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HomeMy WebLinkAbout2011-1098-11/21/2011This Resolution prepared by Carol Failor, Deputy City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2011-1098 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE MARTIN ROAD TAX INCREMENT DISTRICT. WHEREAS, the Cbde 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 Martin Road 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: Suzy Scha City Cler c es, CMC e/al Ernest G. Clark, Mayor Exhibit"A Cumulative as of June 30, 2011 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS Cumulative Amount AMOUNT INCURRED Recording Fees FY 1998 - 1999 Principal $464.50 1999 GO Bonds $464.50 Design & Construction Engineering FY 1997 - 2001 Principal $20,328.07 1999 GO Bonds $20,792.57 FY 1999 - 2001 Principal $165,433.36 1999 GO Bonds $186,225.93 Construction of Road & SewerFinancing FY 1998 - 2000 Interest $148,169.07 1999 GO Bonds $334,395.00 Brock Inc Property Contract 5/18/2004 Principal. $385,000.00 Contract $719,395.00 Interest $55,598.78 $774,993.78 Denso Project Expenses Principal $51,218.16 2002 GO Bonds $826,211.94 - Fund 412 FY 2004 Interest $20,299.47 2002 GO Bonds $846,511.41 Martin Road Development -Fund 406 FY2006 Principal $100,000.00 2006 GO Bonds 5946,511.41 Interest $57,473.78 $1,003,985.19 Denso Tax Rebates Principal TIF Rebate $1,003,985.19 30% 2007 $14,055.53 $1,018,040.72 30% 2008 517,072.82 $1,035,113.54 30% 2009 $18,329.83 $1,053,443.37 30% 2010 $18,115.17 $1,071,558.54 30% 2011 $18,140.07 $1,089,698.61 Wilbert Vault Rebates Principal TIP Rebate 90% 2008 $25,367.50 51,11.5,066.11 90% 2009 525,045.82 $1,140,111.93 90% 2010 $24,686.00 $1,164,797.93 90% 2011 $24,720.00 $1,189,517.93 90% 2012* $24,490.00 $1,214,007.93 90% 2013* $24,490.00 $1,238,497.93 90% 2014* 524,490.00 $1,262,987.93 90% 2015* $24,490.00 $1,287,477.93 90% 2016* $3,347.09 $1,290,825.02 Rain Soft Rebates TIF Rebate $1,290,825.02 100% 2009 512,84423 $1,303,669.25 100% 2010 Principal $12,698.00 $1,316,367.25 100% 2011 $12,716.00 $1,329,083.25 100% 2012* 512,598.00 $1,341,681.25 100% 2013* $12,598.00 51.,354,279.25 Young Development TIF Rebate (Country Estates) $1,354,279.25 100% 2010 $16,100.00 81,370,379.25 100% 2011 516,122.00 51,386,501.25 100% 2012* $15,972.00 $1,402,473.25 100% 2013* Principal $15,972.00 $1,418,445.25 100% 2014* $15,972.00 $1,434,417.25 100% 2015* $15,972.00 $1,450,389.25 100% 2016* $15,972.00 $1,466,361.25 100% 2017* $9,979.50 51,476,340.75 Exhibit "A Cumulative as of June 30, 2011 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Stephen Riley 100% 2010 100% 2011 100% 2012* 100% 2013* 100% 2014* 100% 2015* Principal TIF Rebate $1,476,340.75 $19,498.00 51,495,838.75 $19,548.00 51,515,386.75 519,368.00 51,534,754.75 519,368.00 51,554,122.75 $19,368.00 51,573,490.75 $19,368.00 51,592,858.75 Maurer TIF Rebate $1,592,858.75 100% 2011 556,178.00 51,649,036.75 100% 2012* $55,656.00 $1,704,692.75 100% 2013* Principal $55,656.00 51,760,348.75 100% 2014* $55,656.00 $1,816,004.75 100% 2015* 555,656.00 $1,871,660.75 JARF (Fahr Beverage) TIF Rebate 51,871,660.75 100% 2011 $22,268.00 51,893,928.75 100% 2012* 522,062.00 51,915,990.75 100% 2013* Principal 522,062.00 $1,938,052.75 100% 2014* $22,062.00 51,960,114.75 100% 2015* 522,062.00 51,982,176.75 100% 2016* 526,915.00 52,009,091.75 Watessa TIF Rebate 52,009,091.75 100% 2013* $41,396.00 52,050,487.75 100% 2014* 541,396.00 52,091,883.75 100% 2015* 541,396.00 52,133,279.75 100% 2016* $41,396.00 $2,174,675.75 68% 2017* 528,150.00 52,202,825.75 50% 2018* 520,698.00 $2 223 523 75 50% 2019* $20,698.00 52,244,221.75 50% 2020* 520,698.00 $2,264,919.75 50% 2021* $20,698.00 52,285,617.75 50% 2022* 520,698.00 $2,306,315.75 Deer Creek 52,306,315.75 201.1 5300,000.00 $2,606,315.75 2012 Principal $200,000.00 $2,806,315.75 5200,000.00 53,006,315.75 