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Home My WebLink About2011 03-28 EDAP Regular Session EDA MEETING City of Brooklyn Center March 28, 2011 AGENDA 1. Call to Order —The EDA requests that attendees turn off cell phones and pagers during the meeting. A copy of the full City Council packet, including EDA (Economic Development Authority), is available to the public, The packet ring binder is located at the front of the Council Chambers by the Secretary. 2. Roll Call 3. Approval of Agenda and Consent Agenda —The following items are considered to be routine by the Economic Development Authority (EDA) and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner so requests, in which event the item will be removed from the consent agenda and considered at the end of Commission Consideration Items. a. Approval of Minutes 1. March 14, 2011 — Regular Session 4. Commission Consideration Items a. Resolution Opting Not to Waive Limited Tort Liability for 2011 Requested Commission Action: — Motion to adopt resolution. b. Resolution Approving a Modification to the Redevelopment Plan for Housing Development and Redevelopment Project No. 1 and Establishing Tax Increment Financing District No. 5 Therein and Approving a Tax Increment Financing Plan Therefor Requested Commission Action: — Motion to adopt resolution. 5. Adjournment EDA Agenda Item No. 3a i i MINUTES OF THE PROCEEDINGS OF THE • ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STATE OF MINNESOTA REGULAR SESSION MARCH 14, 2011 CITY HALL — COUNCIL CHAMBERS 1. CALL TO ORDER The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to order by President Tim Willson at 7:58 p.m. 2. ROLL CALL President Tim Willson and Commissioners Carol Kleven' and Tim Roche. Absent and excused were Commissioners Kay Lasman and Dan Ryan. Also present were Executive Director Curt Boganey, CARS Director Jim Glasoe, Director of Business and Development _Gary :Eitel, Assistant City Manager /Director of Building and Community Standards Vickie Schleuning, City Attorney Charlie LeFevere, and Carla Wirth, TimeSaver Off Site Secretarial, Inc. . 3. APPROVAL OF AGENDA AND CONSENT AGENDA` Commissioner Roche moved and Commissioner Kleven seconded approval of the Agenda and Consent Agenda, and the following item was approved: 3a. APPROVAL OF MINUTES 1. February 14, 2011 - Regular Session Motion passed unanimously. 4. COMMISSION CONSIDERATION ITEMS 4a. EDA RESOLUTION NO. 2011 -04 ACCEPTING BID AND AWARDING A CONTRACT, IMPROVEMENT PROJECT NO. 2011 -09, EARLE BROWN HERITAGE CENTER CONNECTING LINK Executive Director Curt Boganey introduced the item, discussed the history, and stated the purpose of the proposed resolution to approve the lowest responsible bid and award a contract to Lund Martin Construction, Inc. for Improvement Project No. 2011 -09, Earle Brown Heritage Center connecting link. 03/14/11 -1- DRAFT` CARS Director Jim Glasoe reported that four bids were received with the lowest being in the amount of $673,000 by Lund Martin Construction, Inca It was noted that this company has experience, equipment, and capacity to qualify as lowest responsible bidder for this project. The bid is within the budgeted amount and funding sources include Earle Brown Heritage Center Capital Fund, Tax Increment Financing District #2, and EDA fund balance. President Willson stated he is glad to see the competitive bids had resulted in a decrease of almost $50,000 in this project. Commissioner Roche moved and Commissioner Kleven seconded - adoption of EDA RESOLUTION NO. 2011-04 Accepting Bid and Awarding a Contract, Improvement Project No. 2011 -09, Earle Brown Heritage Center Connecting Link. Motion passed unanimously. 4b. EDA RESOLUTION NO. 2011 -05 REAUTHORIZING EDA RESOLUTION NO. 2009 -17 PROVIDING AUTHORITY TO STAFF TO ACQUIRE CERTAIN FORECLOSED HOMES WITHIN THE CITY AND TO EXECUTE ALL INSTRUMENTS AND CONTRACTS RELATED THERETO Mr. Boganey introduced the item, discussed the history, and stated the purpose of the proposed resolution to allow staff to acquire certain vacant and foreclosed. residential properties in the City in a timely manner. Commissioner Kleven moved and Commissioner Roche sec onded adoption of EDA RESOLUTION NO. 2011 -05 Reauthorizing EDA Resolution No. 2009 -17 Providing Authority to Staff to Acquire Certain Foreclosed Homes within the City and to Execute all Instruments and Contracts Related Thereto. Motion passed unanimously. 5. ADJOURNMENT Commissioner Roche moved and Commissioner Kleven seconded adjournment of the Economic Development Authority meeting at 8:05 p.m. Motion passed unanimously. 