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Home My WebLink About2007-983-11/19/2007 This Resolution prepared by :a, n v ;ker'_, t, .:i( rk, Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2007-983 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: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Cumulative No. Source Description of Indebtedness Amount AMOUNT INCURRED Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.9 Land Acquisition Principal $362,178.20 Land Contract $607,626.1 anitary Sewer FY 97-98 Principal $215,725.9 Advance $823,352.0 in Credit 1997 Principal $347,400.00 Agreement $1,170,752.0 2000-$126,796.00 2001 - $63,203.00 2002-$110,908.00 2003- $46,492.50 Engineering FY 97-00 Principal $105,796.41 GO Bonds $1,276,548.5 Recording Fees FY 97-00 Principal $3,048.75 GO Bonds $1,279,597.25 artheast Drive FY 1997 Principal $97,276.80 GO Bonds $1,376,874.05 �17.G. Drive FY 1998 Principal $125,410.5 GO Bonds $1,502,284.6 r N Investments II Rebate Principal $0.00 TIF Tax Rebate 50% 2003 $1,502,284.6 50% 2004 $1,502,284.6 (cancelled) 50% 2005 $1,502,284.6 50% 2006 $1,502,284.6 50% 2007 $1,502,284.6 Resolution No. 2007-983 Page 2 Interstate Brands Rebate Principal TIF Tax Rebate 75% 2003 $21,999.0 $1,524,283.6 60% 2004 $18,402.0 $1,542,685.6 45% 2005 $16,027.5 $1,558,713.2 *30% 200 $10,989.48 $1,569,702.68 *15% 2007 $4,642.41 $1,574,345.0 inancing FY 1997-2000 Interest $417,660.53 GO Bonds $1,992,005.6 lat Engineering-Fund 411 Principal $5,000.0 GO Bonds $1,997,005.6 Interest $3,450.00 $2,000,455.6 T Drive II Fund 411-Construction Principal $182,868.0 GO Bonds $2,183,323.6 Interest $71,963.68 $2,255,287.3 Fund412-Construction Principal $48,630.0 GO Bonds $2,303,917.3 Interest $21,873.1 $2,325,790.4 Fund 412-RISE Application Principal $4,500.0 GO Bonds $2,330,290.4 Interest $3,139.0 $2,333,429. IDA FY 2003 Interest $8,482.8 Contract $2,341,912.2 IDA FY 2004 Interest $10,820.8 Contract $2,352,733.15 IDA FY 2005 Interest $4,276.2 Contract $2,357,009.4 Cedar Valley FY 2004 Principal $13,200.0 Contract $2,370,209.4 Cedar Valley FY 2005 Principal $17,500.0 Contract $2,387,709.4 Cedar Valley FY 2006 Principal $17,500.0 Contract $2,405,209. Cedar Valley FY 2007 Principal $17,500.00 Contract $2,422,709.4 Cedar Valley FY 2008 Principal $32,000.00 Contract $2,454,709.44 Gray Transportation Rebates Principal TIF Tax Rebate 50% 2005 $31,493.93 $2,486,203.3 50% 2006 $32,391.28 $2,518,594.65 50% 2007* $26,788.28 $2,545,382.93 50% 2008* $26,788.28 $2,572,171.21 50% 2009* $26,788.28 $2,598,959.4 Ferguson Enterprises Fund 414 Principal $3,500,000.00 GO Bonds $6,098,959.4 Interest $1,708,885.0 $7,807,844.4 Ferguson Enterprises Rebates Principal TIF Tax Rebate * FY 2007 $392,733.25 $8,200,577.7 *FY 2008 $392,733.25 $8,593,310.9 *FY 2009 $392,733.25 $8,986,044.2 *FY 2010 $392,733.25 $9,378,777.4 f *FY 2011 $392,733.25 $9,771,510.7 *FY 2012 $392,733.25 $10,164,243.9 *FY 2013 $392,733.25 $10,556,977.2 *FY 2014 $392,733.25 $10,949,710.4 *FY 2015 $392,733.25 $11,342,443.7 *FY 2016 $392,733.25 $11,735,176.9 Cringer Land Contract Principal $350,000.00 Land Contract $12,085,176.9 FY 2001 Interest $3,16167 $12,088,338.6 FY 20081 Interest $3,200.00 $12,091,538.6 Resolution No. 2007-983 Page 3 FI Properties Principal TIF Tax Rebate q$12,091,538.6FY 2009 $36,714.14 FY 201 $36,714.14 FY 2011 $36,714.14 8FY 201 $36,714.1 2 FY 2013 $36,714.14 $12,275,109.3 999 GO Bonds Refinanced- Principal ($208,847.00) GO Bonds $12,066,262.3 Deduct Old Debt Service Interest ($75,344.00) $11,990,918.3 007 GO Bonds- 1999 GO Bonds Principal $210,281.00 GO Bonds $12,201,199.3 efinanced-Add New Debt Svc Interest $58,851.00 $12,260,050.3 *Estimated Exhibit "B" Cumulative as of June 30, 2007 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 03.19(2) Amount Received from Payments under Other Revenue No. Year Received Section 402.12(2) Received Cumulative Amount 1 FY 1996 $0.00 $0.0 2 FY 1997 $0.00 $0.0 3 FY 1998 $0.00 $0.0 4 FY 1999 $201,360.86 $201,360.8 5 FY 2000 $110,300.50 $311,661.3 6 FY 2001 $194,966.55 $506,627.91 7 FY 2002 $321,469.26 $8281097.1 8 FY 2003 $381,390.68 $1,209,487.85 9 FY 2004 $458,310.16 $1,667,798.01 10 FY 2005 $651,752.82 $2,319,550.83 11 FY 2006 $464,313.36 $2,783,864.19 12 FY 2007 $1,446,002.26 $109,650.08 $4,339,516.53 13 FY 2008* $1,062,572.56 $5,402,089.0 *Estimated Exhibit "A" 06/30/2006 (Annual) Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Description of Cumulative No. Source Indebtedness Amount Amount Incurred Cedar'Valley FY 2006 Principal $17,500.00 Contract $17,500.00 FI Ffo erties Principal TIF Tax Rebate $17,500.0 FY 2009 $37,050.00 $54,550.0 FY 2010 $37,050.00 $91,600.0 FY 2011 $37,050.00 $128,650.0 FY 2012 $37,050.00 $165,700.0 FY 2013 $37,050.00 $202,750.0 *Estimated R"01.1'Utloo No. 2007-983 Pa e-, 4 < — PASSED AND ADOPTED this l9^ day 4of jovember, 20071 TI Reggie Schmi-tt, Mayor Pro Tem AIPUT: E c k e r cmc CiZ Clerk 00 ww ez >1 tiaz E8�-COOS . ou noi��tro�R DH� z cn z WOOS zsdmsvo 3o ysb �'�! alrlJ Q3TgOQK AVIA (1322 m > x C mmx zzo mHN cn msT ozq aoysM 7jtmrfo2 sippgSl z z ro rmn c XD x � z ny y � z O N OMD 7s�(o3sVI ?I191D �Yzi3 GGz m y Oo O O w 7� y mm � n a7 0 r� z m •t m � zc �-3 d H m � 7� C O �7