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413 2017Budget

Other City Funds

OverviewSeveral funds are, by law, considered separate legal entities. These funds include the Thornton Development Authority (TDA); the Thornton Arts, Sciences, and Humanities Council, Inc. (TASHCO); the 136th Avenue General Improvement District; and the Thornton E-911 Authority.

Other City Fund Structure

Non-City Funds

ThorntonDevelopment

Authority

TDA South

TDA North

TDA 144th

TASHCO 136th Avenue GID

E-911 Authority

City of Thornton 414

Projected Changes to Fund Equity

TDA Funds: Fund equity in the TDA Funds is expected to decrease at the end of 2017 due to a number of large capital improvement projects in 2017.

136th Avenue GID: Fund equity is expected to decrease in 2017 in order to transfer previously accumulated fund balance to the General Fund.

E-911 Authority: Fund equity is expected to decrease in 2017 in order to transfer previously accumulated fund balance to the General Fund.

TDA Fund Equity TDA TASHCO 136th Avenue GID E-911 Authority

Total Estimated Fund Equity, End of 2016 22,677,539 298,009 2,073 381,781

Projected 2017 Revenue 17,520,622 87,837 5,600 1,085,769

2017 Budgeted Expenditures 20,274,476 84,710 7,000 1,400,000

Total Estimated Fund Equity, End of 2017 $19,923,685 $301,136 $673 $67,550

415 2017Budget

Thornton Development Authority

OverviewThe State of Colorado allows cities to form a legal, political body called an urban renewal authority and adopt urban renewal plans to prevent and eliminate conditions related to certain blight factors. Urban Renewal Plans are then implemented by the authority. The Thornton City Council established by resolution the Thornton Development Authority (TDA), an urban renewal authority, in September 1981. The Mayor and members of City Council serve as Commissioners of the TDA.

The TDA currently manages three active urban renewal areas: South Thornton (TDA South), North Washington (TDA North), and 144th Avenue and Interstate 25 (TDA 144th).

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URA Boundary

City boundary


TDA RevenuesActual Budget Budget2015 2016 2017

TDA SouthProperty Tax Increment $120,352 $314,000 $285,900 Interest Income 69,086 69,000 88,000 Miscellaneous 298,673 - -

Total $488,111 $383,000 $373,900

TDA NorthSales Tax Increment $9,730,552 $9,884,000 $10,247,108 Sales Tax Audit Assessments 45,427 200,000 100,000 Property Tax Increment 2,738,320 2,729,000 2,586,500 Interest Income 234,098 227,000 364,800 Miscellaneous 45,000 - - Use of Fund Balance - - 2,423,414

Total $12,793,396 $13,040,000 $15,721,822

TDA 144thSales Tax Increment $2,142,273 $2,562,000 $2,774,484 Property Tax Increment 478,242 915,000 1,027,190 Interest Income 23,111 28,000 46,640 Use of Fund Balance - 604,921 404,340

Total $2,643,626 $4,109,921 $4,252,654

TDA Revenue Summary

TDA South: Property tax is anticipated to decline in the TDA South area due to taxpayer appeals and the resulting adjustments, as well as additional property being classified as tax exempt.

TDA North: Sales tax growth is based on the assumption that retail occupancy in the area remains unchanged in 2017. Property tax is expected to decline as a result of a decrease in oil and gas production.

TDA 144th: The expected growth in sales tax and property tax is due to new businesses that opened during 2016. A full year of sales tax is built into 2017, as well as the property valuation.

417 2017Budget

TDA South

OverviewThe Thornton City Council established by ordinance in October 2012 the South Thornton Urban Renewal Plan to reduce, eliminate, and prevent the spread of blight within the Urban Renewal Area and to stimulate growth and development in the South Thornton corridor. The South Thornton urban renewal area contains approximately 290 parcels and totals roughly 64 acres. The area is geographically bounded by 104th Avenue on the north, approximately 83rd Avenue on the south, approximately Huron Street on the west, and approximately Corona Street on the east. It includes properties on both the east and west sides of Interstate 25.

In addition to the established South Thornton urban renewal area, the South Thornton URA Fund includes the remaining tax revenues from the Original Business District urban renewal area, which expired in 2007.

For 2016, the only two budgeted expenditures are a transfer to the General Fund and funding for a new redevelopment business incentive program. The transfer reimburses the General Fund for staff time related to support of the TDA.