03/14/11 -2- DRAFT EDA Agenda Item No. 4a • • EDA ITEM MEMORANDUM • DATE: 10 March 2011 TO'. Curt Boganey, Executive Director -FROM: Daniel Jordet, Assistant Treasurer SUBJECT: Statutory Tort Liability Limits Recommendation: It is recommended that the Economic Development Authority consider approval /adoption of the attached resolution adopting the no waiver option for statutory tort liability insurance. Background: Each year the EDA must chose whether to waive tort liability limit protections of Minnesota Statutes 466.04 as part of the insurance policy renewal application process. M.S. 466.04 states that the maximum liability for a city for any claim arising after 1 January 2010 is $ 500,000 with an aggregate maximum of $ 1,500,000 per incident. In past years the EDA has chosen not to waive the liability limits and the regular premium for insurance has covered all claims. If the EDA were to waive the limits set by statute, it would be prudent to purchase additional insurance coverage to cover possible higher awards in liability claims.. Premiums for such • insurance would exceed $ 3,000 per year. Budget Issues• The 2011 budget anticipates leaving the no waiver option in place for 2011 and has anticipated insurance premiums based on that no waiver option. Waiving the statutory limits would require that at least $ 3,000 in additional premium costs be allocated for 2011 and in each succeeding year. i A ission Ensuring an attractive, clean, safe conumcnfry that enhances the qualio of fife and preserves the public trust SECTION I: LIABILITY COVERAGE WAIVER FORM • Cities obtaining liability coverage from the League of Minnesota Cities Insurance Trust must decide whether or not to waive the statutory tort liability limits to the extent of the coverage purchased. The decision to waive or not to waive the statutory limits has the following effects: o f the city does not waive the statutory tort limits, an individual claimant would be able to recover no more than $500,000. on any claim to which the statutory tort limits apply. The total which all claimants would be able to recover fora single occurrence to which the statutory tort limits apply would be limited to $1,500,000. These statutory tort limits would apply regardless of whether or not the city purchases the optional excess liability coverage. If the city waives the statutory tort limits and does not purchase excess liability coverage, a single claimant could potentially recover up to $1,500,000. on a single occurrence. The total which all claimants would be able to recover for a single occurrence to which the statutory tort limits apply would also be limited to $1,500,000., regardless of the number of claimants. o If the city waives the statutory tort limits and purchases excess liability coverage, a single claimant could potentially recover an amount up to the limit of the coverage purchased. The total which all claimants would be able to recover fora single occurrence to which the statutory tort limits apply would also be limited to the amount of coverage purchased, regardless of the number of claimants. Claims to which the statutory municipal tort limits do not apply are not affected by this decision. This decision must be made by the city council. Cities purchasing coverage must complete and return this form to LMCIT before the effective date of the coverage. For further information, contact LMCIT. You may also wish to discuss these issues with your city attorney. Li�r�cklyv�Ge+�ew • FDA accepts "liability coverage limits of $ from the League of Minnesota Cities Insurance Trust (LMCIT). Check one: ❑ The city DOES NOT WAIVE the monetary limits on municipal tort liability established by Minnesota Statutes 466.04: ❑ The city WAIVES the monetary limits on tort liability established by Minnesota Statutes 466.04, to the extent of the limits of the liability coverage obtained from LMCIT. Date of city council meeting Signature Position Retum dais completed form to LMCIT, 145 University Ave. W., St. Paul, MN. 55103-2044 • Commissioner introduced the following resolution and moved its • adoption: EDA RESOLUTION NO. RESOLUTION OPTING NOT TO WAIVE LIMITED TORT LIABILITY FOR 2011 WHEREAS, the Economic Development Authority of the City of Brooklyn Center has an option to waive its protection under the tort liability limitation contained in Minnesota Statutes 466.04; and WHEREAS, the statutory tort limit for 2011 is $500,000 per individual with an aggregate of $1,500,000 per incident; and WHEREAS, the Economic Development Authority of the City of Brooklyn Center has not opted to waive its rights to limited tort liability in past years and is required to make a declaration of its intention every year. