HomeMy WebLinkAbout2015-915-11/23/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, 319-291-4323 .
RESOLUTION NO. 2015-915
RESOLUTION APPROVING CERTIFICATION TO THE
BLACK HAWK COUNTY AUDITOR EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT IN THE FY2015 LOGAN
AVENUE 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 Tax Increment Fund in the Lbgan Avenue Tax
Increment District, as indicated in attached Exhibit "A" and
Exhibit "B", are hereby approved.
PASSED AND ADOPTED this 23rd day of November 2015 .
4rnest , Clark, Mayor
ATTEST:
elley Fe le
Deputy Ci y Clerk
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CITY TIF FORM 4-INDEBTEDNESS CERTIFICATION Cover Sheet
CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING(TIF) INDEBTEDNESS
CERTIFICATION TO COUNTY AUDITOR
Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested
Use One Certification Per Urban Renewal Area
City: Waterloo County: Black Hawk
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Urban Renewal Area Name: Waterloo Lown Urban Renewal
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Urban Renewal Area Number: 07035 (Use five-digit Area Number Assigned by the County Auditor)
I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the
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City has outstanding loans, advances, indebtedness,or bonds, none of which have been previously certified, in the
collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2
of Section 403.19 of the Code of Iowa.
Urban Renewal Area Indebtedness Not Previously Certified*:, $ 8,931
*There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or
bonds were initially approved by the governing body. (Complete and attach'CITY TIF FORM 1.1'.)
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The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification
until the above-stated amount of indebtedness is paid to the City. However, for any fiscal year a City may elect to
receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or
before the preceding December 1. -(File'CITY TIF FORM 2'with the County Auditor by the preceding December 1 -i
for each of those fiscal years where all of the TIF increment tax is not requested.)
A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from G
the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year
of occurrence. (File'CITYTIF'FORM T with the County Auditor when TIF indebtedness has been reduced by any r
reason other than application of TIF increment tax received from the County Treasurer.)
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Notes/Additional Information:
Please note that we removed$141,861 in debt reductions and revenue adjustments using Form 3 that did not carry
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to this form. Net debt outstanding at 6/30/2015 should be$760,789.66.
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Dated this 26th day of November 2015 F
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319.291.4323
Signature of Authorized Official Telephone
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CITY TIF FORM 1,1-To be attached to CITY TIF FORM 1 -INDEBTEDNESS CERTIFICATION Page 1
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TIF INDEBTEDNESSNOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR
City: Waterloo County: Black Hawk f
Urban Renewal Area Name: Waterloo Logan Urban Renewal
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Urban Renewal Area Number: 07035 (Use five-digit Area Number Assigned by the County Auditor)
Individual TIF Indebtedness Type/Description/Details: Date Approved": Total Amount: R
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1. Institute For Decision Making Contract:$500 11/10/2014 500 t
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[j'X'this box if a`rebate agreement. 'List administrative details on lines above.
2. Administrative Expenses:$8,430.77 06/29/2015 8,431
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E]'X'this box if a rebate agreement. List administrative details on lines above.
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FI'X'this box if a rebate agreement. List administrative details on lines above.
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p'X'this box if a rebate agreement. List administrative details on lines above.
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n'X'this box if a rebate agreement. List administrative details on lines above.
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If more indebtedness entryLlines are needed contihue to Form 1.1 Page 2.
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Total For City TIF Form 1,1 Page 1: 8,931
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*"Date Approved"is the date that the local governing body initially approved the TIF indebtedness. y
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CITY TIF FORM 3 F
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TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICATION OF
TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER
CERTIFICATION TO COUNTY AUDITOR
Use One Certification Per Urban Renewal Area
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City: Waterloo County: Black Hawk
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Urban Renewal Area Name: Waterloo Logan Urban Renewal
Urban Renewal Area Number: 07035 (Use five-digit Area Number Assigned by the County Auditor)
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I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above, the p
City has reduced "previously certified indebtedness, by reason other than application of TIF increment tax received g
from the County Treasurer, by the total amount as shown below.