Assessed ValuationThe incremental assessed valuation of the land within the South Thornton Urban Renewal Area is shown in the column labeled “Assessed Valuation”. This value, divided by 1,000 and then multiplied by all applicable mill levies, determines the property tax revenue increment to be received by the Thornton Development Authority. The 2016 assessed valuation is based on the final certification from the Adams County Assessor’s Office.

Year Assessed Valuation2016 $3,036,590 2015 2,844,010 2014 1,088,260 2013 322,190


TDA South Boundary

419 2017Budget

TDA North

OverviewThe Thornton City Council established by ordinance in October 2003 the North Washington Street Urban Renewal Plan to reduce, eliminate and prevent the spread of blight within the urban renewal area and to stimulate growth and development of the North Washington Street corridor. The plan creates a mixed-use corridor that furthers the goals and objectives of the City’s Comprehensive Plan, as amended, and leverages the community’s investment in public improvement projects in the area. The area is located in the northern part of the City of Thornton, generally bounded by Interstate 25 on the west, Washington Street on the east, Highway 7 on the north, and 144th Avenue on the south.

Assessed ValuationThe incremental assessed valuation of the land within the North Washington Urban Renewal Area is shown in the column labeled “Assessed Valuation”. This value, divided by 1,000 and then multiplied by all applicable mill levies, determines the property tax revenue increment to be received by the Thornton Development Authority. The 2016 assessed valuation is based on the final certification from the Adams County Assessor’s Office.

Year Assessed Valuation2016 $25,478,8402015 26,005,9602014 26,477,4002013 26,702,0502012 27,080,6202011 25,049,4302010 25,441,1202009 27,297,6402008 27,270,3202007 24,128,190


TDA North Boundary

421 2017Budget

TDA 144th

OverviewThe Thornton City Council established by ordinance in November 2012 the 144th Avenue and Interstate 25 Urban Renewal Plan to reduce, eliminate, and prevent the spread of blight within the urban renewal area and to stimulate growth and development in the 144th Avenue and Interstate 25 corridor. The 144th Avenue and Interstate 25 URA is made up of roughly 67 acres in the northwest portion of the City of Thornton.

Assessed ValuationThe incremental assessed valuation of the land within the 144th Avenue and Interstate 25 Urban Renewal Area is shown in the column labeled “Assessed Valuation”. This value, divided by 1,000 and then multiplied by all applicable mill levies, determines the property tax revenue increment to be received by the Thornton Development Authority. The 2016 assessed valuation is based on the final certification from the Adams County Assessor’s Office.

Year Assessed Valuation2016 $10,039,080 2015 8,327,520 2014 4,501,350 2013 1,348,050


TDA 144th Boundary

423 2017Budget

Thornton Development Authority: Five-Year CIP (2017-2021) Pg. Acct. # Prj. # Project 2017 2018 2019 2020 2021 Total

TDA South Fund 424 81000 n/a TDA South - Transfer to the General Fund $200,000 $206,000 $212,180 $218,545 $225,102 $1,061,827 425 811745-17 17-902 STAR Grant 100,000 100,000 100,000 100,000 100,000 500,000

Total - TDA South Fund $300,000 $306,000 $312,180 $318,545 $325,102 $1,561,827

TDA North Fund 426 831382-17 17-764 TDA North - Incentive Payments $6,513,859 $6,390,647 $5,670,233 $- $- $18,574,739 427 83000 n/a TDA North - Transfer to the General Fund $4,200,000 $4,290,000 $4,382,700 $4,478,181 $4,576,526 21,927,407 428 831857 17-542 Grant Street Construction - 144th to 147th $3,600,000 $- $- $- $- 3,600,000 429 83000 n/a TDA North - Debt Service 1,407,963 1,413,363 1,410,263 1,413,463 1,410,063 7,055,115 430 n/a n/a Bull Canal Relocation at 152nd Avenue - 450,000 2,550,000 - - 3,000,000 431 n/a n/a Washington Street Widening - 147th to 154th - - 1,425,000 8,075,000 - 9,500,000

Total - TDA North Fund $15,721,822 $12,544,010 $15,438,196 $13,966,644 $5,986,589 $63,657,261

