HomeMy WebLinkAbout2011-1092-11/21/2011This Resolution prepared by Carol Failor, Deputy City Clerk, 715
.Mulberry Street, Waterloo, Iowa.
RESOLUTION NO. 2011-1092
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY'S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE RATH 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 Rath
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:
uzy S hares, CMC
City Jerk
Ernest G. Clark, Mayor
Exhibit "A"
Cumulative as of June 30, 2011
Project Designation: Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
NO
DATE OF ISSUANCE OR
EXPENDITURE
SOURCE
DESCRIPTION OF
INDEBTEDNESS
CUMULATIVE
AMOUNT
AMOUNT
INCURRED
Rath Demolition 7/12/90
Principal
$475,000.00
G.O. Bonds
$475,000.01
Interest
$214,879.93
G.O. Bonds
$689,879.93
Powers Manufacturing Expansion 6/12/91
Principal
$150,000.00
G.O. Bonds
$839,879.93
Interest
$63,222.49
G.O. Bonds
$903,102.42
Powers Manufacturing Expansion 5/15/92
Principal
$150,000.00
G.O. Bonds
$1,053,102.42
Interest
$60,979.05
G.O. Bonds
$1,114,081.47
Powers Manufacturing 6/94
Principal
$300,000.00
G.O. Bonds
$1,414,081.47
Interest
$208,445.40
G.O. Bonds
$1,622,526.87
Powers Manufacturing Improvements 6/95
Principal
$50,000.00
G.O. Bonds
$1,672,526.87
Interest
$22,936.28
G.O. Bonds
$1,695,463.15
Administration Fees FY 97
Principal
$1,068.51
2000 GO Bonds
$1,696,531.66
Recording fees FY98
Principal
$1,200.00
2000 GO Bonds
$1,697,731.66
Demo Grant - Crystal
Interest on Advance 99-00
Principal
$100,000.00
99, 00 GO Bonds
$1,797,731.66
Principal
$11,178.22
2000 GO Bonds
$1,808,909.88
Land Improvements 3-00
Principal
$12,400.00
1998 GO Bonds
$1,821,309.88
Interest on $125,846.73
Interest
$74,646.27
98, 99, 00 GO Bonds
$1,895,956.15
Crystal Ice Rebate 75% 2002*
Principal
$96,488.74
Tax Rebate
$1,992,444.89
60% 2003*
$77,119.20
$2,069,564.09
45% 2004*
$60,475.50
$2,130,039.59
30% 2005*
$46,819.80
$2,176,859.39
15% 2006*
$24,076.87
$2,200,936.26
Crystal II Fund 406
Principal
$450,000.00
2006 GO Bonds
$2,650,936.26
Interest
$252,561.30
2006 GO Bonds
$2,903,497.56
Crystal II Rebate 50% 2010*
Principal
$58,500.00
Tax Rebate
$2,961,997.56
50% 2011*
$58,500.00
$3,020,497.56
50% 2012*
$58,500.00
$3,078,997.56
50% 2013*
$58,500.00
$3,137,497.56
50% 2014*
$58,500.00
$3,195,997.56
50% 2015*
$58,500.00
$3,254,497.56
50% 2016*
$58,500.00
$3,312,997.56
50% 2017*
$58,500.00
$3,371,497.56
50% 2018*
$58,500.00
$3,429,997.56
50% 2019*
$58,500.00
$3,488,497.56
Powers 100%
Principal
$38,646.42
Tax Rebate
$3,527,143.98
._._._._....____
80% 2011*
$30,917.14
$3,558,061.12
60% 2012*
$23,187.85
$3,581,248.97
50% 2013*
$19,323.21
$3,600,572.18
50% 2014*
$19,323.21
$3,619,895.39
VRD
80% 2010*
Principal
$22,260.33
Tax Rebate
$3,642,155.72
60% 2011*
$19,477.79
$3,661,633.51
50% 2012*
$16,695.25
$3,678,328.76
40% 2013*
$13,912.71
$3,692,241.47
40% 2014*
$11,130.17
$3,703,371.64
30% 2015*
$11,130.17
$3,714,501.81
30% 2016*
$8,347.62
$3,722,849.43
20% 2017*
$8,347.62
$3,731,197.05
20% 2018*
$5,565.08
$3,736,762.13
20% 2019*
$5,565.08
$3,742,327.21
Rath Area Redevelopment
Fund 411 6/01
Principal
$115,000.00
2001 GO Bonds
$3,857,327.21
Interest
$54,605.87
2001 GO Bonds
$3,911,933.08
Rath Area Redevelopment
Fund 412
Principal
$29,183.76
2002 GO Bonds
$3,941,116.84
Interest
$10,890.01
2002 GO Bonds
$3,952,006.85
Exhibit "A"
Cumulative as of June 30, 2011
Project Designation: Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
NO
DATE OF ISSUANCE OR
EXPENDITURE
SOURCE
DESCRIPTION OF
INDEBTEDNESS
CUMULATIVE
AMOUNT
AMOUNT
INCURRED
Rath Area Redevelopment
Fund 413
Principal
$121,885.41
2003 GO Bonds
$4,073,892.26
Interest
$29,182.00
2003 GO Bonds
$4,103,074.26
Rath Area Redevelopment
Fund 413
Principal
$102,488.00
2003 GO Bonds
$4,205,562.26
Interest
$46,034.00
2003 GO Bonds
$4,251,596.26
