451,570 451,570
1996 1997 1998 1999 2000
Fire
Truck-Pumper 260,000 260,000
Truck-Grass Rig 35,000
Truck-Telesquirt 350,000
Hover Craft 20,000
Utility/Personnel Vehicle 35,000
1996 1997 1998 1999 2000
Fire
Truck-Pumper 260,000 260,000
Truck-Grass Rig 35,000
Truck-Telesquirt 350,000
Hover Craft 20,000
Utility/Personnel Vehicle 35,000
CITY OF SHAKOPEE
1996 GENERAL FUND BUDGET
DIVISION: FIRE
ACTIVITY:
Activity includes fire prevention, inspection, training, fire fighting
hazardous material response and water and high level rescue. Maintenance
of station and equipment on a 24-hour basis in order to insure the safety
and protection of the City of Shakopee and Jackson and Louisville
Townships.
OBJECT DESCRIPTION: Description of lines items:
Salaries:
Custodian salary $2,080.
Salaries - Temp
44 Fire Fighters.
Supplies:
No increase over 1995 for basic supplies, but includes $6,000 for
replacement of old fire hose and $6,000 for replacement of old hazadous
material suites.
Equip. Maintenance:
No increase over 1995.
Building Maintenance:
Reduced by $6,000. This assumes window repair, heating unit replacement
and painting is accomplished in 1995. 1996 warrants replacement of worn
out light fixtures and replacement of another roof top heating unit.
Conference & Schools:
Moved $1,000 to Travel & Subsistence to realign these two items.
Reflects $1,000 less than last year.
Rentals:
Equipment Rental $141,000.
CITY OF SHAKOPEE
PROGRAM BUDGET WORKSHEET
FOR THE YEAR ENDING 12/31/96
PROGRAM PROGRAM
321 323
MGT CUSTODIAN TOTAL
FIRE
4101 WAGES FT REG 0 2,120 2,120
4102 OVERTIME-FT 2,000 0 2,000
4110 WAGES - TEMP 107,100 0 107,100
4121 PERA 90 90 180
4122 FICA 1,710 470 2,180
4124 FIRE PENSION 75,290 0 75,290
4151 WORKERS COMPENSATION 9,000 0 9,000
IntnI PERSONNEL SERVICES $195,190 $2,680 $197,870
4210 OPERATING SUPPLIES 33,550 0 33,550
4222 MOTOR FUELS & LUBRICANTS 3,300 0 3,300
4230 BUILDING MAINT 5,000 0 5,000
4240 EOUIPMENT MAINTENANCE 19,000 0 19,000
4310 PROFESSIONAL SERVICES 3,000 0 3,000
4320 POSTAGE 100 0 100
4321 TELEPHONE 2,160 0 2,160
4330 TRAVEL/SUBSISTENCE 2,200 0 2,200
4350 PRINTING/PUBLISHING 650 0 650
•
4360 INSURANCE 22,000 0 22,000
4380 UTILITY SERVICE 9,240 0 9,240
4390 CONFERENCE/SCHOOL/TRAINING 11,000 0 11,000
4410 RENTALS 141,000 0 141,000
4433 DUES 1,000 0 1,000
4435 SUBSCRIPTIONS/PUBLICATIONS 500 0 500
Total SUPPLIES & SERVICES $253,700 $0 $253,700
TOTAL FIRE $448,890 $2,680 $451,570
• CITY OF SHAKOPEE
PROGRAM BUDGET WORKSHEET
FOR THE YEAR ENDING 12/31/96
PROGRAM PROGRAM
321 323
MGT • CUSTODIAN TOTAL
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FIRE
4101 WAGES FT REG 0 2,120 2,120
4102 OVERTIME-FT 2,000 0 2,000
4110 WAGES - TEMP 107,100 0 107,100
4121 PERA 90 90 180
4122 FICA 1,710 470 2,180
4124 FIRE PENSION 75,290 0 75,290
4151 WORKERS COMPENSATION 9,000 0 9,000
Intil PERSONNEL SERVICES $195,190 x2,680 $197,870
4210 OPERATING SUPPLIES 33,550 0 33,550
4222 MOTOR FUELS Z. LUBRICANTS 3,300 0 3,300
4230 BUILDING MAINT 5,000 0 5,000
4240 EOUIPMENT MAINTENANCE 19,000 0 19,000
4310 PROFESSIONAL SERVICES 3,000 0 3,000
4320 POSTAGE 100 0 100
4321 TELEPHONE 2,160 0 2,160
4330 TRAVEL/SUBSISTENCE 2,200 0 2,200
4350 PRINTING/PUBLISHING 650 0 650
4360 INSURANCE 22,000 0 22,000
4380 UTILITY SERVICE 9,240 0 9,240
4390 CONFERENCE/SCHOOL/TRAINING 11,000 0 11,000
4410 RENTALS 141,000 0 141,000
4433 DUES 1,000 0 1,000
4435 SUBSCRIPTIONS/PUBLICATIONS 500 0 500
Total SUPPLIES & SERVICES $253,700 SO $253,700
TOTAL FIRE $448,890 $2,680 $451,570
Program Program Program Program
750 751 752 753
Other Objec Description Benefits General Rec. Pool Ice Arena Total
Progr Operating Revenue
3470 Memberships 12,500 22,000 12,500 47,000
3471 Daily Admissions 7,140 23,000 7,140 37,280
3471 Punch Card Purchases 2.500 2,500 5,000
3472 lessons 10,000 3,000 13,000
3474 Ice Rental - Prime 110,000 110,000
7820 3477 Gymnastics 14,400 14,400
7800 3477 Youth Activities 37,650 37,650
