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Home My WebLink About2007-980-11/19/2007 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2007-980 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, 2007 Project Designation: Martin Road 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 Recording Fees FY 1998 - 1999 Principal $464.50 1999 GO Bonds $464.50 Design & FY 1997- 2001 Principal $20,328.07 1999 GO Bonds $20,792.57 Construction Engineering Construction of FY 1999-2001 Principal $165,433.36 1999 GO Bonds $186,225.93 Road &Sewer Financing FY 1998- 2000 Interest $148,169.07 1999 GO Bonds $334,395.00 Brock Inc. Property 5/18/2004 Principal $385,000.00 Contract $719,395.00 Contract Interest $55,598.78 $774,993.78 Denso Project FY 2004 Principal $51,218.16 2002 GO Bonds $826,211.94 Expenses-Fund 412 Interest $20,299.47 2002 GO Bonds $846,511.41 Martin Road FY 2006 Principal $100,000.00 2006 GO Bonds $946,511.41 Development- Fund 406 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* $14,055.53 $1,032,096.25 30% 2009* $14,055.53 $1,046,151.78 30% 2010* $14,055.53 $1,060,207.31 30% 2011* $14,055.531 $1,074,262.84 Resolution No. 2007-980 Page 2 Wilbert Vault Principal TIF Rebate Rebates 90% 2008* $25,367.50 $1,099,630.34 90% 2009* $25,383.00 $1,125,013.34 90% 2010* $25,383.00 $1,150,396.34 90% 2011* $25,383.00 $1,175,779.34 90% 2012* $25,383.00 $1,201,162.34 90% 2013* $25,383.00 $1,226,545.34 90% 2014* $25,383.00 $1,251,928.34 90% 2015* $25,383.00 $1,277,311.34 90% 2016* $3,191.69 $1,280,503.03 Rain Soft Rebates Principal TIF Rebate $1,280,503.03 100% 2010* $9,889.63 $1,290,392.66 100% 2011* $9,889.63 $1,300,282.29 100% 2012* $9,889.63 $1,310,171.92 100% 2013* $9,889.63 $1,320,061.55 100% 2014* $9,889.63 $1,329,951.18 Young Principal TIF Rebate Development $1,329,951.18 100% 2010* $16,140.00 $1,346,091.18 100% 2011* $16,141.00 $1,362,232.18 100% 2012* $16,141.00 $1,378,373.18 100% 2013* $16,141.00 $1,394,514.18 100% 2014* $16,141.00 $1,410,655.18 100% 2015* $16,141.00 $1,426,796.18 100% 2016* $16,141.00 $1,442,937.18 100% 2017* $11,564.93 $1,454,502.11 Stephen Riley Principal TIF Rebate $1,454,502.11 100% 2010* $17,000.28 $1,471,502.39 100% 2011* $17,000.28 $1,488,502.67 100% 2012* $17,000.28 $1,505,502.95 100% 2013* $17,000.28 $1,522,503.23 100% 2014* $17,000.28 $1,539,503.51 100% 2015* $17,000.28 $1,556,503.79 Maurer Principal TIF Rebate $1,556,503.79 100% 2011* $115,864.41 $1,672,368.20 100% 2012* $115,864.41 $1,788,232.61 100% 2013* $115,864.41 $1,904,097.02 100% 2014* $115,864.41 $2,019,961.43 100% 2015* $115,864.41 $2,135,825.84 100% 2016* $115,864.41 $2,251,690.25 100% 2017* $115,864.41 $2,367,554.66 100% 2018* $115,864.41 $2,483,419.07 100% 2019* $115,864.41 $2,599,283.48 100% 2020* $115,864.41 $2,715,147.89 Resolution No . 2007-980 Page 3 1999 GO Bonds Refinanced - Principal -$82,507.00 1999 GO Bonds $2,632,640.89 Deduct Old Debt Service Interest -$29,395.00 $2,603,245.89 1999 GO Bonds Refinanced - Add Principal $82,971.00 2007 GO Bonds $2,686,216.89 New Debt Service - Fund 407 Interest $23,222.00 $2,709,438.89 Martin Road Dev. FY 2007 Principal $50,000.00 2007 GO Bonds $2,759,438.89 (taxable) Interest $17,728.001 $2,777,166.89 *Estimated Exhibit "B" Cumulative as of June 30, 2007 Project Designation: Martin Road Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 03.19(2) Amount Received from Payments Other Revenue No. Year Received under Sec. 402.12(2) Received Cumulative Amount 1 FY 1997 $0.00 $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 FY 2005 $123,495.49 $413,962.86 10 FY 2006 $150,499.75 $564,462.61 11 FY 2007 $171,278.42 $101,903.67 $837,644.70 12 FY 2008* $200,000.00 $1,037,644.70 * Estimated Exhibit "A" July 1 , 2005 -June 30, 2006 (ANNUAL) Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Date of Issuance Description of Cumulative No. or Expenditure Source Indebtedness Amount Amount Incurred Martin Road FY2006 Principal $100,000.00 GO Bonds $100,000.00 Development Interest $57,473.78 GO Bonds $157,473.78 Wilbert Vault Principal TIF Rebates Rebates $157,473.78 90% 2008* $22,302.00 $179,775.78 90% 2009* $22,302.00 $202,077.78 90% 2010* $22,302.00 $224,379.78 90% 2011* $22,302.00 $246,681.78 Re4eat�O:ion No. 2007-980 Pae WilbertVault Principal TIF Rebates Relsates` -. - �0% 2012* $22,302.00 $268,983.78 F90% 2013* $22,302.00 $291,285.78 �90% 2014* $22,302.00 $313,587.78 77 �190% 2015* $22,302.00 $335,889.78 -- — 90% 2016* $22,302.00 $358,191.78 s - - s Rafii Soft Rebates Principal TIF Rebates $358,191.78 = 100% 2010* $11,100.00 $369,291.78 L4 100% 2011* $11,100.00 $380,391.78 - - 100% 2012* $11,100.00 $391,491.78 -- 100% 2013* $11,100.00 $402,591.78 100% 2014* $11,100.00 $413,691.78 *Estigiated PASSED AND ADOPTED this 19th day of November, 2007 . sa � s tj H G Reggie Schmitt, Mayor Pro Tem c„ ATT&'ST: �C Nancy Eck t, CMC City Clerkj 08e-loos .ov noiZP��jDta,e5l sq air 2sfsd95I SIT Isgi ruhq flus f IiW mr��9R 8C.E8e,8aS� OO.SOE,aS *Sfos °\°O9n m �~ 8Cc8S,feS$ OO.SOE,SS� *EPOS °\°0@-3 d � m 8C.C8C,EfE$ OO.SOE,SS$ *�rOE °\°Og c N c r 8C.e88,CEE 00.SOE,SE$ *CIOE 0\?0V �t" �' y 8C.ieI,8CEw� OO.SOE,EE� *HM °\°0P y o z 87.feIMER 293&d9SI SIT 291adgA ilq�O'SA z 0 87.1e2,96R 00.001,ff� *ofOS °\°OOI o 87.1eEAR o0.O0f,if� *rrm e0or > y 8C.fe�,feE� OO.00f,ff� *SIDS °\°OOf TIC 87.fQa4o $ OO.00f,If� r*uU POS °\°OOf � � co C C o 87.fea,Erk oo.00f,ff� °\°oof bsirnaiiad* . 700S ,a9dfngvoM 3o ysb `"ef 2irfJ 0=100A a14A Q322Kq � [ � z w r � i ad m9T o7'4 zoysM ,Jjimdoa 9ipp95l y � � o o � TcATTK 0M0 �,fi79t0 yji0