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Home My WebLink About2008-1063-12/1/2008 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa . RESOLUTION NO.. 2008-1063 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY' S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND. 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 as indicated below: Exhibit "A" Cumulative as of June 30, 2008 Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Date of Issuance or Cumulative No. Expenditure Source Description of Indebtedness Amount AMOUNT INCURRED 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 Powers Manufacturing Expansion Principal $150,000.00 G.O. Bonds $839,879.93 6/12/91 Interest $63,222.49 G.O. Bonds $903,102.42 Powers Manufacturing Expansion Principal $150,000.00 G.O. Bonds $1,053,102.42 5/15/92 Interest $60,979.05 G.O. Bonds $1,114,081.4 Powers Manufacturing 6/94 Principal $300,000.00 G.O. Bonds $1,414,081.47 Interest $208,445.40 G.O. Bonds $1,622,526.8 Powers Manufacturing Principal ,$50,00,0.00 G.O. Bonds $1,672,526.87 Improvements 6/95 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 Principal $100,000.00 99, 00 GO Bonds $1,797,731.66 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 $1,895,956.15 Bonds Crystal Ice Rebate Principal Tax Rebate 75% 2002* $96,488.74 $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 Resolution No. 2008-1063 Page 2 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% 2010* Principal $38,646.42 Tax Rebate $3,527,143.98 80% 2011* $30,917.14 1$3,642,155.72 558,061.12 60% 2012* $23,187.85 581,248.9 50% 2013* $19,323.21 600,572.18 50% 2014* $19,323.21 619,895.39 CVRD 80% 2010* Principal $22,260.33 Tax Rebate 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 Principal $115,000.00 2001 GO Bonds $3,857,327.21 Fund 411 6/01 Interest $54,605.87 2001 GO Bonds $3,911,933.08 Rath Area Redevelopment Principal $29,183.76 2002 GO Bonds $3,941,116.84 Fund 412 Interest $10,890.01 2002 GO Bonds $3,952,006.85 Rath Area Redevelopment Principal $121,885.41 2003 GO Bonds $4,073,892.26 Fund 413 Interest $29,182.00 2003 GO Bonds $4,103,074.26 Rath Area Redevelopment Principal $102,488.00 2003 GO Bonds $4,205,562.26 Fund 413 Interest $46,034.00 2003 GO Bonds $4,251,596.26 Rath Area Redevelopment Principal $75,000.00 2004 GO Bonds $4,326,596.26 Fund 414 Interest $32,317.50 2004 GO Bonds $4,358,913.76 Rath Area Redevelopment Fund Principal $61,994.76 2004 GO Bonds $4,420,908.52 414 Taxable from NE Ind. Park Interest $30,268.97 2004 GO Bonds $4,451,177.49 Rath Area Development Fund 414 Principal $6,656.31 2004 GO Bonds $4,457,833.80 from NE Ind. Park 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 - Principal ($44,472.00) 1999 GO Bonds $4,696,612.14 Deduct Old Debt Service Interest ($16,043.00) 1999 GO Bonds $4,680,569.14 1999 GO Bonds Refinanced- Add Principal $44,784.00 2007 GO Bonds $4,725,353.14 New Debt Service- Fund 407 Interest 512,532.00 2007 GO Bonds $4,737,885.14 Rath Area Redevelopment Principal $1§0,000.00 2007 GO Bonds $4,887,885.14 Fund 407 (taxable) Interest $52,301.50 2007 GO Bonds $4,940,186.64 Rath Area Redevelopment Principal $100,000.00 2008 GO Bonds $5,040,186.64 Fund 408 (taxable) Interest $27,500.00 2008 GO Bonds $5,067,686.64 *Estimated Re-5olution No. 2008-1063 Page 3 Exhibit "B" Cumulative as of Juice 30,:2008 Project Designation: Rath Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Amount Received from Payments under Other Revenue Cumulative No. Year Received Sec. 402.12(2) Received 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,.959.5 $250,492.02 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 16 FY2007 $389,654.09 $38,456.17 $1,761,793.75 17 FY2008 $395,139.29 $14,33 $2,171,270.76 18 FY2009* $579,000.00 $2,750,270.76 *Estimated Values Exhibit "A" 06/30/2006- Annual Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Date of Issuance of Cumulative No. Expenditure Source Description of Indebtedness Amount AMOUNT INCURRED Crystal II Fund 406 Principal $450,000.00 GO Bonds $450,000.00 Interest $252,561.30 GO Bonds $702,561.30 Crystal II Rebate 50% 2009* $58,500.00 Tax Rebate $761,061.30 50% 2010* $58,500.00 $819,561.30 50% 2011* $58,500.00 $878,061.30 50% 2012* $58,500.00 $936,561.30 50% 2013* $58,500.00 $995,061.30 50% 2014* $58,500.00 $1,053,561.30 50% 2015* $58,500.00 $1,112,061.30 50% 2016* $58,500.00 $1,170,561.30 50% 2017* $58,500.00 $1,229,061.30 50% 2018* $58,500.00 $1,287,561.30 50% 2019* $50,588.00 $1,338,149.30 50% 2020* $58,500.00 $1,396,649.30 '-�Resolution No. 2008-1063 vers 100% 2009* Principal $46,800.00 Tax Rebate $1,443,449.30 c 80% 2010* $37,440.00 $1,480,889.30 ss 60% 2011* $28,080.00 � $1,508,969.30 50% 2012* $23,400.00 $1,532,369.30 - 50% 2013* $23,400.00 $1,555,769.30 ti ISD 80% 2009* Principal $22,464.00 Tax Rebate $1,578,233.30 70% 2010* $19,656.00 $1,597,889.30 s 60% 2011* $16,848.00 $1,614,737.30 F" 50% 2012* $14,040.00 $1,628,777.30 a 40% 2013* $11,232.001 $1,640,009.30 y 40% 2014* $11,232.00 $1,651,241.30 r 30% 2015* $5,424.00 $1,656,665.30 `1C >" 30% 2016* $5,424.00 $1,662,089.30 20% 2017* $5,616.00 $1,667,705.30 w 20% 2018* $5,616.00 $1,673,321.30 *lstimated ti PASSED AND ADOPTED this 1St day of December, 2008 . � n >. r c � s Tim Hurley, Ma r �4TEST : Nancy Ecker , CMC City Clerk