HomeMy WebLinkAboutSEDA Resolution 2019-02 06/10/2019 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY, AN URBAN RENEWAL
AGENCY OF THE CITY OF SPRINGFIELD
RESOLUTION NO. 2019-02
A RESOLUTION TO AMEND THE GLENWOOD URBAN RENEWAL PLAN TO
UPDATE THE FINANCIAL ANALYSIS OF THE PLAN
WHEREAS, in November 2004, the City of Springfield voters approved formation of the
Glenwood Urban Renewal District;
WHEREAS, the City Council approved the Glenwood Urban Renewal Plan (Plan) by
Ordinance 6103 on December 6, 2004 and transferred authority to exercise the urban
renewal powers to the Springfield Economic Development Agency (SEDA) Board of
Directors, under Ordinance 6107 on December 6, 2004;
WHEREAS, consistent with ORS 457.085, the Plan contains a financial analysis to
determine the feasibility of the Plan and a fiscal impact statement that estimates the
impact of the tax increment financing upon all affected taxing entities in the urban
renewal area, both until and after the indebtedness is repaid;
WHEREAS, the Plan was initially estimated to last until approximately 2025;
WHEREAS, in 2018, SEDA completed an updated financial analysis of the Glenwood
Urban Renewal Plan to determine whether the performance of the Plan has been
consistent with the initial financial analysis and projections of the impact of tax
increment financing on the Plan's affected taxing entities;
WHEREAS, Section 900D of the Plan provides that amendments that clarify language,
add graphic exhibits, make minor modifications in the scope or location of
improvements authorized by the Plan or other such modifications which do not change
the basic planning or engineering principles of the Plan may be approved by SEDA in
Resolution form;
WHEREAS, this amendment will also be brought to the City Council for ratification;
WHEREAS, SEDA has consulted and conferred about this amendment with the Plan
Area's other affected taxing entities;
WHEREAS, the updated financial analysis determined that it will take longer to retire
the debt that is necessary to accomplish the Plan Projects consistent with the project
list and the maximum indebtedness in the Plan; and
WHEREAS, SEDA is amending the Plan to reflect the updated financial analysis.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of SEDA, an Urban
Renewal Agency of the State of Oregon, as follows:
1. Section 500B of the Glenwood Urban Renewal Plan amendment is hereby
amended as follows:
500B. ANTICIPATED START & FINISH DATES OR PROJECT ACTIVITIES
The project activities shown in Table 2 will begin in 2005. The sequencing and
prioritization of individual project activities shown in Table 2 and 2a will be done
by the urban Renewal Agency and any citizen advisory bodies that the Agency
calls upon to assist in this process. The priority of projects and annual funding
will be as established in the annual budget process. Completion dates for
individual activities may be affected by changes to local economic and market
conditions, changes in the availability of tax increment funds, and changes in
priorities for carrying out project activities, especially with public partners like
Lane County, Willamalane Parks District, and others.
Tax increment revenue collections will cease when the principal and interest on
the maximum indebtedness authorized under this Plan can be fully repaid.
2. Section 500F, Updated Financial Analysis, will be added to the Glenwood Urban
Renewal Plan as set out in Exhibit A attached hereto and incorporated herein:
3. This Resolution shall take effect upon adoption.
Adopted by the Springfield Economic Development Agency, an Urban Renewal Agency
of the City of Springfield, by a vote of 7 for a e • against, his 10th day of
June , 2019. (1 absent, Va cordon)
Sheri Moore, Chair
Springfield Economic Development Agency
Attest:
dS
Leon Stoehr, Secretary REVIEWED&APPROVED
Springfield Economic Development Agency AS Ti F►, Ara
DATE: /I,"
OFFICE 0 CI A ORNEY
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 1 of 12
500F. UPDATED FINANCIAL ANALYSIS
In 2018,the Agency completed an updated Financial Analysis of the Plan.
Methodology,Assumptions,and Results
This section describes the steps used in the analysis to forecast TIF revenue and determine borrowing
capacity,and highlights all key assumptions.Those steps are:
1. Determine the consolidated tax rate
2. Forecast future assessed value
3. Calculate TIF revenue
4. Determine borrowing capacity
1. Determine the consolidated tax rate
The consolidated tax rate for a URA is equal to the sum of all permanent tax rates,as well as any general
obligation bond levies approved by voters prior to October 6,2001. It does not include local option levies
and any general obligation bond levies approved since October 6, 2001 (including any bonds that may be
approved in the future).
Exhibit 1 shows the consolidated tax rate by tax code area(TCA) for the URA.The URA encompasses
seven separate TCAs: 426,428,446,480, 1908, 1918, and 1906.Analysis is conducted separately for
each TCA,as they have different consolidated tax rates. No overlapping taxing districts in the URA have
a general obligation bond approved by voters prior to October 6, 2001.
