HomeMy WebLinkAbout2017-971-11/27/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-971
RESOLUTION APPROVING CERTIFICATION TO THE
BLACK HAWK COUNTY AUDITOR EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT IN THE FY 2017 RATH
AREA TAX INCREMENT DISTRICT AND PLACE THE
CERTIFICATION ON FILE.
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 RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the City Clerk is instructed to certify to the County Auditor all
expenditures of the City that qualify for reimbursement from the FY 2017 Tax Increment Fund in
the Rath Tax Increment Redevelopment Area, as indicated in attached Exhibit "A" and Exhibit
"B", are hereby approved.
PASSED AND ADOPTED this 27th day of November 2017.
Quentin Hart, Mayor
ATItST:
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Kelley Felch
City Clerk
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Exhibit"A" 3
Cumulative as of June 30,2017
Project Designation:Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
DATE OF ISSUANCE OR DESCRIPTION OF CUMULATIVE
NO EXPENDITURE SOURCE INDEBTEDNESS AMOUNT
AMOUNT INCURRED i
Rath Demolition 7/12/90 Principal $475,000.00 G.O.Bonds $475,000.00
Interest $214,879.93 G.O.Bonds $689,879.93 a
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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 t
Interest $208A45.40 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 K
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 'I
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Demo Grant-Crystal Principal $100,000.00 99,00 GO Bonds $1,797,731.66 I
Interest on Advance 99-00 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 a
Crystal Ice Rebate 75%2002 Principal $96,488.74 Tax Rebate $1,992,444.89
60% 2003 $77,119.20 $2,069564.09
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 11 Fund 406 Principal $450,000,00 2006 GO Bonds 2,650,93 . 6
Interest $252,561.30 2006 GO Bonds 2,903,497.56
Crystal Il Rebate 70% 2016 Principal $16,716.00 Tax Rebate $2,920,213.56
70% 2017 $006W $2,935,819.56
70% 2018* $16,600.00 $2,952,419.56
70% 2019* 16,600.001 $2,969,019.56
170% 2020* $16,600.00 2,985,619.56 w l
f 70% 2021* $16,600.00 3,002,219.56
70% 2022* $16,600.00 --$F,0-18,819.56
* 035,419.56
70% 2023 6 600.00
F— 70% 2024* $16,600.00 ,052,019.56
70% 2025* $16,600.00 3,068,619.56
Rath Area Redevelopment Principal $115,000.00 2001 GO Bonds $3,183,619.56 l
Fund 411 6/01 Interest $54,605.87 2001 GO Bonds $3,238,225.43
Rath Area Redevelopment Principal $29,183.76 2002 GO Bonds $3,267,409.19
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Fund 412 Interest $10,890.01 2002 GO Bonds $3,278,299.20
Rath Area Redevelopment Principal $121,885.41 2003 GO Bonds $3,400,184.61
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Fund 413 Interest $29,182.00 2003 GO Bonds $3,429,366.61
Rath Area Redevelopment Fund Principal $102,488.00 2003 GO Bonds $3,531,854.61
413 Interest $46,034.00 2003 GO Bonds $3,577,888.61 _y
Rath Area Redevelopment Principal $75,000.00 2004 GO Bonds $3,652,888.61
Fund 414 Interest $32,317.50 2004 GO Bonds 3,685,206.11
Rath Area Redevelopment Fund —Principal $611,994.76 2004 GO Bonds 3,747,200.87
414 Taxable From NE Ind.Park Interest $30,268.97 2004 GO Bonds $3,777,469.84
Rath Area Development Fund Principal $6,65631 2004 GO Bonds ,784,126.15
414 From NE Ind.Park Interest $3,250.341 2004 GO Bonds $3,787,376.49