Rath Area Redevelopment
Fund 414
Principal
$75,000.00
2004 GO Bonds
$4,326,596.26
Interest
$32,317.50
2004 GO Bonds
$4,358,913.76
Rath Area Redevelopment Fund
414 Taxable From NE Ind. Park
Principal
$61,994.76
2004 GO Bonds
$4,420,908.52
Interest
$30,268.97
2004 GO Bonds
$4,451,177.49
Rath Area Development Fund
414 From NE Ind. Park
Principal
$6,656.31
2004 GO Bonds
$4,457,833.80
Interest
$3,250.34
2004 GO Bonds
$4,461,084.14
State of Iowa BCRLF Loan
Principal
$280,000.00
State Loan
$4,741,084.14
1999 GO Bonds Refinanced - Deduct Old Debt
Service
Principal
($44,472.00)
1999 GO Bonds
$4,696,612.14
Interest
($16,043.00)
1999 GO Bonds
$4,680,569.14
1999 GO Bonds Refinanced - Add New Debt
Service - Fund 407
Principal
$44,784.00
2007 GO Bonds
$4,725,353.14
Interest
$12,532.00
2007 GO Bonds
$4,737,885.14
Rath Area Redevelopment Fund
407 (taxable)
Principal
$150,000.00
2007 GO Bonds
$4,887,885.14
Interest
$52,301.50
2007 GO Bonds
$4,940,186.64
Rath Area Redevelopment Fund
408 (taxable)
Principal
$100,000.00
2008 GO Bonds
$5,040,186.64
Interest
$27,500.00
2008 GO Bonds
$5,067,686.64
Rath Area Redevelopment Fund
409 (taxable)
Principal
$50,000.00
2008 GO Bonds
$5,117,686.64
Interest
$11,665.81
2008 GO Bonds
$5,129,352.45
Asbestos Removal - Rath Admin Bldg
Principal
$125,008.37
Advance
$5,254,360.82
2001 GO Bond Original Interest - Ref
Interest
($11,023.87)
2001 GO Bonds
$5,243,336.95
2009 GO Bonds - 2001 GO Bonds Ref
Interest
$7,472.88
2009 GO Bonds
$5,250,809.83
Asbestos Removal - Rath Admin Bldg
Principal
$122,943.56
Advance
$5,373,753.39
Secor Economic Dev Grant
Principal
$104,400.00
Advance
$5,478,153.39
Loan Document Preparation
Principal
$9,764.34
Advance
$5,487,917.73
CMC Site Purchase
Principal
$155,019.00
Advance
$5,642,936.73
Rath Area Redevelopment Fund
410 (taxable)
Principal
$350,000.00
2010 GO Bonds
$5,992,936.73
Interest
$67,122.08
2010 GO Bonds
$6,060,058.81
Rath Public Works Building - Fund 410
(exempt)
Principal
$700,000.00
2010 GO Bonds
$6,760,058.81
Interest
$93,209.08
2010 GO Bonds
$6,853,267.89
2002 GO Bonds Refinanced - Deduct Old Debt
Service
Principal
($15,183.76)
2002 GO Bonds
$6,838,08413
Interest
($2,797.01)
2002 GO Bonds
$6,835,287.12
2002 GO Bonds Refinanced - Add New Debt
Service - Fund 410
Principal
$15,390.68
2010 GO Bonds
$6,850,677.80
Interest
$1,450.53
2010 GO Bonds
$6,852,128.33
625 Glenwood Acquisition
Principal
$355.00
Advance
$6,852,483.33
BCLRF Transfer
Principal
$280,000.00
Advance
$7,132,483.33
Secor RR Spur
Principal
$99,111.32
Advance
$7,231,594.65
123 Stanley Acquisition
Principal
$359,459.00
Advance
$7,591,053.65
2004 GO Bonds Refinanced (Fund 414) - Deduct
Old Debt Service
Principal
($40,000.00)
2002 GO Bonds
$7,551,053.65
Interest
($10,355.00)
2002 GO Bonds
$7,540,698.65
2004 GO Bonds Refinanced (Fund 414) - Add New
Debt Service - Fund 411
Principal
$40,000.00
2010 GO Bonds
$7,580,698.65
Interest
$5560.56
2010 GO Bonds
$7,586,259.21.
EXHIBIT "B"
Cumulative as of June 30, 2011
Project Designation: Rath 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 1992
$0.00
$0.00
2
FY 1993
$0.00
$0.00
3
FY 1994
$0.00
$0.00
4
FY 1995
$0.00
$0.00
5
FY 1996
$22,881.52
$22,881.52
6
FY 1997
$24,374.46
$47,255.98
7
FY 1998
$24,812.00
$72,067.98
8
FY 1999
$44,009.63
$116,077.61
9
FY 2000
$43,454.87
$159,532.48
10
FY 2001
$90,959.54
$250,492.02
11
FY 2002
$171,794.01
$422,286.03
12
FY2003
$199,314.21
$621,600.24
13
FY2004
$195,574.51
$817,174.75
14
FY2005
$273,005.03
$1,090,179.78
15
FY 2006
$243,503.71
$1,333,683.49
16
FY2007
$389,654.09
$38,456.17
$1,761,793.75
17
FY2008
$395,139.29
$14,337.72
$2,171,270.76
18
FY2009
$569,358.38
55,156.91
$2,745,786.05
19
FY2010
$574,520.69
$1,620.21
$3,321,926.95
20
FY2011
$558,081.89
$1,597.28
53,881,606.12
21
FY2012*
$558,081.89
$4,439,688.01
* estimated Values