TDA 144th Fund 432 84000 n/a TDA 144th - Debt Service $1,811,944 $1,813,194 $1,812,394 $1,808,994 $1,811,794 $9,058,320 433 84000 n/a TDA 144th - Transfer to the General Fund $1,648,000 $1,697,440 $1,748,363 $1,800,814 $1,854,839 8,749,456 434 84000 n/a TDA 144th - Westminster Revenue Share 792,710 944,538 1,024,728 1,082,391 1,121,121 4,965,488

Total - TDA 144th Fund $4,252,654 $4,455,172 $4,585,485 $4,692,199 $4,787,754 $22,773,264 Total - Thornton Development Authority $20,274,476 $17,305,182 $20,335,861 $18,977,388 $11,099,445 $87,992,352


Economic Development Project

General Business

N/A

PROJECT TYPE:

WARD:

FIRST YEAR FUNDING SOURCE BUDGET BY YEAR

PROJECT DESCRIPTION:

2017

2018

2019

2020

2021

TDA South - Transfer to the General Fund

This project funds the transfer of funds from the TDA South Fund to the General Fund for staff support to the TDA. Staff support includes maintaining various TDA-owned properties, tracking and submitting urban renewal area data as required by the State of Colorado, and providing information to parties that areinterested in purchasing the properties. For 2017, the funding now includes reimbursement for the new Redevelopment Administrator position as well as the Property Maintenance Code Inspector.

200,000$

$

$

$

$

206,000

212,180

218,545

225,102

ACCT#: PRJ#:N/A N/A

$200,000 TDA South

$200,000 Total Cost

425 2017Budget


Redevelopment

1 & 2

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

South Thornton Attraction and Revitalization Grant Program

The South Thornton Attraction and Revitalization (STAR) grant program is designed to enhance and revitalize commercial areas in the TDA South area by: attracting andsupporting new and expanding businesses to the area; assisting business owners with building improvements; and assisting with the cost of permitting and licensing, regulatory compliance, equipment purchases or exterior and façade improvements.

100,000$

$

$

$

$

100,000

100,000

100,000

100,000

ACCT#: PRJ#:N/A N/A

$100,000 TDA South

$100,000 Total Cost



General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA North - Incentive Payments

This project funds incentive payments to the Larkridge Shopping Center developer based on projected sales tax increment revenue.

6,513,859$

$

$

$

$

6,390,647

5,670,233

0

0

ACCT#: PRJ#:N/A N/A

$6,513,859 TDA North

$6,513,859 Total Cost

427 2017Budget


General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA North - Transfer to the General Fund

This project transfers funds from the TDA North Fund to the General Fund for payments that are owed to the City per the Larkridge Shopping Center redevelopment agreement.

4,200,000$

$

$

$

$

4,290,000

4,382,700

4,478,181

4,576,526

ACCT#: PRJ#:N/A N/A




Infrastructure Project

Streets - New

4

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

Grant Street Construction - 144th Avenue to 147th Avenue

This project funds the design and construction of Grant Street from 144th Avenue north to 147th Avenue.

3,600,000$

$

$

$

$

0

0

0

0

ACCT#: PRJ#:N/A N/A



429 2017Budget

Management Services Project

General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA North - Debt Service

This project funds annual debt service payments associated with the TDA North area.

1,407,963$

$

$

$

$

1,413,363

1,410,263

1,413,463

1,410,063

ACCT#: PRJ#:N/A N/A





Redevelopment

4

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

Bull Canal Relocation at 152nd Avenue

This project funds the relocation of the Bull Canal to the west side of Washington Street to allow for the widening of Washington Street between 147th Avenue and 154th Avenue and the future realignment of the 152nd Avenue and Washington Street intersection.

0$

$

$

$

$

450,000

2,550,000

0

0

ACCT#: PRJ#:

$450,000 TDA North

$450,000 Total Cost

431 2017Budget

Infrastructure Project

Streets - Rehab/Overlay

4

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

Washington Street Widening - 147th Avenue to 154th Avenue

This project funds the widening of Washington Street from 147th Avenue north to 154thAvenue.

0$

$

$

$

$

0

1,425,000

8,075,000

0

ACCT#: PRJ#:N/A N/A




Management Services Project

General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA 144th - Debt Service

This project funds annual debt service payments associated with the TDA 144th area.

1,811,944$

$

$

$

$

1,813,194

1,812,394

1,808,994

1,811,794

ACCT#: PRJ#:N/A N/A

$1,811,944 TDA 144th


433 2017Budget


General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA 144th - Transfer to the General Fund

This project funds the transfer of funds from the TDA 144th Fund to the General Fund for staff support to the TDA.