1999 GO Bonds Refinanced-Deduct Old Debt Principal ($44,472.00) 1999 GO Bonds $3,742,904.49
IOLeivice 1, Interest $1(1,043.00 1999 GO Bonds $3,726,861.49
1999 GO Bonds Refinanced-Add New Debt Principal .44 784.00 2007 GO Bonds 3, 1,645.49
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Exhibit"A"
Cumulative as of June 30,2017 s
Project Designation;Rath Tax Increment Redevelopment Area
Schedule 1
_ Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
DATE OF ISSUANCE OR DESCRIPTION OF CUMULATIVE
NO EXPENDITURE SOURCE INDEBTEDNESS AMOUNT
AMOUNT INCURRED
Service-Fund 407 Interest $12,532.00 2007 GO Bonds
3,784,177.49
2000 GO Bonds Refinanced-Deduct Old Debt Principal $50,413.73 1999 GO Bonds 3,733,763.76
Service Interest 8123.00 1999 GO Bonds 3,725,640. 6
2000 GO Bonds Refinanced-Add New Debt Principal $50A13.73 2007 GO Bonds $3,776,054A9
Service-Fund 407 Interest $316.00 2007 GO Bonds 3,776,370.49
Rath Area Redevelopment Fund Principal $150,000.00 2007 GO Bonds $3,926,370.49
407(taxable) Interest $52,301.50 2007 GO Bonds $3,978,671.99
Rath Area Redevelopment Fund principal $100,000.00 2008 GO Bonds $4,078,671.99
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408(taxable) Interest $27,500,00 2008 GO Bonds $4,106,171.99
Rath Area Redevelopment Fund Principal $50,000.00 2009 GO Bonds $4,156,171.99
409(taxable) Interest $11,665.81 2009 GO Bonds $4,167,837.80
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Asbestos Removal-Rath Admin Bldg Principal $125,008.37 Advance $4,292,846.17
2001 GO Bond Original Interest-Ref Interest ($11,023.87) 2001 GO Bonds $4,281,822.30
2009 GO Bonds-2001 GO Bonds Ref Interest $7,472.88 2009 GO Bonds $4,289,295.18
Asbestos Removal-Rath Admin BIdg Principal $122,943.56 Advance $4,412,238.74
Secor Economic Dev Grant Principal $104,400.00 Advance $4,516,638.74
Loan Document Preparation Principal $9,764.34 Advance $4,526,403.08
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CMC Site Purchase Principal $155,019.00 Advance $4,681,422.08 '
Rath Area Redevelopment Fund Principal $350,000.00 2010 GO Bonds $5,031,422.08
410(taxable) Interest $67,122.08 2010 GO Bonds $5,098,544.16
Rath Area Redevelopment Fund Principal $144,000.00 2010 GO Bonds $5,242,544.16
410(taxable) Interest $27,764.69 2010 GO Bonds $5,270,308.85
Rath Public Works Building-Fund 410 Principal $700,000.00 2010 GO Bonds $5,970,308.85
(exempt) Interest $93,209.08 2010 GO Bonds $6,063,517.93
2002 GO Bonds Refinanced-Deduct Old Debt Principal $15183.76 2002 GO Bonds $6,048X4.17
Service Interest ($2,797.91) 2002 GO Bonds 6,045,537.16
2002 GO Bonds Refinanced-Add New Debt Principal $15,390.68 2010 GO Bonds 6, 60. 84
Service-Fund 410 Interest $1,450.53 2010 GO Bonds 6,062,378.37 g
625 Glenwood Acquisition Principal $355.00 Advance $6,062,733.37
BCRLF Loan Repayment-CMC Clean-up Principal $280,000.00 Advance $6,342,733.37
Secor RR Spur FY11 Principal $99,111.32 Advance $6,441,844.69
123 Stanley Acquisition FY11 Principal $359,459.00 Advance $6,801,303.69
Secor RR Spur FYI Principal $94,776.85 Advance $6,896,080.54
123 Stanley Acquisition FY12 Principal $100,000.00 Advance $6,996,080.54
1823 Black Hawk St Acquisition FY12 Principal $12,237.92 Advance $7,008,318.46
Secor RR Spur FY13 Princi al $17,999.81 Advance $7,026,318.27
Secor RR Spur FY14 Princ11
ipal $17,540.73 Advance $7,043,859.00
7,003,859.00 ;