7858 3478 Aerobics 25,000 25,000
7854 3478 Intramural Basketball 1,200 1,200
7855 3478 Intramural Volleyball 1,200 1,200
7850 3478 Adult Activities 39,500 39,500
3479 Concession Stand 9,000 7,500 16,500
3480 Vending Contract 2,770 2,770 5,540
3480 Vending Machines 2,500 2,500 5,000
3489 Township Contributions 4,350 4,350
3490 Other Rec. Fees 8,500 8,500
3491 Arena Advertising 5,000 5,000
3620 Skate Sharpening 1,000 1,000
3620 Pay Phones 500 500 1,000
3622 Cable Access Rental 7,200 7,200
3622 Rentals 2,700 18,000 20,700
3622 Meeting Room Rental 500 500
3623 Contributions 2,000 2,000
Total Operating Revenue - 181,110 55,000 172,410 408,520
Operating Expenses
4101 Wages FT - Reg. - 152,510 5,860 45,620 203,990
4110 Wages - Temporary - 72,460 58,600 22,420 153,480
4121 PERA - 6,830 260 2,040 9,130
4122 FICA - 17,210 450 5,210 22,870
4131 Health & Life 20,530 20,530
4151 Workers Comp 11,760 11,760
4170 Compensated Absences 7,000 7,000
4210 Operating Supplies - 18,500 7,250 8,000 33,750
4222 Motor Fuels & Lub. 2,500 15,000 7,500 25,000
4240 Equipment Maintenance - 1,500 5,000 2,000 8,500
4250 Merchandise - 5,000 5,000 10,000
4310 Professional Services - 7,000 3,000 2,000 12,000
4320 Postage - 2,250 250 2,500
4321 Telephone - 1,500 500 500 2,500
4330 Travel/Subsistence - 1,050 150 250 1,450
4340 Advertising - - 300 300
4350 Printing/Publishing - 5,000 1,000 1,500 7,500
4360 Insurance - 10,500 6,000 7,500 24,000
4380 Utilities 30,000 12,000 55,000 97,000
4390 Conference/School/Traini - 1,050 300 250 1,600
4410 Rentals - 300 300 600
4433 Dues - 700 700
4435 Subscriptions/Publication - , 400.. 300 700
4438 Sales Tax 3,000 3,000
Total Expenses $ 39,290 $ 331,260 $ 123,670 $ 165,640 $ 659,860
Net Cash Flow 39,290) 150,150) (68,670) 6,770 (251,340
CITY OF SHAKOPEE
1996 BUDGET
Division Budget
Object 1993 1994 1995 Y-T-D DEPARTMENT PROPOSED
Code Description ACTUAL ACTUAL BUDGET 08/31/95 REQUEST BUDGET
750 -RECREATION FUND
DIVISION 00 - N/A
4101 WAGES FT REG 0 0 0 0 0 152,510
4110 WAGES - TEMP 0 0 0 0 0 72,460
4121 PERA 0 0 0 0 0 6,830
4122 FICA 0 0 0 0 0 17,210
PERSONNEL SERVICES 0 0 0 0 0 249,010
4210 OPERATING SUPPLIES 0 0 0 0 0 18,500
4222 MOTOR FUELS & LUBRICANTS 0 0 0 0 0 2,500
4240 EQUIPMENT MAINTENANCE 0 0 0 0 0 1,500
4310 PROFESSIONAL SERVICES 0 0 0 0 0 7,000
4320 POSTAGE 0 0 0 0 0 2,250
4321 TELEPHONE 0 0 0 0 0 1,500
4330 TRAVEL/SUBSISTENCE 0 0 0 0 0 1,050
4350 PRINTING/PUBLISHING 0 0 0 0 0 5,000
4360 INSURANCE 0 0 0 0 0 10,500
4380 UTILITY SERVICE 0 0 0 0 0 30,000
4390 CONFERENCE/SCHOOL/TRAINING 0 0 0 0 0 1,050
4410 RENTALS 0 0 0 0 0 300
4433 DUES 0 0 0 0 0 700
4435 SUBSCRIPTIONS/PUBLICATIONS 0 0 0 0 0 400
SUPPLIES & SERVICES 0 0 0 0 0 82,250
TOTAL N/A DIVISION 0 0 0 0 0 331,260
CITY OF SHAKOPEE
1996 BUDGET
Division Budget
Object 1993 1994 1995 Y-T-D DEPARTMENT PROPOSED
Code Description ACTUAL ACTUAL BUDGET 08/31/95 REQUEST BUDGET
DIVISION 64 - RECREATION
4101 WAGES FT REG 118,547 123,851 133,500 80,377 0 0
4102 OVERTIME-FT 4 0 0 217 0 0
4110 WAGES - TEMP 18,535 18,364 28,000 17,672 0 0
4111 OVERTIME-TEMP 0 78 0 7 0 0
4121 PERA 5,165 5,199 5,980 3,553 0 0
4122 FICA 10,232 10,754 10,210 7,376 0 0
4131 HEALTH & LIFE 8,287 7,732 16,090 8,754 0 0
4142 UNEMPLOYMENT 38 2,417 0 4,513 0 0
4151 WORKERS COMPENSATION 2,302 2,835 3,500 3,086 0 0
4170 COMPENSATED ABSENCES 1,581 -3,054 3,300 3,699 0 0
PERSONNEL SERVICES 164,691 168,176 200,580 129,254 0 0
4210 OPERATING SUPPLIES 14,205 9,440 15,000 14,762 0 0
4215 MATERIALS 3,165 0 0 0 0 0
4222 MOTOR FUELS & LUBRICANTS 100 50 0 0 0 0
4230 BUILDING MAINT 0 2 0 0 0 0
4240 EQUIPMENT MAINTENANCE 63 89 500 0 0 0
4250 MERCHANDISE 56 0 1,500 0 0 0
4310 PROFESSIONAL SERVICES 4,925 7,571 6,900 4,303 0 0
4320 POSTAGE 647 1,313 2,000 957 0 0
4321 TELEPHONE 1,036 1,215 2,000 960 0 0
4330 TRAVEL/SUBSISTENCE 264 331 800 46 0 0
4350 PRINTING/PUBLISHING 3,015 3,175 3,500 2,530 0 0
4360 INSURANCE 2,388 1,909 2,800 2,829 0 0