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Brooklyn Center that the Authority does not waive the monetary limits on municipal tort liability established by Minnesota Statutes 466.02 for.201 L March 28 2011 Date President The motion for the adoption of the foregoing resolution was duly seconded by commissioner f and upon vote being taken thereon, the following voted in favor thereof and the following voted against the same: whereupon said resolution was declared duly passed and adopted. • EDA Agenda Item No. 4b • EDA ITEM MEMORANDUM • DATE: March 23, 2011 TO: Curt Boganey, City Manager FROM: Gary Eitel, Director of Business and Development SUBJECT: _ Resolution Approving a. Modification to the Redevelopment Plans for Housing Development and Redevelopment Project No. 1 and Establishing Tax Increment Financing District No. 5 Therein and Approving a Tax Increment Financing Plan Therefor. Recommendation: It is recommended that the Economic Development Authority Development Authority (EDA) consider approval/adoption of the Resolution Approving a Modification to the Redevelopment Plans for Housing Development and Redevelopment Project No. 1 and Establishing Tax Increment Financing District No. 5 Therein and Approving .a Tax Increment Financing Plan Therefor. Background: • On March 28, 2011, the City Council is conducting a public hearing on the creation of Tax Increment District No. 5, a 16 year Renewal and Renovation District for 8 Brookdale Mall parcels that are part of the demolition and redevelopment plans of the Shingle Creek Crossing PUD. The Financing Plan for this Tax Increment District includes the opportunity for future EDA approved improvements/ acquisitions within the Tax Increment District 5 boundaries, such as the full daylighting of Shingle Creek and out of district improvements /acquisitions within the boundaries of Redevelopment Project No. 1. Attached for your reference are copies of the project area maps and Exhibit. VIII, Projected TIF District Cash Flow and Debt Repayment which illustrates the potential funding on column 10 for in- district opportunities and column I I for out of district (pooling) opportunities. A copy of this Tax Increment Financing Plan, staff memorandum, and related background information are included in the March 28 Council agenda packet. Budget Issues: The City and all tax jurisdictions will retain the 2011 base value of the eight Brookdale parcels during the life of the district and will receive the full property valuations upon the decertification of the District. This redevelopment project has the potential to promote significant private • investment into the City's Central Commerce Area and expand the city commercial tax base. Mission: Ensuring an attractive, clean, safe communio that enhances the quality of life andpreserves the public mist EDA ITEM MEMORANDUM Council Goals: Strategic: 2. ' We will aggressively proceed with implementation of City's redevelopment plans Mission: Ensuring an attractive, clean, safe community that enhances the quality of life andpreserves the public trust its adoption: Commissioner introduced the following resolution and moved EDA RESOLUTION NO. RESOLUTION APPROVING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR HOUSING DEVELOPMENT AND REDEVELOPMENT PROJECT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.5 THEREIN AND APPROVING A TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the Board of Commissioners (the "Board ") of the Economic Development Authority of the City of Brooklyn Center, Minnesota (the "EDA"), as follows: Section 1. Recitals 1.01. It has been proposed that the EDA modify the Redevelopment Plan for its Housing and Redevelopment Project No. 1 (the "Redevelopment Project "); and establish Tax Increment Financing District No. 5 within the Redevelopment Project and adopt the Tax Increment Financing Plan therefor (collectively, the "Plans "); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 through 469.047 and Sections 469.174 through 469.1799, as amended; all as reflected in that certain document entitled in part "Modification to Redevelopment Plan for Housing and Redevelopment Project No. 1 and Tax Increment Financing Plan for Tax Increment Financing District No. 5 (A Renewal and Renovation District) Shingle Creek Crossing Project," dated March 28, 2011, and presented for the Board's consideration. 1.02. The Board has investigated the facts relating to the Plans. 