Exhibit 1. Consolidated Tax Rate by TCA
Tax Code Area
Jurisdiction Name Type 426 428 446 480 1908 1918 1906
Lane County Permanent $ 1.2793 S 1.2793 $ 1.2793 S 1.2793 $ 1.2793 $ 1.2793 $ 1.2793
City of Springfield Permanent $ - $ - $ - $ 4.7403 $ - $ - $ 4.7403
Glenwood Water District Permanent $ - $ 4.1425 $ - $ - $ 4.1425 $ - $ -
Willamalane Park&Rec Permanent $ 2.0074 $ 2.0074 $ 2.0074 $ 2.0074 $ 2.0074 $ 2.0074 $ 2.0074
Goshen RFPD Permanent $ - $ - $ 1.7196 $ - $ - $ 1.7196 $ -
Subtotal Gen.Govt. $ 3.2867 $ 7.4292 $ 5.0063 $ 8.0270 $ 7.4292 $ 5.0063 $ 8.0270
Lane Community College Permanent $ 0.6191 $ 0.6191 $ 0.6191 $ 0.6191 $ 0.6191 $ 0.6191 S 0.6191
Lane ESD Permanent $ 0.2232 $ 0.2232 $ 0.2232 $ 0.2232 $ 0.2232 $ 0.2232 5 0.2232
Eugene School District Permanent $ 4.7485 $ 4.7485 $ 4.7485 S 4.7485 $ - $ - S -
Springfield School District 19 Permanent S - $ - $ - 5 - $ 4.6412 $ 4.6412 5 4.6412
Subtotal Education 5 5.5908 $ 5.5908 $ 5.5908 5 5.5908 $ 5.4835 $ 5.4835 $ 5.4835
Total All $ 8.8775 $13.0200 $10.5971 $13.6178 $12.9127 $10.4898 $13.5105
Source: Tiberius Solutions using data from Lane County, FYE 2018
2. Forecast Future Assessed Value
Exhibit 2 shows the assessed value of the URA from FYE 2009 to FYE 2018. There are only two TCAs
(428 and 480)that currently have an assessed value higher than their frozen base value(i.e.,positive
increment value). If the total assessed value of a TCA is equal to or less than its frozen base value,that
TCA is excluded from the calculation of TIF revenue.
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 2 of 12
Exhibit 2. Assessed Value by TCA,Glenwood URA,FYE 2009 to FYE 2018
TCA
FYE 426 428 446 480 1908 1918 1906 Total Change
2009 $ 70,510 S 51,680,320 $ 773,437 $ 78,298,174 $ 10,819 $ 222,275 S - $131,055,535
2010 $ 81,510 $ 49,908,010 $ 842,910 $ 75,365,802 $ 10,114 $ 223,313 S - $126,431,659 -3.5%
2011 $109,400 $ 50,875,221 $ 839,812 $ 73,102,256 $ 21,229 $ 213,532 $ 36,948 $125,198,398 -1.0%
2012 $107,220 $ 53,100,126 $ 885,158 $ 72,002,778 $ 21,866 $ 200,709 $ 36,578 $126,354,435 0.9%
2013 $149,300 $ 53,980,497 $ 776,622 $101,033,793 $ 22,522 $ 200,709 $ 36,578 $156,200,021 23.6%
2014 5158,700 5 55,036,222 $ 730,327 $102,291,583 $ 23,198 $ 86,364 $ 36,578 $158,362,972 1.4%
2015 $131,600 $ 54,048,104 $ 788,697 $111,240,771 $ 23,894 $ 85,436 $ 37,675 $166,356,177 5.0%
2016 $ 1,000 $ 54,639,799 $ 200,998 $114,569,230 $ 24,611 $ 127,286 S 37,675 $169,600,599 2.0%
2017 $ 1,000 $ 55,887,606 $ 208,023 $115,528,422 $ - $ 128,572 S - $171,753,623 1.3%
2018 $ 1,000 $ 56,328,896 $ 214,263 $116,367,614 $ - $ 128,586 S - $173,040,359 0.7%
2018 Frozen Base
$111,997 S 45,330,623 $ 841,886 $ 58,891,137 $ 6,544 $ 198,830 $ 3,179 $105,384,196
AAG R
2009-2018 3.1%
2014-2018 2.2%
Source: Tiberius Solutions using data from Lane County, FYE 2009 to FYE 2018
SEDA RESOLUTION NO. 2019-02
Exhibit A. Page 3 of 12
Exhibit 3 shows assessed value by property type in the URA. Real property comprises 85%of the total
assessed value,and an additional 13%of assessed value is from personal property.The remaining 2% is
composed of manufactured and utility property value.