1,648,000$

$

$

$

$

1,697,440

1,748,363

1,800,814

1,854,839

ACCT#: PRJ#:N/A N/A

$1,648,000 TDA 144th




General Business

N/A

PROJECT TYPE:

WARD:



2017

2018

2019

2020

2021

TDA 144th - Westminster Revenue Share

This project funds the revenue sharing payment that is owed to the City of Westminster per the Interstate 25 Corridor Growth Area intergovernmental agreement.

792,710$

$

$

$

$

944,538

1,024,728

1,082,391

1,121,121

ACCT#: PRJ#:N/A N/A

$792,710 TDA 144th

$792,710 Total Cost

435 2017Budget

Debt Service TDA NorthDebt Service and Financial ObligationsBonds in the amount of $21,195,000 were issued in 2004 to fund infrastructure improvements in the North Washington Urban Renewal Area. In 2015, these bonds were refunded to take advantage of lower interest rates. These bonds are secured by both property tax and sales tax increment revenues derived within the project area. At the end of 2016, $16,903,550 (including interest) remained to be paid. The bonds are scheduled to be retired in 2028.

Tax Increment Revenue Refunding Bonds, Series 2015

Initial Balance: $13,900,000

Paid in Full: 2028

DescriptionActual Budget Budget2015 2016 2017

Interest Expense $475,374 $708,176 $540,963 Bond Principal - 795,000 865,000 Bond Issuance Expense 168,985 - - Bond Maintenance Fees 1,595 2,000 2,000

Total $645,954 $1,505,176 $1,407,963


Debt Service Schedule TDA North

Payment Date Principal Interest Total Payment

06/01/17 270,481 12/01/17 865,000 270,481 1,405,963 06/01/18 253,181 12/01/18 905,000 253,181 1,411,363 06/01/19 244,131 12/01/19 920,000 244,131 1,408,263 06/01/20 225,731 12/01/20 960,000 225,731 1,411,463 06/01/21 206,531 12/01/21 995,000 206,531 1,408,063 06/01/22 186,631 12/01/22 1,035,000 186,631 1,408,263 06/01/23 160,756 12/01/23 1,090,000 160,756 1,411,513 06/01/24 133,506 12/01/24 1,140,000 133,506 1,407,013 06/01/25 105,006 12/01/25 1,200,000 105,006 1,410,013 06/01/26 75,006 12/01/26 1,255,000 75,006 1,405,013 06/01/27 43,631 12/01/27 1,320,000 43,631 1,407,263 06/01/28 22,181 12/01/28 1,365,000 22,181 1,409,363

Total $13,050,000 $3,853,550 $16,903,550

437 2017Budget

Debt Service TDA 144thDebt Service and Financial ObligationsBonds in the amount of $27,580,000 were issued in 2015 to repay loans made to or on behalf of the Authority by the City for land, retail development and public improvements in the TDA 144th urban renewal area. These bonds are secured by both property tax and sales tax increment revenues derived within the project area. At the end of 2016, $43,357,763 (including interest) remained to be paid. The bonds are scheduled to be retired in 2037.

Tax Increment Revenue Bonds, Series 2015B

Initial Balance: $27,580,000

Paid in Full: 2037

DescriptionActual Budget Budget2015 2016 2017

Interest Expense $1,571,799 $1,192,921 $1,183,944 Bond Principal - 615,000 625,000 Bond Issuance Expense 240,595 - - Bond Maintenance Fees - 2,000 3,000

Total $1,812,394 $1,809,921 $1,811,944


Debt Service Schedule TDA 144th


06/01/17 591,972 12/01/17 625,000 591,972 1,808,944 06/01/18 582,597 12/01/18 645,000 582,597 1,810,194 06/01/19 569,697 12/01/19 670,000 569,697 1,809,394 06/01/20 562,997 12/01/20 680,000 562,997 1,805,994 06/01/21 549,397 12/01/21 710,000 549,397 1,808,794 06/01/22 538,747 12/01/22 730,000 538,747 1,807,494 06/01/23 527,797 12/01/23 755,000 527,797 1,810,594 06/01/24 508,922 12/01/24 790,000 508,922 1,807,844 06/01/25 489,172 12/01/25 830,000 489,172 1,808,344 06/01/26 468,422 12/01/26 1,320,000 468,422 2,256,844 06/01/27 435,422 12/01/27 1,385,000 435,422 2,255,844 06/01/28 400,797 12/01/28 1,455,000 400,797 2,256,594 06/01/29 376,244 12/01/29 1,505,000 376,244 2,257,488

