Three Rivers Park District, MN
1 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2015B $7,965,000, and General Obligation Capital Equipment Notes, Series 2015C, $710,000, Dated: December 16, 2015 2 Three Rivers Park District, Minnesota, General Obligation Revenue Bonds, Series 2015A, $6,465,000, Dated: May 13, 2015
3 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2014A $7,870,000, and General Obligation Capital Equipment Notes, Series 2014B, $975,000, Dated: December 16, 2014
4 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2013A $8,105,000, General Obligation Capital Equipment Notes, Series 2013B $425,000 and General Obligation Refunding Bonds, Series 2013C, $7,965,000, Dated 5 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2012A $3,560,000, Dated: November 13, 2012
6 Three Rivers Park District, Minnesota General Obligation Golf Course Revenue Refunding Bonds, Series 2012C $2,720,000, Dated: November 13, 2012 7 Three Rivers Park District, Minnesota General Obligation Refunding Bonds, Series 2012B $20,090,000, Dated: November 13, 2012
8 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2011A $4,575,000, Dated: December 29, 2011 9 Three Rivers Park District, Minnesota General Obligation Refunding Bonds, Series 2011B $6,190,000, Dated: December 29, 2011 10 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2010 $4,700,000, Dated: December 9, 2010
11 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2009B $4,410,000, and General Obligation Capital Equipment Notes, Series 2009C, Dated: October 1, 2009 12 Three Rivers Park District, Minnesota General Obligation Refunding Bonds, Series 2009A $11,655,000, Dated: January 14, 2009
13 Three Rivers Park District, Minnesota General Obligation Bonds, Series 2008B $6,450,000, Dated: September 16, 2008
Economic Market Value (2014/2015) $105,877,511,017
Estimated Market Value (2014/2015) $98,147,180,800
Net Tax Capacity (2014/2015) $1,079,365,752
General Obligation Long-Term Debt $72,145,000
Revenue Debt $0
Overlapping General Obligation Debt $3,080,618,303
Population (2013 US Census) 797,840
Debt Ratios
Percent of
Per Capita Economic
Amount 797,840 Market Value
General Obligation Debt $72,145,000 $90 0.07%
Overlapping Debt $3,080,618,303 $3,861 2.91%
Total $3,152,763,303 $3,951 2.98%
Series 2015B,C, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Park Use
Fiscal Year Ended December 31,
Visitors
2015 Not available
2014 10,097,000
Series 2015B,C, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Full-Time Equivalent Employment
Fiscal Year Ended December 31,
FTE
2015 382
Average Average Average
Average Unemployment Average Unemployment Average Unemployment
Labor Force Rate Labor Force Rate Labor Force Rate
1,925,078 3.1% 675,541 3.1% 2,988,729 3.2% (1) As of September, 2015. Less than $10,000 30,580 6.20% $10,000 to $14,999 20,715 4.20% $15,000 to $24,999 40,937 8.30% $25,000 to $34,999 39,951 8.10% $35,000 to 49,999 59,679 12.10% $50,000 to $74,999 83,354 16.90% $75,000 to $99,999 63,132 12.80% $100,000 to $149,999 76,942 15.60% $150,000 to $199,999 35,512 7.20% $200,000 or more 42,417 8.60% Total Households $493,219 100.00%
Median Household Income $64,433
Per Capita Income $38,566
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Historical Summary of Debt
Fiscal Year Ended December 31,
Less Cash in Property Market Net G.O Debt
Debt Service Value (1) to Property Net G.O. Debt
G.O. Total Debt Fund Net (000's Omitted) Population (2) Market Value Per Capita
2015 $63,510,000 $13,586,604 $49,923,396 $105,877,511 800,791 0.070% $ 90
(1) Property market value is for the assessment year indicated. The property market value is Hennepin County excluding the City of Minneapolis. Applicable taxes are collectible in the subsequent year. (2) Data relates to Hennepin County excluding the City of Minneapolis.
