2024-28 Capital Improvement Plan

CITY OF SHAKOPEE CANTERBURY COMMONS TIF CASH FLOW ANALYSIS (FUND 4081) Last Updated: 7/22/2023

City Project Budget (Exhibit C)

2018 Actual

2019 Actual

2020 Actual

2021 Actual

2022 Actual

2023 Projected 2024 Projected

Balance Remaining

Revenue Land Sale (Workforce Center - netted with expense)

-

Bond Proceeds - TIF

- -

4,258,997 4,258,997

8,573,525 8,573,525

- -

5,867,049 5,867,049

- -

- -

Total Revenues

Expenditures Wayfinding

$60,000

-

-

11,575 83,102

60,528 76,392 772,579 202,420

-

-

- - - - - -

-$12,103 $917,471 $583,144 $69,444

12th Avenue Reconstruction

$4,853,000 $7,900,000 $650,000 $4,514,450 $1,450,000 $1,250,000 $22,377,450

93,002

3,339,274 255,460

31,369 103,983

312,390 207,648

Unbridled Avenue ROW - JJ Mpls. CH 83 Improvements

- - - - -

5,977,186 378,136

-

-

-

375

7,287

11,278

7,394

3,663,261 202,552

824,855

$0

Workforce Center (Land Sale)

- - -

- - -

3,109,572

(2,000,000)

$137,876

Eagle Creek Blvd./Vierling Roundabo $1,700,000

- -

10,520 4,688

-

3,100,000

-$1,410,520

Other Eligible TIF Expenses

1,245,312 590,205

-

$0

Total Expenditures

93,377

3,602,021

6,461,277

4,228,885

4,016,373

3,100,000

$285,312

Excess (deficiency) of Sources over Uses

(93,377)

656,976

2,112,248

(4,228,885)

1,850,676

(590,205)

(3,100,000)

Cash Balance - January 1

- -

(93,377)

563,599 8,573,525 (6,461,277)

2,675,847

(1,553,038) 5,867,049 (4,016,373)

297,638

(292,567)

Revenues

4,258,997 (3,602,021)

-

-

-

Expenditures

(93,377) (93,377)

(4,228,885) (1,553,038)

(590,205) (292,567)

(3,100,000) (3,392,567)

Cash Balance - December 31

$

$

563,599

$

2,675,847 $

$

297,638

$

$

Notes: - Excludes developer paid infrastructure costs reimbursed through tax increment revenues (City cost portion only). For 2024, cost of internal roadways paid by developer is estimated at $5.1 million. - A portion of 12th Avenue Reconstruction will likely be carried forward and expended in 2023. This was bid out 6/20/23 with a revised cost of $312,390 - The City will make the final payment for the City portion of CH 83 in 2023 (estimated at $824,855). - The City sold the former Workforce Center property in the summer of 2023 for $2 million. - The tax increment plan allows the City to spend up to $1,250,000 on other tax increment eligible expenses. Funds will be carried forward if not spent in 2023. - City is anticipating any remaining costs following the use of bond proceeds will be funded through an interfund loan. All city costs will be repaid with future tax increment revenues. - Does not include non-project costs (administrative costs).

8,000,000

Canterbury Commons ‐ Cash Flow

6,000,000

4,000,000

2,000,000

‐

(2,000,000)

(4,000,000)

2018 Actual

2019 Actual

2020 Actual

2021 Actual

2022 Actual

2023 Projected

2024 Projected

Expenditures

Cash Balance ‐ December 31

78