Chelsea Downtown Development Authority 2015-2016 Annual Report





CITY OF CHELSEA

 

Chelsea Downtown Development Authority 2015-2016 Annual   Report

 



This is the City of Chelsea Downtown Development Authority (DDA) 2015-2016 Annual Report which  contains the following:

 

  1. The ODA/Tax Increment Financing Calculation for 2015-2016, including the Base Value of the DDA, the DOA Taxable Value and the 2015-2016 Captured Value

 

  1. . The  Debt  Service  Schedule  for  the  2009  and  2014  Bonds,  including  the outstanding indebtedness  broken down by principal and  interest

 

  1. . The 2015-2016  Budget  Report, which  includes the  yearend  numbers for  Revenue and Expenditures

 

  1. The June 2016 Cash Summary Report

 

City of Chelsea

ODA  TIFA Calculation

FINAL

 

 

Base DC>A Value

28.1t5-201.16· ODA

1.-able -.itu

2111..20,1:& Cllf):tu11mt

UaiJJ.1!HJ  . . :

 

 

 

MIiis B

Oollectton due to

D,D’il\  _Ai ,

$6,510,245 $25,644,539 $16,795,734 Chelsea Schools 7.7500 $0
Less IFT: $4,677,120   Non Homestead1 18.0000 $0
  $20,967,419   Washtenaw Community College 3.4576 $58,073
—‘–…………— $0
$23,305,979 Library 1.9521 $32,787
  Library – Debt Service1 0.8000 $0
  Washtenaw County Roads – Winter 1 0.5000 $0
  Washtenaw County – Winter 1.2565 $21,104
  State Education Tax 1 6.0000 $0
  General Fund 11.2000 $188,112
  Streets 1.2200 $20,491
  Solid Waste 0.7355 $12,353
  DDA1 1.6727 $0
  CAFA 1.8000 $30,232
  Washtenaw County – Summer 4.5493 $76,409
  Total Est. ODA Tax Collection   $439,561

 

Plus IFT @ 50%          $2,338,560

Washtenaw  ISO

3.9745

 

1 TIFA does not apply, in accordance with State guidelines

 

DEBT SERVICE SCHEDULE

THE HUNTINGTON NATIONAL BANK

Effective: 08/03/2009

ISSUER: CHELSEA MICH DOWNTOWN BO 09            CHELSEAMI09

Page         1

 

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Pay#    Date                 Interest            Principal              Balance

=============================== ======:;,-===================== ===== ========-== ==

 

1 10/01/2009 10,972.00 0.00 995,000.00
2 04 /01/2010 18,990.00 0.00 995,000.00
3 10/01/2010 18,990.00 25,000.00 ‘          970,000.00
4 04/01/2011 18,790.00 0.00 970,000.00
5 10/01/2011 18,790.00 30,000.00 940,000.00
6 04/01/2012 18,520.00 0.00 940,000.00
7 10/01/2012 18,520.00 30,000.00 910,000.00
8 04/01/2013 18,205.00 0.00 910,000.00
9 10/01/2013 18,205.00 30,000.00 880,000.00
10 04/01/2014 17,860.00 0.00 880,000.00
11 10/01/2014 17,860.00 35,000.00 845,000.00
12 04/01/2015 17,370.00 o.o o 845,000.00
13 10/01/2015 17,370.00 35,000.00 810,000.00
14 04/01/2016 16,845.00 0.00 810,000.00
15 10/01/2016 16,845.00 35,000.00 775,000.00
16 04/01/2017 16,285.00 0.00 775,000. 00
17 10/01/2017 16,285.00 40,000.00 735,000.00
18 04/01/2018 15,605.00 0.00 735,000.00
19 10/01/2018 15,605.00 40,000.00 695,000.00
20 04/01/2019 14,865.00 0.00 695,000.00
21 10/01/2019 14,865.00 45,000.00 650,000.00
22 04/01/2020 13,987.50 0.00 650,000.00
23 10/01/2020 13,987.50 50,000.00 600,000.00
24 04/01/2021 13,012.50 0.00 600,000.00
25 10/01/2021 13,012.50 50,000.00 550,000.00
26 04/01/2022 11,987.50 0.00 550,000.00
27 10/01/2022 11,987.50 55,000.00 495,000.00
28 04/01/2023 10,860.00 0.00 495,000.00
29 10/01/2023 10,860.00 60,000.00 435,000.00
30 04/01/2024 9,600.00 0.00 435,000.00
31 10/01/2024 9,600.00 60,000.00 375,000.00
32 04/01/2025 8,340.00 0.00 375,000.00
33 10/01/2025 8,340.00 65,000.00 310,000.00
34 04/01/2026 6,942.50 0.00 310,000.00
35 10/01/2026 6,942.50 70,000.00 240,000.00
36 04/01/2027 5,402.50 0.00 240,000.00
37 10/01/2027 5,402.50 75, 000.00 165,000.00
38 04/01/2028 3,733.75 0.00 165,000.00
39 10/01/2028 3,733.75 80,000.00 85,000.00
40 04/01/2029 1,933. 75 0.00 85,000.00
41 10/01/2029 1,933.75 85,000.00 0.00

