HomeMy WebLinkAbout2011-1093-11/21/2011This Resolution prepared by Carol Failor, Deputy City Clerk, 715
Mulberry Street, Waterloo, Iowa.
RESOLUTION NO. 2011-1093
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY'S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE SAN MARNAN 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 San
Marnan 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.
Ernest G. Clark, Mayor
ATTEST:
Suzy Schares, CMC
City Clerk
EXHIBIT "A"
June 30, 2011
Project Designation: San Marnan Tax Increment Development Area
Schedule 1
Indebtedness
Qualifying for Tax
Under Section
Increment Reimbursement
403.19(2)
No.
Date Of Issuance
or Expenditure
Source
Description of Indebtedness
Cumulative
Amount
AMOUNT
INCURRED
Land Acquisition FY 1999
$548,856.00
Contract debt
$548,856.00
Interest FY 02
$106,427.98
$655,283.98
Interest FY 03
$42,502,01
$697,785.99
Interest FY 04
$16,795.35
$714,581.34
Interest FY 05
$11,094.86
$176,820.20
Interest FY 06
$12,570.24
$82,962.46
Interest FY 07
$12,303.70
$52,764.15
Interest FY 08
$7,665.09
$758,21523
Road FY 1999
Recording Fees FY 99
Principal
$2,373.60
G. 0. Bonds
$760,588.83
Design & Construction Eng.
Principal
$15,419.70
G. 0. Bonds
$776,008.53
Construction of Rd & Sewer
Principal
$78,36441
G. 0. Bonds
$854,372.94
Financing FY 98-00
Interest
$64,919.28
G. O. Bonds
$919 292 22
GMAC Tax Rebates
Principal
TIF Rebate
755/ 2003
$126,460.50
$1,045,752.72
60% 2004
$121,497.60
$1,167,250.32
45% 2005
$105,821.10
$1,273,071.42
30% 2006
$72,557.49
$1,345,628.91
15% 2007
$31,691.70
$1,377,320.61
VGM Tax Rebates
Principal
TIF Rebate
50%2009
$50,788.00
$1,428,108.61
50%2010
$152,742.00
$1,580,850.61
50%2011
$102,094.00
$1,682,944.61
50%2012*
$101,146.00
$1,784,090.61
$1,885,236.61
50%2013*
$101,146.00
CV Medical HQ
Principal
TIF Rebate
50%2009
$117,232.07
$2,002,468.68
$2,088,536.68
50%2010
$86,068.00
50%2011
$86.186.00
$2,174,722.68
$2,230,177.69
50%2012*
$55,455.01
50%2013*
$0.00
82 230 177 69
WW Grainger, Inc.
$2,230,177.69
100%2012'
$186,234.00
$2,416,411.69
$2,602,645.69
$2.788,879.69
$2,975,113.69
$3,161,347.69
$3,347,581.69
$3,438,835.69
100%2013*
$186,234.00
100%2014*
$186,234.00
$186,234.00
$186,234.00
$186,234.00
100%2015*
100%2016*
100%2017*
49%2015'
891254.00
Financial Resource Advisors
Principal
TIF Rebate
$3,438,835.69
100%2012*
$74,596.00
$3,513,431.69
100%2013*
$74,596.00
$3,588,027.69
100%2014*
$74,596.00
$3,662,623.69
100%2015*
$74 596.00
83,737,219.69
$3.811,815.69
100%2016`
$74,596.00
100%2017*
$74 596.00
$3,886,411.69
$3,925,201.69
52%2015*
$38,790.00
CBE Land Purchase
Principal
$740,000.00
2005 GO Bonds
$4,665,201.69
Interest
$245,900.00
2005 GO Bonds
$4,911,101.69
VGM Access Road
Principal
$600,000.00
2005 GO Bonds
$5,511,101.69
Interest
$197,330.00
2005 GO Bonds
$5,708,431.69
VOM Fund 406 - FY2006
Principal
$400,000.00
2006 GO Bonds
$6,108,431.69
Interest
$223 315 02
2006 GO Bonds
$6,331,746.71
San Marnan Development
Fund 407 FY2007
Principal
$100,000.00
2007 GO Bonds
$6,431,746.71
Interest
$35,153.50
2007 GO Bonds
$6,466,900.21
San Marnan Development
Fund 408 FY2008
Principal
$200,000.00
2008 GO Bonds
$6,666,900.21
Interest
$59,000.00
2008 GO Bonds
$6,725,900.21
L&H Farms
Advance
$439,179.20
Advance
$7,165,079.41
EXHIBIT "A"
June 30, 2011
Project Designation:
San Marnan Tax Increment Development Area
Schedule 1
Indebtedness
Qualifying for Tax
Under Section
Increment Reimbursement
403.19(2)
Dry Run Sewer Study (FY10)
Advance
$19.69
Advance
$7,165,099.10
Dry Run Sewer Study (FYI 1)
Advance
$9,539.75
Advance
$7,174,638.85
* Estimated
EXHIBIT "B"
June 30.2011
Project Designation:
San Marnan Tax Increment Development Area
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Year Received
Amount
Received from
Payments under
Other Revenue
Received
Cumulative Amount
1
FY 1997
$0.00
$0.00
2
FY 1998
$0.00
$0.00
3
FY 1999
$0.00
$0.00
4
FY 2000
$0.00
$0.00
5
FY 2001
$0.00
$0.00
6
FY 2002
$115,934.72
$115,934.72
7
FY 2003
$146,872.14
$180,000.00
$442,806.86
8
FY 2004
$177,843.34
$620,650.20
9
FY 2005
$205,851.80
$826,502.00
10
FY2006
$214,330.06
$1,040,832.06
11
FY2007
$199,764.79
$6,118.47
$1,246,715.32
12
FY2008
$395,258.07
$10,724.47
$1,652,697.86
13
FY2009
$690,161.90
$1,252.06
$2,344,111.82
14
FY2010
$715,267.61
$943.98
$3,060,323.41
15
FY2011
$898,340.12
$353.67
$3,959,017.20
15
FY2012*
$898,340.12
$4,857,357.32
*Estimated