2004 GO Bonds Refinanced(Fund 414)-Deduct Princi al $40,000.00 2002 GO Bonds T
Old Debt Service Interest ($10,355,00) 2002 GO Bonds $6,993,504.00
2004 GO Bonds Refinanced(Fund 414)-Add New Principal $40,000.00 2010 GO Bonds ,033,504.00
Debt Service-Fund 411 Interest $5,560.56 2010 GO Bonds 7,039,064.56
2006 GO Bonds Refinanced(Fund 406)-Deduct Principal ($315,000.00) 2006 GO Bonds 6, 24,064.56
Old Debt Service Interest 87 47.52 2006 GO Bonds 6,636,517.04 y
2006 GO Bonds Refinanced(Fund 406)-Add New Principal $315,000.00 2013 GO Bonds 6,951,51 .
04
Debt Service-Fund 413(FY13) Interest $26,047.801 2013 GO Bonds 6,977,564.84
2003 GO Bonds Refinanced(Fund 413)-Deduct Principal ($54,851.41)1 2006 GO Bonds 6,922,713.43 i
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Old Debt Service Interest ($5,749.00)1 2006 GO Bonds $6,916,964A3
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Exhibit"A"
Cumulative as of June 30,2017 _
Project Designation:Rath Tax Increment Redevelopment Area {
_Schedule 1 _
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
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DATE OF ISSUANCE OR DESCRIPTION OF CUMULATIVE
NO EXPENDITURE SOURCE INDEBTEDNESS AMOUNT
AMOUNT INCURRED _ F
2003 GO Bonds Refinanced(Fund 413)-Add New Principal $54,851.41 2013 GO Bonds 6,971,815.84
Debt Service-Fund 412(FY12) Interest $1,538.19 2013 GO Bonds 6,973,354.03 s
2007 GO Bonds Refinanced(Fund 407)-Deduct Principal $21652.00 2007 GO Bonds 6,951,702.03
Old Debt Service Interest $2,569.00 2007 GO Bonds $6,949,133.03
2007 GO Bonds Refinanced(Fund 407)-Add New Principal $21,652.001 2014 GO Bonds 6,970,785.03
Debt Service-Fund 414(FY14) Interest $1916.00 2014 GO Bonds 6,972,701.03
Rath Area Redevelopment Fund Principal $370,000.00 2013 GO Bonds $7,342,701.03
413 taxable Interest $49,279.11 2013 GO Bonds $7,391,980.14
Rath Area Redevelopment Fund Principal $85,000.00 2014 GO Bonds $7,476,980.14
414(taxable) Interest $13,051.18 2014 GO Bonds $7,490,031.32
Rath Area Redevelopment Principal $225,000.00 2015 GO Bonds $7,715,031.32
Fund 415(Taxable) Interest $35,100.14 2015 GO Bonds $7,750,131.46 _
Rath Area Redevelopment Fund 415 Principal ($220,000.00) 2016 GO Bonds $7,530,131.46
(transfer to Martin 2016) Interest ($34,999.39) 2016 GO Bonds $7,495,132.07
Principal $240,000.00 2016 GO Bonds
p $7,735,132.07
Rath Area Fund 416 -
Interest $26,507.64 2016 GO Bones $7,761,639.71
PrinciP
a1 $397;Od0,Q0 2017GOBorid§ q
$8,158639.7 1
Rath Fund 417-GO Bonds 2017 "' i
Interest $96,947.68 2017 GO Bonds
_.: . ... .... $8,255.587;39. __
Administration Expenses FY15 Principal $2,838.32 Advance $8,258,425,71
Administration Expenses FY16 Principal $2,000.00 Advance $8,260,425.71
Admiriistrtion$XpettsesFY17 Principal $3,274:24 :`;',;`Advance= $8,263,699.95 i
$8,263,699.95
$8,263,699.95
$8,263,699.95 — {
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EXHIBIT"B"
Cumulative as of June 30, 2016
Project Designation: Rath Tax Increment Redevelopment r
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Amount Received from
Payments under Sec. Other Revenue
No. Year Received 402.12(2) Received Cumulative Amount
1 FY 1992 $0.00 $0.00
2 FY 1993 $0.00 $0.00 r
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
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11 FY 2002 $171,794.01 $422,286.03
12 FY 2003 $199,314.21 $621,600.24
13 FY 2004 $195,574.51 $817,174.75
14 FY 2005 $273,005.03 $1,090,179.78
15 FY 2006 $243,503.71 $1,333,683.49 s
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 $5,156,91 $2,745,786.05
19 FY2010 $574,520.69 $1,620.21 $3,321,926.95
20 FY2011 $558,081.89 $1,597.28 $3,881,606.12
21 FY2012 $540,285.80 $0.00 $4,421,891.92
22 FY2013 $401,074.75 $0.00 $4,822,966.67 t
23 FY2014 $398,309.97 $75.64 $5,221,352.28
24 FY2015 $306,768.82 $535.12 $5,528,656.22
25 FY2016 $327,180.82 $207.30 $5,856,044.34 £
261 FY2017 $363,026,75 $289.47 $6,219,360.56
27 FY2018* $365,342.00 $6,584,702.56
28 FY2019* $365,342.00 $6,950,044.56
29 FY2020* $365,342.00 $7,315,386.56 z
30 FY2021* $365,342.00 $7,680,728.56
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*estimated Values
Rev thru FYE16 $5,794,057.99 $62,275.82
Rev FYE06 thru FYE16 $4,070,720.41
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