 

——————– ——————–

Total:                   529,242.00           995,000.00

 

 

Report Run On 8/3/2009 At 11:32am By ELLEN  CAMPBELL

 

CITY OF CHELSEA                                                                                 Dated.                  04/30/2014

ODA BONDS, SERIES 2014                                                                                             Delive red.             04/30/2014

No Calls

Debt Service  Schedule

$ 450,000.00

 

Calendar        Cimpon

Yr               Date

G,sip

#

Principa l Pcryment Co11po11 Rate Interest Pcryment Pniodic D ebt Sernce Ffrcal Debt Sef1J ice 011tstanding Debt  
2014 I 0/01/2014     3,512.85 3,512.85 3,512.85  
2015 04/01/201 5     4,187.50 4,187.50   450,000.00  
  I 0/01/201 5 35,000.00 0.350 4,187.50 39,187.50 43,375.00 41 5,000.00  
2016 04/01/2016     4,126 .25 4,126 .25   41 5 ,000.00  
  I 0/01/2016 35,000.00 0. 650 4,126.25 39,126.25 43,252.50 380,000.00  
201 7 04/0 l /20 l 7     4,012.50 4,012.50   380,000.00  
  1 0/01/201 7 40,000.00 I 000 4,012.50 44,012.50 48,025.00 340,000.00  
2018 04/01/2018     3,812.50 3,812.50   340;000.00  
  I O/Ol/2018 40,000.00 1.300 3,812.50 43,8 l2 50 47,625.00 300,000.00  
2019 04/01/2019     3,552.50 3,552.50   300,000 . 00  
  l 0/01/20 l 9 45,000.00 I .600 3,552.50 48,552 .50 52,105.00 255,000.00  
2020 04/01/2020     3,192.50 3,192.50   255,000.00  
  10/01/2020 45,000.00 2,000 3,192.50 48,192.50 51 ,385.00 210 ,000.00  
2021 04/01/2021     2,742.50 2,742.50   210,000.00  
  I 0/01/2021 50,000.00 2.250 2,742.50 52,742.50 55,485.00 160,000.00  
2022 04/0 l/2022     2,1 80.00 2,180 .00   160,000 .00  
  1 0/01/2022 50,000.00 2 4SO 2,1 80.00 52,180.00 54,360.00 l l0,000.00  
2023 04/01/2023     1,567.50 1,567.50   110,000.00  
  I 0/01/2023 55,000 .00 2.700 1,567.50 56,567.50 58,135.00 55,000 .00  
2024 04/01/2024     825.00 825.00   55,000 .00  
  10/01/2024 55,000.00 3.000 825.00 55,825.00 56,650.00    
    450,000.00   63,910.35 513,910.35      

 

09/23/2016                          REVENUE AND EXPENDITURE REPORT FOR CITY OF CHELSEA PERIOD  ENDING  06/30/2016

% Fiscal Year Completed: 100.00

 

YTD BALANCE

2015-16                               06/30/2016        % BDGT

E- –         ———-J?J!’_:2_—··-····–·····—————-·–·——- AMENDED  BUDGET·—— NORMAL {ABNORMAL)  —·  USED

 

Fund 494 – DOA Dept 000-REVENUES 494-000-402.000  

 

 

TAX INCREMENT FIN. AUTH.