Financial Summary
Labor Force Statistics
Metro Area Hennepin County State of Minnesota
Year 2015 (1) Income Statistics
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Indebtedness by Issue
General Obligation Debt
Date of Outstanding Outstanding
Issue Issue Final Maturity Interest Rate Original Amount 12/31/2015
2008 G.O. Bonds 2/1/16 3.00% - 3.50% $6,450,000 $1,010,000
2009 G.O. Refunding Bonds 2/1/17 3.00% - 3.75% $11,655,000 $3,215,000
2009 G.O. Bonds 2/1/17 2.00% - 3.00% $4,410,000 $1,315,000
2010 G.O. Bonds 2/1/16 2.00% - 3.00% $4,700,000 $990,000
2011 G.O. Bonds 2/1/17 2.00% - 3.00% $4,575,000 $1,895,000
2011 G.O. Refunding Bonds 2/1/20 2.00% - 3.00% $6,190,000 $3,150,000
2012 G.O. Bonds 2/1/18 3.000% $3,560,000 $2,200,000
2012 G.O. Refunding Bonds 2/1/22 3.00% - 4.00% $20,090,000 $16,060,000
2013 G.O. Bonds 2/1/23 2.00% - 4.25% $8,105,000 $7,905,000
2013 G.O. Capital Notes 2/1/17 2.00% $425,000 $285,000
2013 G.O. Refunding Bonds 2/1/23 3.00% - 5.00% $7,965,000 $7,965,000
2014 G.O. Bonds 2/1/30 2.00% - 3.00% $7,870,000 $7,870,000
2014 G.O. Capital Notes 2/1/18 1.00% $975,000 $975,000
2015 G.O. Bonds 2/1/31 3.00% - 3.25% $7,965,000 $7,965,000
2015 G.O. Capital Notes 2/1/19 2.00% $710,000 $710,000
Total General Obligation Debt $95,645,000 $63,510,000
Lease Obligation Total Lease Obligation Debt Business Type-Activities
2012 G.O. Refunding Bonds 1/1/22 2.000% $2,720,000 $2,170,000
2015 G.O. Revenue Bonds 1/1/2040 3.00% - 3.75% $6,465,000 $6,465,000
Total Business-Type Activities $9,185,000 $8,635,000
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Annual Debt Service Payments
Fiscal Year Ended December 31
Total General Capital Leases Revenue Debt
Fiscal Year Obligation Principal & Principal &
Ending Principal Interest Debt Service Interest Interest
2016 $10,675,000 $1,881,634 $12,556,634 $469,062 2017 $9,595,000 $1,678,594 $11,273,594 $697,425 2018 $6,480,000 $1,430,450 $7,910,450 $701,200 2019 $5,595,000 $1,219,350 $6,814,350 $709,550 2020 $5,565,000 $1,008,800 $6,573,800 $707,525 2021 $5,105,000 $804,175 $5,909,175 $715,150 2022 $4,245,000 $624,388 $4,869,388 $717,375 2023 $2,650,000 $492,450 $3,142,450 $372,750 2024 $1,530,000 $419,706 $1,949,706 $376,300 2025 $1,575,000 $374,113 $1,949,113 $374,625 2026 $1,620,000 $328,938 $1,948,938 $373,100 2027 $1,660,000 $280,388 $1,940,388 $376,050 2028 $1,720,000 $224,975 $1,944,975 $373,475 2029 $1,775,000 $166,225 $1,941,225 $371,050 2030 $1,835,000 $104,825 $1,939,825 $373,400 2031 $1,255,000 $50,194 $1,305,194 $375,450 2032 $630,000 $13,388 $643,388 $372,275 2033 $373,875 2034 $370,069 2035 $370,850 2036 $371,319 2037 $371,275 2038 $370,713 2039 $369,825 2040 $373,309 $371,159 Total $63,510,000 $11,102,591 $74,612,591 $11,798,156
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Direct and Overlapping G.O. Debt
Applicable to the G.O. Debt (As of Park District
12/31/2015) Percent Amount
Direct Debt:
Three Rivers Park District $67,531,138 100.00% $67,531,138
Total Direct Debt $67,531,138
Overlapping Debt: Hennepin County $1,037,450,000 72.48% $751,943,760 Metropolitan Council 1,485,891,649 34.07% 506,243,285 Underlying Debt: School Districts $1,738,552,441 72.48% $1,260,102,809 Municipalities 1,601,885,634 72.33% 1,158,643,879 Total Overlapping and
Underlying Debt $3,676,933,733
Total Direct, Overlapping and
Underlying Debt $3,744,464,871
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Debt Limit Computation
Fiscal Year Ended December 31, 2015
Taxable Market Value $98,147,180,800
Debt Limit (100%) $98,147,181
Current G.O. Debt (73.51%) $72,145,000
(Includes the Obligations)
Remaining Debt Margin (26.49%) $26,002,181
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Statement of Revenues and Expenditures for the
General Fund and the Scott-Three Rivers Special Revenue Fund Fiscal Year Ended December 31,
2015 Revenues:
Property Taxes $27,448,853
Intergovernmental $2,688,082
Charges for Park Use $5,101,029
Other Charges for Services $2,225,878
Investment Earnings $138,502
Fines and Forfeitures $42,324
Contributions and Other $219,721
Total Revenues $37,864,389
Expenditures: Current:
