HomeMy WebLinkAboutUmbaugh Presentation 11.8.2018UMBAUGH
H. J. Umbaugh & Associates
Certified Public Accountants, LLP
8365 Keystone Crossing
Suite 300
Indianapolis, IN 46240-2687
Phone: 317-465-1500
Far: 317-465-1550
www,umbaugh.com
November 6, 2018
City of South Bend Redevelopment Commission
227 W. Jefferson Blvd.
Suite 1400 S.
South Bend, Indiana 46601
Re: Proposed St. Joseph County Library Project —
River West Development Area
Dear Members of the Commission:
Per your request, we have prepared the attached financing feasibility in connection with the proposed St.
Joseph County Library Project. This preliminary analysis has been prepared to assist both City and
Redevelopment Commission officials in the discussion and consideration of the proposed bonds. The
attached schedules (listed below) present unaudited and limited information. The use of these schedules
should be restricted to this purpose, for internal use only, as the information is subject to future revision
and final report.
Page
Illustrative Project Costs and Funding
Illustrative Amortization of $4,690,000 Principal Amount of
Taxable Economic Development Revenue Bonds
Comparison of Estimated TIF Revenues and Obligations
Supporting Information
6 Schedule of Outstanding Obligations
7 Estimated Annual Combined TIF Revenues
8- 10 Estimated Annual Real Property Tax Increment
South Bend — Portage Township Taxing District
11- 13 Estimated Annual Real Property Tax Increment
South Bend — German Township Taxing District
14-15 Estimated Annual Real Property Tax Increment
South Bend — Warren Township Taxing District
In the preparation of these schedules, certain assumptions were made as noted regarding certain future
events. As is the case with such assumptions regarding future events and transactions, some or all may
not occur as expected and the resulting differences could be material. We have not examined the
underlying assumptions nor have we audited or reviewed the historical data. Consequently, we express no
opinion thereon nor do we have a responsibility to prepare subsequent reports.
Members of the City of South Bend Redevelopment Commission
Re: Proposed St. Joseph County Library Project—
River West Development Area
November 6, 2018
Page Two
We would appreciate your questions or comments on this information and would provide additional
information upon request.
Very truly yours,
UMBAUGH
Todd A. Samuelson
SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION
River West Development Area
ILLUSTRATIVE PROJECT COSTS AND FUNDING
Assumes Bonds payable solely from TIFRevenues
Illustrative Pro'ect Costs:
Net proceeds available for project (1)
Debt service reserve (2)
Allowance for underwriter's discount (1.00%)
Allowance for Bond issuance costs and contingencies
$4,000,000
464,535
'• •11
178,565
Total Illustrative Project Costs $4,690,000
Illustrative Project Funding:
Illustrative Taxable Economic Development Revenue Bonds $4,690,000
(1) Represents Bond proceeds, net of issuance costs, that will be available for capital
expenditures related to the project.
(2) Assumes the Bond purchaser will require the funding of a debt service reserve from Bond
proceeds. If a reserve fund is not required, then the net proceeds available for the project
will be adjusted accordingly.
Note: It is assumed that the Bonds will be payable solely from tax increment revenues generated
in the River West Development Area, on parity with the outstanding Tax Increment
Revenue Bonds, Series 2003 (South Bend Central Development Area) and the Tax
Increment Revenue Bonds, Series 2003 (Airport Economic Development Area). The
Bond purchaser may require an additional form of security such as a local income
tax or property tax backup.
(Subject to the attached letter dated November 6, 2018)
(Preliminary - Subject to Change)
(For Internal Use Only)
3
SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION
River West Development Area
ILLUSTRATIVE AMORTIZATION OF $4,690,000 PRINCIPAL AMOUNT OF
TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS
Assumes Bonds dated March 24, 2021
(Subject to the attached letter dated November 6, 2018)
(Preliminary - Subject to Change)
(For Internal Use Only)
4
Illustrative
Illustrative
Illustrative
Payment
Principal
Interest
Illustrative
Total
Fiscal Year
Date
Outstanding
Principal
Rate
Interest
Debt Service
Debt Service
08/01/21
$4,690,000
(1)
$75,255
$75,255
02/01/22
4,690,000
106,660
106,660
$181,915
08/01/22
4,690,000
106,660
106,660
02/01/23
4,690,000
106,660
106,660
213,320
08/01/23
4,690,000
$125,000
3.50%
106,660
231,660
02/01/24
4,565,000
125,000
3.70%
104,473
229,473
461,133
08/01/24
4,440,000
130,000
3.70%
102,160
232,160
02/01/25
4,310,000
130,000
3.90%
99,755
229,755
461,915
08/01/25
4,180,000
135,000
3.90%
97,220
232,220
02/01/26
4,045,000
135,000
4.10%
94,588
229,588
461,808
08/01/26
3,910,000
140,000
4.10%
91,820
231,820
02/01/27
3,770,000
140,000
4.20%
88,950
228,950
460,770
08/01/27
3,630,000
145,000
4.20%
86,010
231,010
02/01/28
3,485,000
150,000
4.30%
82,965
232,965
463,975
08/01/28
3,335,000
150,000
4.30%
79,740
229,740
02/01/29
3,185;000
155,000
4.40%
76,515
231,515
461,255
08/01/29
3,030,000
160,000
4.40%
73,105
233,105
02/01/30
2,870,000
160,000
4.50%
69,585
229,585
462,690
08/01/30
2,710,000
165,000
4.50%
65,985
230,985
02/01/31
2,545,000
170,000
4.60%
62,273
232,273
463,258
08/01/31
2,375,000
175,000
4.60%
58,363
233,363
02/01/32
2,200,000
175,000
4.70%
54,338
229,338
462,700
08/01/32
2,025,000
180,000
4.70%
50,225
230,225
02/01/33
1,845,000
185,000
4.80%
45,995
230,995
461,220
08/01/33
1,660,000
190,000
4.80%
41,555
231,555
02/01/34
1,470,000
195,000
4.90%
36,995
231,995
463,550
08/01/34
1,275,000
200,000
4.90%
32,218
232,218
02/01/35
1,075,000
205,000
5.00%
27,318
232,318
464,535
08/01/35
870,000
210,000
5.00%
22,193
232,193
02/01/36
660,000
215,000
5.10%
16,943
231,943
464,135
08/01/36
445,000
220,000
5.10%
11,460
231,460
02/01/37
225,000
225,000
5.20%
5,850
230,850
462,310
Totals
$4,690,000
$2,I90,487
$6,870,487
$6,870,487
(1) We have prepared the interest rate assumptions using our evaluation of the underlying credit pledge
to this financing and current
market conditions.