 

 

 

439,875.00

 

 

 

439,561.00

 

 

 

99.93

494-000-403.000 REAL PROPERTY TAXES 29,548.00 26,676.96 90.28
494-000-403.001 REFUND RL PROP TX 0.00 0.00 0.00
494-000-404.000 PERSONAL  PROPERTY TAXES 11,934.00 11,510.49 96.45
494-000-404 .001 REFUND PERSONAL PROPERTY TAX 0.00 0.00 0.00
494-000-417.000 DELINQUENT PERS PROPERTY TAXES 310.00 234.75 75.73
494-000-573 .000 LOCAL COMMUNITY STABILIZATION SHARE 1,800.00 1,783.25 99.07
494-000-631.000 BANNER  HANGING FEES 600.00 585.00 97.50
494-000-664 .000 INTEREST & DIVIDENDS 250.00 224.62 89.85
494-000-694 .000 OTHER INCOME 0.00 0.00 0.00
Net – Dept GOO-REVENUES   484,317.00 480,576.07  
 

Dept 294-DDA

       
494-294-702.001 SALARIES & WAGES – PARKING 26,788.00 27,278.64 101.83
494-294-702 .002 SALARIES & WAGES 32,500.00 34,399.38 105.84
494-294-715.000 EMPLOYER FICA & MEDICARE MATCH 3,646.00 2,584.83 70.89
494-294-740.000 OPERATING SUPPLIES 1,200.00 959.42 79.95
494-294-801.000 PROFESSIONAL SERVICES 28,961.00 29,762.42 102.77
494-294-801.001 MARKETING 15,000.00 15,000.00 100.00
494-294-801.002 MARKETING 12,500.00 12,500.00 100.00
494-294-920.000 PUBLIC UTILITIES 1,350.00 1,316.06 97.49
494-294-935.000 GENERAL REPAIRS & MAINTENANCE 21,700.00 21,968.28 101.24
494-294-943.000 INSTALLMENT PURCHASE 100,000.00 0.00 0.00
494-294-958 .000 MISCELLANEOUS EXPENSE 2,000.00 1,074.48 53.72
494-294-970.000 CAPITAL OUTLAY 30,000.00 11,346.54 37.82
494-294-980.000 DEPRECIATION  EXPENSE 151,000.00 146,454 .28 96.99
494-294-991.000 DEBT SERVICE – PRINCIPAL 0.00 0.00 0.00
494-294-991.002 BOND PRINCIPAL 0.00 0.00 0.00
494-294-992.000 DEBT SERVICE – INTEREST 8,314.00 8,118.75 97.65
494-294-992.002 DEBT SERVICE  INTEREST 34,215.00 33,782.00 98.73
494-294-993 .002 BOND FEES 500.00 500.00 100.00
Net – Dept 294-DDA   (469,674.00) (347,045.08)  
 

Fund 494 – ODA:

       
 

TOTAL REVENUES

   

484,317.00

 

480,576.07

 

99.23

 

TOTAL EXPENDITURES

NET OF REVENUES & EXPENDITURES

————-·—– 469,674.00 ——————– 347,045.08 —

14,643.00                                133,530.99

 

 

 

09/23/2016 03:29 PM User: KGARLAND

DB: Chelsea

CASH SUMMARY BY ACCOUNT FOR CITY OF CHELSEA FROM 07/01/2015 TO 06/30/2016

FUND: 494

Page:         1/1

 

  CASH AND INVESTMENT ACCOUNTS

Beginning

       

Ending

Fund   Balance         Total   Total   Balance
Account    Description   07/01/2015        Debits   Credits   06/30/2016
Fund 494 ODA

001.000   CASH – OPERATING

   

15,152.30     253,450. 19

   

248,354. 22

   

20,248.27

001.004   CASH – DEBT SERVICE   107,218.98     138,166.84   134,086.25   111,299.57
001.013   CASH – TIFA   59,481.01     439,649.13   328,688.00   170,442.14
003.003   CASH – PROJECT FUND   240,446. 01          23.77   218,096.56   22,373.22
DOA   422,298.30     831,289.93   929,225.03   324,363.20

 





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