4390 CONFERENCE/SCHOOL/TRAINING 271 80 800 247 0 0
4430 DESIGNATED MISCELLANEOUS 0 1 0 0 0 0
4431 CASH SHORT/OVER 0 0 0 3 0 0
4433 DUES 568 656 700 631 0 0
4435 SUBSCRIPTIONS/PUBLICATIONS 96 24 0 25 0 0
4438 SALES TAX 41 1 0 0 0 0
SUPPLIES & SERVICES 30,840 25,857 36,500 27,293 0 0
4550 EQUIPMENT 1,629 0 2,500 2,450 0 0
CAPITAL EXPENDITURES 1,629 0 2,500 2,450 0 0
TOTAL RECREATION DIVISION 197,160 194,033 239,580 158,997 0 0
TO: Dennis R. Kraft, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Estimated taxes
DATE: August 23, 1995
The City has received preliminary information on the taxable tax
capacity from the County Auditor. The data is in line with the
estimates used for the discussions on 8/29/95 discussions on the pay
1996 tax levy.
Attached are schedules showing the impact of the proposed tax levy. The
tax rate goes down 6.1%, Commercial industrial taxes generally go down
6.1%, residential taxes generally go up 4.5% and less depending on
estimated market value.
The debt service levy for the 1990A Improvement bond issue was presented
as a possible cushion in the total proposed levy because it appears that
3 of the remaining 6 levies for that bond could be canceled. I
recommend that Council consider making the levy as a general levy and
place the money in the CIF instead of the debt service fund because; 1)
the balance of the CIF is projected to be significantly drawn down over
the next few years, 2) This action would provide more stability to the
tax rate and levy, and 3) the city is growing and the levy should be
increased in a gradual manner to reflect/accommodate the demands for
service and facilities due to the growth.
City of Shakopee
9/7/95
Pay 1995 Pay 1996 Change
City Tax Levy - Gross 2, 805, 925 2, 959, 134 5. 5%
Less Fiscal Disp. Dist. (280, 610) (291, 693)
Net levy spread 2, 525,315 2, 667, 441 5. 6%
Total City Taxable Tax Capacity 10, 025, 926 11,281, 442 12. 5%
City Tax Rate 25. 188% 23. 645% -6. 1%
Assessor's Estimated Market Value $77, 000 $81, 600 6.0%
Tax Capacity
First $72, 000 at 1% 720 720
Balance at 2% 100 192
820 912 11.2%
City Tax Rate 25. 188% 23. 645%
City Tax $206.54 $215. 64 4 .4%
Assessor' s Estimated Market Value $89, 000 $94, 400 6. 1%
Tax Capacity
First $72, 000 at 1% 720 720
Balance at 2% 340 448
1,060 1, 168 10.2%
City Tax Rate 25. 188% 23. 645%
City Tax $266. 99 $276. 17 3.4%
Assessor's Estimated Market Value $98,700 $104, 600 6. 0%
Tax Capacity
First $72, 000 at 1% 720 720
Balance at 2% 534 652
1,254 1, 372 9.4%
City Tax Rate 25. 188% 23. 645%
City Tax $315. 86 $324 . 40 2.7%
Assessor's Estimated Market Value $164, 600 $174, 500 6. 0%
Tax Capacity
First $72, 000 at 1% 720 720
Balance at 2% 1, 852 2, 050
2, 572 2, 770 7 .7%
City Tax Rate 25. 188% 23. 645%
City Tax $647.83 $654 . 95 1. 1%
1
AI B I C IDI 8 I F H I 2 I J I R I I. I M
1 City of Shakopee 9/7/95
2 Data from the County
3
4 1993/94 1994/95 1994/95 1995/96 1995/96
5 Assessor's
6 Estimated Market Value 536,255,100 598,388,000 $640,643,500
7 New EMV New EMV New Est TC
8 Residential 291,397,900 334,115,500 21,987,700 384,545,300 15.1% 21,683,200 6.5% 238,515 1.2%
7 Commercial/Ind 176,492,700 194,511,400 12,863,700 209,943,900 7.9% 7,986,800 4.1% 359,406 4.6%
10 Apartments 22,235,400 21,795,000 22,144,000 1.6% 0.0%
11 Agricultural 24,408,500 24,603,700 70,800 20,195,000 -17.9% 16,400 0.1%
12 514,534,500 . .,2.M.620_1.___.,_4,922 200 6.8% 636,828,200 10.7% 29,686,400 5.2% 597,921 6.0%
13 Current tax rate 0.25245
14 Est Levy increase 150,945
15
16 *************************************************************************
17 Auditor's Taxable Market Value $646,329,600
18 Taxable Tax Capacity 9,182,499 10,025,926 9.2% $ 11,281,442
19
20 Total Net Tax Capacity 13,356,769 14,806,860 15,890,024
21 TIF (1,919,057) (1,730,925) (1,526,610)
22 FD contribution value (2,109,842) (2,747,942) (3,081,972)
23 9,327,870 10,327,993 11,281,442
_.