Provide sufficient detail so that the County Auditor will know how to specially administer your request. For example,
you could have multiple indebtedness certifications in the Urban Renewal Area, and the County Auditor would need j
to know which particular indebtedness certifcation(s)to reduce. If rebate agreements are involved with a reduction,
and the County has segregated the rebate property into separate TIF Increment taxing districts, provide the five-digit
'county increment taxing district numbers for reference.
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Amount
Individual TIF Indebtedness Type/DescriptionlDetails:
Reduced:
Interest Earned:$751.38. 751
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Logan Plaza Retail Building Tax Estimate Adjustment: Decrease of$112,752. ' 112,752
Walgreens Tax Estimate Adjustment: Decrease of$3,206. 3,206 hI,
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FEPH CVS Logan Tax Rebate Estimate Adjustment:Decrease of$25,152. 25,152
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Total Reduction In Indebtedness For This Urban Renewal Area: 141,861
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Dated this 26th day of November, 2015 l
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319.291.4323
Signature of Authorized Official Telephone
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Exhibit"A l
June 30,2015
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
DATE OF
Cumulative
NO. ISSUANCE OR SOURCE DESCRIPTION OF INDEBTNESS
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EXPENDITURE
Amount
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AMOUNT INCURRED
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Principal $522
Land Acquisition 6/11/2004 ,545.25 $522,545.25
Contract i q
Interest $122,634.80 $645,180.05
Principal $19,598.08 $664,778.13
Misc. Improvements FY2002 Bonds 2002 GO Bonds
Interest $6,945.64 $671,723.77 I
Hy Vee Lease FY2005 Principal $90,000.00 2005 GO Bonds $761,723.77
Interest $31,320.00 $793,043.77
Hy Vee Lease& Misc Fund 406 taxable Principal $50,000.00 $843,043.77
Improvements Interest $25,656.82 2006 GO Bonds
$868,700,59
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Principal $40,000.00 908,700.59 I
Logan TIF Improvements Fund 414 taxable p 2004 GO Bonds
Interest . $17,236 $925,936.61
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$50, . t
Logan TIF Improvements Fund 407 taxable Principal2007 GO Bonds $975,936.61
Interest $17,728.00 $993,664.61
Logan TIF Improvements Fund 408 taxable Principal $75,000.00 2008 GO Bonds $1,068,664.61
Interest $23,750.00 $1,092,414.61 F
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Logan TIF Improvements Fund 41n0 taxable Principal $100, 2010 GO Bands $1,192,414.61
Interest $18,155.28 $1,210,569.89
Principal $430,000.00 $1,640,569.89
Logan TIF Improvements Fund 414 taxable Interest $60,69"" 2014 GO Bonds $1,701,266.28 i
2002 GO Bonds Refinanced-Deduct Old Principal ($13,762.14) $1,687,504.14
Debt Service f 2002 GO Bonds
Interest ($3,173.13) $1,684,331.01
Principal $14,028.16 $1,698,359.17
2002 GO Bonds Refinanced-Add New Debt
Service-yFund 410 2010 GO Bonds
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Interest $1,645.58 $1,700,004.75 3
2004 GO Bonds Refinanced(Fund 414) - Principal ($21,333.31) $1;678,671.44
2004 GO Bonds
Deduct Old Debt Service Interest (.55,522.67) $1,673,148.77 3
Principal $21,333.31 $1,694,482.08
2004 GO Bonds Refinanced (Fund 414) - 2011 GO Bonds
Add New Debt Service-Fund 411
Interest $2,253.28 $1,696,735.36
2006 GO Bonds Refinanced (Fund 406) - Principal ($30,750.00) $1,665,985.36
Deduct Old Debt Service 9 zo06 GO Bonds
.Interest ($7,)47.()6) $1,658,038.30
Principal $30,750.00 $1,688,788.30
2006 GO Bonds Refinanced (Fund 406) - 2013 GO Bonds
