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Home My WebLink About2014-1013-11/24/2014 Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2014-1013 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY' S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE NORTHEAST INDUSTRIAL 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 Northeast Industrial 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 . Ernest G. Clark, Mayor ATTEST: Suzy Sch res, CMC City Cle k EXHIBIT"A" Cumulative as of June 30,2014 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Source Description of Indebtedness Cumulative Amount AMOUNT INCURRED Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.90 Land Acquisition Principal $362,178.20 Land Contract $607,626.10 Sanitary Sewer FY 97-98 Principal $215,725.99 Advance $823,352.09 Dirt Credit 1997 Principal $347,400.00 Agreement $1,170,752.09 2000-$126,796.00 2001-$63,203.00 2002-$110,908.00 2003-$46,492.50 Engineering FY 97-00 Principal $105,796.41 G.O.Bonds $1,276,548.50 Recording fees FY 97-00 Principal $3,048.75 G.O.Bonds $1,279,597.25 Northeast Drive FY 1997 Principal $97,276.80 G.O.Bonds $1,376,874.05 T.G.Drive FY 1998 Principal $125,410.59 G.O.Bonds $1,502,284.64 R&N Investments II Rebate Principal TIF Tax Rebate 50% 2003 $0 $1,502,284.64 50% 2004 $1,502,284.64 (cancelled) 50% 2005 $1,502,284.64 50% 2006 $1,502,284.64 50% 2007 $1,502,284.64 Interstate Brands Rebate Principal TIF Tax Rebate 75% 2003 $21,999.00 $1,524,283.64 60%2004 $18,402.00 $1,542,685.64 4.5%2005 $16,027.56 $1,558,713.20 30%2006 $0.00 $1,558,713.20 15% 2007 $0.00 $1,558,713.20 15% 2014 $15,631.00 $1,574,344.20 Financing FY 1997-2000 Interest $417,660.53 G.O.Bonds $1,992,004.73 Plat Engineering Fund 411 Principal $5,000.00 2001 G.O.Bonds $1,997,004.73 Interest $3,450.00 $2,000,454.73 GT Drive II Fund 411-Construction Principal $182,868.00 2001 G.O.Bonds $2,183,322.73 Interest $71,963.68 $2,255,286.41 Fund412-Construction Principal $48,630.00 $2,303,916.41 2002 G.O.Bonds Interest $21,873.14 $2,325,789.55 Fund 412-RISE Application Principal $4,500.00 $2,330,289.55 Interest $3,139.00 2002 G.O.Bonds $2,333,428.55 WIDA FY 2003 Interest $8,482.82 Contract $2,341,911.37 WIDA FY2004 Interest $10,820.89 Contract $2,352,732.26 WIDA FY2005 Interest $4,276.29 Contract $2,357,008.55 Cedar Valley FY2004 Principal $13,200.00 Contract $2,370,208.55 Cedar Valley FY2005 Principal $17,500.00 Contract $2,387,708.55 Cedar Valley FY2006 Principal $17,500.00 Contract $2,405,208.55 Cedar Valley FY2007 Principal $17,500.00 Contract $2,422,708.55 Cedar Valley FY2008 Principal $32,000.00 Contract $2,454,708.55 Cedar Valley FY2009 Principal $33,168.00 Contract $2,487,876.55 Cedar Valley FY2010 Principal $32,000.00 Contract $2,519,876.55 Cedar Valley FY2011 Principal $9,500.00 Contract $2,529,376.55 Cedar Valley FY2012 Principal $16,166.00 Contract $2,545,542.55 Cedar Valley FY2013 Principal $24,000.00 Contract $2,569,542.55 Cedar Valley FY2014 Principal $16,166.67 Contract $2,585,709.22 Gray Transportation Rebates Principal TIF Tax Rebate 50%2005 $31,493.93 $2,617,203.15 50%2006 $32,391.28 $2,649,594.43 50%2007 $26,788.28 $2,676,382.71 EXHIBIT"A" Cumulative as of June 30,2014 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) 50%2008 $27,139.08 $2,703,521.79 50%2009 $28,976.01 $2,732,497.80 Ferguson Enterprises Fund 414 Principal $3,500,000.00 2004 G.O.Bonds $6,232,497.80 Interest $1,708,885.00 $7,941,382.80 Ferguson Enterprises Rebates Principal TIF Tax Rebate FY2007 $392,733.25 $8,334,116.05 FY2008 $435,187.68 $8,769,303.73 FY2009 $467,334.00 $9,236,637.73 FY2010 $461,864.00 $9,698,501.73 FY2011 $462,500.00 $10,161,001.73 FY2012 $458,210.00 $10,619,211.73 FY2013 $374,184.00 $10,993,395.73 FY2014 $349,570.00 $11,342.965,73 FY2015* $313,917.76 $11,656,883.49 FY2016* $313,917.76 $11,970,801.25 Etringer Land Contract Principal $350,000.00 Land Contract $12,320,801.25 FY2007 Interest $3,161.67 $12,323,962.92 FY2008 Interest $2,499.56 $12,326,462.48 OFI Properties Principal TIF Tax Rebate $12,326,462.48 50%FY2009 $52,758.13 $12 379 220.61 50%FY2010 $54,310.00 $12 433 530.61 50%FY2011 $54,384.00 $12 487 914.61 50%FY2012 $53,880.00 $12 ,1,794.61 50%FY2013 $37,352.00 $12,579,146.61 Veteran Enterprises,Ltd. Principal TIF Tax Rebate $12 579 146.61 50%FY2013 $13,635.00 $12 592 781.61 50%FY2014 $39,115.00 $12 631 896.61 50%FY2015* $24,572.00 $12 656 468.61 50%FY2016* $20,916.00 $12 677 384.61 50%FY2017* $20,916.00 $12,698,300.61 Twin City Tannery Principal TIF Tax Rebate $12 698 00.61 50%FY2014 $36,866.00 $12 735 166.61 50%FY2015* $13,444.00 $12 748 610.61 50%FY2016* $14,276.00 $12,762,886.61 1999 GO Bonds Refinanced-Deduct Principal ($208,847.00) 1999 G.O.Bonds $12,554,039.61 Old Debt Service Interest ($75,344.00) $12,478,695.61 2007 GO Bonds-1999 CO Bonds Principal $210,281.00 2007 G.O.Bonds $12,688,976.61 Refinanced-Add New Debt Svc Interest $58,851.00 $12,747,827.61 2007 GO Bonds Refinanced-Deduct Principal ($101,668.00) 2007 G.O.Bonds $12,646,159.61 Old Debt Service Interest ($12,064.00) $12,634,095.61 2014 GO Bonds-2007 GO Bonds Principal $101,668.00 2014 G.O.Bonds $12,735,763.61 Refinanced-Add New Debt Svc Interest $8,997.00 $12,744,760.61 Fund 414 Taxable Reallocate Bonds Principal ($69,651.07) 2004 G.O.Bonds $12,675,109.5' for NE Site Projects-2008 Interest ($34,007.24), $12,641,102.30 2001 GO Bonds Refinanced-Deduct Interest ($15,180.06) 2001 G.O.Bonds $12,625,922.24 2009 GO Bonds-2001 GO Bonds Interest $9,564.06 2009 G.O.Bonds $12,635,486.30 Veterans Ent Grant Principal $207,093.00 Advance $12,842,579.30 2002 GO Bonds Refinanced-Deduct Principal ($35,000.00) 1999 G.O.Bonds $12,807,579.30 Old Debt Service Interest ($6,250.00). $12,801,329.30 2010 GO Bonds-2002 GO Bonds Principal $35,266.02 2007 G.O.Bonds $12,836,595.32 Refinanced-Add New Debt Svc Interest $3,241.25 $12,839,836.5 2004 GO Bonds Refinanced(Fund Principal ($2,175,000.00) 1999 G.O.Bonds $10,664,836.5 414)-Deduct Old Debt Service Interest ($600,47750) $10,064,414.07 2011 GO Bonds-2004 GO Bonds Principal $2,175,000.00 2011 G.O.Bonds $12,239,414.0 Refinanced Interest $278,885.44 $12,518,299.51 R&B Enterprises Principal $7,000.00 Advance $12,525,299.51 McCloud Legal Expenses Principal $258.75 Advance $12,525,558.26 2013 GO Bonds-Taxable Principal $220,000.00 2013 G.O.Bonds $12,745,558.26 Interest $30,028.19 $12,775,586.45 2013 GO Bonds-Non Taxable Principal $50,000.00 2013 G.O.Bonds $12,825,586.45 Interest $5,775.09 $12,831,361.54 2014 GO Bonds-Taxable Principal $315,000.00 2014 G.O.Bonds $13,146,361.54 Interest $46,697.50 $13,193,059.04 EXHIBIT "B" Cumlative as of June 30,2014 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received Other Revenue Cumulative Amount from Payments Received under Sec. 402.12(2) , 1 FY 1996 $0.00 $0.00 2 FY 1997 $0.00 $0.00 3 FY 1998 $0.00 $0.00 4 FY 1999 $201,360.86 $201,360.86 5 FY 2000 $110,300.50 $311,661.36 6 FY 2001 $194,966.55 $506,627.91 7 FY 2002 $321,469.26 $828,097.17 8 FY 2003 $381,390.68 $1,209,487.85 9 FY 2004 $458,310.16 $1,667,798.01 10 FY2005 $651,752.82 $2,319,550.83 11 FY2006 $464,313.36 $2,783,864.19 12 FY2007 $1,446,002.26 $109,650.08 $4,339,516.53 13 FY2008 $1,063,218.88 $26,036.60 $5,428,772.01 14 FY2009 $891,841.05 $4,972.61 $6,325,585.67 15 FY2010 $862,108.93 $1,153.42 $7,188,848.02 16 v FY2011 $665,367.52 $1,239.16 $7,855,454.70 17 FY2012 $594,439.87 $89.63 $8,449,984.20 18 FY2013 $869,000.64 $0.00 $9,318,984.84 19 FY2014 $874,260.30 $0.00 $10,193,245.14 20 FY2015* $874,260.30 $11,067,505.44 *ESTIMATE