HomeMy WebLinkAbout2014-1014-11/24/2014 Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2014-1014
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY' S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE RATH AREA TAX INCREMENT
DISTRICT.
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 in the Rath
Area Tax Increment District, as indicated in attached Exhibit "A"
and Exhibit "B", be and the same are hereby approved.
PASSED AND ADOPTED this 24th day of November, 2014 .
Ze—e-e-1,1
Ernest G. Clark, Mayor
ATTEST:
Suzy Sch res, CMC
City Cle k
Exhibit"A"
Cumulative as of June 30,2014
Project Designation:Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
NO DATE OF ISSUANCE OR SOURCE DESCRIPTION OF CUMULATIVE
EXPENDITURE 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 6/12/91 Principal $150,000.00 G.O.Bonds $839,879.93
Interest $63,222.49 G.O.Bonds $903,102.42
Powers Manufacturing Expansion 5/15/92 Principal $150,000.00 G.O.Bonds $1,053,102.42
Interest $60,979.05 G.O.Bonds. $1,114,081.47
Powers Manufacturing 6/94 Principal $300,000.00 G.O.Bonds $1,414,081.47
Interest $208,445.40 G.O.Bonds $1,622,526.87 _
Powers Manufacturing Improvements 6/95 Principal $50,000.00 G.O.Bonds $1,672,526.87
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 Bonds $1,895,956.15
Crystal Ice Rebate 75%2002 Principal $96,488.74 Tax Rebate $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 $304,980.11
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 70% 2014 Principal $0.00 Tax Rebate $2,903,497.56
70% 2015* $58,500.00 $2,961,997.56
70% 2016* $58,500.00 $3,020,497.56
70% 2017* $58,500.00 $3,078,997.56
70% 2018* $58,500.00 ,137,497.56
70% 2019* $58,500.00 ',3,195,997.56 .
70% 2020* $58,500.00 $3,254,497.56
70% 2021* $58,500.00 $3,312,997.56
70% 2022* $58,500.00 ,371,497.56
70% 2023* $58 00.00 ,429,997.56 $526,500.00
Powers 100%2014 Principal $0.00 Tax Rebate $3,429,997.56
80% 2015* $30,917.14 — $3,460,914.70
60% 2016* $23,187.85 ,484,102.55
50% 2017* $19,323.21 $3,503,425.76
50% 2018* $19,323.21 $3,522,748.97 $92,751.41
Rath Area Redevelopment Principal $115,000.00 2001 GO Bonds $3,637,748.97
Fund 411 6/01 Interest $54,605.87 2001 GO Bonds $3,692,354.84
Rath Area Redevelopment Principal $29,183.76 2002 GO Bonds $3,721,538.60
Fund 412 Interest $10,890.01 2002 GO Bonds $3,732,428.61
Rath Area Redevelopment Principal $121,885.41 2003 GO Bonds $3,854,314.02
Fund 413 Interest $29,182.00 2003 GO Bonds $3,883,496.02
Rath Area Redevelopment Fund Principal $102,488.00 2003 GO Bonds $3,985,984.02
413 Interest $46,034.00 2003 GO Bonds $4,032,018.02
Rath Area Redevelopment Principal $75,000.00 2004 GO Bonds $4,107,018.02
Fund 414 Interest $32,317.50 2004 GO Bonds $4,139,335.52
Rath Area Redevelopment Fund Principal $61,994.76 2004 GO Bonds $4,201,330.28
414 Taxable From NE hid.Park Interest $30,268.97 2004 GO Bonds $4,231,599.25
r Exhibit"A"
Cumulative as of June 30,2014
Project Designation:Rath Tax Increment Redevelopment 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
Rath Area Development Fund Principal $6,656.31 2004 GO Bonds $4,238,255.56
414 From NE Ind.Park Interest $3,250.34 2004 GO Bonds $4,241,505.90
1999 GO Bonds Refinanced-Deduct Old Debt Principal ($44,472.00) 1999 GO Bonds $4,197,033.90
Service Interest ($16,043.00) 1999 GO Bonds $4,180,990.90 _
1999 GO Bonds Refinanced-Add New Debt Principal $44,784.00 2007 GO Bonds $4,225,774.90
Service-Fund 407 Interest $12,532.00 2007 GO Bonds $4,238,306.90 _
2000 GO Bonds Refinanced-Deduct Old Debt Principal ($50,413.73) 1999 GO Bonds $4,187,893.17 _
Service Interest ($8,123.00) 1999 GO Bonds $4,179,770.17 _
2000 GO Bonds Refinanced-Add New Debt Principal $50,413.73 2007 GO Bonds $4,230,183.90 _
Service-Fund 407 Interest $316.00 2007 GO Bonds $4,230,499.90 _
Rath Area Redevelopment Fund Principal $150,000.00 2007 GO Bonds $4,380,499.90
407(taxable) Interest $52,301.50 2007 GO Bonds $4,432,801.40
Rath Area Redevelopment Fund Principal $100,000.00 2008 GO Bonds $4,532,801.40
408(taxable) Interest $27,500.00 2008 GO Bonds $4,560,301.40
Rath Area Redevelopment Fund Principal $50,000.00 2009 GO Bonds $4,610,301.40
409(taxable) Interest $11,665.81 2009 GO Bonds $4,621,967.21
Asbestos Removal-Rath Admin Bldg Principal $125,008.37 Advance $4,746,975.58
