HomeMy WebLinkAbout2007-981-11/19/2007 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2007-981
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"
June 30, 2007
Project Designation: San Marnan Tax Increment Development 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
Land Acquisition FY 1999 $548,856.00 Contract Debt $548,856.00
Interest FY 02 $106,427.98 $655,283.98
Interest FY 03 $42,502.01 $697,785.99
Interest FY 04 $16,795.35 $714,581.34
Interest FY 05 $11,094.86 $176,820.20
Interest FY 06 $12,570.24 $82,962.46
Interest FY 07 $12,303.70 $52,764.15
Interest FY 08 $7,665.09 $758,215.23
Road FY 1999
Recording Fees FY 99 Principal $2,373.60 GO Bonds $760,588.83
Design& Construction Eng. Principal $15,419.70 GO Bonds $776,008.53
Construction of Road &Sewer Principal $78,364.41 GO Bonds $854,372.94
Financing FY 98-00 Interest $64,919.28 GO Bonds $919,292.22
GMAC Tax Rebates Principal TIF Rebate
75% 2003 $126,460.50 $1,045,752.72
60% 2004 $121,497.60 $1,167,250.3
45% 2005 $105,821.10 $1,273,071_42
30% 2006 $72,557.49 $1,345,628.011
15%* 2007 $31,691.56 $1,377,330.44'7'
Resolution No . 2007-981
Page 2
VGM Tax Rebates Principal TIF Rebate
50% 2009 $85,839.26 $1,463,159.73
50% 2010 $85,839.26 $1,548,998.99
50% 2011 $85,839.26 $1,634,838.25
50% 2012 $85,839.26 $1,720,677.51
50% 2013 $85,839.26 $1,806,516.77
CV Medical HQ Principal TIF Rebate
50% 2009 $80,116.64 $1,886,633.41
50% 2010 $80,116.64 $1,966,750.05
50% 2011 $80,116.64 $2,046,866.69
50% 2012 $80,116.64 $2,126,983.33
50% 2013 $33,210.75 $2,160,194.08
CBE Land Purchase Principal $740,000.00 2005 GO Bonds $2,900,194.08
Interest $245,900.00 2006 GO Bonds $3,146,094.08
VGM Access Road Principal $600,000.00 2005 GO Bonds $3,746,094.08
Interest $197,330.00 2005 GO Bonds $3,943,424.08
VGM Fund 406 - FY 2006 Principal $400,000.00 2006 GO Bonds $4,343,424.08
Interest $223,315.02 2006 GO Bonds $4,566,739.10
an Marnan Development Principal $100,000.00 2007 GO Bonds $4,666,739.10
and 407- FY 2007 Interest $35,153.50 2007 GO Bonds $4,701,892.60
*Estimated
Exhibit"B"
June 30,2007
Project Designation: San Marnan Tax Increment Development Area
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Amount Received from
Year Payments under Section Other Revenue
No. Received 402.12(2) Received Cumulative Amount
1 FY 1997 $0.00 $0.00
2 FY 1998 $0.00 $0.00
3 FY 1999 $0.00 $0.00
4 FY 2000 $0.00 $0.00
5 FY 2001 $0.00 $0.00
6 FY 2002 $115,934.72 $115,934.72
7 FY 2003 $146,872.14 $180,000.00 $442,806.86
8 FY 2004 $177,843.34 $620,650.20
9 FY 2005 $205,851.80 $826,502.00
10 FY 2006 $214,330.06 $1,040,832.06
11 FY 2007 $199,764.79 $6,118.47 $1,246,715.32
12 FY 2008* $300,000.00 $1,546,715.32
`Estimated
Ri)sral -tion No . 2007-981
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TPASSED AND ADOPTED this 19t' day of November, 2007 .
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