Exhibit 3.Assessed Value by Property Type,Glenwood URA,FYE 2009 to FYE 2018
TCA
FYE Real Personal Real Manuf. Personal Manuf. Utilities Total Change
2009 $ 95,059,434 $ 30,211,997 $ 147,619 $ 2,687,585 $ 2,948,900 $131,055,535
2010 $ 98,507,479 $ 22,383,186 $ 184,203 $ 2,252,521 $ 3,104,270 $126,431,659 -3.5%
2011 $ 96,537,413 $ 25,045,530 $ 192,908 $ 408,947 $ 3,013,600 $125,198,398 -1.0%
2012 $ 98,889,386 $ 24,173,415 $ 209,893 $ 491,421 $ 2,590,320 $126,354,435 0.9%
2013 $ 129,658,630 $ 23,008,713 $ 194,457 $ 472,421 $ 2,865,800 $156,200,021 23.6%
2014 $ 133,851,784 $ 20,925,192 $ 217,597 $ 416,999 $ 2,951,400 $158,362,972 1.4%
2015 $ 136,735,320 $ 25,895,197 $ 204,764 $ 470,006 $ 3,050,890 $166,356,177 5.0%
2016 $ 143,528,187 $ 22,294,457 $ 220,693 $ 482,362 $ 3,074,900 $169,600,599 2.0%
2017 $ 143,093,102 $ 24,799,598 $ 202,627 $ 457,296 $ 3,201,000 $171,753,623 1.3%
2018 $ 147,511,639 $ 21,711,324 $ 254,451 $ 445,854 $ 3,117,091 $173,040,359 0.7%
AAG R
2009-2018 5.0% -3.6% 6.2% -18.1% 0.6% 3.1%
2014-2018 2.5% 0.9% 4.0% 1.7% 1.4% 2.2%
Source:Tiberius Solutions using data from Lane County, FYE 2009 to FYE 2018
Over the past nine years,from FYE 2009 to FYE 2018,the Area has experienced average annual growth
of 3.1%).This growth rate is indicative of an area where most properties experience the maximum-
allowed 3.0%per year growth from appreciation and very little additional development activity occurs.
Over the past five years,from FYE 2014 to FYE 2018,the Area has experienced slower growth,of only
2.2%per year. •
Real property in the area(land and buildings)has grown at an average annual growth rate of 5.0%per
year over the past nine years but only 2.5%per year over the past five.The longer-term trend is buoyed
by particularly strong growth from FYE 2012 to FYE 2013 when new development must have come on
the tax rolls.The assessed value of real property in the Area increased by over$30M that year alone,
more than it has increased in the next five years combined. The experience of FYE 2014 illustrates the
strong impact that even a small number of significant development projects could have on the long-term
assessed value growth of the Area in the future.
Other property types(utility,personal,and manufactured property) in the area have not performed as well
as real property,which is typical.The amount of personal property in the area(machinery and equipment)
dropped by more than 25%from FYE 2009 to FYE 2010 and has remained essentially stagnant since that
point in time. Utility value in the area has been similarly stagnant over this nine-year period.
Manufactured property(i.e.,mobile homes)is separated into two categories: personal and real. Personal
manufactured property in the Area lost nearly all of its assessed value from FYE 2010 to FYE 2011 and
has remained generally stagnant ever since. Real manufactured property has actually seen growth rates
slightly outpace real property. However,this category of property comprises a trivial amount of the
overall value of the URA(0.1%of the total)and is inconsequential to the overall forecast of TIF
revenues.
Based on these historical trends,this forecast assumes that in future years,existing real property in the
Area achieves annual growth from appreciation of 3.0%per year, while other property types in the area
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 4 of 12
remain stagnant and see no growth long-term. In addition to appreciation of existing property, this
forecast also includes assumptions for"exception value" from new development in the Area.
To factor in assessed value of real property from new development,this forecast estimates the average
annual new growth.Note that forecasting future levels of speculative development is inherently uncertain.
The large amounts of vacant or under-utilized property in the Area,coupled with the ability of the City to
invest in the Area through the use of TIF revenue, and the proximity of the Area to the riverfront,the
University of Oregon campus,and downtown Springfield are all reasons to believe that the Area should
experience significant new development in the future,allowing it to outperform historical trends for
assessed value growth. Specifically,this forecast assumes that the URA will see an additional $4,378,500
in assessed value due to new construction each year. This forecast is based on the following assumptions
for average annual development activity:
One acre of land developed per year
$7 million per acre for the real market value of new development(improvement value only)
Development mix: 50%multifamily residential, 50%commercial
Development proportionally distributed between two main TCAs based on FYE 2018 assessed value:
33%to TCA 428 and 67%to TCA 480.
Although it is certain that economic recessions will occur in the future,the timing is unknown, so this
forecast does not attempt to predict economic cycles. However, it is reasonable to expect that assessed
value growth will exceed these projections in some years, and lag behind in other years, influenced by
market cycles.This forecast is intended to approximate a long-term average trend line.
3. Calculate TIF Revenue
Gross TIF revenue is calculated as the product of the increment assessed value and the consolidated tax
rate each year. However,actual TIF received (i.e..net revenue) in a given year tends to be lower,due to
discounts(from paying early), delinquencies(unpaid taxes),truncation loss(lost revenue due to
rounding), and compression loss(for properties where the taxes imposed would exceed constitutional
limits). This forecast of net TIF revenue assumes a 5.0%adjustment factor to convert from gross to net
revenue.
