HomeMy WebLinkAbout2005-1022-11.14.2005 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2005-1022
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 30,2005
Project Designation: San Marnan Tax Increment Development Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Date of Issuance or Source Description of Indebtedness Cumulative
Expenditure Amount
Amount Incurred
Land Acquisition FY 1999 Principal $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 $725,676.20
Road FY 1999
Recording Fees FY 99 Principal $2,373.60 G. O. Bonds $728,049.80
Design &Construction Eng. Principal $15,419.70 G. O. Bonds $743,469.50
Construction of Rd & Sewer Principal $78,364.41 G. O. Bonds $821,833.91
Financing FY 98-00 Interest $64,919.46 G. O. Bonds $886,753.37
GMAC Tax Rebates Principal TIF Rebate
75% 2003 $126,460.50 $1,013,213.87
60% 2004 $121,497.60 $1,134,711.47
45%* 2005 $105,821.20 $1,240,532.67
30%* 2006 $71,076.00 $1,311,608.67
15%* 2007 $35,537.77 $1,347,146.44
CBE Land Purchase Principal $740,000.00 G. O. Bonds $2,087,146.44
Interest $245,900.00 G. O. Bonds $2,333,046.44
VGM Access Road Principal $600,000.00 G. G. Bonds $2,933,046.44
interest $197,330.00 G. O. Bonds $3,130,376.44
* Estimated
eso1ution No. 2005-1022
4a-gii 2
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N. c Exhibit "B"
June 30,2005
7 v' Project Designation: San Marnan Tax Increment Development Area
� ^ C Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
w Under Section 403.19(2)
s --' No. Year Received Amount Received from Cumulative Amount
j Payments under Sec.
Q 402.12(2)
— 1 FY 1997 $0.00
,,, 2 FY 1998 $0.00 $0.001
3 FY 1999 $0.00
$0.00
-, '' 4
FY 2000 $0.00 $0.00
�-J `" 5 FY 2001 $0.00
$0.00
, 6 FY 2002 $115,934.72 $115,934.72
7 FY 2003 $326,872.14 $442,806.86
>- 8 FY 2004 $177,843.34 $620,650.20
9 FY 2005
$205,851.80 $826,502.00
10 FY 2006* $200,000.00 $1,026,502.00
! Estimated
PASSED AND ADOPTED this 14th day of November, 2005 .
Ron Welper, Mayor Pro em
ATTEST:
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Nanc Ecke , CMC
City Clerk