24
25 FD distribution value (1,119,692) (1,050,000) (1,180,000)
26 FD settlement 319,487 280,160 291,693
27
28
29
30
31 City of Shakopee
32 House x on $94400 Total
33 Tax Levy EMV EMV House Tax Rate Tax Capacity EMV
34
35 1990/91 2,453,042 79,100 211.30 23.426 14,289,921 550,493,500
s 1991/92 2,615,013 79,100 206.70 23.979 14,634,316 523,200,700
37 1992/93 3,114,951 83,200 265.85 28.162 14,669,065 544,789,600
38 1993/94 2,805,925 83,200 255.86 27.104 13,356,769 536,255,100
39 1994/95 2,805,925 89,000 267.60 25.245 10,033,358 598,388,000
40 1995/96 2,959,134 94,400 276.17 23.645 11,281,442 646,329,600
41
42 Five Year Annual Averag 4.1% 3.9% 6.1% N/C N/C N/C
43
44
45
46
47 City taxes-not TIF
48 Pay 95 Pay 96
49 Track Front Stretch EMV EMV
5 o 27-904013-0 732,100 328,200
51 27-905001-0 3,722,800 2,203,500
52 27-908071-0 1,220,100 391,100
53 5,675,000 2,922,800
54
55
56 Tax Capacity 256,250 129,649
57 Tax Rate for pay 1995 0.25245 0.25245
58 Tax $ 64,690 $ 32,730
59
60 Track total is$8,000,000 reduction in EMV for pay 1996
2-
Shakopee Assessed Value and Taxes Payable
Tax Capacity Formulas Residential Properties
1990/91 1st 68,000 @ 1.00% 68-100K @ 2.00% excess @ 3.00%
1991/92 1st 72,000 @ 1.00% 72-115K @ 2.00% excess @ 2.50%
1992/93 1st 72,000 @ 1.00% excess @ 2.00%
1993/94 1st 72,000 @ 1.00% excess @ 2.00%
1994/95 1st 72,000 @ 1.00% excess @ 2.00%
1995/96 1st 72,000 @ 1.00% excess @ 2.00%
Tax Capacity Formulas Commercial Properties
1990/91 1st 100,000 @ 3.20% excess @ 4.95%
1991/92 1st 100,000 @ 3.10% excess @ 4.75%
1992/93 1st 100,000 @ 3.00% excess @ 4.70%
1993/94 1st 100,000 @ 3.00% excess @ 4.60%
1994/95 1st 100,000 @ 3.00% excess @ 4.60%
1995/96 1st 100,000 @ 3.00% excess @ 4.60%
See examples on following pages.