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 5 of 12
Exhibit 4 shows the updated TIF revenue forecast through FYE 2034,which is the last year that the URA
is expected to need to collect TIF revenue to fully incur and repay the maximum indebtedness of the Plan.
Exhibit 4. Updated TIF Forecast, Glenwood URA
Assessed Value Tax Increment Finance
FYE Total Frozen Base Increment Tax Rate Gross Adjustments Net
2018 $ 173,040,359 $ 105,384,196 $ 68,474,750 $ 13.5218 $ 925,901 $ (46,295) $ 879,606
2019 $ 181,975,564 $ 105,384,196 $ 77,400,657 $ 13.5099 $ 1,045,674 $ (52,284) $ 993,390
2020 $ 191,314,121 $ 105,384,196 $ 86,729,637 $ 13.5001 $ 1,170,856 $ (58,543) $ 1,112,313
2021 $ 201,072,069 $ 105,384,196 $ 96,477,722 $ 13.4919 $ 1,301,663 $ (65,084) $ 1,236,579
2022 $ 211,266,372 $ 105,384,196 $ 106,661,865 $ 13.4849 $ 1,438,322 $ (71,916) $ 1,366,406
2023 $ 221,914,497 $ 105,384,196 $ 117,299,525 $ 13.4789 $ 1,581,067 $ (79,054) $ 1,502,013
2024 $ 233,034,438 $ 105,384,196 $ 128,408,687 $ 13.4737 $ 1,730,140 $ (86,507) $ 1,643,633
2025 $ 244,644,725 $ 105,384,196 $ 140,007,873 $ 13.4692 $ 1,885,789 $ (94,290) $ 1,791,499
2026 $ 256,764,889 $ 105,384,196 $ 152,116,602 $ 13.4652 $ 2,048,276 $ (102,414) $ 1,945,862
2027 $ 269,415,041 $ 105,384,196 $ 164,754,976 $ 13.4616 $ 2,217,870 $ (110,894) $ 2,106,976
2028 $ 282,615,896 $ 105,384,196 $ 177,943,700 $ 13.4585 $ 2,394,851 $ (119,743) $ 2,275,108
2029 $ 296,389,232 $ 105,384,196 $ 191,704,541 $ 13.4557 $ 2,579,510 $ (128,976) $ 2,450,534
2030 $ 310,757,475 $ 105,384,196 $ 206,059,914 $ 13.4531 $ 2,772,147 $ (138,607) $ 2,633,540
2031 $ 325,744,165 $ 105,384,196 $ 221,033,348 $ 13.4508 $ 2,973,079 $ (148,654) $ 2,824,425
2032 $ 341,373,548 $ 105,384,196 $ 236,649,077 $ 13.4487 $ 3,182,631 $ (159,131) $ 3,023,500
2033 $ 357,670,595 $ 105,384,196 $ 252,932,061 $ 13.4468 $ 3,401,138 $ (170,057) $ 3,231,081
2034 $ 374,661,032 $ 105,384,196 $ 269,908,012 $ 13.4451 $ 3,628,944 $ (181,447) $ 3,447,497
Total $36,277,858 $(1,813,896) $34,463,962
Source: Tiberius Solutions
Note: This forecast assumes the URA would generate more than sufficient TIF revenue in FYE 2034 to
repay all indebtedness, and thus a portion of that revenue(estimated to be $2,742,000) would either be
"underlevied"in FYE 2034 or returned to overlapping taxing districts after termination of the URA.
4. Determine Borrowing Capacity
Net TIF revenue gives a general idea of the revenue generated by the URA each year. However,those
numbers are insufficient to understand the total funding available for projects over the life of the URA.
Typically,the majority of project funding comes from loans,which allows capital projects to be built
sooner, but obligates future TIF revenue for payments of principal and interest on those loans.
To determine borrowing capacity, a hypothetical cash flow(i.e., finance plan) was created for the URA.
This finance plan takes into account existing fund balance,outstanding debt,and budgeted expenditures,
and makes assumptions about the amount and timing of debt that could be incurred in future years,to
determine the total remaining borrowing capacity of the URAs.
The following assumptions were used to determine the Glenwood URA's borrowing capacity. Note that
borrowing capacity is dependent on exact financing terms. Shorter-term loans, higher interest rates,and
higher debt service coverage requirements would reduce the amount of borrowing capacity for the URA
or lengthen the duration of time needed to achieve the maximum indebtedness of the Plan.
Inflation rate: 3.0%
Beginning fund balance: $2,815,309 in FYE 2018
Existing loans:
2016 Loan: annual debt service payments totaling$2,097,733 from FYE 2018 through FYE 2025
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 6 of 12
2018 Loan: annual debt service payments totaling$3,152,469 from FYE 2018 through FYE 2025
Minimum debt service coverage ratio required: 1.25 times annual TIF revenue
Interest rates for new debt: 5.0%
Amortization period for new debt: 5-14 years, depending on issue date. All debt retired in FYE 2034.