1.03. The EDA has performed all actions required by law to be performed prior to the adoption and approval of the Plans, including but not limited notice to the County Commissioner representing the area of the County to be included in TIF District No. 5, delivery of the Plans to the County and School Board, a review of the Plans by the Brooklyn Center Planning Commission, and the holding of a public hearing by the City thereon following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.04. Certain written reports and other documentation (collectively, the "Reports') relating to the Plans, including a draft Planned Unit Development and other information supplied by Gatlin Development Company, Inc., a Tennessee corporation (the "Developer ") and a Renewal and Renovation Eligibility Assessment Prepared by Alden Associates Architectural Services, have heretofore been assembled or prepared by staff or others and submitted to the Board and/or made a part of the EDA files and proceedings on the Plans. The Reports include data, information and/or substantiation constituting or relating to (1) the "studies and analyses" on why TIF District No. 5 meets the requirements to be a renewal and renovation tax increment financing district, (2) why the assistance satisfies the "but for" test and (3) the basis for the other findings and determinations made • in this resolution. The Board hereby confirms, ratifies and adopts the Reports, which are hereby EDA RESOLUTION NO. incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. Section 2. Findings for the Adoption and Approval of the Plans 2.01. The Board hereby finds that the boundaries of the Project Area are not being expanded and the Redevelopment Plan is not being modified other than to incorporate the establishment of TIF District No. 5 therein and therefore the Board reaffirms the findings and determinations originally made in connection with the establishment of the Redevelopment Project area and the adoption of the Redevelopment Plan therefor. 2.02. The Board hereby finds that TIF District No. 5 is in the public interest and is a "renewal and renovation district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10a, because, as set forth in the Reports, TIF District No. 5'consists of a project or portions of a project within which the following conditions, reasonably distributed throughout TIF District No. 5, exist: (1) parcels consisting of at least 70% of the area of TIF District No. 5 are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures; and (2) 20% of the buildings, not including outbuildings, are structurally substandard, as defined in the statute, to a degree requiring substantial renovation or clearance and (iii) 30% of the other buildings have other conditions that would require substantial renovation or clearance to eliminate. TIF District No. 5 consists of 8 parcels, all of which are "occupied" as defined in Minnesota Statutes, Section 469.174, Subd. 10(a)(1), in that at least 15% of the area of the parcels is occupied by i .buildings, streets, utilities, paved or gravel parking lots, or other similar structures. In addition, there are 4 buildings located in TIF District No. 5, of which the Brookdale Mall building (1 of the 4 which is 25% o) was found to be "structurally substandard" due to significant deficiencies such as structural elements, essential utilities, and fire protection, justifying substantial renovation and the JC Penney building (i of the remaining 3 which is 33 %) was found to require "substantial renovation or clearance ", when considering significant health and safety deficiencies and overall obsolescence, rendering the building not suitable for improvement or conversion. 2.03. The Board of Commissioners hereby makes the following additional findings in connection with TIF District No. 5: (a) The Board of Commissioners further finds that the proposed development, in the opinion of the Board of Commissioners, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment _ financing is deemed necessary. The specific basis for such finding being: The property on which the project will occur would not be developed in the reasonably foreseeable future. The Developer has demonstrated that current economic conditions make it unfeasible for the project to proceed. Extensive redevelopment costs including site remediation and environmental contamination along with extensive street and landscaping costs required by the City cannot be supported . • EDA RESOLUTION NO. by the anticipated project revenues, and given the speculative risk of the extensive