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Home My WebLink About2007-985-11/19/2007 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa . RESOLUTION NO. 2007-985 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: Rath Tax Increment Redevelopment Area Schedule 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 $1,414,081.4 Interest $208,445.40 G.O. Bonds $1,622,526.8 Powers Manufacturing Principal $50,000.00 G.O. Bonds $1,672,526.8 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 Lard 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 l 75% 2002* $96,488.74 $1,992,444.89 60% 2003* $77,119.20 $2,069,564,091 i 45% 2004* $60,475.50 $2,130,09.59 30% 2005* $46,819.80 $2,176,859.39 15% 2006* $24,076.87 $2,200,936.26 Resolution No. 2007-985 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% Principal $38,646.42 Tax Rebate $3,527,143.98 80% 2011* $30,917.14 $3,558,061.12 60% 2012* $23,187.85 $3,581,248.97 50% 2013* $19,323.21 $3,600,572.18 50% 2014* $19,323.21 $3,619,895.39 CVRD 80% 2010* Principal $22,260.33 Tax Rebate $3,642,155.72 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 State of Iowa BCRLF Loan Principal $280,000.00 State Loan $4,638,913.76 1999 GO Bonds Refinanced - Principal (544,472.00) 1999 GO Bonds $4,594,441.76 Deduct Old Debt Service Interest ($16,043.00) 1999 GO Bonds $4,578,398.76 1999 GO Bonds Refinanced-- Add Principal $44,784.00 2007 GO Bonds $4,623,182.76 New Debt Service- Fund 407 Interest $12,532.00 2007 GO Bonds $4,635,714.76 Lunh Area Redevelopment Princi al $150,000.00 2007 GO Bonds $4,785,714.76 Fund 407 (taxable) Interest $52,301.50 1 2007 GO Bonds 1 $4,838,016.26 *Estimated Resolution No . 2007-985 Page 3 Exhibit "B" Cumulative as of June 30,2007 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 $90,959.54 $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* $389,000.00 $2,150,793.75 *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*1 $58,500.001 $1,396,649.30 Re�solrxtion No. 2007-985 Pa p?� ,Z P0w405- 100% 2009* Principal $46,800.00 Tax Rebate $1,443,449.30 80% 2010* $37,440.00 $1,480,889.30 s 60% 2011* $28,080.00 $1,508,969.30 d 50% 2012* $23,400.00 $1,532,369.30 50% 2013* $23,400.00 $1,555,769.30 CVW) c 80% 2009* Principal $22,464.00 Tax Rebate $1,578,233.30 c `v 70% 2010* $19,656.00 $1,597,889.30 s x 60% 2011* $16,848.00 $1,614,737.30 s N 50% 2012* $14,040.00 $1,628,777.30 o a 40% 2013* $11,232.00 $1,640,009.30 N ¢ 40% 2014* $11,232.00 $1,651,241.30 30% 2015* $5,424.00 $1,656,665.30 Q, s >' 30% 2016* $5,424.00 $1,662,089.30 N H r^ 20% 2017* $5,616.00 $1,667,705.30 r x 20% 2018* $5,616.00 $1,673,321.30 r *Es#i fated x PASSED AND ADOPTED this 19th day of Novelnber, 2007 . ti >' Y _C o Reggie Schmitt, Mayor Pro Tem ATTEST: Nancy Ecker , CMC City Cierk H H � xxm E8e-`OOS .OH noi��l��si n ��4 xHH H ' O 9isd,3A xsT 00.008,68 IsgiDniicl *PODS Ro0f g OE.P88,08�,f� 00.04,7Q *0IO2 x\008 OE.PaP,80Z,i 00.080,8S� *fIOS o\o0a z z OE.PaE,SEa,f� OO.00I U, *SfOS OR0� OE.PaC,eeajf 00.0%,CSe *EIOS ROE cn zc — o OE.EES,BCa,R 91sd95I xsT 00.�44E? 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