Timing of new debt:
First loan: FYE 2021
Second loan: FYE 2026
Last loan: FYE 2030
Note that there are infinite versions of financing assumptions that could have been modeled based on the
specific needs of the URA. Ultimately,the City will make decisions regarding any future indebtedness as
part of the annual budget process, based on more concrete loan terms,with the intention to fund specific
projects.
Based on these assumptions,the Glenwood URA is estimated to achieve its maximum indebtedness in
FYE 2033 and pay off all debt in FYE 2034. This would result in $29.1 million of funding for projects
from FYE 2019 to 2034 (or$24.5 million when adjusted for inflation and presented in constant 2018
dollars). Exhibit 5 and Exhibit 6 show the detailed finance plan. Exhibit 5 shows annual TIF revenue and
allocations to debt service,and Exhibit 6 shows annual projects and costs.
Exhibit 5.Annual Tax Increment Revenue and Allocations to Debt Service,FYE 2018 to FYE 2035
TAX INCREMENT FUND Total FYE 2018 FYE 2019 FYE 2020 FYE 2021
Resources
Beginning Balance $ 3,973,255 $ 2,815,309 $ - S - $ -
Interest Earnings $ 46,926 $ 41,136 $ - S - $ -
TIF:Current Year $ 31,722,385 $ 879,606 $ 993,390 5 1,112,313 $ 1,236,579
TIF: Prior Years $ 2,244,571 $ 61,899 $ 61,899 5 69,906 $ 78,275
Misc.Revenue $ 34,984 $ 25,800
Bond Proceeds $ 3,204,633
Total Resources $ 37,987,137 $ 3,832,933 $ 1,081,089 $ 1,182,219 $ 4,519,487
Expenditures
Debt Service
Proposed Loan in FYE 2021 $ (13,719,055) $ - $ - S - $ (979,933)
Proposed Loan in FYE 2026 $ (5,064,843) $ - $ - S - $ -
Proposed Loan in FYE 2030 $ (2,771,698) $ - $ - S - $ -
Loan D $ - $ - $ - 5 - $ -
2016 Loan-Scheduled $ (848,522) $ (282,841) $ (282,841) $ (282,841) $ -
2016 Loan- Early Payment $ - $ - $ - $ (1,166,572)
2016 Loan- Penalty $ - $ - $ - $ (11,666)
2018 Loan-Scheduled S (927,197) $ (37,088) $ (445,054) $ (445,054) $ -
2018 Loan- Early Payment $ - $ - $ - $ (2,006,331)
Total Debt Service $(23,331,314) $ (319,929) $ (727,895) $ (727,895) $ (4,184,565)
Debt Service Coverage Ratio 2.75 1.36 1.53 1.26
Transfer to URA Projects Fund S (13,558,660) $ (3,513,005) $ (353,194) $ (454,324) $ (334,922)
Total Expenditures $(36,889,974) $ (3,832,933) $ (1,081,089) $ (1,182,219) $ (4,519,487)
Ending Balance $ - $ - S - $ -
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 7 of 12
TAX INCREMENT FUND FYE 2022 FYE 2023 FYE 2024 FYE 2025 FYE 2026
Resources
Beginning Balance $ - $ - $ - $ - $ -
Interest Earnings $ - $ - $ - $ - $ -
TIF:Current Year $ 1,366,406 $ 1,502,013 $ 1,643,633 $ 1,791,499 $ 1,945,862
TIF:Prior Years $ 87,020 $ 96,156 $ 105,699 $ 115,665 $ 126,070
Misc. Revenue
Bond Proceeds
Total Resources $ 1,453,426 $ 1,598,169 $ 1,749,332 $ 1,907,164 $ 2,071,932
Expenditures
Debt Service
Proposed Loan in FYE 2021 $ (979,933) $ (979,933) $ (979,933) $ (979,933) $ (979,933)
