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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

(2)

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

(3)

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

(4)

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

(5)

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%

References

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