Shakopee Assessed Value and Taxes Payable
Residential Tax EMV Tax Cap. City City Total Total
Parcel Year Value Value Tax Rate Tax Tax Rate Tax
27-004147-0 1990/91 68,900 698 23.426% 163.51 119.996% 837.57
1991/92 68,900 689 23.979% 165.22 135.370% 932.70
1992/93 72,000 720 28.162% 202.77 140.007% 1,008.05
1993/94 72,000 720 27.104% 195.15 146.446% 1,054.41
1994/95 77,000 820 25.245% 207.01 152.742% 1,252.48
1995/96 81,600 912 23.645% 215.64
27-037013-0 1990/91 79,100 902 23.426% 211.30 119.996% 1,082.36
1991/92 79,100 862 23.979% 206.70 135.370% 1,166.89
1992/93 83,200 944 28.162% 265.85 140.007% 1,321.67
1993/94 83,200 944 27.104% 255.86 146.446% 1,382.45
1994/95 89,000 1,060 25.245% 267.60 152.742% 1,619.07
1995/96 94,400 1,168 23.645% 276.17
27-033005-0 1990/91 90,400 1,128 23.426% 264.25 119.996% 1,353.55
1991/92 90,500 1,090 23.979% 261.37 135.370% 1,475.53
1992/93 92,200 1,124 28.162% 316.54 140.007% 1,573.68
1993/94 92,200 1,124 27.104% 304.65 146.446% 1,646.05
1994/95 98,700 1,254 25.245% 316.57 152.742% 1,915.38
1995/96 104,600 1,372 23.645% 324.41
27-015004-0 1990/91 120,200 1,826 23.426% 427.76 119.996% 2,191.13
1991/92 120,200 1,710 23.979% 410.04 135.370% 2,314.83
1992/93 126,900 1,818 28.162% 511.99 140.007% 2,545.33
1993/94 126,900 1,818 27.104% 492.75 146.446% 2,662.39
1994/95 135,800 1,996 25.245% 503.89 152.742% 3,048.73
1995/96 143,900 2,158 23.645% 510.26
27-015006-0 1990/91 136,900 2,327 23.426% 545.12 119.996% 2,792.31
1991/92 136,900 2,128 23.979% 510.27 135.370% 2,880.67
1992/93 153,800 2,356 28.162% 663.50 140.007% 3,298.56
1993/94 153,800 2,356 27.104% 638.57 146.446% 3,450.27
1994/95 164,600 2,572 25.245% 649.30 152.742% 3,928.52
1995/96 174,500 2,770 23.645% 654.97
q
Commercial Tax EMV Tax Cap. City City Total Total
Parcel Year Value Value Tax Rate Tax Tax Rate Tax
27-001162-0 1990/91 53,500 1,712 23.426% 401.05 119.996% 2,054.33
1991/92 52,100 1,615 23.979% 387.26 135.370% 2,186.23
1992/93 52,100 1,563 28.162% 440.17 140.007% 2,188.31
1993/94 54,000 1,620 27.104% 439.08 146.446% 2,372.43
1994/95 59,400 1,782 25.245% 449.87 152.742% 2,721.86
1995/96 59,400 1,782 23.645% 421.35
27-001205-0 1990/91 302,700 13,234 23.426% 3,100.20 119.996% 15,880.27
1991/92 291,900 12,215 23.979% 2,929.03 135.370% 16,535.45
1992/93 288,100 11,841 28.162% 3,334.66 140.007% 16,578.23
1993/94 293,600 11,906 27.104% 3,226.89 146.446% 17,435.27
1994/95 323,000 13,258 25.245% 3,346.98 152.742% 20,250.53
1995/96 323,000 13,258 23.645% 3,134.85
27-087008-0 1990/91 295,900 12,897 23.426% 3,021.25 119.996% 15,475.88
1991/92 284,300 11,854 23.979% 2,842.47 135.370% 16,046.76
1992/93 332,000 13,904 28.162% 3,915.64 140.007% 19,466.57
1993/94 342,800 14,168 27.104% 3,840.09 146.446% 20,748.47
Income 1994/95 377,000 15,742 25.245% 3,974.07 152.742% 24,044.65
1995/96 377,000 15,742 23.645% 3,722.20
27-105001-0 1990/91 837,400 39,701 23.426% 9,300.36 119.996% 47,639.61
1991/92 837,400 38,126 23.979% 9,142.23 135.370% 51,611.17
1992/93 837,400 37,658 28.162% 10,605.25 140.007% 52,723.84
1993/94 848,800 37,445 27.104% 10,149.09 146.446% 54,836.70
1994/95 933,600 41,346 25.245% 10,437.70 152.742% 63,152.10
1995/96 902,200 39,901 23.645% 9,434.64
27-054001-0 1990/91 4,501,700 221,084 23.426% 51,791.14 119.996% 265,291.96
1991/92 4,517,700 212,941 23.979% 51,061.12 135.370% 288,258.23
1992/93 4,532,400 211,323 28.162% 59,512.78 140.007% 295,866.99
1993/94 4,575,200 208,859 27.104% 56,609.14 146.446% 305,865.65
1994/95 4,575,200 208,859 25.245% 52,726.51 152.742% 319,015.72
1995/96 4,575,200 208,859 23.645% 49,384.76
. a. .
, t
Public Springsted
Finance
Advisors ,
Published by SPRINGSTED Incorporated i;• Recycled Paper
F -1,-r t s "Sr.? «°11,'1.4 Q ,,,-, - .,+M, i,.- FThird Quarter-1995
Building the 90's Budget t
By Robert T. Thistle, Senior Vice President, and Alan J. Erickson, Vice President
As a result of pressures from constituents, layoffs or reassignment of personnel and
Look to program and local government officials often find dissatisfaction on the part of special interest
service offerings to themselves urging staff members to either groups that feel they have lost a service of
accomplish hold the line or reduce budget expenditures. particular importance to them. Once the
significant change. The willingness to cut taxes at almost any decision to discontinue the service is made,
cost hits a popular chord and can translate the city could calculate the net reduction in
into strong constituent support. cost that translates directly into reduced
levies, and determine future cost
Cutting budgets has become an ever
increasing challenge. Generally speaking, implications. Individuals affected by the new
personal services (wes and benefits spfoeaking,
policy (such as residents)would then have to
eployees)consists of between 60-70% of use their own resources to perform the
the general fund budget. The remaining activities of the discontinued service.