Proposed Loan in FYE 2026 $ - $ - $ - $ - $ (562,760)
Proposed Loan in FYE 2030 $ - $ - $ - $ - $ -
Loan D $ - $ - $ - $ - $ -
2016 Loan-Scheduled $ - $ - $ - $ -
2016 Loan-Early Payment $ - $ - $ - $ -
2016 Loan-Penalty $ - $ - $ - $ -
2018 Loan-Scheduled $ - $ - $ - $ -
2018 Loan- Early Payment $ - $ - $ - $ -
Total Debt Service $ (979,933) $ (979,933) $ (979,933) $ (979,933) $ (1,542,693)
Debt Service Coverage Ratio 1.39 1.53 1.68 1.83 1.26
Transfer to URA Projects Fund $ (473,494) $ (618,237) $ (769,400) $ (927,232) $ (529,239)
Total Expenditures $ (1,453,426) $ (1,598,169) $ (1,749,332) $ (1,907,164) $ (2,071,932)
Ending Balance $ - $ - $ - $ - $ -
TAX INCREMENT FUND FYE 2027 FYE 2028 FYE 2029 FYE 2030 FYE 2031
Resources
Beginning Balance $ - $ - $ - $ - $ -
Interest Earnings $ - $ - $ - $ - $ -
TIF:Current Year $ 2,106,976 $ 2,275,108 $ 2,450,534 $ 2,633,540 $ 2,824,425
TIF: Prior Years $ 136,933 $ 148,271 $ 160,102 $ 172,447 $ 185,326
Misc. Revenue
Bond Proceeds
Total Resources $ 2,243,909 $ 2,423,379 $ 2,610,636 $ 2,805,987 $ 3,009,751
Expenditures
Debt Service
Proposed Loan in FYE 2021 .$ (979,933) $ (979,933) $ (979,933) $ (979,933) $ (979,933)
Proposed Loan in FYE 2026 $ (562,760) $ (562,760) $ (562,760) $ (562,760) $ (562,760)
Proposed Loan in FYE 2030 $ - $ - $ - $ (554,340) $ (554,340)
Loan D $ - $ - $ - $ - S -
2016 Loan-Scheduled
2016 Loan- Early Payment
2016 Loan- Penalty
2018 Loan-Scheduled
2018 Loan- Early Payment
Total Debt Service $ (1,542,693) $ (1,542,693) $ (1,542,693) $ (2,097,032) $ (2,097,032)
Debt Service Coverage Ratio 1.37 1.47 1.59 1.26 1.35
Transfer to URA Projects Fund $ (701,216) $ (880,686) $ (1,067,943) $ (708,955) $ (912,719)
Total Expenditures $ (2,243,909) $ (2,423,379) $ (2,610,636) $ (2,805,987) $ (3,009,751)
Ending Balance $ - $ - $ - $ - $ -
SEDA RESOLUTION NO. 2019-02
_ Ir.
Exhibit A, Page 8 of 12
TAX INCREMENT FUND FYE 2032 FYE 2033 FYE 2034
Resources
Beginning Balance $ - $ - $ 1,157,947
Interest Earnings $ - $ - $ 5,790
TIF:Current Year $ 3,023,500 $ 3,231,081 $ 705,920
TIF:Prior Years $ 198,759 $ 212,768 $ 227,376
Misc. Revenue
Bond Proceeds
Total Resources $ 3,222,259 $ 3,443,849 $ 2,097,032
Expenditures
Debt Service
Proposed Loan in FYE 2021 $ (979,933) $ (979,933) $ (979,933)
Proposed Loan in FYE 2026 $ (562,760) $ (562,760) $ (562,760)
Proposed Loan in FYE 2030 $ (554,340) $' (554,340) $ (554,340)
Loan D $ - $ - $ -
2016 Loan-Scheduled
2016 Loan- Early Payment
2016 Loan- Penalty
2018 Loan-Scheduled
2018 Loan- Early Payment
Total Debt Service $ (2,097,032) $ (2,097,032) $ (2,097,032)
Debt Service Coverage Ratio 1.44 154 0.34
Transfer to URA Projects Fund $ (1,125,227) S (188,870) $ -
Total Expenditures $ (3,222,259) $ (2,285,902) $ (2,097,032)
Ending Balance $ - $ 1,157,947 $ -
Note: Table uses actual values for FYE 2018. FYE 2019 through FYE 2034 values are projected.