Park and Trail Operations $12,974,776
Recreation, Education and
Natural Resources $14,150,629
Planning, Design and
Technology $3,688,428
General Government $6,139,860
Debt Service $0
Capital Outlay $279,005
Total Expenditures $37,232,698
Excess (Deficiency) of Revenue
over Expenditures: $631,691
Other Financing Sources (Uses):
Operating Transfers In $32,478
Operating Transfers Out ($23,700)
Sale of Capital Assets $152,849
Total Other Financing Sources (Uses): $161,627
Excess (Deficiency of Revenues and Other Sources Over
Expenditures and Other Uses: $793,318
Beginning Fund Balance: $18,200,560
Ending Balance: $18,993,878
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Operating Budget for the General Fund and the Scott-Three Rivers Special Revenue Fund
Fiscal Year Ended December 31,
2016 Budget
2016 2015 Over (Under)
Operating Budget Operating Budget 2015 Budget Revenues: Property Taxes $27,643,040 $27,236,386 $406,654 Park Use 7,850,093 7,039,786 $810,307 Intergovernmental 2,624,095 2,528,121 $95,974 Transfers 110,606 110,606 $0 Other 258,862 268,862 ($10,000) Total Revenues $38,486,696 $37,183,761 $1,302,935 Expenditures: Current:
Park and Trail Operations $13,260,425 $12,977,763 $282,662
Recreation, Education and
Natural Resources 14,779,490 14,188,941 $590,549 Planning, Design and
Technology 3,545,047 3,494,068 $50,979 General Government 6,540,169 6,226,144 $314,025 Capital Outlay 250,600 200,605 $49,995 Transfers 71,405 71,240 $165 Contingency 39,560 25,000 $14,560 Total Expenditures $38,486,696 $37,183,761 $1,302,935 $0 Budgeted Expenditures in Excess of Revenues $0 $0
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Trend of Property Values
Assessment Taxable
Year Tax Capacity Market Value
2015 $1,079,365 $94,514,474
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2009B,C, 2009A, 2008B Property Values
Fiscal Year Ended December 31, 2015
Indicated Taxable Net Tax
Market Value Market Value Capacity
Real Estate $97,016,691,700 $93,383,985,074 $1,149,609,961
Personal Property 1,130,489,100 1,130,489,100 22,258,710
Less: Tax Increment and Fiscal Disparities Value (70,244,209)
Total 98,147,180,800 $94,514,474,174 $1,101,624,462
Series 2015B,C, 2015A, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010 Real Property by Category
Fiscal Year Ended December 31, 2015
Tax Capacity % of Total
Residential $689,052,631 59.94%
Agricultural 5,529,920 0.48%
Public Utility 2,858,019 0.25%
Railroad Operating Property 1,776,370 0.15%
All other Commercial & Industrial 368,598,559 32.06%
Non-Homestead Residential/ Multiple Dwelling 70,569,708 6.14%
Commercial & Seasonal Recreational 10,055,916 0.87%
Other 1,168,838 0.10%
Total Real Property: $1,149,609,961 100.00%
Series 2015B,C, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Tax Levies and Collections
Collected First Year Collected as of ___________
Collection Percentage Percentage
Year Levy Net Tax Levy Amount of Net Levy Amount of Net Levy
2015 $41,221,717 $41,208,160 $40,923,435 99.31% $40,923,435 99.31%
Series 2015B,C, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Property Tax Rates Direct and Overlapping Government
Metropolitan
Collection Transit Metropolitan Mosquito
Year Park District Hennepin County Commission Council Control District
2015 3.789% 46.398% 1.523% 0.976% 0.507%
Series 2015B,C, 2014A,B, 2013ABC, 2012ABC, 2011A, 2011B, 2010, 2009B,C, 2009A, 2008B Principal Taxpayers
Fiscal Year Ended December 31, 2015
15 Largest Taxpaying Parcels in the District
Name Tax Capacity % of Total
1 MOAC Mall Holding LCC $12,984,250 1.20%
2 Best Buy Co., Inc. 2,783,670 0.26%
3 Ridgedale Joint Venture 2,397,574 0.22%
4 Galleria Shopping Center 1,923,450 0.18%
5 GAPREF Eden Prairie LLC 1,859,250 0.17%
6 Southdale Center LLC 1,817,308 0.17%
7 United Healthcare 1,695,250 0.16%
8 Target Corporation United 1,646,020 0.15%
9 Normandale Holdings LLC 1,539,250 0.14%
10 ARC Wemps LLC 1,398,000 0.13%
11 G&I VII 1600 & Moneygram LLC 1,379,250 0.13%
12 General Mills, Inc. 1,359,250 0.13%
13 Normandale Holdings LLC 1,340,000 0.12%
14 Prisa Arbor Lakes LLC 1,290,704 0.12%
15 Allianz Life Insurance Co., America 1,281,430 0.12%