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Home My WebLink About2011-1091-11/21/2011This Resolution prepared by Carol Failor, Deputy City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2011-1091 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE NORTHEAST INDUSTRIAL AREA TAX INCREMENT DISTRICT. WHEREAS, the Code of Iowa allows the City to collect taxes within a certain geographical district to be deposited in a "Tax Increment Financing Fund", and WHEREAS, certification of the City's expenditures within said district must be made to the County Auditor on a yearly basis. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA, that the City Clerk be instructed to certify to the County Auditor all expenditures of the City that qualify for reimbursement from the Tax Increment Fund in the Northeast Industrial Area Tax Increment District, as indicated in attached Exhibit "A" and Exhibit "B", be and the same are hereby approved. PASSED AND ADOPTED this 21st day of November, 2011. ATTEST: u y Sch City Cle res, CMC k Ernest G. Clark, Mayor EXHIBIT "A" Cumulative as of June 30, 2011 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2 No. Source Description of Indebtedness Cumulative Amount AMOUNT INCURRED Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.9C Land Acquisition Principal $362,178.20 Land Contract $607,626.10 Sanitary Sewer FY 97-98 Principal $215,725.99 Advance $823,35205 Dirt Credit 1997 Principal $347,400.00 Agreement $1,170,752.05 2000 - $126,796.00 2001- $63,203.00 2002 - $110,908.00 2003- $46,492.50 Engineering FY 97-00 Principal $105,796.41 G.O.Bonds $1,276,548.50 Recording fees FY 97-00 Principal $3,048.75 G.O.Bonds 81,279,597.25 Northeast Drive FY 1997 Principal $97,276.80 G.O. Bonds $1,376,874.05 T.G. Drive FY 1998 Principal $125,410.59 G.O. Bonds $1 502 284 64 R & N Investments II Rebate Principal TIF Tax Rebate 50% 2003 $0 $1,502,284.64 50% 2004 $1,502,284.64 (cancelled) 50% 2005 $1,502,284.64 50% 2006 $1,502,284.64 50% 2007 $1,502,284.64 Interstate Brands Rebate Principal TIF Tax Rebate 75% 2003 $21,999.00 51524,283.64 60% 2004 $18,402.00 $1,542,685.64 45% 2005 $16,027.56 $1,558,713.20 30% 2006 $10,989.48 $1,569,702.68 15% 2007 $4,642.41 $1,574,345.09 Financing FY 1997-2000 Interest $417,660.53 G.O. Bonds $1,992,005.62 Plat Engineering Fund 411 Principal $5,000.00 $1,997,005.62 Interest $3,450.00 2001 G.O. Bonds $2,000,455.62 GT Drive II Fund 411- Construction Principal $182,868.00 2001 G.O. Bonds $2,183,323.62 Interest $71,963.68 $2,255,287.30 Fund412-Construction Principal $48,630.00 $2,303,917.30 2002 G.O. Bonds Interest $21,873.14 $2,325,790.44 Fund 412 -RISE Application Principal $4,500.00 2002 G.O. Bonds $2,330,290.44 Interest $3,139.00 $2,333,429.44 WIDA FY 2003 Interest $8,482.82 Contract $2,341,912.26 WIDA FY2004 Interest $10,820.89 Contract $2,352,733.15 WIDA FY2005 Interest $4,276.29 Contract 52,357,009.44 Cedar Valley FY2004 Principal $13,200.00 Contract $2,370,209.44 Cedar Valley FY2005 Principal $17,500.00 Contract $2,387,709.44 Cedar Valley FY2006 Principal $17,500.00 Contract $2,405,209.44 Cedar Valley FY2007 Principal $1.7,500.00 Contract $2,422,709.44 Cedar Valley FY2008 Principal $32,000.00 Contract $2,454,709.44 Cedar Valley FY2009 Principal $33,168.00 Contract $2,487,877.44 Cedar Valley FY2010 Principal $32,000.00 Contract $2,519,877.44 Cedar Valley FY2011 Principal $9,500.00 Contract $2,529,377.44 Gray Transportation Rebates Principal TIF Tax Rebate 50% 2005 $31,493.93 $2,560,871.37 50% 2006 $32,391.28 $2,593,262.65 50% 2007 $26,788.28 $2,620,050.93 50% 2008 $27,139.08 $2,647,190.01 50% 2009 $28,976.01 $2,676,166.02 Ferguson Enterprises Fund 414 Principal $3,500,000.00 2004 G.O. Bonds $6,176,166.02 Interest $1,708,885.00 $7,885,051.02 Ferguson Enterprises Rebates Principal TIF Tax Rebate EXHIBIT "A" Cumulative as of June 30, 2011 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012* FY2013* FY2014* FY2015* FY2016* $392,73325 $435,187.68 $467,334.00 5461,864.00 5462,500.00 5458,210.00 5458,210.00 $458,210.00 5458,210.00 $458,210.00 $8,277,784.27 $8,712,971.95 59,180,305.95 59,642,169.9E $10,104,669.95 510 562,879 95 $11,021,089.95 511,479.299 95 511,937,509.95 $12,395,719.95 Etringer Land Contract Principal 5350,000.00 Land Contract $12,745,719.95 FY2007 Interest 53,161.67 512,748,881.62 FY2008 Interest $2,499.56 512,751,381.18 OFI Properties Principal TIF Tax Rebate $12,751,38118 50% FY2009 552,758.13 $12,804,139.31 50% FY2010 $54,310.00 512,858,449.31 50% FY2011 554,384.00 512,912,833.31 50% FY2012* $53,380.00 512,966 213.31 50% FY2013* 553,380.00 513,019,593.31 Veteran Enterprises, Ltd. Principal TIF Tax Rebate 513,019,593.31 50% FY2013 527,926.00 513,047,519.31 50% FY2014* 527,926.00 513,075,445.31 50% FY2015* 527,926.00 513,103,371.31 50% FY2016* $27,926.00 513,131,297.31 50% FY2017* 527,926.00 543,159,223.31. 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal (5208,847.00) 1999 G.O. Bonds 512,950,376.31'. Interest (575,344.00) $12,875,032.31''.. 2007 GO Bonds -1999 GO Bonds Refinanced- Add New Debt Svc Principal 5210,281.00 2007 G.O. Bonds 513,085,313.31 Interest 558,851.00 513,144,164.31 Fund 414 Taxable Reallocate Bonds for NE Site Projects - 2008 Principal ($69,651.07 2004 G.O. Bonds $13,074,513.24 Interest (534,007.24) $13,040,506.00 2001 GO Bonds Refinanced - Deduct Interest ($15,180.06) 2001 G.O. Bonds 513,025,325.94 2009 GO Bonds - 2001 GO Bonds Interest $9,564.06 2009 G.O. Bonds 513,034,890.00 Veterans Ent Grant Principal $207,093.00 Advance $13,241,983.00 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal (535,000.00) 1999 G.O. Bonds 513,206,983.00 Interest (56,250.00 513,200,733.00 2010 GO Bonds - 2002 GO Bonds Refinanced- Add New Debt Svc Principal 535,266.02 2007 G.O. Bonds 513,235,999.02 Interest 53,241.25 513,239,240.27 2004 GO Bonds Refinanced (Fund 414) - Deduct Old Debt Service Principal (52,175,000.00) 1999 G.O. Bonds 511,064,240.27 Interest (5600,422.50) $10,463,817.77 $12,638,817.77 2011 GO Bonds -2004 GO Bonds Refinanced Principal $2,175,000.00 2011 G.O. Bonds Interest 5278,885.44 512,917,703.21, EXHIBIT "B" Project Designation: Cumlative as of June 30, 2011 Northeast Industrial Area Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received from Payments under Sec. 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1996 50.00 $0.0C 2 FY 1997 $0.00 $0.00 3 FY 1998 $0.00 $0.00 4 FY 1999 $201,360.86 5201,360.8E 5 FY 2000 5110,300.50 $311,661.36 6 FY 2001 5194,966.55 $506,627.91 7 FY 2002 $321,469.26 $828,097.17 8 FY 2003 $381,390.68 $1,209,487.85 9 FY 2004 $458,310.16 $1,667,798.01 10 FY2005 $651,752.82 $2,319,550.83 11 FY2006 $464,313.36 $2,783,864.19 12 FY2007 $1,446,002.26 $109,650.08 $4,339,516.53 13 FY2008 $1,063,218.88 $26,036.60 $5,428,772.01 14 FY2009 $891,841.05 $4,972.61 $6,325,585.67 15 FY2010 $862,108.93 $1,153.42 $7,188,848.02 16 FY2011 $665,367.52 $1,239.16 $7,855,454.70 17 FY2012* $665,367.52 $8,520,822.22 *ESTIMATE