Source: Tiberius Solutions
Exhibit 6. Projects and Costs by Year, FYE 2018—FYE 2035
URA PROJECTS FUND Total FYE 2018 EYE 2019 FYE 2020 FYE 2021
Resources
Beginning Balance $ - $ 6,080,263 $ 402,508 $ -
Interest Earnings $ 32,414 $ - $ 30,401 $ 2,013 $ -
Transfer from TIF Fund $ 13,558,660 $ 3,513,005 $ 353,194 $ 454,324 $ 334,922
Bond/Loan Proceeds $ 15,624,616 $ 2,729,248 $ - $ - $ 6,495,367
Other $ -
Total Resources $ 29,215,689 $ 6,242,253 $ 6,463,858 $ 858,845 $ 6,830,289
Expenditures(YOE$)
CMO $ (599,804) $ (149,804) $ (450,000)
Finance $ (23,536) $ (12,186) $ (11,350)
Property Purchases $ (5,600,000) $ - $ (5,600,000)
Other Projects $ (22,734,442) S (858,845) $ (6,700,382)
Financing Fees $ (257,907) $ - $ (129,907)
Total Expenditures $(29,215,689) $ (161,990) $ (6,061,350) $ (858,845) $ (6,830,289)
Ending Balance S 6,080,263 $ 402,508 S - $ -
Cumulative MI used to-date $ 3,644,310 5 9,886,563 $ 10,270,158 $ 10,726,495 $ 17,556,784
SEDA RESOLUTION NO. 2019-02
'141, _AdillW, 44111.50
Exhibit A, Page 9 of 12
URA PROJECTS FUND FYE 2022 FYE 2023 FYE 2024 FYE 2025 FYE 2026
Resources
Beginning Balance $ - $ - $ - $ - $ -
Interest Earnings $ - $ - $ - $ - $ -
Transfer from TIF Fund $ 473,494 $ 618,237 $ 769,400 $ 927,232 $ 529,239
Bond/Loan Proceeds $ - $ - $ - $ - $ 4,000,000
Other
Total Resources $ 473,494 $ 618,237 $ 769,400 $ 927,232 $ 4,529,239
Expenditures(YOE$)
CMO
Finance
Property Purchases
Other Projects $ (473,494) $ (618,237) $ (769,400) $ (927,232) $ (4,449,239)
Financing Fees $ (80,000)
Total Expenditures $ (473,494) $ (618,237) $ (769,400) $ (927,232) $ (4,529,239)
Ending Balance $ - $ - $ - $ - $ -
Cumulative MI used to-date $ 18,030,277 $ 18,648,514 $ 19,417,913 $ 20,345,145 $ 24,874,384
URA PROJECTS FUND FYE 2027 FYE 2028 FYE 2029 FYE 2030 FYE 2031
Resources
Beginning Balance $ - $ - $ - $ - $ -
Interest Earnings $ - $ - $ - $ - $ -
Transfer from TIF Fund $ 701,216 $ 880,686 $ 1,067,943 $ 708,955 $ 912,719
Bond/Loan Proceeds $ - $ - $ - $ 2,400,000 $ -
Other
Total Resources $ 701,216 $ 880,686 $ 1,067,943 $ 3,108,955 $ 912,719
Expenditures(YOE$)
CMO
Finance
Property Purchases
Other Projects $ (701,216) $ (880,686) $ (1,067,943) $ (3,060,955) $ (912,719)
Financing Fees $ (48,000)
Total Expenditures $ (701,216) $ (880,686) $ (1,067,943) $ (3,108,955) $ (912,719)
Ending Balance $ - $ - $ - $ - $ -
Cumulative MI used to-date $ 25,575,600 $ 26,456,286 $ 27,524,229 $ 30,633,184 $ 31,545,903
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 10 of 12
URA PROJECTS FUND FYE 2032 FYE 2033 FYE 2034
Resources
Beginning Balance $ - $ - $ -
Interest Earnings $ - $ - $ -
Transfer from TIF Fund $ 1,125,227 $ 188,870 $ -
Bond/Loan Proceeds $ - $ - $
Other
Total Resources $ 1,125,227 $ 188,870 $ -
Expenditures(YOE $)
CMO
Finance
Property Purchases
Other Projects $ (1,125,227) $ (188,870) $ -
Financing Fees
Total Expenditures $ (1,125,227) $ (188,870) $ -
Ending Balance $ - S - $ -
Cumulative MI used to-date $ 32,671,130 S 32,860,000 $ 32,860,000
Note: Table uses actual values for FYE 2018. FYE 2019 through FYE 2035 values are projected.
Source: Tiberius Solutions
Exhibit 7 and Exhibit 8 show the impact of the Glenwood URA on the area's overlapping taxing districts.
Note that for school districts and education service districts(ESDs), under current school funding law,
property tax revenues are combined with State School Fund revenues to achieve per-student funding
targets. Under this system, property taxes that are foregone because of the use of Tax Increment
Financing are replaced(as determined by a funding formula at the State level) with State School Fund
revenues.