30% or so is comprised of general supplies, New York City has a collaborative
contractual fees, conferences and schools, program in place whereby routine park
utilities and capital outlay. maintenance is performed by volunteer
Many jurisdictions have spent the past groups or financed by wealthy
philanthropists.
several years paring down the budget by
scrimping on supplies, limiting staff travel Alternatively, a city may decide to defer
and educational development, deferring maintenance on its major systems such as
maintenance and putting off the purchase of streets, sewer and water. A well-managed
new equipment and vehicles. In short, community will have a routine maintenance
paring down the 30% of the budget with program for all of its major systems which,
many fixed and/or mandated costs over if implemented over time, will maximize the
which the jurisdiction has little or no control. life and usefulness of the facilities.
While this has been a valiant and oftentimes However, a decision to delay ongoing
painful process, these cuts rarely have a maintenance does not(as in the previous
tangible effect on the budget as a whole. example) eliminate any future cost
Program and service offerings must be considerations. In fact, in most
examined to accomplish significant structural circumstances it will exacerbate them.
changes. continued on page 2
If the goal is to make substantial cuts, it is
necessary to look at the largest component of
the budget, namely wages and benefits.
Many organizations have avoided doing this,
however, because of the direct linkage irs:de The Springsted Letter -
between personnel and program and service vk V ,,r__ _
offerings. ::: ......... ..... .. .. 23
oasCii •.... . 3'`
The first step is to gain a clear .• ••-
understanding of the core services that, if left 4 Market,Update . 3.
unattended, will compound the costs of future
-S-1 Capital Financing Review.....: .. 4
corrections. Examples of this could be as
follows: Executive Review ' 5
Fax Survey 6
A city could decide to eliminate an entire ---4-'447.
service such as tree trimming and go through
the initial traumas associated with potential
St. Paul, MN • Minneapolis, MN • Washington, DC • Brookfield,WI • Iowa City, IA • Overland Park, KS
Charter Member National Association of Independent Public Finance Advisors
Our Special Studies Group
Expanding to Operational Finance
•
By David N. MacGillivray, Principal, Director of Project Management
Springsted has historically assisted clients Professor Larry Bakken teaches in the
Special studies help with in-depth analyses relating to debt Graduate Public Administration Program and
staff and elected issuance. These studies include capital Law School of Hamline University. Larry
officials make improvement programming, user rate has experience in local government having
informed decisions. studies, tax increment financing plans and served as a mayor of a major suburban city,
comprehensive debt management. We are president of the Minnesota League of Cities,
increasingly being asked to address questions chairman of the International Municipal
on financing operations. Consolidation of Consortium Committee specializing in
services, privatization, annexations;and joint economic development for the National
efforts are public policy areas increasingly League of Cities, and committee member on
being explored by our clients. How public the National League's Committee on
services are delivered and the financial Finance, Administration and
implications of differing means of delivery Intergovernmental Relations.
are foremost issues before many To highlight a sampling of the Special
jurisdictions. Springsted is often approached Studies Group's range of activities to-date in
with these questions because of our extensive
client base and our long-standing reputation operational finance, here are four examples:
in working with public entities. • Cost comparison of information
We have formed our Special Studies processing performed by a consortium of
Group to focus our expertise and resources in local governments vs. individual entities.
addressing our clients' questions in both • Fiscal impact analysis of the capital
capital and operational finance. We have and operational costs and benefits of growth
complemented our existing analytical staff for developing suburban cities.
with two noteworthy professionals
representing local government and education • Comprehensive user fee analysis of all
backgrounds. municipal activities for property tax relief.
Dr. Neil Christenson has served in • Multi jurisdiction examination of
positions ranging from past president of service delivery through consolidation,
several community colleges to Deputy annexation or cooperative agreements.
Chancellor of the Minnesota Community The Springsted Special Studies Group is
College System. He participated in the prepared to work with your staff to
merger of Minnesota's community colleges, efficiently study areas of interest to you. For
technical colleges and state universities. further information, contact your Springsted
project manager at (612) 223-3000. 2
Budget ... continued from page 1
Maintenance does not go away, it just gets at new ways of service delivery through out •
-
more expensive—leaving time bombs planted sourcing, privatization and joint efforts by
by well-meaning intentions. other entities. Under certain circumstances,
As budget-cutting decisions are made, it is restructuring to create distinct profit-centers
imperativemay provide valuable information to further
to ask, "Are we being expedient
evaluate the cost/benefit at the expense of the future? Are there of service delivery.
decisions we should be making today, that Many communities are implementing
although tougher in the short term, will be large-scale strategic planning efforts
better in the long term?" involving a broad-array of constituents.
