HomeMy WebLinkAbout2005-1024-11.14.2005 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2005-1024
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: 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
50% 2005 $1,502,284.64
50% 2006 $1,502,284.64
50% 2007 $1,502,284.64
Resolution No. 2005-1024
Page 2
Interstate Brands Rebate Principal TIF Tax Rebate
75% 2003 $21,999.00 $1,524,283.64
60%2004 $17,599.20 $1,541,882.84
* 45% 2005 $18,402.00 $1,560,284.84
* 30% 2006 $10,765.00 $1,571,049.84
*15% 2007 $5,342.40 $1,576,392.24
Financing FY 1997-2000 Interest $417,660.08 G.O. Bonds $1,994,052.32
Plat Engineering Fund 411 Principal $5,000.00 $1,999,052.32
Interest $3,450.00 G.O. Bonds
$2,002,502.32
GT Drive II
Fund 411-Construction Principal $182,868.00 $2,185,370.32
Interest $71,964.00 G.O. Bonds
$2,257,334.32
Fund 412 - Construction Principal $48,630.00 $2,305,964.32
Interest $21,873.14 C.O. Bonds
$2,327,837.46
Fund 412 - RISE Application Principal $4,500.00 $2,332,337.46
Interest $3,139.00 G.O. Bonds
$2,335,476.46
WWIDA FY 2003 Interest $8,482.82 Contract $2,343,959.28
I
WIDA FY 2004 Interest $10,820.89 Contract $2,354,780.17
WIDA FY 2005 Interest $4,276.29 Contract $2,359,056.46
Cedar Valley FY 2003 Principal $13,200.00 Contract $2,372,256.46
Cedar Valley FY 2004 Principal $17,500.00 Contract $2,389,756.46
Cedar Valley FY 2005 Principal $17,500.00 Contract $2,407,256.46
Gray Transportation Rebates Principal TIF Tax Rebate
50% 2005* $31,493.93 $2,438,750.39
50% 2006* $32,391.28 $2,471,141.67
50%2007* $32,391.28 $2,503,532.95
50% 2008* $32,391.28 $2,535,924.23
50% 2009* $32,391.28 $2,568,315.51
Ferguson Enterprises Fund 414 Principal $3,500,000.00 G.O. Bonds $6,068,315.51
Interest $1,708,885.00 $7,777,200.51
Ferguson Enterprises Rebates Principal TIF Tax Rebate
* FY2007 $370,500.00 $8,147,700.51
*FY2008 $370,500.00 $8,518,200.51
*FY2009 $370,500.00 $8,888,700.51
*FY2010 $370,500.00 $9,259,200.51
*FY2011 $370,500.00 $9,629,700.51
*FY2012 $370,500.00 $10,000,200.51
*FY2013 $370,500.00 $10,370,700.51
*FY2014 $370,500.00 $10,741,200.51
*FY2015 $370,500.00 $11,111,700.51
*FY2016 $370,500.00 $11,482,200.51
Etringer Land Contract Principal $350,000.00 Land Contract $11,832,200.51
FY2006 Interest $14,000.00 $11,846,200.51
FY2007 Interest $9,600.00 $11,855,800.51
FY2008 Interest $6,400.00 $11,862,200.51
FY2009 Interest $3,200.00 $11,865,400.51
* Estimated
Resolution No. 2005-1024
Page. 3
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Exhibit"B"
— C" June 30,2005
_ 1H
Project Designation: Northeast Industrial Area Tax Increment Redevelopment
Schedule 2
AD s
Indebtedness Qualifying for Tax Increment Reimbursement
J -.7- Under Section 403.19(2)
v
=D ^ _No. Year Received Amount Received from Cumulative Amount
i
Payments under Sec. 402.12(2)
1 FY 1996 $0.00 $0.00
= ' 2 FY 1997 $0.00
$0.00
�.. 3 FY 1998 $0.00 $0.001
o " 4 FY 1999 $201,360.86 $201,360.86
N
ti . 5 FY 2000 $110,300.50 $311,661.36
6 FY 2001 $194,966.55 $506,627.91
4 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 FY 2005 $651,752.82 $2,319,550.83
11 FY 2006* $650,000.00 $2,969,550.83
*Estimate
J
PASSED AND ADOPTED this 14th day of November, 2005 .
,- 4' c--2-4- _.)
Ron Welper, Mayor Pro;Tern
ATTEST:
1 sd'f
, -r_C-k-Q—J--
Nancy 5cke , CMC
City Clerk