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 11 of 12
Exhibit 7.Impact to Taxing Districts,General Government
Glenwood
City of Water Willamalane Goshen
FYE Lane County Springfield District Park&Rec RFPD Subtotal
2018 $ (89,076) $ (277,047) $ (46,328) $ (139,773) $ - $ (552,225)
2019 $ (99,929) $ (303,433) $ (58,414) $ (156,803) $ - $ (618,578)
2020 $ (112,030) $ (333,363) $ (71,441) $ (175,791) $ - $ (692,625)
2021 $ (124,675) $ (364,638) $ (85,056) $ (195,632) $ - $ (770,000)
2022 $ (137,885) $ (397,313) $ (99,279) $ (216,361) $ - $ (850,839)
2023 $ (151,684) $ (431,443) $ (114,135) $ (238,014) $ - $ (935,277)
2024 $ (166,096) $ (467,090) $ (129,649) $ (260,627) $ - $ (1,023,461)
2025 $ (181,142) $ (504,311) $ (145,844) $ (284,238) $ - $ (1,115,535)
2026 $ (196,850) $ (543,171) $ (162,750) $ (308,886) $ - $ (1,211,656)
2027 $ (213,246) $ (583,734) $ (180,391) $ (334,612) $ - $ (1,311,983)
2028 $ (230,355) $ (626,068) $ (198,798) $ (361,459) $ - $ (1,416,681)
2029 $ (248,207) $ (670,243) $ (218,000) $ (389,471) $ - $ (1,525,921)
2030 $ (266,830) $ (716,331) $ (238,029) $ (418,694) $ - $ (1,639,884)
2031 $ (286,256) $ (764,408) $ (258,916) $ (449,175) $ - $ (1,758,755)
2032 $ (306,515) $ (814,553) $ (280,695) $ (480,964) $ - $ (1,882,728)
2033 $ (327,639) $ (866,846) $ (303,401) $ (514,112) $ - $ (2,011,998)
2034 $ (88,803) $ (233,997) $ (83,065) $ (139,344) $ - $ (545,209)
2035 $ - $ - $ - $ - $ - $ -
Total $ (3,227,219) $ (8,897,990) $ (2,674,192) $ (5,063,956) $ - $ (19,863,356)
Source:Tiberius Solutions
SEDA RESOLUTION NO. 2019-02
Exhibit A, Page 12 of 12
Exhibit 8. Impact to Taxing Districts, Education
Lane Springfield Total General
Community Eugene School School Gov't and
FYE College Lane ESD District District 19 Subtotal Education
2018 $ (43,107) $ (15,541) S (330,632) $ - $ (389,281) $ (941,505)
2019 $ (48,359) $ (17,435) $ (370,917) $ - $ (436,711) $ (1,055,289)
2020 $ (54,215) $ (19,546) $ (415,832) $ - $ (489,594) $ (1,182,219)
2021 $ (60,335) $ (21,752) $ (462,767) $ - $ (544,854) $ (1,314,854)
2022 $ (66,728) $ (24,057) $ (511,803) $ - $ (602,587) $ (1,453,426)
2023 $ (73,406) $ (26,464) $ (563,022) $ - $ (662,892) $ (1,598,169)
2024 $ (80,380) $ (28,979) $ (616,513) $ - $ (725,871) $ (1,749,332)
2025 $ (87,661) $ (31,604) $ (672,363) $ - $ (791,629) $ (1,907,164)
2026 $ (95,263) $ (34,345) $ (730,668) $ - $ (860,276) $ (2,071,932)
2027 $ (103,197) $ (37,205) $ (791,524) $ - $ (931,926) $ (2,243,909)
2028 $ (111,477) $ (40,190) $ (855,031) $ - $ (1,006,698) $ (2,423,379)
2029 $ (120,116) $ (43,305) $ (921,293) $ - $ (1,084,715) $ (2,610,636)
2030 $ (129,129) $ (46,554) $ (990,420) $ - $ (1,166,103) $ (2,805,987)
2031 $ (138,530) $ (49,943) $ (1,062,523) $ - $ (1,250,996) $ (3,009,751)
2032 $ (148,334) $ (53,478) $ (1,137,720) $ - $ (1,339,531) $ (3,222,259)
2033 $ (158,557) $ (57,163) $ (1,216,131) $ - $ (1,431,851) $ (3,443,849)
2034 $ (42,975) $ (15,493) $ (329,618) $ - $ (388,087) $ (933,296)
2035 $ - S - 5 - $ - $ - $ -
Total $ (1,561,769) $ (563,054) $ (11,978,777) $ - $ (14,103,600) $ (33,966,956)
Source: Tiberius Solutions
Exhibit 9 shows the projected property tax revenue from properties within the Glenwood URA that will
be received by overlapping taxing districts in FYE 2035,the year after the expected termination of the
Glenwood URA.
Exhibit 9. Taxing District Revenue in Year After URA Termination
Tax Revenue in FYE 2035 (Year after Termination)
From Frozen From Excess
Taxing District Tax Rate Base Value Total
General Government
Lane County $ 1.2793 $ 134,816 $ 367,143 $ 501,959
City of Springfield $ 4.7403 $ 279,162 $ 965,899 $ 1,245,061
Glenwood Water District $ 4.1425 $ 187,809 $ 347,283 $ 535,092
Willamalane Park& Rec $ 2.0074 $ 211,548 S 576,099 $ 787,647
Goshen RFPD $ 1.7196 $ 1,795 $ (857) $ 938
Subtotal $ 815,130 $ 2,255,567 $ 3,070,697
Education
Lane Community College $ 0.6191 S 65,243 $ 177,674 $ 242,917
Lane ESD $ 0.2232 $ 23,522 $ 64,055 $ 87,577
Eugene School District $ 4.7485 $ 499,427 $ 1,362,844 $ 1,862,271
Springfield School District 19 $ 4.6412 $ 968 $ (81) $ 887
Subtotal $ 589,160 $ 1,604,492 $ 2,193,652
Total $ 1,404,290 $ 3,860,059 $ 5,264,349
Source: Tiberius Solutions
SEDA RESOLUTION NO. 2019-02