Add New Debt Service-Fund 413 (2013) I
Interest $2,894.20 $1,691,682.50
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Exhibit"A c
June 30,2015 S
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2) r
DATE OF
NO. ISSUANCE OR SOURCE DESCRIPTION OF INDEBTNESS Cumulative
EXPENDITURE Amount
AMOUNT INCURRED
2008 GO Bonds Reallocated to San Marnan -PrincipaI ($75,000.00) $1,616,682.50
2008 GO Bonds
FY11 Interest ($23,750.00) $1,592,932.50 t
2007 GO Bonds Reallocated to San Marnan -Principal ($19,140.80) $1,573,791.70
FY11 2008 GO Bonds
Interest ($6,786.56) $1,567,005.14
2005 GO Bonds Refinanced (Fund 405)- Principal ($55,000.00) $1,512,005.14
2005 GO Bonds
Deduct 01d Debt Service Interest ($11,520,00) $1,500,485.14 d
2005 GO Bonds Refinanced (Fund 405)- Principal $55,000.00 $1,555,485.14
2013 GO Bonds �
Add New Debt Service- Fund 412 (2012) Interest $5,424.01 $1,560,909.15
Logan Plaza Retail Building 100%2012 Principal $0.00 IRebate $1,560,909.15
100%2013 $0.00 $1,560,909.15
100%2014 $0.00 $1,560,909.15
100%2015 $0.00 $1,560,909.15
100%2016* $0,00 $1,560,909.15
100%2017* $0.00 $1,560,909.15
Walgreen's 100%2012 Principal $52,934.00 Rebate $1,613,843,15
100%2013 $70,346.00 $1,684,189.15 (((
100%2014 $25,693.00 $1,709,882.15
100%2015 $74,483.00 $1,784,365.15
100%2016* $47,022.00 $1,831,387.15
100%2017* $47,022,00 $1,878,409.15 {
Avita , 100%2012 Principal $89,982.00 lRebate $1,968,391.15
100%2013 $87,806.00 $2,056,197.15
74%12014 $60,702.00 $2,116,899.15
50%2015 $43,498.00 $2,160,397.15
50%2016* $41,126.00 $2,201,523,15
50%2017* $41,126.00 $2,242,649.15 g
50%2018* $41,126.00 $2,283,775.15
50%2019* $41,126.00 $2,324,901.15
CVS Pharmacy 100%2016* Principal $40,866.00 Rebate $2,365,767.i5-
100%2017* $40,866.00 $2,406,633.15
100%2018* $40,866.00 $2,447,499.15
100%2019* $40,866.00 $2,488,365,15
100%2020* $40,866.00 $2,529,231.15
100%2021* $40,866.00 $2,570,097.15
CVS Principal $610.10 JAdvance $2,570,707,25
Government Relations Contract FY12 11rincipal $8,000.00 JAdvance $2,578,707,25
Government Relations Contract FY13 JPrincipal $28,000.00 JAdvance $2,606,707.25
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Exhibit"A
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June 30 2015
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 03.19(2)
DATE OF
Cumulative
NO. ISSUANCE OR SOURCE DESCRIPTION OF INDEBTNESS e
EXPENDITURE Amount
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AMOUNT INCURRED
Government Relations Contract FY14 Principal $20,000.00 Advance $2,626,707.25
E 2nd St&Walnut St Appraisal Principal $1,200.00 Advance $2,627,907.25
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619 Franklin St Appraisal Principal $2,000.00 Advance $2,629,907.25
222 Walnut St Appraisal Principal $2,000.00 Advance $2,631,907.25
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401-409 Franklin St Acquisition Principal $32,172.50 Advance $2,664,079.75 '
Administrative Expenses Principal k $8,430.77 Advance $2,672,510.52
Institute For Decision Making Contract FY15 Principal $500.001 JAdvan,, $2,673,010.52
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Exhibit"B
June 30,2015
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Year Received Received from Other Revenue Cumulative Amount
1 FY2005 $0.00 $0.00 $0.00
2 FY2006 $0.00 $0.00 $0.00
3 FY2007 $45,666.48 $0.00 $45,666.48
4 FY2008 $146,296.25 $1,481.70 $193,444.43
5 FY2009 $163,601.69 $527.23 $357573.35
6 FY2010 $163,569.43 $128.91 $521,271.69
7 FY2011 $239,397.71 $295.63 $760,965.03 E'
8 FY2012 $262,508.01 $268.30 $1,023,741.34 F
9 FY2013 $294,663.41 $203.77 $1,318,608.52
10 FY2014 $265,860.11 $327.56 $1,584,796.19
11 FY2015 $306,673.29 $751.38 $1,892,220.86
12 FY2016* $306,673.29 $0.00 $2,198,894.15 x
*-Estimated
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