retail tenanting required. The Developer has represented that it could not proceed with the project without tax increment assistance. (b) The Board of Commissioners further finds that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the EDA as a whole. The specific basis for such finding being: The Tax Increment Financing Plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan. The retail development contemplated on the property is in accordance with the existing zoning for the property. The Planning Commission has reviewed the Redevelopment Plan, and approved the same as being in conformity with the City's comprehensive plan and the general plan for the development and redevelopment of the City as a whole. (c) The Board of Commissioners further finds that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the EDA as a • whole for the development of TIF District No. 5 by private enterprise. The specific basis for such finding being: The proposed development to occur within TIF District No. 5 is a commercial development consistent with other retail facilities in the area and is in an area targeted for redevelopment by the EDA. The development will increase the taxable market valuation of City, and the available commercial facilities in the City. (d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(2), the Board of Commissioners hereby finds that the increased market value of the property to be developed within TIF District No. 5 that could reasonably be expected to occur without the use of tax increment financing is $0 or some modest amount based on small scale development that could be possible without assistance, which is less than the increased market value estimated to result from the proposed development (i.e., $48,731,797) after subtracting the present value of the projected tax increments for the maximum duration of TIF District No. 5 (i.e., approximately $7,342,481). In making these findings, the Board of Commissioners has noted that the property has not been redeveloped for several years and would likely remain so if tax increment financing were not available. Thus, the use of tax increment financing will be a positive net gain to the EDA, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. i EDA RESOLUTION NO. 2.04. The provisions of this Section 2 are hereby incorporated by reference into and made a part of the Tax Increment Financing Plan. 2.05. The Board further finds that the Plans are intended and in the judgment of the Board their effect will be to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan for TIF District No. 5 and the Redevelopment Plan for the Redevelopment Project. Section 3. Approval and Adoption of the Plans; Policy on Interfund Loans and Advances 3.01. The Plans, as presented to the Board on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted, and shall be placed on file in the office of the City Finance Director. Approval of the Plans does not constitute approval of any project or a Development Agreement with any developer. Subject to approval by the City Council following a public hearing, the Business and Development Director is hereby directed to request, in writing, the Hennepin County Auditor to certify the new TIF District No. 5 and to file the Plans with the Commissioner of Revenue and the Office of the State Auditor: 3.02. The Board hereby approves a policy on interfund loans or advances ( "Loans ") for TIF District No. 5, as follows: i (a) The authorized tax increment eligible costs (including without limitation out - of- pocket administrative expenses) payable from the District, as its TIF Plan is originally adopted or may be amended, may need to be financed on a short-term and/or long -term basis via one or more Loans, as may be determined by the City Finance Director from time to time. (b) The Loans may be advanced if and as needed from available monies in any fund or account of the EDA designated by the City Finance Director. Loans may be structured as draw -down or "line of credit" obligations of the lending fund(s). `(c) Neither the maximum principal amount of any Loan nor the aggregate principal amount of all Loans may exceed the adopted and, if applicable, amended TIF Plan budget for TIF District No. 5. (d) The maximum term of any Loan shall not exceed the lesser of the statutory duration limit of TIF District No. 5 or such earlier date as the City Finance Director may specify in writing. All Loans may be pre -paid, in whole or in part, whether from tax increment revenue, TIF bond proceeds or other eligible sources. (e) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7), which