These factors are subject to change.
Changes may result in the actual interest
rates varying from
the interest rates
assumed for
this analysis and that variance
may be material.
(Subject to the attached letter dated November 6, 2018)
(Preliminary - Subject to Change)
(For Internal Use Only)
4
Taxes
Payable
Year
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
Totals
SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION
River West Development Area
COMPARISON OF ESTIMATED TIF REVENUES AND OBLIGATIONS
Assumes Bonds payable solely from TIF Revenues
Estimated
TIF Revenues
(1)
$18,200,120
19,851,760
18,011,860
18,431,480
18,728,900
18,857,070
18,900,960
18,940,210
18,963,080
18,521,100
18,527,640
18,220,940
17,266,350
17,266,350
16,336,190
16,336,190
16,259,690
16,209,810
16,209, 810
(1) See page 7.
(2) See page 6.
(3) See page 4.
$340,039,510
Outstanding
Obligations
(2)
($14,077,236)
(10,880,225)
(10,741,864)
(9,966,887)
(9,467,656)
(6,301,521)
(4,806,340)
(2,972,150)
(2,703,450)
(2,702,925)
(2,704,725)
(2,704,700)
(2,707,925)
(2,703,325)
(2,705,900)
(1,712,000)
(1,713,000)
(1,712,000)
(1,715,000)
($94,998,829)
Obligations
Illustrative
2021 Bonds
(3)
($181,915)
(213,320)
(461,133)
(461,915)
(461,808)
(460,770)
(463,975)
(461,255)
(462,690)
(463,258)
(462,700)
(461,220)
(463,550)
(464,535)
(464,135)
(462,310)
($6,870,487)
Estimated
TIF Revenues Estimated
Total Remaining Coverage
($14,077,236)
(10,880,225)
(10,741,864)
(10,148,801)
(9,680,976)
(6,762,654)
(5,268,255)
(3,433,958)
(3,164,220)
(3,166,900)
(3,165,980)
(3,167,390)
(3,171,183)
(3,166,025)
(3,167,120)
(2,175,550)
(2,177,535)
(2,176,135)
(2,177,310)
($101,869,316)
(Subject to the attached letter dated November 6, 2018)
(Preliminary - Subject to Change)
(For Internal Use Only)
5
$4,122,884
8,971,535
7,269,996
8,282,679
9,047,924
12,094,417
13,632,705
15,506,253
15,798,860
15,354,200
15,361,660
15,053,550
14,095,168
14,100,325
13,169,070
14,160,640
14,082,155
14,033,675
14,032,500
$238,170,194
129%
182%
168%
182%
193%
279%
359%
552%
599%
585%
585%
575%
544%
545%
516%
751%
747%
745%
744%
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Taxes
Payable
Year
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
Totals
SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION
River West Development Area
ESTIMATED ANNUAL COMBINED TIF REVENUES
South Bend -
Portage Twp.
(1)
$6,670,200
7,873,950
7,077,040
7,179,050
7,253,800
7,312,620
7,331,170
7,346,700
7,360,600
7,370,590
7,375,680
7,379,510
7,371,850
7,371,850
7,304,450
7,304,450
7,304,450
7,304,450
7,304,450
$138,796,860
Estimated TIF Revenues
South Bend -
German Twp.
(2)
$10,563,050
11,003,680
10,072,250
10,389,860
10,612,530
10,681,880
10,707,220
10,730,940
10,739,910
10,287,940
10,289,390
9,978,860
9,031,930
9,031,930
9,031,740
9,031,740
8,955,240
8,905,360
8,905,360
South Bend -
Warren Twp.
(3)
$966,870
974,130
862,570
862,570
862,570
862,570
862,570
862,570
862,570
862,570
862,570
862,570
862,570
862,570 (4)
Total
$18,200,120
19,851,760
18,011,860
18,431,480
18,728,900
18,857,070
18,900,960
18,940,210
18,963,080
18,521,100
18,527,640
18,220,940
17,266,350
17,266,350
16,336,190
16,336,190
16,259,690
16,209,810
16,209,810
$188,950,810 $12,291,840 $340,039,510
(1) See pages 8 - 10.
(2) Seepages 11 - 13.
(3) See pages 14 and 15.
(4) The entire portion of the Allocation Area within the South Bend - Warren Township
taxing district expires following 2031.
(Subject to the attached letter dated November 6, 2018)
(Preliminary - Subject to Change)
(For Internal Use Only)
7
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