Prior to cutting or discontinuing any Aimed at gaining the ultimate consent of the
program, elected officials and staff must public, these efforts represent a positive first
prioritize current service levels and step toward accomplishing significant
structural changes.
determine which programs are likely
candidates to be eliminated, reduced or For more information or help building a
restructured. Many jurisdictions are looking budget to fit the 90's, call your Springsted
project manager at (612) 223-3000. g"
Page 2
1
Market Update
By Daniel W. Hartman, Vice President !
i
The summer of 1995 has been good for market—probably due to the uncertainty of
We may be segments of the economy. The stock market proposed tax reform measures being
experiencing the has continued to post gains with rallies discussed in Congress. The municipal bond
soft landing talked triggered by a combination of strong product supply has been low, also keeping rates
about all year. demand from business and low interest rates. down. Unfortunately, mutual funds, the
Strong corporate profits have fueled the stock biggest customer for tax-exempt bonds, have
market. On the flip side, weak consumer been experiencing a selling demand by
spending has contributed to certain soft spots investors. If this were to turn around, tax-
which have kept the stock market from exempt interest rates would follow the law of
overheating and reduced fears of inflation. supply and demand and continue to drop.
Fixed income investors have also enjoyed
good second quarter returns. Interest rates U.S. Treasury Rates
have remained at levels that have encouraged 10%
investors in all fixed income markets. This 8% IU —a . �
rally was fueled by indications the economy
was slowing down, i.e., low inflation rates ' ,.
0
and expectations of rising unemployment. �° ' `'vim' N
Signs of slow growth were more pronounced, 4% 1U, 'Yeas
giving investors a
feeling that the 2% ' 7
G.O. Tax Exempt "A"Rates economy was truly
10% moving toward a soft 0%
I •
8% i landing. The Federal 1990 1991 1992 1993 1994 1995
1
i Reserve met after the
6% 1 I Fourth of July and cut The spread from short-to long-term
interest rates by a interest rates continues to be quite narrow,
4% l,ea` ,/ quarter of a point to but is beginning to widen into a more
help stabilize capital traditional market. The tax-exempt rates are
2% 11 yt.er I I markets. at roughly 90% of Treasuries. In a more
0% I I The munibond normal market they would be at about 75%.
1990 1991 1992 1993 1994 1995 market has generally It is hard, some would say impossible, to
followed the other predict the municipal market, but indications _
fixed income markets are that interest rates should continue to be
with a downward trend in interest rates, favorable for the rest of the year compared to
albeit less dramatic than the Treasury historical levels. la
Focus On
Brenda A. Krueger, Assistant Vice President
immommemmmi Recently promoted to answers underwriter questions and
"I feel great when Assistant Vice President, coordinates taking bids.
I'm able to really - Brenda Krueger works
help people by �
t " with all types of Brenda describes her activities with an
asking the right Springsted clients enthusiasm that would be difficult to match.
* She especially likes the variety that stems
questions." providing services from working for a broad spectrum of clients
related to debt issuance. on a wide range of issues. In Brenda's
She structures debt opinion, this is made possible by a well-
issues, outlines financing defined work process that allows for
considerations and individually-tailored financings. Brenda
details legal implications when preparing believes she's found the perfect fit, "I feel
written recommendations and official great when I'm able to really help people by
statements. Brenda also assists clients with asking the right questions."
interactions with the rating agencies to help Outside of the office, she spends a lot of
them achieve the best-possible rating. As the her time outdoors camping and bikingwith
sale date approaches, she oversees the p g
distribution of the official statements, her husband, Jeff, and nine-year-old son,
David. I.
Page 3
S-I Capital Financing Review
This survey briefly highlights our Clean Water Program
clients' noteworthy activities which may be
of interest to other jurisdictions. NI Olmsted County and the Minnesota
Pollution Control Agency.
Public Parking Springsted will assist Olmsted
Rapid City, South Dakota County and the MPCA in developing
NI the Clean Water Partnership Loan
Mount Rushmore National Memorial Program—a low-interest loan
is a unit of the National Park program to control and improve non-
Service. The Mount Rushmore point source pollution. Springsted
Society is a 501c(3)dedicated to was engaged to develop program
supporting, preserving, protecting finance documents and procedural
and interpreting this national manuals that will be part of the
monument. The Society is planning Clean Water Partnership Program
to construct a 996-space parking "Tool Box."
facility to serve park visitors and is The 0% loans can be used by local
negotiating a concessionaire governments to implement best
agreement to operate the facility. management practices (BMPs)or can
Springsted has assisted with the be re-loaned to private parties for
preliminary feasibility analysis and improvement to individual sewage
will assist in marketing the Society's treatment systems, well sealing or
securities. other sustainable practices that
prevent or mitigate non-point source
Public Education water pollution.
•ki Collaborative Elementary School
This 950-pupil elementary school The Springsted Letter is a publication of
with a "break the mold" curriculum Springsted Incorporated—an independent
and technology environment will be public finance advisory firm that works with
shared by the three independent governmental and non-profit entities to help
school districts—North St. Paul, them accomplish their public policy goals.
Stillwater and South Washington Information contained in The Springsted
County—in cooperation with the Letter should not be acted upon without
Washington County Child/Family further professional assistance.