is the greater of the rates specified under Sections 270.75 or 549.09 at the time a Loan, • or any part of it, is first made, subject to the right of the EDA Finance Director to specify a EDA RESOLUTION NO. lower rate (but not less than the EDA's then- current average investment return for similar amount and term). (f) Such Loans within the above guidelines are pre - approved. The Loans need not take any particular form and may be undocumented, except that the City Finance Director shall maintain all necessary or applicable data on the Loans. March 28 2011 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and upon vote being taken thereon, the following voted in favor thereof and the following voted against the same: whereupon said resolution was declared duly passed and adopted. • EDA RESOLUTION NO. • SECRETARY'S CERTIFICATE 1, the undersigned, being the duly qualified and acting Secretary of the Economic Development Authority of the City of Brooklyn Center, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a duly called and regularly held meeting of the Board of Commissioners of said EDA held on March 28, 2011, with the original minutes thereof on file in my office and I further certify that the same is a full, true, and correct transcript thereof insofar as said minutes relate to the tax increment and related actions referenced therein with respect to the EDA's Housing and Redevelopment - Project No. 1 and Tax Increment Financing District No. 5 therein. • WITNESS My hand this day of March, 2011. 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Ul , C.� tt! _ Q it $... ;` W _ X _ W , 0 - 1 T AVE N z _ t TI F 5 50TH AVE N ' ,/ _ 4 50TH AVE'N : 491 AVE. .N v: City of ` BROOKLYN VENTER — SrooWr C"W GIS" _"" - Exhibit Vlll Shingle Creek Crossing TIF District Projected TIF District Cash "Flow and Debt, Repayment REVENUE EXPENDITURES Annual Calendar Projected Tax Admin Exp Pay-As- ou Go Note Pa ments Pro tsd Mtedund Loon.R*payments Raimb Other Poor Exp Surplus/ Year Ending Increment 10% Tl Prind al Interest Total P&I Principal Interest Total P &1 tndistrict Exp 10%71 (Deficit) 1 2 3 4 5, 6 8 9 10 11 1 12/31/2011 0 0 0 0 0 0 0 0 12/31/2012 0 0 0 0 0 0 0 0 12!31/2013 7,264 726 0 6,538 6,638 0 0 0 12/31/2014 302,214 30,221 0 271,993 271,993 0 0 0 12/31/2015 751,570 75,157 335,491 340,922 676,413 0 0 0 1213112016 839,895 83,990 391,857 112,060 603,937 0 251,969 (0) 12/31/2017 839,895 83,990 415,721 88,215 603,937 0 251,969 (0) 12/31/2018 839,895 83,990 441,039 62,898 503,937 0 251,969 (0) , 12131/2019 839,895 83,890 467,898 36,039 603,937 0 251,969 (0) 12/31/2020 839,895 83,990 247,994 7,544 255,638 0 0 0 500,367 0 12/31/2021 839,895 83,990 0 0 0 0 0 0 755,905 0 12!31!2022 839,895 83,990 0 516,905 516,906 239,000 0 12/31/2023 639,895 83,990 0 555,243 566 199,662 0 12!3112024 839,895 83,990 381,390 174,852 656,243 199,662 0 12/31/2025 839,895 83,990 475,498 80,744 656,243 199,662 0 12/31/2026 839,895 83,990 494,518 61,724 666,243 199,662 0 12/31/2027 830,8951 83,990 514,299 41,944 666,243 199,662 0 1213112028 839,895 83,990 534,204 21,372 555,666 199,662 577 11,979,683 1,197,974 2,300,000 926,228 3,224,228 2,400,000 1,453,784 3,853,784 2,503,146 1,197,974 (2) Projected Tax increment revenue is not of State Auditor deduction of 0.36% (3) Administrative Expenditure is 109E of annual revenue in column (2) (4), (5), (5) Pay As You Go Note Payments represent payments on principal amount of S23M accruing interest at 6 %, unpaid interest accrues without interest Available increment to service pay-go is 90% in the first 3 years (2013 - 2015), 60% thereafter until retired (7), (8), (9) - Anticipated repayment to CitylAudnority for interfund loan of S2, 400,000 for land acquisition, assumed interest rate is 4% accruing from 1213112011 (10) The TIF Plan authorizes an approximate $1.831M of additional indistrict expenditures, amount shown includes interest repayment of $671.455 (11) Pooled Expenditure is delayed until indistrict expenditures are complete, to total 10% of total tax increment (TI) in column (2) (12) The annual surpiusl(defrclt) subtracts totals in columns (3), (6), (9), (10) and (11) from the T1 Revenue in column (1) N expenditures in col. (10) 6 (11) do not occur, but the projected revenue in col (2) and debt of $2.3 M and $1.4 M each occur as projected, the district could close in year underlined (2023), 3 years prior to statutory decertification. The available funds in the district would retire the pay- as- you-go note and repay the lntenfund Loan early. 5pring5ted Page 23