439 2017Budget

Debt Service Schedule TDA 144th (Continued)


06/01/30 338,619 12/01/30 1,580,000 338,619 2,257,238 06/01/31 299,119 12/01/31 1,660,000 299,119 2,258,238 06/01/32 257,619 12/01/32 1,740,000 257,619 2,255,238 06/01/33 224,994 12/01/33 1,805,000 224,994 2,254,988 06/01/34 191,150 12/01/34 1,875,000 191,150 2,257,300 06/01/35 144,275 12/01/35 1,970,000 144,275 2,258,550 06/01/36 95,025 12/01/36 2,065,000 95,025 2,255,050 06/01/37 43,400 12/01/37 2,170,000 43,400 2,256,800

Total $26,965,000 $16,392,763 $43,357,763


TASHCO

OverviewThe Thornton Arts Sciences and Humanities Council, Inc. (TASHCO) was established by City Council in 1991 to address the City’s increasing need for cultural programs. In addition to promoting cultural events in the City, the group pursues grants from the Scientific Cultural Facilities District (SCFD) through the Adams County Cultural Council. TASHCO conducts fundraising, actively supports all City sponsored cultural and scientific events, and encourages membership and public participation.

The Thornton City Council serves as the corporation who appoints the TASHCO Board of Directors and approves their annual budget.

The City has established a separate fund to account for the monies raised and expended by TASHCO.

TASHCOActual Budget Budget % Chng2015 2016 2017 16-17

RevenuesTicket Sales, Registration $4,534 $5,678 $10,000 76.1%Grant Revenue 39,343 34,698 35,000 0.9%Interest Income 3,009 - - n/aMiscellaneous Revenue 6,684 - - n/aTransfer from General Fund 32,789 32,410 42,837 32.2%

Total $86,359 $72,786 $87,837 20.7%

ExpendituresPersonnel $1,906 $3,364 $2,129 -36.7%Contractual Services 38,769 62,563 70,181 12.2%Commodities 11,620 6,270 11,875 89.4%Charges for Internal Services 1,226 589 525 -10.9%Capital Outlay 22,511 - - n/a

Total $76,032 $72,786 $84,710 16.4%

441 2017Budget

136th Avenue GID

OverviewThe 136th Avenue General Improvement District (GID) was established by City Council in 2000 to help fund the construction of an interchange at 136th Avenue and Interstate 25. The Mayor and members of City Council serve as the district’s Board of Directors, approve the district’s budget, and make policy decisions regarding the activities of the district.

The electors of the district voted in 2000 to approve the issuance of up to $15.185 million in debt service to pay for a portion of the interchange construction costs and to set a 15-mill property tax levy. The City established this as a separate fund to account for the monies raised by the district.

136th Avenue GIDActual Budget Budget % Chng2015 2016 2017 16-17

RevenuesProperty Tax Revenue $5,593 $5,000 $5,600 12.0%Use of Fund Balance - - 1,400 n/a

Total $5,593 $5,000 $7,000 40.0%

ExpendituresTransfer to the General Fund $5,000 $5,000 $7,000 40.0%

Total $5,000 $5,000 $7,000 40.0%


Thornton E-911 Authority

OverviewThe Thornton E-911 Authority was established by City Council in 2004 to collect surcharges for 911 emergency telephone services in the City and to manage the provisions of the emergency telephone service. The Mayor and members of City Council serve as Board of Directors of the authority, approving the authority’s budget and making policy decisions regarding the activities of the authority.

The monthly emergency telephone surcharge remitted to the authority is used to pay for a portion of equipment, personnel, technology maintenance, and other authorized costs pursuant to state statute for the City to provide emergency telephone service.

E-911 AuthorityActual Budget Budget % Chng2015 2016 2017 16-17

RevenuesE-911 Authority Tax $1,038,442 $1,000,000 $1,085,769 8.6%Interest Income 4,739 - - n/aUse of Fund Balance - - 314,231 n/a

Total $1,043,181 $1,000,000 $1,400,000 40.0%

ExpendituresTransfer to the General Fund $1,000,000 $1,000,000 $1,400,000 40.0%

Total $1,000,000 $1,000,000 $1,400,000 40.0%

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