2013 2014 $200,000.00 53,206,315.75 2015 5200,000.00 53,406,315.75 PTL Properties, LLC TIF Rebate 53,406,315.75 100% 2013* $27,600.00 53,433,915.75 100% 2014* $27,600.00 53,461,515.75 100% 2015* 527,600.00 53,489,115.75 100% 2016* 527,600.00 53,516,715.75 22% 2017* $6,072.00 $3,522,787.75 50% 2018* 513,800.00 53,536,587.75 50% 2019* 513,800.00 $3,550,387.75 50% 2020* 513,800.00 53,564,187.75 50% 2021* 513,800.00 $3,577,987.75 50% 2022* $13,800.00 $3,591,787.75 SVW Properties, LLC TIP Rebate 53,591,787.75 100% 2013* -527,830.00 $3,619,617.75 1.00% 2014* 527,830.00 53,647,447.75 100% 2015* $27,830.00 53,675,277.75 100% 2016* 527,830.00 53,703,107.75 22% 2017* $6,122.00 53,709,229.75 50% 2018* $13,916.00 53,723,145.75 50% 2019* 51.3,916.00 53,737,061.75 Exhibit"A Cumulative as of June 30, 2011 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement 50% 2020* 50% 2021* 50% 2022* --__-- $13,916.00 $3,750,977.75 $13,916.00 $3,764,893.75 $13,916.00 $3,778,809.75 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal -582,507.00 1999 GO Bonds $3,696,302.75 Interest -$29,395.00 $3,666,907.75 1999 GO Bonds Refinanced - Add New Debt Principal 1' $82,971.00007 53,749,878.75 Service - Fond 407 Interest $23,922.00 GO Bonds $3,773,100.75 Martin Road Dev. (taxable) FY2007 Principal $50,000.00 2007 GO Bonds $3,823,100.75 Interest $17,728.00 $3,840,828.75 Martin Road Dev. (taxable) FY 2008 Principal $80,000.00 2008 GO Bonds $3,920,828.75 Interest $25,000.00 $3,945,828.75 Corstang Purchase FY2009 Principal $196,020.00 Advance $4,141,848.75 San Sewer Design FY2010 Principal $558.00 Advance $4,142,406.75 San Sewer Design FY2011 Principal $425.50 Advance $4,142,832.25 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal ($$29,403.28) 2002 GO Bonds $4,113,425.97 Interest ($5,907.08) $4,107,521.89 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $29,639.76 2010 GO Bonds $4,137,161.65 Interest $3,063.42 $4,140,225.07 Martin Road Dev. (taxable) FY 2011 Principal $100,000.00 2011 GO Bonds $4,240,225.07 Interest $37,730.31 $4,277,955.38 Development Serv. FY2011 Principal $1,200.00 Advance $4,279,155.38 Failor-Hurley Grant FY2011 Principal $80,000.00 Advance $4,359,155.38 *estimated EXHIBIT "B" Cumulative as of June 30, 2011 Project Designation: Martin Road Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(21 No. Year Rece Amount Received from Payments under Sec. 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1997 50.00 $0.00 2 FY 1998 $0.00 $0.00 3 FY 1999 $3,573.58 $3,573.58 4 FY 2000 $7,314.98 $10,888.56 5 FY 2001 $76,616.52 $87,505.08 6 FY 2002 $60,214.96 $147,720.04 7 FY 2003 $67,780.85 $215,500.89 8 FY 2004 $74,966.48 $290,467.37 9 FY2005 5123,495.49 $413,962.86 10 FY2006 5150,499.75 5564,462.61 11 FY2007 $171,278.42 5101,903.67 $837,644.70 12 FY2008 $204,129.43 518,939.01 $1,060,713.14 13 FY2009 $255,746.77 55,108.00 51,321,567.91 14 FY2010 $249,984.54 5460.98 $1,572,013.43 15 FY2011 5394,612.49 $888.50 $1,967,514.42 16 FY2012* $394,612.49 $2,362,126.91 * - Estimated Exhibit "A 7/1/05 - 06/30/2006 - ANNUAL Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS Cumulative Amount AMOUNT INCURRED Martin Road Development gy2006 Principal $100,000.00 G.O. Bonds G.O. Bonds $100,000.00 Interest $57,473.78 $157,473.78 Wilbert Vault Rebates 90% 2008* 90% 2009* 90% 2010* 90% 2011* 90% 2012* 90% 2013* 90% 2014* 90% 2015* 90% 2016* Principal TIF Rebates $157,473.78 $22,302.00 $179,775.78 $22,302.00 $202,077.78 $22,302.00 $224,379.78 $22,302.00 $246,681.78 $22,302.00 $268,983.78 $22,302.00 $291,285.78 $22,302.00 $313,587.78 $22,302.00 $335,889.78 $22,302.00 $358,191.78 Rain Soft Rebates 100% 2010* 100% 2011* 100% 2012* 100% 2013* 100% 2014* Principal TIF Rebates $358,191.78 $11,100.00 $369,291.78 $11.,100.00 $380,391.78 $11,100.00 $391,491.78 $11,100.00 $402,591.78 $11,100.00 $413,691.78 estimated