Service units and the City of Editorial Staff
Woodbury Department of
Recreation/other service units. To Jennifer L.Apel
be managed by Northeast Michael R. Hoheisel
Metropolitan Intermediate Rebecca S. Lawrence
District 916, the effort is the first of David N.MacGillivray
its kind in Minnesota and represents John D. Nefstead
a multi-governmental unit approach Carol J. Powers
to use of public facilities. The Michael P.Schaefer
school will open in the fall of 1996. If you have any comments to improve The
The project required legislative Springsted Letter,or if you know of
someone who would benefit
authorization to provide for a special from receiving
lease purchase arrangement not a personal copy,please contact Jennifer
subject to annual appropriation and Apel at Springsted Incorporated,85 East
the joint and several obligation of Seventh Place,Suite 100, St. Paul,
the three Districts for the term of the Minnesota 55101-2143, (612)223-3058.
bonds. Springsted was able to help
by directing and coordinating the
financing effort.
To talk to a Springsted Project Manager, call(612)223-3000.
Page 4
Executive View
A Message from Ronald W. Langness, Managing Principal
siiimmosmommi Summer is always too municipalities to issue general obligation ice
Summer is a busy short. It is a time to arena revenue bonds without a referendum if
time at Springsted. catch up on our outdoor gross operating revenues are sufficient to
activities and to have amortize the bonds. This bill complements
fun. It is also the time the existing gross revenue bonding authority
to build, fix and by adding the general obligation pledge to the
generally tear things up. repayment of the bonds. We have already
Summer is Springsted's had five communities contact us to perform
busy time, making sure feasibility analyses in anticipation of using
funds are available to this new authority.
pay for all of our clients' Summer is also a time to celebrate. At
projects. Sometimes it is hard to have fun Springsted, we're celebrating the election of
when the work is piling up, but we try. Here the following people to new officer positions:
are a few of the fun projects we have been
working on this summer: D Nancy Langness, Senior Vice President
A collaborative elementary building D Robert Thistle, Senior Vice President
project—the first of its kind in Minnesota. D Mark Winkelhake, Vice President
This$18,000,000 project involves five D Brenda Krueger, Assistant Vice President
governmental bodies: the independent school
districts of Northeast Metropolitan We hope your summer has been as
Intermediate District 916, North St. Paul, pleasant as ours. 2
Stillwater and South Washington County, as
well as the Washington County HRA. When
completed the facility will house 900
elementary students, initially 300 from each . Minnesota`Education Pools
district. District 916 will hire the teachers,
maintain the facilityand allocate costs to the
Equipment and Facilities Pool
districts. The HRA provided the financing
through a lease purchase issue which was =The Equipment and Facilities Pool is for districts
secured by the lease payments of the three who wish to purchase technology or equipment
districts and further secured by Capital and/or make improvements to their facilities from
Guaranty Insurance. What made this so capital funds. The equipment side offers the
much fun was helping to pull everyone option of 3,4 or 5 year bonds. The facilities side
together, getting special legislation(twice) offers 10 year bonds. Recent State law changes
and trying to explain it all to the rating permit school districts to issue bonds for vans,
agencies and insurance companies. The computers,telephone equipment,etc.using local
process took over 18 months and was finally levies and aids. Certain limitations apply.
closed in late July. Special credit to For more information,contact John Maas,John
Springsted staff belongs to John Maas, Nefstead or Corky Weeks at(612)223-3000.
Brenda Krueger, Kathy Aho and Nancy
Langness.
We are assisting Montgomery County, Tax and Aid Anticipation Pool(MNTAAB)
Maryland in the redevelopment of the MNTAAB got off to a strong beginning in early
downtown area of Silver Spring. This 1995,with interest rates ranging from 4.65%to
assistance includes the development of 5.10%and Guaranteed Investment Program
specifications and solicitation of a developer (GIC)rates from 6.46%to 6.66%.
to construct a major shopping/entertainment
complex in the heart of the downtown area. The July 1995 pool was priced to yield 3.95%
A total of ten firms submitted proposals. The with a guaranteed investment program rate of
selected firm proposed a 2 million square 5.6%,yielding a 1.65%return. Pricing for the
foot, $500 million complex, complete with a next pool will take place in early September.
water park. Michael Schaefer has been doing MNTAAB is sponsored by the Greater Minnesota
of this work out of our Washington, D.C. Cooperative Service Organizations and the
office. The next step is to assist in Minnesota School Boards Association,and is
measuring the potential impact of this project offered in cooperation with Piper Jaffray. For
before executing a development agreement. more information,contact John Maas,John
The 1995 Minnesota legislature passed the Nefstead or Luther Fjelstad at(612)223-3000.
"mighty ducks" bill which enables
We'd Like to Hear. From You! .
A large part of helping clients accomplish their goals is knowing what questions to ask. Oftentimes, this is a
matter of helping clarify the issues and sorting out the steps to reach the desired outcome. We'd like to take this
opportunity to introduce the fax survey as a mechanism to use The Springsted Letter as a vehicle to answer your
questions. Please take a few moments to photocopy this page and respond to the questions below. We will
compile and address your responses in future issues.
FAX SURVEY: Please complete and transmit by September 15.
To: Springsted Incorporated Fax#: (612) 223-3002
From: Phone#:
What financing obstacles are preventing you from accomplishing your objectives?
What financing strategies would you like to know more about?
What legislative/regulatory issues do you need more information on?
Given this opportunity to comment on Springsted's customer service, what would you say?
SPRINGSTED
AV iPUBLICFINANCE ADVISORS
85 East SeventFIh Place,Suite 100
Saint Paul,MN 55101-2143
t
1
i