2001 GO Bond Original Interest-Ref Interest ($11,023.87) 2001 GO Bonds $4,735,951.71
2009 GO Bonds-2001 GO Bonds Ref Interest $7,472.88 2009 GO Bonds $4,743,424.59
Asbestos Removal-Rath Admin Bldg Principal $122,943.56 Advance $4,866,368.15
Secor Economic Dev Grant Principal $104,400.00 Advance $4,970,768.15
Loan Document Preparation Principal $9,764.34 Advance $4,980,532.49
CMC Site Purchase Principal $155,019.00 Advance $5,135,551.49
Rath Area Redevelopment Fund Principal $350,000.00 2010 GO Bonds $5,485,551.49
410(taxable) Interest $67,122.08 2010 GO Bonds $5,552,673.57
Rath Area Redevelopment Fund Principal $144,000.00 2010 GO Bonds $5,696,673.57
410(taxable) Interest $27,764.69 2010 GO Bonds $5,724,438.26
Rath Public Works Building-Fund 410 Principal $700,000.00 2010 GO Bonds $6,424,438.26
(exempt) Interest $93,209.08 2010 GO Bonds $6,517,647.34
002 GO Bonds Refinanced-Deduct Old Debt Principal ($15,183.76) 2002 GO Bonds $6,502,463.58
Service Interest ($2,797.01) 2002 GO Bonds $6,499,666.57 _
2002 GO Bonds Refinanced-Add New Debt Principal $15,390.68 2010 GO Bonds $6,515,057.25
Service-Fund 410 Interest $1,450.53 2010 GO Bonds $6,516,507.78
625 Glenwood Acquisition Principal $355.00 Advance $6,516,862.78
BCRLF Loan Repayment-CMC Clean-up Principal $280,000.00 Advance $6,796,862.78
Secor RR Spur FY11 Principal $99,111.32 Advance $6,895,974.10
123 Stanley Acquisition FY11 Principal $359,459.00 Advance $7,255,433.10
Secor RR Spur FY12 Principal $94,776.85 Advance $7,350,209.95
123 Stanley Acquisition FY12 Principal $100,000.00 Advance $7,450,209.95
1823 Black Hawk St Acquisition FY12 Principal $12,237.92 Advance $7,462,447.87
Secor RR Spur FY13 Principal $17,999.81 Advance $7,480,447.68
Secor RR Spur FY14 Principal $17,540.73 Advance $7,497,988.41
2004 GO Bonds Refinanced(Fund 414)-Deduct Principal ($40,000.00) 2002 GO Bonds $7,457,988.41
Old Debt Service Interest ($10,355.00) 2002 GO Bonds $7,447,633.41
2004 GO Bonds Refinanced(Fund 414)-Add New Principal $40,000.00 2010 GO Bonds $7,487,633.41
Debt Service-Fund 411 Interest $5,560.56 2010 GO Bonds $7,493,193.97
2006 GO Bonds Refinanced(Fund 406)-Deduct Principal ($315,000.0% 2006 GO Bonds $7,178,193.97
Exhibit"A"
Cumulative as of June 30,2014
Project Designation:Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
NO DATE OF ISSUANCE OR SOURCE DESCRIPTION OF CUMULATIVE
EXPENDITURE INDEBTEDNESS AMOUNT
AMOUNT INCURRED
Old Debt Service Interest ($87,547.52) 2006 GO Bonds $7,090,646.45
2006 GO Bonds Refinanced(Fund 406)-Add New Principal $315,000.00 2013 GO Bonds $7,405,646.45
Debt Service-Fund 413(FY13) Interest $26,047.80 2013 GO Bonds $7,431,694.25 -
2003 GO Bonds Refinanced(Fund 413)-Deduct Principal ($54,851.41) 2006 GO Bonds $7,376,842.84 _
Old Debt Service Interest ($5,749.00) 2006 GO Bonds $7,371,093.84
2003 GO Bonds Refinanced(Fund 413)-Add New Principal $54,851.41 2013 GO Bonds $7,425,945.25
Debt Service-Fund 412(FY12) Interest $1,538.19 2013 GO Bonds $7,427,483.44
2007 GO Bonds Refinanced(Fund 407)-Deduct Principal ($21,652.00) 2007 GO Bonds $7,405,831.44 -
Old Debt Service Interest ($2,569.00) 2007 GO Bonds $7,403,262.44 -
2007 GO Bonds Refinanced(Fund 407)-Add New Principal $21,652.00 2014 GO Bonds $7,424,914.44 _
Debt Service-Fund 414(FY14) Interest $1,916.00 2014 GO Bonds $7,426,830.44
Rath Area Redevelopment Fund Principal $370,000.00 2013 GO Bonds $7,796,830.44 _
413(taxable) Interest $49,279.11 2013 GO Bonds $7,846,109.55
Rath Area Redevelopment Fund Principal $85,000.00 2014 GO Bonds $7,931,109.55
414(taxable) Interest $13,051.18 2014 GO Bonds $7,944,160.73
EXHIBIT"B"
Cumulative as of June 30, 2014
Project Designation: Rath Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Amount Received from
Year Payments under Sec. Other Revenue
No. Received 402.12(2) Received Cumulative 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 FY2004 $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 $14,337.72 $2,171,270.76
18 FY2009 $569,358.38 $5,156.91 $2,745,786.05
19 FY2010 $574,520.69 $1,620.21 $3,321,926.95
20 FY2011 $558,081.89 $1,597.28 $3,881,606.12
21 FY2012 $540,285.80 $0.00 $4,421,891.92
22 FY2013 $401,074.75 $0.00 $4,822,966.67
23 FY2014 $398,309.97 $75.64 $5,221,352.28
24 FY2015* $398,309.97 $5,619,662.25
*estimated Values